Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported stable operations in the first half of 2025, with significant revenue growth in structural mechanics performance testing systems and a relatively fast growth rate in electrochemical workstations. Overall, the business remains stable [2][6]. - The gross profit margin for various segments has improved, leading to an enhancement in overall sales gross margin. The company continues to promote domestic substitution of mechanical products and aims to build a high-end scientific research instrument platform [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 283 million, a year-on-year increase of 2.44%. The net profit attributable to the parent company was 76 million, up 2.80% year-on-year. The second quarter of 2025 saw revenue of 174 million, a year-on-year increase of 1.34% [6]. - The gross profit margin for the structural mechanics performance testing system was 69.62%, an increase of 3.30 percentage points year-on-year, while the electrochemical workstation's gross profit margin was 67.83%, up 2.93 percentage points [12]. Business Development - The company is advancing the development of new products, including customized measurement and control analysis systems and experimental simulation integration platforms, to enrich its product line [12]. - The establishment of Jiangsu Donghua Calibration Testing Co., Ltd. aims to provide third-party calibration and testing services, increasing market share in various industries [12]. Product Quality and Market Position - The company offers a comprehensive range of sensor products, including accelerometers, speed sensors, displacement sensors, impact sensors, and strain sensors, which are reliable and suitable for harsh environments [12]. - The data acquisition and control analysis systems are noted for their accuracy, stability, and strong anti-interference capabilities, contributing to the company's competitive edge [12]. Future Projections - The company is expected to achieve net profits of 154 million and 202 million in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 38x and 29x [12].
东华测试(300354):2025H1经营平稳,拓品类拓应用+持续提升产品质量夯实长期竞争力