KETOP(SZ:003008) Zhongyuan Securities·2025-08-21 12:34Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [30]. Core Insights - The company, Kaipu Testing (003008), reported a steady revenue growth of 3.2% year-on-year, with total revenue reaching 111 million yuan in the first half of 2025. The net profit attributable to shareholders increased by 3.7% to 40.79 million yuan, while the non-recurring net profit rose by 14.2% to 38.87 million yuan [7][8]. - The company's gross margin stood at 68.9%, reflecting a slight decline of 1.72 percentage points year-on-year, while the net profit margin improved by 2.18 percentage points to 36.64% due to a significant decrease in income tax [9]. - The report highlights the dual growth drivers of testing services and equipment sales, with the testing services segment generating 94.15% of total revenue, although it experienced a slight decline of 2.02% year-on-year [11]. Financial Performance - For the first half of 2025, the company achieved a net cash flow from operating activities of 51.32 million yuan, marking a 2.7% increase year-on-year [7]. - The company’s earnings per share (EPS) for the first half of 2025 was reported at 0.3922 yuan [7]. - The revenue from testing equipment sales surged significantly due to increased customer demand for customized solutions, contributing to the company's second growth point [11][13]. Business Segmentation - The revenue from the power system protection and control equipment testing services was 80 million yuan, showing a year-on-year growth of 7.23%, while the revenue from new energy control equipment testing services increased by 17.74% to 17 million yuan. However, the revenue from electric vehicle charging and swapping system testing saw a significant decline of 55.33% [11]. - The report emphasizes the company's strong position in the power system secondary equipment testing market, which is characterized by low cyclicality and substantial growth potential due to increasing economic demands and power safety requirements [13]. Future Projections - The report forecasts the company's revenue to reach 259 million yuan in 2025, with net profits projected at 101 million yuan, reflecting a growth rate of 16.86% and 17.85% respectively [15]. - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 24.01X, 19.71X, and 16.25X, respectively, indicating a favorable valuation trend [14].