周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

Financial Performance Forecast - The estimated net profit attributable to shareholders for 2024 is projected to be between 120 million and 150 million CNY, representing a year-on-year growth of 36.75% to 70.94% compared to 87.75 million CNY in the previous year[3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 118.5 million and 148.5 million CNY, indicating a growth of 39.68% to 75.04% from 84.84 million CNY in the same period last year[3]. - Non-recurring gains and losses are anticipated to impact the net profit by approximately 1.5 million CNY during the reporting period[6]. - The company has communicated with the auditing firm regarding the performance forecast, and there are no discrepancies in the forecast data[4]. - The financial department's estimates for the performance forecast are preliminary and have not yet been audited[7]. Research and Development - The company is focusing on the research and development of intelligent measurement and control systems, integrating advanced concepts such as artificial intelligence and digital twins to enhance product performance and quality[5]. - R&D and sales expenses have increased significantly compared to the previous year, which has affected net profit but is expected to lay a foundation for sustainable future growth[5]. Investor Communication - The company will provide detailed financial data in the 2024 annual report, urging investors to make cautious decisions and be aware of investment risks[7].

证券代码：300354 证券简称：东华测试 公告编号：2024-059 江苏东华测试技术股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏东华测试技术股份有限公司（以下简称"公司"）于近日接到公司控股 股东、实际控制人刘士钢先生的通知，获悉其所持有本公司的部分股份办理了质 押手续，现将有关情况公告如下： 一、股东股份质押基本情况 1．本次股份质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押数 | 占其所 | 占公司 | 是否为 | 是否 为补 | 质押 | 质押 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | | | 起始 | 到期 | | | | 名称 | 大股东及其 | 量（股） | | | 限售股 | 充质 | | | | 用途 | | | | | 比例 | 比例 | | | 日 | 日 | | | | | 一致行动人 | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total operating revenue of 354 million yuan for the first three quarters of 2024, representing a year-on-year increase of 15.88%. The total profit reached 106 million yuan, up 20.35% year-on-year, with a net profit attributable to the parent company of 99 million yuan, also up 20.3% year-on-year. However, in Q3 2024, the company achieved revenue of 78 million yuan, a decrease of 25.67%, and a net profit of 25 million yuan, down 33.72% [2] - Profitability improved sequentially, with a significant increase in contract liabilities. The gross margin and net margin for Q3 2024 were 68.47% and 31.22%, respectively, up 3.24 percentage points and 3.97 percentage points from Q2. Compared to Q3 2023, the gross margin increased by 1.47 percentage points, while the net margin decreased by 4.21 percentage points due to increased expenses, with sales expenses rising by 26.73% and R&D expenses by 46.99%. The total contract liabilities for Q1-Q3 2024 amounted to 31 million yuan, a substantial increase of 74% from the end of 2023, mainly due to an increase in customer prepayments [2] - The company's core products have high reliability and are continuously expanding into new application scenarios. The company has focused on the measurement and control industry for many years, with its core sensor products being highly reliable and stable, suitable for various harsh environments. Recent product launches include the DH7955 rugged high-performance motion controller designed for vehicle, aircraft, and shipborne applications. Additionally, the DH59 series data acquisition and analysis system provided strong technical support for the recent satellite launch mission [2] - The long-term development of the company is viewed positively, but the earnings forecast has been adjusted due to macroeconomic impacts. The projected revenues for 2024-2026 are 530 million, 700 million, and 910 million yuan, respectively, with year-on-year growth rates of 40%, 32%, and 30%. The net profit attributable to the parent company is expected to be 150 million, 210 million, and 280 million yuan, with corresponding year-on-year growth rates of 68%, 40%, and 35%. The earnings per share (EPS) for the total share capital is projected to be 1.07, 1.50, and 2.02 yuan, with price-to-earnings (P/E) ratios of 29, 21, and 15 times at the current stock price [2][3][4] Financial Summary - For 2023, the company reported an operating income of 378 million yuan, with a year-on-year growth of 3.0%. The net profit attributable to the parent company was 88 million yuan, down 27.9% year-on-year. The gross margin was 65.5%, and the return on equity (ROE) was 13.9% [3] - The financial projections for 2024 estimate operating income of 529 million yuan, a year-on-year increase of 39.8%, and a net profit of 148 million yuan, with a significant year-on-year growth of 68.4%. The gross margin is expected to be 65.2%, and the ROE is projected to rise to 20.3% [3][4] - By 2026, the company anticipates an operating income of 911 million yuan, with a year-on-year growth of 30.2%, and a net profit of 280 million yuan, reflecting a year-on-year growth of 35.1%. The gross margin is expected to slightly improve to 65.4%, and the ROE is projected to reach 25.6% [3][4]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 45.1 RMB, compared to the current price of 34.71 RMB [1] Core Views - The company's Q3 performance was under pressure, with revenue of 0.78 billion RMB, up 25.67% YoY, and net profit of 0.25 billion RMB, down 33.72% YoY, likely due to long order confirmation cycles [1] - The company's order growth is strong, with inventory and contract liabilities increasing by 19.1% and 28.11% YoY respectively by the end of Q3 2024 [1] - High profitability continues, with gross and net profit margins of 66.55% and 27.82% respectively for Q1-Q3 2024, up 0.18pct and 0.88pct YoY [1] - The company is well-positioned to benefit from domestic substitution and increasing penetration of PHM (Prognostics and Health Management) in the defense and industrial sectors [1] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 3.54 billion RMB, up 15.88% YoY, and net profit of 0.99 billion RMB, up 20.3% YoY [1] - The company's revenue is expected to grow to 6.03 billion RMB in 2024, 7.96 billion RMB in 2025, and 10.17 billion RMB in 2026, with YoY growth rates of 59.3%, 32.1%, and 27.8% respectively [1] - Net profit is forecasted to reach 1.88 billion RMB in 2024, 2.49 billion RMB in 2025, and 3.26 billion RMB in 2026, with YoY growth rates of 114.5%, 32.4%, and 30.7% respectively [1] Industry Outlook - The domestic substitution trend and increasing PHM penetration in the defense and industrial sectors are expected to drive the company's growth [1] - The company's structural mechanics performance testing systems are well-positioned to benefit from the modernization and intelligent development of weapons and equipment [1] - The company's electrochemical workstations are expected to gain market share due to policy support and competitive advantages in pricing and after-sales service [1] Valuation - The company is valued at 25X PE for 2025, with a target price of 45.1 RMB [1] - The company's P/E ratio is expected to decrease from 55 in 2023 to 26 in 2024, 19 in 2025, and 15 in 2026 [2] - The company's P/B ratio is expected to decrease from 7.2 in 2023 to 5.8 in 2024, 4.6 in 2025, and 3.6 in 2026 [2]

