donghua test(SZ:300354) Guotai Junan Securities·2024-08-22 05:39Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's H1 2024 performance met expectations, with steady growth in structural mechanics testing systems and PHM business, and rapid growth in electrochemical workstations, indicating a potential for continued growth [2][3]. - The EPS estimates for 2024-2026 have been raised to 1.23, 1.62, and 2.05 CNY respectively, reflecting an upward adjustment due to the strong performance and market conditions [3]. - The target price has been adjusted down to 35.67 CNY, based on a 29x PE ratio for 2024, which is aligned with industry standards [3][4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 276 million CNY, a year-on-year increase of 37.75%, and a net profit attributable to shareholders of 74 million CNY, up 65.11% year-on-year [3]. - Q2 2024 revenue was 172 million CNY, reflecting a 33.60% year-on-year growth, with a net profit of 47 million CNY, up 35.30% year-on-year [3]. - The structural mechanics performance testing analysis system generated revenue of 190 million CNY in H1 2024, a 41.13% increase year-on-year, while the electrochemical workstation revenue surged by 135.51% to 26 million CNY [3]. Product and Market Insights - The structural mechanics testing system is a domestic leader, benefiting from rapid localization and government support for scientific instrument development [3]. - The PHM system for structural safety and equipment fault prediction generated 40 million CNY in revenue, a 15.78% increase year-on-year, indicating a strong trend towards domestic substitution [3]. - The humanoid robot force sensor business is expected to drive new growth, leveraging the company's leading technology in mechanical performance testing sensors [3].