事件内容：12 月24 日盘后，公司披露拟变更经营范围并修订《公司章程》，新增"研制、生产、销售工 业X 射线设备及有关设备"业务内容。 公司补足工业射线检测版图，有望形成超声和射线双翼发展格局：早在2024 年年报，公司就已经提出 将积极开发射线等其他类型无损检测产品；而本次营业范围官宣变更，表明公司工业射线检测业务正式 落子布局。目前，公司在高性能工业相控阵超声无损检测市场已经建立较强市场竞争力，并正致力于超 声显微镜检测系统、水冷板相控阵水浸系统等新一代高端自动化产品推广应用，与电子制造、新能源等 高端制造业合作正变得更为紧密。而本次公司新增布局工业射线检测设备，一方面切实打开新增量市 场，带来新增长点；另一方面或将强化集成电路、电子制造、新能源等高端制造业检测设备综合服务能 力，射线与超声检测业务互补协同可期。 投资建议：我们维持此前盈利预测，预计多浦乐2025-2027 年营业收入分别为2.24亿元、3.17 亿元、 4.62 亿元，同比增长率分别为38.0%、41.6%、45.7%；归属于母公司净利润分别为0.80 亿元、1.22 亿元 和1.86 亿元，归属于母公司净利润增速分别为55.0%、5 ...

Group 1 - The core viewpoint of the article highlights the decline in the stock price of Duopule (301528.SZ), which closed at 62.51 yuan, reflecting a drop of 3.43% [1] - Duopule was listed on the Shenzhen Stock Exchange's ChiNext board on August 28, 2023, with an issuance of 15.5 million shares at a price of 71.80 yuan per share [1] - On its first trading day, Duopule reached a peak price of 185 yuan, but has since experienced a continuous decline, currently trading below its initial offering price [1] Group 2 - The total amount raised from Duopule's initial public offering (IPO) was 1,112.90 million yuan, with a net amount of 1,007.92 million yuan after deducting issuance costs [1] - The net amount raised exceeded the original plan by 518.65 million yuan, with the company initially aiming to raise 489.28 million yuan for projects including the construction of a non-destructive testing intelligent production base and a headquarters building and R&D center [1] - The total issuance costs (excluding VAT) amounted to 104.98 million yuan, with underwriting fees accounting for 82.52 million yuan [1]

Group 1 - The core point of the article is that Duople (SZ 301528) announced a plan for a major shareholder, Mr. Cai Shuping, to reduce his stake in the company by selling up to approximately 620,000 shares within three months after a 15 trading day period from the announcement date [1] - Mr. Cai Shuping currently holds about 4.06 million shares, which represents 6.56% of the total share capital of Duople [1] - Duople's market capitalization is reported to be 4 billion yuan [1] Group 2 - For the year 2024, Duople's revenue composition is entirely from the non-destructive testing industry, accounting for 100% [1]

Core Viewpoint - Duople is a leading enterprise in the domestic ultrasonic phased array testing equipment sector, demonstrating strong profitability and growth potential in the non-destructive testing industry [1] Company Performance - In H1 2025, the company achieved revenue of 80 million yuan, representing a year-on-year growth of 56.2% [1] - The net profit attributable to the parent company reached 20 million yuan, with a year-on-year increase of 12.15% [1] - The company's gross profit margin has maintained above 70% from 2020 to 2024, positioning it at the upstream of the industry [1] Industry Outlook - The non-destructive testing industry is rapidly developing, with significant potential for domestic substitution of imports [1] - The establishment of industry standards is driving demand for the replacement of testing methods, opening up growth opportunities for phased array testing [1] - The company's strong technical barriers and the expansion of medical and automation demands are expected to create a second growth point for the company [1] Investment Rating - The company is rated as a "buy" based on its strong technology and profitability, along with the broad market space in non-destructive testing, indicating expectations for sustained stable growth in performance [1]

