东华测试(300354)：业绩稳健增长 核心业务竞争力持续增强

Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 502 million, a year-on-year increase of 32.79% [1] - The net profit attributable to shareholders reached 122 million, up 38.90% year-on-year, while the net profit after deducting non-recurring items was 120 million, reflecting a growth of 41.50% [1] - The weighted average return on equity was 17.21% [1] - In Q1 2025, the company reported revenue of 109 million, an increase of 4.25%, and a net profit of 29 million, up 5.64% [1] Group 2: Business Segments - The structural mechanics performance testing system generated revenue of 301 million in 2024, accounting for 60.01% of total revenue, with a year-on-year growth of 35.79% [1] - The electrochemical workstation, the second largest business segment, achieved revenue of 88 million, representing 17.62% of total revenue, and a year-on-year increase of 52.26% [1] - The company's gross profit margin for 2024 was 66.37%, an increase of 0.90 percentage points from 2023, while the net profit margin was 24.10%, also up by 0.90 percentage points [1] - In Q1 2025, the gross profit margin and net profit margin continued to grow, reaching 68.66% and 26.27% respectively [1] Group 3: Research and Development - The company has a strong focus on independent research and development, continuously innovating various sensors suitable for different environments [2] - In 2024, the company developed a six-component torque sensor applicable in robotics, scientific research, and automated testing, with small-scale trial production and partial market promotion already underway [2] - The Donghua Calibration Laboratory became one of the first CNAS laboratories in China capable of testing multi-dimensional force/torque sensors for robotics [2] Group 4: Investment Outlook - The company is expected to achieve revenues of 658 million, 855 million, and 1.111 billion in 2025, 2026, and 2027 respectively, with net profits of 170 million, 228 million, and 302 million for the same years [3] - The earnings per share (EPS) are projected to be 1.23, 1.65, and 2.18 for 2025, 2026, and 2027 respectively [3] - The current price-to-earnings (PE) ratios are estimated to be 32, 24, and 18 for the years 2025, 2026, and 2027 [3]