donghua test(SZ:300354) Guolian Securities·2024-08-23 00:38Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown steady revenue growth and continuous improvement in profitability, with a projected revenue of 5.4 billion, 7.1 billion, and 9.0 billion yuan for 2024-2026, and a net profit of 1.4 billion, 1.9 billion, and 2.3 billion yuan respectively, indicating a CAGR of 27.18% [2][7] - The company is a leader in structural mechanics performance testing instruments, and the development of torque sensors is expected to provide new growth opportunities [2][7] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 276 million yuan, a year-on-year increase of 37.75%, and a net profit of 74 million yuan, up 65.11% year-on-year [7] - For Q2 2024, revenue was 172 million yuan, with a year-on-year growth of 33.60%, and net profit was 47 million yuan, increasing by 35.30% year-on-year [7] - The company's gross margin and net margin for H1 2024 were 66% and 26.85% respectively, with the net margin showing a significant increase of 4.38 percentage points year-on-year [7] Product Development - The company is actively promoting its electrochemical workstations, which have shown high growth, with revenues of 260 million yuan in H1 2024, a year-on-year increase of 135.51% [7] - The company is investing in the research and development of various sensors, including six-component force sensors, which are expected to enhance precision and open new application areas [7] Market Outlook - The macroeconomic environment in 2024 is expected to recover slowly, but the company anticipates a normalization of special industry orders and additional demand from sensors [2][7] - The projected earnings per share (EPS) for 2024-2026 are 1.04, 1.34, and 1.68 yuan per share respectively [2][7]