Xin Lang Cai Jing·2025-06-23 14:37Core Viewpoint - The company is the only A-share listed enterprise in China specializing in fully automatic balancing machines, actively extending its industrial chain to strengthen its competitive moat [1] Group 1: Business Overview - The company was established in June 2004 and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in October 2016 [1] - The main business segments include fully automatic balancing machines (61.85% of revenue in 2024), testing machines (8.76%), automation equipment (14.73%), and information systems and services (6.16%) [1] - The company has established subsidiaries such as Hangzhou Diting Intelligent Technology Co., Ltd. in April 2020 and Zhijiang Yisuan in 2021, and is collaborating with Zhejiang University to build a joint research center [1] Group 2: Financial Performance - In Q1 2025, the company achieved revenue of 79 million yuan, a year-on-year increase of 55%, and a net profit attributable to shareholders of 8 million yuan, up 197% year-on-year [2] - The company has shown steady revenue growth in recent years, with the exception of a decline in 2020 due to external environmental impacts [2] - Despite a slight decrease in gross margin due to intensified market competition, the company maintains a high profitability level with gross margins above 42% [2] Group 3: Growth Opportunities - The underwater sound business, developed by the subsidiary Diting Intelligent, is expected to contribute to the company's second growth curve, benefiting from the government's strategic focus on deep-sea technology [2] - The company has developed various balancing machines for high-speed rotating components in robotics, establishing partnerships with leading motor manufacturers [3] - The company completed the first high-speed dynamic balancing prototype in 2024, marking a breakthrough in high-speed balancing analysis systems [3] Group 4: Investment Outlook - The company is positioned to seize historical development opportunities as the only A-share listed enterprise focused on fully automatic balancing machines [3] - Revenue projections for 2025-2027 are estimated at 399 million yuan, 574 million yuan, and 826 million yuan, with net profits of 52 million yuan, 100 million yuan, and 157 million yuan, respectively [3]