donghua test(SZ:300354) Guoyuan Securities·2024-10-30 12:19Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Insights - The company reported a revenue of 354 million yuan for the first three quarters of 2024, representing a year-on-year growth of 15.88%. However, Q3 revenue decreased by 25.67% year-on-year [2]. - The net profit attributable to shareholders for the first three quarters was 99 million yuan, with a year-on-year increase of 20.30%. In Q3, net profit decreased by 33.72% year-on-year [2]. - The company's gross margin and net margin for the first three quarters were 66.55% and 27.82%, respectively, showing slight improvements year-on-year [2]. - R&D expenses increased, with a ratio of 12.32% for the first three quarters, up by 2.61 percentage points year-on-year, reflecting the company's commitment to innovation [2]. - The company launched a new high-performance motion controller designed for harsh environments, enhancing its product portfolio [2]. - The six-dimensional force sensor is in the trial production stage, with potential growth opportunities in the robotics sector [2]. Financial Performance and Forecast - The company is projected to achieve revenues of 588 million yuan, 784 million yuan, and 994 million yuan for 2024, 2025, and 2026, respectively. Net profits are expected to be 162 million yuan, 226 million yuan, and 301 million yuan for the same years [2][3]. - The earnings per share (EPS) are forecasted to be 1.17 yuan, 1.63 yuan, and 2.17 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 28.76, 20.60, and 15.50 [2][3].