Core Insights - The company is a leading domestic provider of ultrasonic phased array testing equipment, demonstrating strong profitability and growth potential in the non-destructive testing (NDT) industry [1][3] Group 1: Company Performance - In H1 2025, the company achieved revenue of 80 million yuan, a year-on-year increase of 56.2%, and a net profit attributable to shareholders of 20 million yuan, up 12.15% year-on-year [1] - The company's gross margin has consistently remained above 70% from 2020 to 2024, positioning it at the upstream of the industry [1] Group 2: Industry Growth Potential - The ultrasonic testing market is projected to grow from 2.92 billion USD in 2024 to 4.60 billion USD by 2029, with a compound annual growth rate (CAGR) of 9.5% [1] - The global NDT market is expected to expand from approximately 11.6 billion USD in 2024 to 18.4 billion USD by 2029, with ultrasonic testing expected to capture the largest market share [1] Group 3: Technological Advancements - The establishment of industry standards, such as "Non-destructive Testing of Pressure Equipment Part 15: Phased Array Ultrasonic Testing," is expected to drive the adoption of phased array testing in specialized equipment sectors [2] - Phased array technology offers advantages over traditional ultrasonic testing, including broader application range, lower missed detection rates, and clearer defect visualization, making it likely to gradually replace traditional methods [2] Group 4: Future Growth Drivers - The company has a strong R&D capability, holding 66 patents and participating in the formulation of multiple national and industry standards, which supports its competitive edge against international products [3] - The establishment of a wholly-owned subsidiary, Duople Medical, aims to enhance product development and customer outreach in the medical sector, while increasing demand for automation equipment is expected to boost overall profitability [3] Group 5: Investment Outlook - The company is rated as a "buy" due to its strong technology and profitability, with expectations for continued stable growth in performance [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 90 million, 130 million, and 170 million yuan, respectively, with corresponding earnings per share (EPS) of 1.50, 2.10, and 2.74 yuan [3]

Group 1 - Wuhan's enterprises have significantly increased their participation in the formulation and revision of international standards, ranking among the top in China for sub-provincial cities, indicating a new level of standard innovation capability and supply [1] - China Information Communication Technologies Group has led the development of over 700 international, national, and industry standards, showcasing its role in setting high standards in the global communication sector [1][2] - Wuhan Shipbuilding Machinery Co., Ltd. has established international standards for marine engineering equipment, breaking international monopolies and securing contracts worth over 8 billion yuan during the 14th Five-Year Plan period [2][3] Group 2 - Changfei Optical Fiber and Cable Co., Ltd. has transitioned from "using standards" to "setting standards," with over 10 experts actively involved in international standard organizations [2] - Wuhan Zhongke Innovation Technology Co., Ltd. has participated in nearly 100 non-destructive testing standards, establishing itself as a benchmark in the industry and expanding its overseas market presence [2][3] - Wuhan Yuanda Hongyuan Co., Ltd. has led the formulation of multiple industry standards in the amino acid sector, achieving significant sales growth and establishing partnerships with major companies [3]

Group 1 - Wuhan enterprises have led or participated in the formulation and revision of over 6,400 national and industry standards, marking a significant increase and positioning the city among the top in China for standard innovation capability [1][2] - China Information Communication Technologies Group has established itself as a benchmark in the global communication sector, leading the development of over 700 international, national, and industry standards, including the first practical optical fiber meeting international standards [2] - Changfei Fiber Optic Cable Co., Ltd. has transitioned from "using standards" to "setting standards," with over 10 experts actively involved in international organizations like IEC and ITU, contributing to multiple international standards [2] Group 2 - Wuhan Ship Machinery Co., Ltd. has developed key marine engineering equipment that breaks international monopolies, leading to the establishment of international standards for offshore platform lifting devices, resulting in contracts for 19 ships/platforms worth over 8 billion yuan during the 14th Five-Year Plan [3] - Wuhan Zhongke Innovation Technology Co., Ltd. has participated in the formulation of nearly 100 non-destructive testing standards, with 69 officially published, establishing itself as a benchmark in China's ultrasonic non-destructive testing industry [3] - Wuhan Yuanda Hongyuan Co., Ltd. has led the development of multiple industry standards since 2009, achieving significant sales growth and establishing partnerships with major companies, with expectations for exponential market growth in the next 3-5 years [3]

