证券代码：300354 证券简称：东华测试 公告编号：2024-028 江苏东华测试技术股份有限公司 关于回购股份实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1 江苏东华测试技术股份有限公司（以下简称"公司"）于2023年10月25日召 开第五届董事会第十八次会议、第五届监事会第十七次会议，审议通过了《关于 回购公司股份方案的议案》，同意公司使用自有资金或自筹资金以集中竞价交易 方式回购公司部分人民币普通股A股股份（以下简称"本次回购"），用于后期 实施股权激励或员工持股计划。本次回购资金总额不低于人民币1,080万元（含）， 不超过人民币1,350万元（含），回购价格上限不超过人民币45元/股。具体回购 股份的资金总额以回购结束时实际回购的为准。本次回购实施期限为自公司董事 会审议通过本次回购股份方案之日起不超过6个月。具体内容详见公司于2023年 10月26日在巨潮资讯网上披露的《关于回购公司股份方案的公告》（公告编号： 2023-057）。 截至本公告披露日，公司回购股份方案已实施完毕。根据《上市公司股份回 购规则》和《深圳 ...

Investment Rating - The report maintains a "Buy" rating for Donghua Testing [9]. Core Views - Donghua Testing's performance in Q1 2024 shows significant recovery with a 45.16% year-on-year increase in revenue and a 165.70% increase in net profit attributable to shareholders, indicating strong project acceptance and revenue recognition from previous orders [5][6]. - The company is focusing on domestic substitution and expanding new business areas, which are expected to drive substantial growth in 2024 [7][8]. - The gross margin and net margin improved in Q1 2024, reflecting enhanced profitability despite previous declines in 2023 [6]. Financial Performance Summary - In 2023, Donghua Testing achieved a revenue of 378 million yuan, a year-on-year increase of 3.03%, but net profit decreased by 27.94% to 88 million yuan [5]. - For Q1 2024, the company reported revenue of 104 million yuan, up 45.16% year-on-year, and net profit of 27 million yuan, up 165.70% [5]. - The gross margin for 2023 was 65.47%, with a slight decline, while Q1 2024 saw an improvement to 67.26% [6]. Business Development Summary - Donghua Testing is leveraging its core technology in structural mechanics testing to expand into high-end markets and enhance its competitive edge against foreign products [7]. - The company is actively developing new sensor products and optimizing existing production lines, which are expected to contribute to long-term growth [8]. - The electrochemical workstation business has shown rapid growth, with ongoing investments in new technologies to enrich the product portfolio [8]. Earnings Forecast - The report projects net profits of 210 million yuan and 300 million yuan for 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 28x and 19x [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of approximately 51.1 yuan based on a projected PE of 35 times for 2024 [4][24]. Core Views - The company reported a revenue of 378 million yuan in 2023, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 88 million yuan, a decrease of 27.9% year-on-year. For Q1 2024, the company achieved a revenue of 104 million yuan, a year-on-year increase of 45.2%, and a net profit of 27 million yuan, a significant increase of 165.7% year-on-year [14][24]. - The report highlights the optimistic growth outlook for the company's PHM (Prognostics and Health Management) business, driven by the modernization and intelligent development of weaponry and equipment, as well as the increasing penetration of industrial equipment monitoring and fault diagnosis in China [24]. - The company is focusing on the development of six-dimensional torque sensors, which are expected to enhance its capabilities in the sensor market, with applications in robotics, scientific research, and automated testing [24]. Financial Summary - The company’s total revenue projections for 2024, 2025, and 2026 are 646 million yuan, 854 million yuan, and 1,086 million yuan, respectively, representing year-on-year growth rates of 70.9%, 32.1%, and 27.2% [24]. - The net profit attributable to shareholders is projected to be 202 million yuan, 271 million yuan, and 352 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 130.7%, 33.8%, and 29.8% [24]. - The company’s financial ratios indicate a gross margin of 65.47% in 2023, with an expected slight increase to 66.4% in 2024 [24]. Key Financial Metrics - Total revenue (million yuan): 378 in 2023, projected 646 in 2024, 854 in 2025, and 1,086 in 2026 [5]. - Net profit (million yuan): 88 in 