donghua test(300354) Huachuang Securities·2025-04-21 01:45Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 49.2 yuan [2][8]. Core Insights - The company reported a revenue of 502 million yuan for 2024, representing a year-on-year increase of 32.79%, and a net profit attributable to shareholders of 122 million yuan, up 38.90% year-on-year. For Q1 2025, the revenue was 109 million yuan, a 4.25% increase year-on-year, with a net profit of 29 million yuan, up 5.64% year-on-year [2][9]. - The company continues to benefit from strong policy support for high-end scientific research instruments and the ongoing demand for domestic substitution, leading to rapid growth in revenue and profit [2][9]. - The gross margin and net margin for 2024 were 66.37% and 24.10%, respectively, both showing an increase of 0.9 percentage points year-on-year, indicating sustained high profitability [2][9]. - Significant growth was observed in the structural mechanics performance testing analysis and electrochemical workstation segments, with revenues of 301 million yuan and 88 million yuan, respectively, reflecting year-on-year increases of 35.79% and 52.26% [2][9]. - The company invested 61 million yuan in R&D for 2024, a 49.4% increase year-on-year, enhancing its core competitiveness through continuous innovation and product optimization [2][9]. - The rapid growth in contract liabilities and inventory indicates a strong order growth situation, with contract liabilities increasing by 84.27% year-on-year [2][9]. - The report highlights the potential for continued growth in the domestic substitution of scientific instruments and the increasing penetration of PHM (Prognostics and Health Management) systems, driven by modernization and digital transformation in defense and industrial sectors [2][9]. - The revenue projections for 2025-2027 are set at 680 million, 896 million, and 1.175 billion yuan, respectively, with corresponding net profits of 170 million, 226 million, and 298 million yuan, indicating robust growth rates [2][9].