Financial Performance - Revenue for the third quarter was RMB 78.31 million, a decrease of 25.67% year-over-year[3] - Net profit attributable to shareholders was RMB 24.74 million, down 33.72% year-over-year[3] - Operating revenue rose to 354,181,217.45 yuan from 305,634,743.52 yuan, an increase of 15.9%[15] - Net profit attributable to the parent company's owners grew to 441,609,395.55 yuan from 360,248,658.79 yuan, up by 22.6%[14] - Net profit attributable to parent company shareholders increased to RMB 99,044,982.63, up from RMB 82,331,092.00 in the previous period[16] - Basic earnings per share rose to RMB 0.7161 from RMB 0.5952[16] Assets and Liabilities - Total assets increased by 12.28% to RMB 825.53 million compared to the end of the previous year[3] - Total assets increased to 825,529,497.42 yuan from 735,266,059.22 yuan, reflecting a growth of 12.3%[14] - Total liabilities grew to 88,250,890.98 yuan from 69,073,499.04 yuan, an increase of 27.8%[14] - Fixed assets increased to 124,070,584.99 yuan from 117,807,899.38 yuan, up by 5.3%[13] - Inventory rose to 175,486,868.89 yuan from 169,659,191.35 yuan, a 3.4% increase[12] Cash Flow - Cash flow from operating activities improved by 62.21% to a net outflow of RMB 18.39 million[3] - Cash flow from operating activities improved to a net outflow of RMB -18,390,066.92, compared to RMB -48,658,883.64 in the prior period[18] - Cash received from sales of goods and services increased to RMB 267,603,509.85 from RMB 235,746,612.79[17] - Cash paid to employees and for employee benefits rose to RMB 111,344,015.19 from RMB 89,579,953.44[18] - Cash flow from investing activities showed a net outflow of RMB -16,666,409.14, an improvement from RMB -27,833,881.03[18] - Cash flow from financing activities resulted in a net outflow of RMB -9,713,936.02, compared to RMB -24,452,744.39 in the previous period[18] - Total cash and cash equivalents at the end of the period stood at RMB 29,621,324.09, up from RMB 18,192,012.98[18] - Cash and cash equivalents decreased to 30,557,296.09 yuan from 75,408,516.17 yuan, a 59.5% drop[12] Research and Development - R&D expenses increased by 46.99% to RMB 43.63 million, reflecting higher investment in research and development[7] - R&D expenses climbed to 43,629,220.65 yuan from 29,680,967.99 yuan, a 47.0% rise[15] Accounts Receivable and Contract Liabilities - Accounts receivable increased by 45.30% to RMB 368.65 million, primarily due to increased sales[6] - Accounts receivable surged to 368,653,590.39 yuan from 253,713,141.57 yuan, a 45.3% increase[12] - Contract liabilities increased by 74.00% to RMB 30.85 million, driven by higher prepayments from customers[6] - Contract liabilities increased to 30,849,777.48 yuan from 17,730,170.28 yuan, up by 74.0%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 9,956[9] - Liu Shigang, the largest shareholder, holds 48.99% of the shares, totaling 67,765,930 shares[9] - Luo Mian, the second-largest shareholder, holds 5.03% of the shares, totaling 6,953,100 shares[9] - The Agricultural Bank of China - Jiao Yin Schroder Advanced Manufacturing Mixed Securities Investment Fund holds 2.67% of the shares, totaling 3,692,168 shares[9] - The China Construction Bank - Jiao Yin Schroder Qiming Mixed Securities Investment Fund holds 1.27% of the shares, totaling 1,750,916 shares[9] - Liu Shigang and Luo Mian are in a spousal relationship, indicating a potential joint action agreement[9] - Zhang Jingbing holds 1,438,000 shares, with 1,331,000 shares held through a margin trading account[9] Restricted Shares - The total number of restricted shares at the end of the period is 57,120,126, with Liu Shigang holding 50,824,447 restricted shares[10][11] - Luo Mian's restricted shares decreased by 1,200,000 during the period, leaving 5,214,825 restricted shares[10] - The total number of restricted shares decreased by 1,235,093 during the period[11] Government Subsidies and VAT Refunds - Government subsidies and VAT refunds increased by 351.57% to RMB 8.27 million[7] Credit and Asset Impairment - Credit impairment losses amounted to RMB -3,551,524.71, compared to RMB -8,970,458.46 in the prior period[16] - Asset disposal losses were RMB -3,387.84, down from RMB -121,569.73[16] Short-term Borrowing and Investment - Short-term borrowing increased by 100.00% to RMB 18.00 million, reflecting new short-term loans[6] - Investment in fixed assets decreased by 40.53% to RMB 16.68 million, reflecting reduced capital expenditure[8]