Core Viewpoint - The first ultrasonic testing skills competition in Qinghai Province aims to promote high-quality development in the non-destructive testing industry and cultivate more skilled talents [1][2][3] Group 1: Competition Overview - The competition is a provincial-level vocational skills contest organized by the Qinghai Provincial Market Supervision Administration, marking the first professional skills competition in the non-destructive testing field in the province [2] - A total of 66 elites from 21 companies, including State Grid Qinghai Electric Power Research Institute and China Railway Qinghai-Tibet Railway Co., participated in the event [1][2] - The competition included theoretical tests and practical preliminaries, ensuring fairness and professionalism through expert judges [2] Group 2: Industry Impact - The event provided a platform for non-destructive testing personnel to showcase their skills and foster collaboration and experience exchange [3] - It stimulated enthusiasm among non-destructive testing professionals to learn and improve their skills, exploring new pathways for talent cultivation in the industry [3] - The provincial market supervision authority plans to continue hosting skills competitions to strengthen the talent pool and contribute to equipment safety and industrial development [3]

Group 1: Product Development and Market Position - The company is actively expanding into the industrial radiographic non-destructive testing (NDT) field, with existing talent and ongoing technical research in this area [2] - The eddy current testing instruments, including the C-P5D-ET model, are primarily used in sectors such as aerospace, power, petrochemical, and mechanical manufacturing for both in-service and pre-service inspections [2] - The ultrasonic testing scanners are essential components for manual to semi-automated and automated inspections, with models like the DSC-03 featuring real-time wireless capabilities and multiple scanning modes [3] Group 2: Competitive Edge and Technological Capabilities - The company is one of the few in China capable of independently developing and producing ultrasonic transducers, with a focus on composite material chips and high-performance composite transducers [3] - The developed ultrasonic transducers cover a frequency range of 70KHz to 60MHz, with phased array transducers ranging from 0.1MHz to 25MHz, showcasing a wide array of configurations to meet diverse customer needs [3] - The company has established a research and development team with expertise in materials, acoustics, mechanics, and processes, enhancing its competitive position in the market [3] Group 3: Investment and Future Prospects - A wholly-owned subsidiary, Guangzhou Duopule Medical Technology Co., Ltd., was established in December 2024, with a 70% stake in Hangzhou Xunqi Medical Technology Co., Ltd. acquired in the first half of 2025 [4] - The company is committed to promoting the development of its related companies to safeguard both corporate and investor interests [4]

Group 1: Company Strategy and Focus Areas - The company aims to enhance its core competitiveness through industrial investments, focusing on the medical imaging and non-destructive testing sectors [2][3] - The company is actively seeking acquisition opportunities that align with its strategic development [2][3] - The company plans to expand its product portfolio through both depth and breadth, targeting cross-sector development [2][3] Group 2: Product Development and Market Position - The company has developed a portable multi-modal medical imaging system for emergency rescue applications, integrating portable DR and ultrasound devices [3][4] - The company’s industrial ultrasonic testing equipment is widely used in aerospace, petrochemicals, energy, and transportation sectors [4][5] - Key products include multi-modal medical imaging systems, specialized ultrasound diagnostic equipment, and automated non-destructive testing devices, which are expected to drive future revenue growth [5][6] Group 3: Research and Development - The company has participated in multiple national and provincial major research projects, with details disclosed in its prospectus and periodic reports [4][5] - The company has made advancements in AI-based breast cancer screening technology, enhancing the accuracy and efficiency of early detection [5][6] Group 4: Marketing and Sales Strategy - In 2025, the company will adjust its marketing strategy, focusing on major cities like Guangzhou, Shenzhen, Shanghai, and Beijing to strengthen its domestic and overseas marketing efforts [7][8] - The company aims to enhance its marketing network by attracting high-quality domestic and international distributors and improving local customer service capabilities [7][8] Group 5: Revenue Contribution - The sales revenue from surgical robots and automated non-destructive testing equipment constitutes a significant portion of the company's overall revenue [8]