donghua test(SZ:300354) Xin Lang Cai Jing·2025-08-19 00:37Core Insights - The company reported a stable overall performance in H1 2025, with revenue of 283 million, a year-on-year increase of 2.44%, and a net profit attributable to shareholders of 76 million, up 2.80% year-on-year [1][2] Financial Performance - H1 2025 revenue breakdown: Q2 revenue was 174 million, a year-on-year increase of 1.34%, with net profit of 48 million, up 1.14% year-on-year [1] - The gross margin for the structural mechanics performance testing analysis system was 69.62%, an increase of 3.30 percentage points year-on-year, while the electrochemical workstation gross margin was 67.83%, up 2.93 percentage points [2] - Overall, the sales gross margin for H1 2025 reached 68.73%, an increase of 2.73 percentage points year-on-year, and the net profit margin was 26.77%, a slight decrease of 0.08 percentage points [2] Business Development - The company is advancing domestic substitution of mechanics products and developing a high-end scientific instrument platform, focusing on custom measurement and control analysis systems and experimental simulation integration platforms [3] - Establishment of Jiangsu Donghua Calibration Testing Co., Ltd. aims to provide third-party calibration and testing services, with increasing market share in bridge inspection, aviation, and special equipment sectors [3] - The company’s sensor product line includes various types such as acceleration, speed, displacement, impact, and strain sensors, known for high reliability and stability, suitable for harsh environments [3] Future Outlook - The company maintains a "buy" rating, projecting net profits of 154 million in 2025 and 202 million in 2026, corresponding to PE ratios of 38x and 29x respectively [3]