2023, projected 202 in 2024, 271 in 2025, and 352 in 2026 [5]. - Earnings per share (yuan): 0.63 in 2023, projected 1.46 in 2024, 1.96 in 2025, and 2.54 in 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive long-term growth outlook despite short-term performance pressures [10]. Core Insights - The company's 2023 performance was impacted by delayed revenue recognition, leading to a 27.94% year-on-year decline in net profit [2][10]. - The company is focusing on expanding its sensor business and leveraging its core technologies in intelligent sensing and anti-interference testing [3][10]. - The revenue forecast for 2024 is set at 639.88 million yuan, representing a 69.20% increase compared to 2023 [10]. Financial Performance Summary - Total revenue for 2023 was 378.19 million yuan, a 3.03% increase from 2022, while net profit was 87.75 million yuan, down 27.94% year-on-year [10]. - The gross profit margin for 2023 was 65.47%, a decrease of 2.07 percentage points compared to the previous year [3]. - The company achieved a net profit margin of 23.2% in 2023, down 3.74 percentage points year-on-year [3]. Revenue Breakdown - In 2023, the structural mechanics performance testing analysis system generated revenue of 222 million yuan, up 2.95% year-on-year [10]. - The electrochemical workstation saw significant growth, with revenue increasing by 87.41% to 58 million yuan [10]. - The structural safety online monitoring and defense equipment PHM system experienced a revenue decline of 17.02%, totaling 68 million yuan [10]. Future Projections - The company expects to achieve a net profit of 201.42 million yuan in 2024, a substantial increase of 129.54% compared to 2023 [10]. - The projected earnings per share (EPS) for 2024 is 1.46 yuan, with a dynamic P/E ratio of 28.53 [10]. - The company anticipates continued growth in the sensor sector, which is expected to enhance long-term performance [3][10].

东华测试(300354) 2024 年 04 月 17 日 机械设备/通用设备 公司业绩短期承压，看好力矩传感器发展空间 公司发布 2023 年年报及 2024 年一季报，公司 2023 年实现营收 3.78 亿元， 同比增长 3.03%；实现归母净利润 0.88 亿元，同比下降 27.94%。公司 2024Q1 实现营收 1.04 亿元，同比增长 45.16%；实现归母净利润 0.27 亿元，同比 ➢ 23 年部分下游客户项目放缓，公司业绩略低于预期 ➢ 24Q1 下游客户项目有序推动，业绩实现较高增长 ➢ 力矩传感器为公司带来成长新空间 ➢ 盈利预测、估值与评级 | --- | --- | --- | --- | --- | --- | |----------------------------|--------|------------------------------|-----------------------------|--------------------|--------| | 财务数据和估值 | | | 2022 2023 2024E 2025E 2026E | | | | 营业收入 ...

Revenue and Profit Growth - Revenue for the first quarter of 2024 increased by 45.16% to RMB 104.33 million compared to the same period last year[5] - Net profit attributable to shareholders of the listed company surged by 165.70% to RMB 27.34 million year-over-year[5] - Total revenue for Q1 2024 reached RMB 104.33 million, a significant increase from RMB 71.87 million in the same period last year[23] - Net profit attributable to the parent company rose to RMB 38.76 million, up from RMB 36.02 million in the previous quarter[22] - Net profit for the first quarter of 2024 was RMB 27.32 million, a significant increase from RMB 10.29 million in the same period last year[24] - Operating profit for the first quarter of 2024 reached RMB 29.84 million, compared to RMB 12.03 million in the previous year[24] - Total comprehensive income for Q1 2024 was RMB 27.32 million, compared to RMB 10.29 million in Q1 2023[24] Cash Flow and Financial Position - Operating cash flow decreased by 104.85% to RMB -38.94 million, primarily due to year-end bonus payments and investments in new facilities[5] - Cash received from sales of goods and services decreased by 30.51% to RMB 57.20 million, influenced by increased bank bill settlements and reduced large contract payments[13] - Cash flow from operating activities was negative RMB 38.94 million in Q1 2024, compared to negative RMB 19.01 million in Q1 2023[26] - Cash flow from investing activities was negative RMB 12.04 million in Q1 2024, an improvement from negative RMB 39.60 million in Q1 2023[27] - Cash and cash equivalents at the end of Q1 2024 