Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total operating revenue of 502 million yuan in 2024, representing a year-on-year growth of 32.79%, and a net profit attributable to shareholders of 122 million yuan, up 38.90% year-on-year [4][5] - The company's core business competitiveness continues to strengthen, with the structural mechanics performance testing system generating revenue of 301 million yuan in 2024, accounting for 60.01% of total revenue, and growing by 35.79% year-on-year [5] - The company is focusing on high-reliability sensor products and has made advancements in the robotics field, with the development of a six-component torque sensor for various applications [6] Financial Performance Summary - In 2024, the company achieved a gross profit margin of 66.37%, which increased by 0.90 percentage points compared to 2023, and a net profit margin of 24.10%, also up by 0.90 percentage points [5] - For Q1 2025, the company reported a revenue of 109 million yuan, a growth of 4.25%, and a net profit of 29 million yuan, up 5.64% [4] - The company forecasts revenues of 658 million yuan, 855 million yuan, and 1.11 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 170 million yuan, 228 million yuan, and 302 million yuan for the same years [7][10] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.23 yuan, 1.65 yuan, and 2.18 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 32, 24, and 18 [7][10] - The company maintains a strong return on equity (ROE) forecast, expected to reach 19.2% in 2025 and 23.0% in 2027 [10][14]

结构力与电化学业务高速发展，公司盈利能力不断增强 公司发布2024年报和 2025年一季报 2024 年公司实现总营业收入5.02 亿元，同比增长32.79%；归母净利润1.22亿元，同比增长38.90%；扣 非后归母净利润1.20 亿元，同比增长41.50%；加权平均净资产收益率17.21%。2025 年一季度，公司实 现营收1.09 亿元（+4.25%），归母净利润0.29 亿元（+5.64%）。 我们看好公司长期发展，但公司24 年业绩受大宏观环境影响，业绩比我们之前预期略低，并且公司业 务大多数与军工行业相关，进度存在不确定性，因此秉承谨慎原则，我们调整盈利预测为：2025-2027 年分别实现营收6.58/8.55/11.11（2025-2026 年前值为7.0/9.1 亿元）；实现归母净利润1.70/2.28/3.02 亿元 （2025-2026 年前值为2.1/2.8 亿元）；总股本对应的EPS 为1.23/1.65/2.18 元（2025-2026 年前值为 1.50/2.02 元），以当前股价对应的PE为32/24/18 倍。维持"买入"投资评级。 风险提示 1）市场波动风险；2）业务拓展不 ...