证券代码：300354 证券简称：东华测试 公告编号：2024-057 江苏东华测试技术股份有限公司 第六届董事会第三次会议决议公告 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。 全体董事一致认为公司《2024年第三季度报告》的编制程序、内容、格式符 合相关文件的规定；三季报编制期间，未有泄密及其他违反法律法规、《公司章 程》或损害公司利益的行为发生；公司的财务报告真实、准确、完整地反映了公 司的财务状况和经营成果，不存在任何虚假记载、误导性陈述或者重大遗漏。 审议结果：赞成7票；反对0票；弃权0票，通过。 《2024年第三季度报告》详见中国证监会创业板指定信息披露网站。 本议案已经公司董事会审计委员会审议通过 2、审议通过《关于制订<舆情管理制度>的议案》 为提高公司应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥 善处理各类舆情对公司股价、公司商业信誉及正常生产经营活动造成的影响，切 实保护投资者合法权益，根据相关法律法规和规范性文件及《公司章程》的规定， 1 一、董事会会议召开情况 江苏东华测试技术股份有限公司（以下简称"公司"）于2024年1 ...

江苏东华测试技术股份有限公司 舆情管理制度 （2024 年 10 月） 第一章 总则 第一条 为提高江苏东华测试技术股份有限公司（以下简称"公司"）应对 舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股 价、商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据 相关法律法规和规范性文件及《公司章程》的规定，结合公司实际情况，制定本 制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情； （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及工作职责 第四条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对。 第五条 公司成立应对舆情处理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，总经理和董事会秘书担任副组长，成员由公司其他高级管 ...

二、监事会会议审议情况 证券代码：300354 证券简称：东华测试 公告编号：2024-058 江苏东华测试技术股份有限公司 第六届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 江苏东华测试技术股份有限公司（以下简称"公司"）于2024年10月18日在 公司会议室以现场会议的方式召开了第六届监事会第三次会议，会议通知及相关 资料于2024年10月8日通过电子邮件、直接送达方式发出。本次监事会会议应参 加表决监事5名，实际参加表决监事5名。会议由监事会主席孙丽丽主持。会议的 召集及召开程序符合《中华人民共和国公司法》及《公司章程》的规定。 监 事 会 2024 年 10 月 22 日 经与会监事认真审议与表决，形成了以下决议： 1、审议通过《关于公司2024年第三季度报告的议案》 全体监事一致认为公司《2024年第三季度报告》的编制程序、内容、格式符 合相关文件的规定；三季报编制期间，未有泄密及其他违反法律法规、《公司章 程》或损害公司利益的行为发生；公司的财务报告真实、准确、完整地反映了公 司的财务状况和经营 ...