were RMB 20.08 million, down from RMB 74.39 million at the beginning of the quarter[27] - Cash and cash equivalents dropped significantly to RMB 21.85 million, down 71% from RMB 75.41 million at the start of the year[20] Assets and Liabilities - Accounts receivable increased to RMB 309.27 million, up 21.9% from RMB 253.71 million at the beginning of the year[20] - Total assets grew to RMB 759.03 million, a 3.2% increase from RMB 735.27 million at the start of the year[22] - Inventory levels rose slightly to RMB 172.05 million, compared to RMB 169.66 million at the beginning of the quarter[21] - Fixed assets decreased to RMB 115.92 million, down from RMB 117.81 million at the start of the year[21] - Total liabilities decreased to RMB 66.68 million, down 3.5% from RMB 69.07 million at the beginning of the quarter[22] - Contract liabilities increased to RMB 22.93 million, up 29.3% from RMB 17.73 million at the beginning of the quarter[21] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period is 6,325[15] - Liu Shigang, a domestic natural person, holds 48.99% of the shares, totaling 67,765,930 shares, with 50,824,447 shares under restricted sale[15] - Luo Mian, a domestic natural person, holds 5.03% of the shares, totaling 6,953,100 shares, with 5,214,825 shares under restricted sale[15] - The top 10 shareholders include various funds such as the Bank of Communications Schroder Advanced Manufacturing Mixed Securities Investment Fund, holding 3.89% of the shares[15] - Liu Shigang and Luo Mian are spouses, and the company is unaware of any other relationships or concerted actions among the top 10 shareholders[16] - The restricted shares of Liu Shigang remain unchanged at 50,824,447 shares, with the restriction due to executive and senior management regulations[17] - Luo Mian's restricted shares decreased by 1,200,000 shares to 5,214,825 shares, also due to executive and senior management regulations[17] - The restricted shares of other executives such as Liu Peiyao, Wang Rui, and Qu Zhe remain unchanged, with restrictions due to executive and senior management regulations[17] - Fan Yimu's restricted shares decreased by 35,093 shares to 106,844 shares, with restrictions due to executive and senior management regulations[17] - Chen Li's restricted shares remain unchanged at 81,675 shares, with restrictions due to executive and senior management regulations[17] Expenses and Investments - Prepaid expenses increased by 82.45% to RMB 21.46 million, mainly due to higher advance payments for materials[10] - Accounts payable rose by 115.12% to RMB 22.65 million, driven by increased material procurement[10] - Investment in fixed assets, intangible assets, and other long-term assets decreased by 38.58% to RMB 12.04 million, reflecting reduced payments for new factory construction[13] - R&D expenses increased to RMB 12.58 million in Q1 2024, up from RMB 10.13 million in Q1 2023[24] - Research and development expenses are not explicitly stated in the provided financial data, indicating potential focus on operational efficiency[23] Tax and Other Financial Activities - Tax payments dropped by 53.94% to RMB 14.67 million, as deferred tax payments from the previous period were settled[13] - The company received RMB 1.48 million from minority shareholders' capital contributions to subsidiaries, marking a 100% increase[13] - Repayment of repurchase funds amounted to RMB 13.50 million, a 100% increase compared to the previous period[13] - Tax refunds received in Q1 2024 amounted to RMB 5.87 million, slightly higher than RMB 5.31 million in Q1 2023[26] Earnings Per Share - Basic earnings per share (EPS) for Q1 2024 was RMB 0.1976, up from RMB 0.0744 in Q1 2023[25]

