多浦乐(301528)：官宣新增工业射线营业资质 超声与射线双翼发展格局基本确立

Core Viewpoint - The company is expanding its business scope to include the research, production, and sales of industrial X-ray equipment, indicating a strategic move to enhance its capabilities in non-destructive testing [1]. Industry Overview - X-ray and ultrasonic testing are among the five major conventional non-destructive testing methods widely used in high-end manufacturing. X-ray testing is particularly effective for detecting internal defects such as cracks, porosity, and inclusions, offering qualitative and quantitative accuracy suitable for complex-shaped components [2]. - Currently, China relies heavily on foreign suppliers for high-end industrial X-ray testing equipment and core X-ray source components, as domestic technology is still developing. The market for high-end industrial X-ray testing equipment is dominated by foreign manufacturers, particularly in advanced areas like high-speed online testing and 3D/CT detection [3]. Company Strategy - The company aims to complete its industrial X-ray testing portfolio, establishing a dual development strategy alongside ultrasonic testing. This move is expected to open new market opportunities and enhance its service capabilities in integrated circuits, electronics manufacturing, and renewable energy sectors [4]. - The company has already established a strong competitive position in the high-performance phased array ultrasonic non-destructive testing market and is actively promoting new high-end automated products. The addition of industrial X-ray testing equipment is anticipated to complement its existing offerings and strengthen its overall service capabilities [4]. Financial Projections - The company maintains its previous profit forecasts, expecting revenues of 224 million, 317 million, and 462 million yuan for 2025-2027, with year-on-year growth rates of 38.0%, 41.6%, and 45.7% respectively. Net profits attributable to the parent company are projected to be 80 million, 122 million, and 186 million yuan, with growth rates of 55.0%, 51.9%, and 53.1% [5]. - The projected EPS for 2025-2027 is 1.29, 1.96, and 3.01 yuan, corresponding to PE ratios of 51.7X, 34.1X, and 22.3X based on the closing price on December 24, 2025 [5].