[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 东华测试(300354)公司点评报告 2025 年 04 月 30 日 [Table_Title]营收稳步增长，Q1 表现亮眼 ——东华测试 2024 年度报告及 2025 年一季报点评 [Table_Summary] 事件： 公司发布 2024 年度报告：2024 年公司实现营收 5.02 亿元，同比增长 32.79%；实现归母净利润 1.22 亿元，同比增长 38.90%；实现扣非归母净 利润 1.20 亿元，同比增长 41.50%。其中第四季度公司实现收入 1.48 亿元， 同比增长 104.03%，实现归母净利润 0.23 亿元，同比增长 321.57%。 公司发布 2025 年一季度报告：25Q1 公司实现营收 1.09 亿元，同增 4.25%； 归母/扣非归母净利润分别为 0.29/0.28 亿元，同比分别变动 5.64%/4.05%。 结构力学系统稳健增长，电化学工作站低基数下实现高增 2024 年公司结构力学性能测试分析系统、电化学工作站、结构安全在线监 测及防务装备 PHM 系统、基于人工智能的设备智能维保管理平台分 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. (002415.SZ) with a target price of 28.18 CNY per share [7]. Core Views - The company's revenue for 2024 reached 92.496 billion CNY, a year-on-year increase of 3.53%, while the net profit attributable to shareholders decreased by 15.10% to 11.977 billion CNY. The innovative business segments are growing rapidly, contributing significantly to overall performance [2][4]. - In Q1 2025, the company reported a revenue of 18.532 billion CNY, up 4.01% year-on-year, and a net profit of 2.039 billion CNY, an increase of 6.41% [2]. - The innovative business accounted for 24.31% of total revenue, with Hikrobot, Ezviz, and Hikvision Micro Imaging leading in their respective fields [4]. Summary by Sections Financial Performance - In 2024, total revenue was 92.496 billion CNY, with a 3.53% increase year-on-year. The net profit attributable to shareholders was 11.977 billion CNY, down 15.10% [2]. - For Q1 2025, revenue was 18.532 billion CNY, reflecting a 4.01% increase, while net profit was 2.039 billion CNY, up 6.41% [2]. Business Segments - The Public Service Business Group (PBG) generated 13.467 billion CNY, a decrease of 12.29%, while the Enterprise Business Group (EBG) achieved 17.651 billion CNY, down 1.09%. The overseas business grew by 8.39% to 25.989 billion CNY [3]. - The innovative business segments, including Hikrobot and Ezviz, are becoming key growth drivers, with Hikrobot focusing on industrial IoT and smart logistics [4]. Profitability Forecast - The company forecasts revenues of 98.696 billion CNY, 106.732 billion CNY, and 115.307 billion CNY for 2025, 2026, and 2027, respectively. The net profit is expected to be 13.133 billion CNY, 14.601 billion CNY, and 16.222 billion CNY for the same years [5][8]. - The earnings per share (EPS) is projected to be 1.42 CNY, 1.58 CNY, and 1.76 CNY for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 19.81, 17.82, and 16.04 [5][8].