Financial Performance - The company's operating revenue for 2023 was approximately ¥378.19 million, representing a 3.03% increase compared to ¥367.08 million in 2022[16] - The net profit attributable to shareholders decreased by 27.94% to approximately ¥87.75 million from ¥121.77 million in 2022[16] - The net profit after deducting non-recurring gains and losses also fell by 27.72% to approximately ¥84.84 million from ¥117.37 million in 2022[16] - Cash flow from operating activities significantly declined by 86.86% to approximately ¥4.12 million from ¥31.38 million in 2022[16] - Basic earnings per share decreased by 28.41% to ¥0.63 from ¥0.88 in 2022[16] - Total assets increased by 6.20% to approximately ¥735.27 million from ¥692.31 million in 2022[16] - Net assets attributable to shareholders rose by 10.74% to approximately ¥664.19 million from ¥599.79 million in 2022[16] - The total profit amounted to 99.48 million yuan, a decrease of 26.86% compared to the previous year[60] - The company reported a total revenue of 67,889 million CNY for the year 2023[125] Revenue Breakdown - Total revenue for the year was 398,191,868.19 CNY, with a quarterly breakdown of 71,868,895.80 CNY in Q1, 128,404,214.19 CNY in Q2, 105,361,633.53 CNY in Q3, and 72,557,124.67 CNY in Q4[19] - The structural mechanics performance testing analysis system generated ¥221,922,988.25, accounting for 58.68% of total revenue, with a growth of 2.95% year-on-year[67] - Revenue from the electrochemical workstation surged by 87.41% to ¥58,103,262.00, up from ¥31,002,509.98 in 2022[67] - The company experienced a significant decline in revenue from the structural safety online monitoring and defense equipment PHM system, which fell by 17.02% to ¥68,177,159.29[67] - Direct sales accounted for 97.05% of total revenue, increasing by 5.58% from the previous year, while consignment sales dropped by 42.66%[67] Research and Development - The company is actively increasing its R&D efforts to improve product performance and meet the specific needs of the domestic market[29] - The company has optimized its R&D system, achieving over 50% modularization in technology development to enhance efficiency[60] - R&D expenses rose by 18.65% to ¥41,079,289.30 in 2023, indicating a strong commitment to innovation[75] - The company has developed a range of new products and technologies, enhancing its production processes and standardization efforts in smart measurement and control systems[48] - The company is focusing on developing high-performance sensors to replace imports and meet industrial IoT demands[100] Market Position and Strategy - The company is a leading provider of structural mechanics performance testing and electrochemical workstation solutions in China, focusing on intelligent measurement and control systems for over 30 years[26] - The structural mechanics performance testing industry is experiencing rapid growth due to increased demand for high-end scientific instruments in various sectors, including aerospace and energy[28] - The electrochemical workstation market is expected to grow significantly due to rising demand in the renewable energy sector, particularly in lithium battery and fuel cell testing[32] - The company is positioned to benefit from national policies promoting the localization of scientific instruments, enhancing its competitive edge against international firms[32] - The company plans to expand its market presence through the introduction of new products and technologies, enhancing its competitive edge[78] Governance and Management - The company has established a robust internal control system and governance structure to comply with regulatory requirements[110] - The board of directors consists of 7 members, including 3 independent directors, ensuring independent judgment and decision-making[112] - The company has a supervisory board consisting of 5 members, including 2 employee supervisors, complying with legal and regulatory requirements[113] - The performance evaluation and incentive mechanism aligns employee income with work performance, ensuring it meets the company's development status[114] - The company has established an information disclosure management system to ensure the accuracy, completeness, and timeliness of disclosed information, maintaining investor rights[115] Employee and Talent Management - The