Core Insights - The company is a leading domestic provider of ultrasonic phased array testing equipment, demonstrating strong profitability and growth potential in the non-destructive testing (NDT) industry [1][3] Group 1: Company Performance - In H1 2025, the company achieved revenue of 80 million yuan, a year-on-year increase of 56.2%, and a net profit attributable to shareholders of 20 million yuan, up 12.15% year-on-year [1] - The company's gross margin has consistently remained above 70% from 2020 to 2024, positioning it at the upstream of the industry [1] Group 2: Industry Growth Potential - The ultrasonic testing market is projected to grow from 2.92 billion USD in 2024 to 4.60 billion USD by 2029, with a compound annual growth rate (CAGR) of 9.5% [1] - The global NDT market is expected to expand from approximately 11.6 billion USD in 2024 to 18.4 billion USD by 2029, with ultrasonic testing expected to capture the largest market share [1] Group 3: Technological Advancements - The establishment of industry standards, such as "Non-destructive Testing of Pressure Equipment Part 15: Phased Array Ultrasonic Testing," is expected to drive the adoption of phased array testing in specialized equipment sectors [2] - Phased array technology offers advantages over traditional ultrasonic testing, including broader application range, lower missed detection rates, and clearer defect visualization, making it likely to gradually replace traditional methods [2] Group 4: Future Growth Drivers - The company has a strong R&D capability, holding 66 patents and participating in the formulation of multiple national and industry standards, which supports its competitive edge against international products [3] - The establishment of a wholly-owned subsidiary, Duople Medical, aims to enhance product development and customer outreach in the medical sector, while increasing demand for automation equipment is expected to boost overall profitability [3] Group 5: Investment Outlook - The company is rated as a "buy" due to its strong technology and profitability, with expectations for continued stable growth in performance [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 90 million, 130 million, and 170 million yuan, respectively, with corresponding earnings per share (EPS) of 1.50, 2.10, and 2.74 yuan [3]
多浦乐(301528)首次覆盖：相控阵技术领军者 应用拓展打开弹性