donghua test(300354) 华安证券·2025-04-29 10:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total operating revenue of 502 million yuan in 2024, representing a year-on-year growth of 32.79%, and a net profit attributable to shareholders of 122 million yuan, up 38.90% year-on-year [4][5] - The company's core business competitiveness continues to strengthen, with the structural mechanics performance testing system generating revenue of 301 million yuan in 2024, accounting for 60.01% of total revenue, and growing by 35.79% year-on-year [5] - The company is focusing on high-reliability sensor products and has made advancements in the robotics field, with the development of a six-component torque sensor for various applications [6] Financial Performance Summary - In 2024, the company achieved a gross profit margin of 66.37%, which increased by 0.90 percentage points compared to 2023, and a net profit margin of 24.10%, also up by 0.90 percentage points [5] - For Q1 2025, the company reported a revenue of 109 million yuan, a growth of 4.25%, and a net profit of 29 million yuan, up 5.64% [4] - The company forecasts revenues of 658 million yuan, 855 million yuan, and 1.11 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 170 million yuan, 228 million yuan, and 302 million yuan for the same years [7][10] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.23 yuan, 1.65 yuan, and 2.18 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 32, 24, and 18 [7][10] - The company maintains a strong return on equity (ROE) forecast, expected to reach 19.2% in 2025 and 23.0% in 2027 [10][14]