company has a robust talent structure with a stable team, ensuring effective research and development capabilities across various technical fields[53] - The company is focused on talent development and performance evaluation to enhance employee engagement and innovation[65] - The company has implemented a training program for new employees to enhance integration and skills development[141] - The total number of employees at the end of the reporting period is 693, with 602 from the parent company and 91 from major subsidiaries[138] - The company has a total of 260 technical personnel, 148 production personnel, and 132 sales personnel among its employees[139] Cash Flow and Investments - Operating cash inflow increased by ¥120,716,900, a growth of 40.54% year-on-year, primarily due to increased payments received[82] - Operating cash outflow rose by ¥147,971,000, a 55.54% increase, mainly due to higher material payments and tax payments from the previous year[82] - The net cash flow from investment activities fell by ¥19,075,900, a decrease of 259.87%, due to new factory construction and investments in new companies[82] - The company made a significant equity investment of ¥2,550,000.00 in Shanghai Donghua Wisdom Hydrogen Energy Technology Co., Ltd., acquiring a 51% stake[86] - Another equity investment of ¥5,100,000.00 was made in Jiangsu Haofeng Wind Power Technology Co., Ltd., also with a 51% ownership[86] Social Responsibility and Environmental Management - The company actively participates in social responsibility initiatives, contributing to community welfare and enhancing its corporate image[160] - The company has established an environmental management system, certified in May 2021, to promote sustainable practices[159] - The company has not faced any administrative penalties related to environmental issues during the reporting period[159] - The company has not reported any major environmental issues or penalties during the reporting period[159] Shareholder Structure - Liu Shigang holds 48.99% of shares, totaling 67,765,930 shares, with no changes during the reporting period[200] - Luo Mian holds 5.03% of shares, totaling 6,953,100 shares, with a decrease of 1,600,000 shares during the reporting period[200] - The top five shareholders include domestic individuals and various investment funds, with the largest being Liu Shigang[200] - The company has a total of 5,233 shareholders at the end of the reporting period[200] - The shareholding structure shows significant pledges, with Liu Shigang pledging 1,950,000 shares and Luo Mian pledging 3,250,000 shares[200]

（一）公司主要业务概述 报告期内，公司及子公司主要业务如下： 1、结构力学性能研究 江苏东华测试技术股份有限公司 2023 年度董事会工作报告 2023年，公司董事会严格按照《公司法》、《证券法》、《江苏东华测试技 术股份有限公司章程》、《江苏东华测试技术股份有限公司董事会议事规则》， 切实履行董事会职能，认真贯彻执行股东大会通过的各项决议，及时履行信息披 露义务，有效地保障公司和全体股东的利益，保证了公司持续、健康、稳定的发 展。现将2023年度主要工作情况报告如下： 一、2023 年度公司经营情况 结构力学性能研究主要用在结构的强度试验、疲劳试验（寿命评估）、动态 特性分析（固有频率、振型、阻尼比、模态刚度和质量），准确预计环境激励对 结构的影响等，是应用于航天航空、车辆船舶、土木建筑、工程机械、能源电力 等领域不可或缺的科学仪器产品。 2、结构安全在线监测和防务装备故障预测与健康管理（PHM, Prognostics Health Management） 为满足资产密集型企业针对设备维保管理的数字化、智能化转型需求，公司 全资子公司上海东昊测试技术有限公司基于PHM技术开发的一款专业解决方案。 通过研究 ...

江苏东华测试技术股份有限公司 2023 年度监事会工作报告 2023年度，江苏东华测试技术股份有限公司（以下简称"公司"）监事会根 据《公司法》、《公司章程》、《监事会议事规则》等有关规定和要求，本着对 公司和全体股东负责的态度，认真履行并行使监事会的监督职权和职责。监事会 成员列席了报告期内的重要董事会和股东大会，对公司经营活动、财务状况、重 大决策、关联交易、股东大会召开程序以及董事、高级管理人员履行职责情况等 方面实施了有效监督，较好地保障了公司股东权益、公司利益和员工的合法权益， 促进了公司的规范化运作。 一、监事会召开情况 报告期内监事会共召开七次会议，会议的召集程序、召开程序、出席会议人 员资格及表决程序均符合《公司法》、《创业板上市公司规范运作指引》等法律、 法规、规范性文件和《公司章程》的规定，并在中国证监会指定创业板披露网站 进行了披露。具体内容如下： 1、2023年3月8日召开第五届监事会第十二次会议，审议通过《关于公司2022 年度监事会工作报告的议案》、《关于公司2022年度财务决算报告的议案》、《关 于公司2022年年度报告全文及摘要的议案》、《关于公司2022年度利润分配预案 的议 ...

江苏东华测试技术股份有限公司 2023年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：江苏东华测试技术股份有限公司 单位：元 | | | 占用方与上市公 | 上市公司核算 | 2023 年期初占用 | 2023 年度占用 | 2023 年度占用 | 2023 年度偿 | 2023 年期 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | | | | 累计发生金额 | 资金的利息 | 还累计发生 | 末占用资 | | 占用性质 | | | | 司的关联关系 | 的会计科目 | 资金余额 | （不含利息） | （如有） | 金额 | 金余额 | 成原因 | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - ...