donghua test(300354) 华西证券·2024-07-17 10:07Investment Rating - The report maintains an "Accumulate" rating for the company [2][22]. Core Views - The company's H1 2024 performance is expected to meet expectations, with Q2 new orders showing rapid growth [3][18]. - The structural mechanics core business has sustainable expansion potential, with PHM, electrochemistry, and custom measurement and control systems opening up growth opportunities [4][19]. - Emphasis on robotics and low-altitude economy themes is expected to benefit from downstream development [5][20]. Financial Summary - The company forecasts a net profit attributable to shareholders of 68-78 million yuan for H1 2024, representing a year-on-year increase of 51%-73%, with Q2 expected to be 40.66-50.66 million yuan, up 17%-46% [18]. - Revenue projections for 2024-2026 have been adjusted to 604 million, 823 million, and 1.043 billion yuan, respectively, with year-on-year growth rates of 60%, 36%, and 27% [22]. - The adjusted net profit forecasts for 2024-2026 are 188 million, 270 million, and 356 million yuan, with corresponding year-on-year growth rates of 114%, 44%, and 32% [22]. Business Segments - The structural mechanics performance testing system is expected to continue its rapid growth due to stable demand from military and scientific research sectors, along with domestic substitution trends [19]. - The PHM (Predictive Health Management) technology is a core component for modern weaponry and has broad prospects in civilian applications, positioning the company as a key player in this field [19]. - The electrochemical workstation and custom measurement and control systems are anticipated to drive revenue growth, with significant market potential for domestic alternatives [19][20].