查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年半年度报告，25H1实现营业收入2.83亿元，同比增长2.44%；归母净利润0.76亿元，同比 增长2.80%。其中，25Q2实现营业收入1.74亿元，同比增长1.34%；归母净利润0.48亿元，同比增长 1.14%。上半年，公司经营活动现金流量净额为80.4万元，同比实现由负转正。 主业结构力学系统与电化学工作站业务经营稳健 上半年，结构力学性能测试分析系统收入1.94亿元，同比增长2.35%；电化学工作站收入0.28亿元，同比增 长10.33%。两项业务的毛利率分别为69.62%、67.83%，较上年同期分别提升3.30、2.93个百分点。结构安 全在线监测及防务装备PHM系统业务收入小幅下滑，上半年收入0.35 ...

2025 年 8 月 22 日 公司研究 上半年经营稳健，重点开拓人形机器人领域 ——东华测试（300354.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告，25H1 实现营业收入 2.83 亿元，同比增长 2.44%；归母净利润 0.76 亿元，同比增长 2.80%。其中，25Q2 实现营业收入 1.74 亿元，同比增长 1.34%；归母净利润 0.48 亿元，同比增长 1.14%。上半年， 公司经营活动现金流量净额为 80.4 万元，同比实现由负转正。 主业结构力学系统与电化学工作站业务经营稳健：上半年，结构力学性能测试分 析系统收入 1.94 亿元，同比增长 2.35%；电化学工作站收入 0.28 亿元，同比增 长 10.33%。两项业务的毛利率分别为 69.62%、67.83%，较上年同期分别提升 3.30、2.93 个百分点。结构安全在线监测及防务装备 PHM 系统业务收入小幅下 滑，上半年收入 0.35 亿元，同比下降 13.03%；毛利率为 64.99%，较上年同期 下降 0.46 个百分点。在我国《国民经济和社会发展第十四个五年规划和 2035 年远景目标纲要》中明 ...

Group 1 - The core viewpoint of the report is that Donghua Testing (300354.SZ) is rated as "Buy" due to stable overall business growth and significant contributions from the structural mechanics performance testing analysis system [2] - The company's profitability continues to improve, with a decrease in management expense ratio driven by share-based payment expenses [2] - The company plans to issue additional shares to fund the upgrade of its intelligent measurement and control industry projects and to supplement working capital [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 283 million yuan for the first half of 2025, representing a year-on-year growth of 2.44%. The net profit attributable to shareholders was 76 million yuan, up 2.80% year-on-year [1]. - The structural mechanics performance testing analysis system was the main contributor to revenue growth, accounting for 66.3% of the revenue increase [1]. - The company plans to raise up to 150 million yuan through a private placement to fund the upgrade of its intelligent measurement and control industry and to supplement working capital [3]. Financial Performance - The gross profit margin for the first half of 2025 was 68.73%, an increase of 2.73 percentage points year-on-year. The second quarter gross profit margin was 68.77%, up 3.54 percentage points year-on-year [2]. - The company expects to achieve revenues of 634 million yuan, 780 million yuan, and 946 million yuan for the years 2025, 2026, and 2027, respectively, with net profits of 159 million yuan, 200 million yuan, and 248 million yuan for the same years [4][5]. - The earnings per share (EPS) are projected to be 1.15 yuan, 1.44 yuan, and 1.80 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 36.63, 29.18, and 23.48 [4][5]. Business Development - The company is focusing on upgrading its existing facilities and introducing advanced production equipment to enhance its manufacturing capabilities, which is expected to drive continuous innovation and product upgrades [3]. - The company’s research and development expense ratio was 10.71%, reflecting a commitment to maintaining its core competitiveness [2]. Market Position - The company is recognized as a leading provider of structural mechanics performance research and electrochemical workstation solutions in China, benefiting from a robust downstream market [4]. - The company’s stock has shown significant performance, with a 52-week high of 53.5 yuan and a low of 28.03 yuan, indicating strong market interest [6].