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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Insights - The company reported a steady performance in the first half of 2025, with operating revenue of 283 million yuan, a year-on-year increase of 2.44%, and a net profit attributable to shareholders of 76 million yuan, up 2.80% year-on-year [1]. - The company is focusing on expanding its humanoid robot sector, leveraging its mature six-dimensional force sensor technology, which is currently in small-batch trial production [3]. - The company plans to raise up to 150 million yuan through a private placement to upgrade its intelligent measurement and control industry, which is expected to enhance its production capabilities and competitiveness [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 283 million yuan, with a net profit of 76 million yuan. The second quarter alone saw revenues of 174 million yuan, reflecting a 1.34% year-on-year growth [1]. - The cash flow from operating activities turned positive, amounting to 804,000 yuan, compared to a negative figure in the previous year [1]. Business Segments - The structural mechanics performance testing analysis system generated revenue of 194 million yuan, up 2.35% year-on-year, while the electrochemical workstation revenue increased by 10.33% to 28 million yuan [2]. - The structural safety online monitoring and defense equipment PHM system experienced a slight decline in revenue, down 13.03% to 35 million yuan [2]. Growth Opportunities - The company is well-positioned to benefit from the significant development opportunities in the high-end scientific instrument sector as outlined in China's 14th Five-Year Plan [2]. - The humanoid robot field is expected to provide new growth avenues, with the company becoming one of the first domestic laboratories capable of testing multi-dimensional force/moment sensors for robots [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward, with net profit estimates of 182 million yuan, 213 million yuan, and 261 million yuan, reflecting decreases of 9.90%, 12.34%, and 12.71% respectively [4]. - The company is projected to achieve a revenue of 595 million yuan in 2025, with a growth rate of 18.44% [5]. Valuation Metrics - The report provides a valuation summary indicating a P/E ratio of 32 for 2025, decreasing to 23 by 2027, and a P/B ratio of 6.5 in 2025, declining to 4.5 in 2027 [5][14].

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].

Core Insights - The company reported a stable overall performance in H1 2025, with revenue of 283 million, a year-on-year increase of 2.44%, and a net profit attributable to shareholders of 76 million, up 2.80% year-on-year [1][2] Financial Performance - H1 2025 revenue breakdown: Q2 revenue was 174 million, a year-on-year increase of 1.34%, with net profit of 48 million, up 1.14% year-on-year [1] - The gross margin for the structural mechanics performance testing analysis system was 69.62%, an increase of 3.30 percentage points year-on-year, while the electrochemical workstation gross margin was 67.83%, up 2.93 percentage points [2] - Overall, the sales gross margin for H1 2025 reached 68.73%, an increase of 2.73 percentage points year-on-year, and the net profit margin was 26.77%, a slight decrease of 0.08 percentage points [2] Business Development - The company is advancing domestic substitution of mechanics products and developing a high-end scientific instrument platform, focusing on custom measurement and control analysis systems and experimental simulation integration platforms [3] - Establishment of Jiangsu Donghua Calibration Testing Co., Ltd. aims to provide third-party calibration and testing services, with increasing market share in bridge inspection, aviation, and special equipment sectors [3] - The company’s sensor product line includes various types such as acceleration, speed, displacement, impact, and strain sensors, known for high reliability and stability, suitable for harsh environments [3] Future Outlook - The company maintains a "buy" rating, projecting net profits of 154 million in 2025 and 202 million in 2026, corresponding to PE ratios of 38x and 29x respectively [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported stable operations in the first half of 2025, with significant revenue growth in structural mechanics performance testing systems and a relatively fast growth rate in electrochemical workstations. Overall, the business remains stable [2][6]. - The gross profit margin for various segments has improved, leading to an enhancement in overall sales gross margin. The company continues to promote domestic substitution of mechanical products and aims to build a high-end scientific research instrument platform [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 283 million, a year-on-year increase of 2.44%. The net profit attributable to the parent company was 76 million, up 2.80% year-on-year. The second quarter of 2025 saw revenue of 174 million, a year-on-year increase of 1.34% [6]. - The gross profit margin for the structural mechanics performance testing system was 69.62%, an increase of 3.30 percentage points year-on-year, while the electrochemical workstation's gross profit margin was 67.83%, up 2.93 percentage points [12]. Business Development - The company is advancing the development of new products, including customized measurement and control analysis systems and experimental simulation integration platforms, to enrich its product line [12]. - The establishment of Jiangsu Donghua Calibration Testing Co., Ltd. aims to provide third-party calibration and testing services, increasing market share in various industries [12]. Product Quality and Market Position - The company offers a comprehensive range of sensor products, including accelerometers, speed sensors, displacement sensors, impact sensors, and strain sensors, which are reliable and suitable for harsh environments [12]. - The data acquisition and control analysis systems are noted for their accuracy, stability, and strong anti-interference capabilities, contributing to the company's competitive edge [12]. Future Projections - The company is expected to achieve net profits of 154 million and 202 million in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 38x and 29x [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant increase in performance for 2024, with revenue reaching 502 million, a year-on-year increase of 32.79%, and a net profit attributable to shareholders of 122 million, up 38.90% [6][12]. - The company continues to see stable growth in revenue and performance in Q1 2025, with revenue of 109 million, a year-on-year increase of 4.25%, and a net profit of 29 million, up 5.64% [6][12]. - The gross profit margin has improved consistently, with a gross margin of 66.37% in 2024, an increase of 0.9 percentage points year-on-year, and further rising to 68.66% in Q1 2025 [12][12]. - The company is focusing on domestic substitution of mechanical products and aims to build a platform for high-end scientific research instruments, which is expected to open up growth opportunities [12][12]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 502 million, with a gross profit of 333 million, resulting in a gross margin of 66% [16]. - The net profit for 2024 was 121 million, with an EPS of 0.88 [16]. - For Q1 2025, the company reported revenue of 109 million and a net profit of 29 million, indicating a stable growth trajectory [6][12]. Business Development - The company has seen growth across multiple product lines, including structural mechanics testing systems and electrochemical workstations, with sales revenue increases of 35.79% and 52.26% respectively [12][12]. - The company is enhancing its R&D efforts, with a 49.40% increase in R&D investment in 2024, amounting to 61.37 million, which represents 12.22% of total revenue [12][12]. Market Position - The company has a strong competitive position in the domestic market for high-end scientific research instruments, with plans to expand product categories and applications [12][12]. - The company is expected to achieve net profits of 170 million and 230 million in 2025 and 2026 respectively, with corresponding P/E ratios of 34x and 25x [12][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5]. Core Insights - The company achieved a revenue of 502.2 million yuan in 2024, representing a year-on-year growth of 32.79%. The net profit attributable to shareholders was 121.88 million yuan, up 38.90% year-on-year [1]. - In Q1 2025, the company reported a revenue of 109 million yuan, a slight increase of 4.25% year-on-year, with net profits of 29 million yuan, reflecting a year-on-year growth of 5.64% [1]. - The company benefits from strong market demand, supportive national policies, enhanced R&D capabilities, and stable customer relationships, contributing to steady revenue growth [2]. Financial Performance - The gross margin for 2024 was 66.37%, an increase of 0.90 percentage points year-on-year, while the net profit margin was 24.27%, up 1.07 percentage points [3]. - The company’s R&D expense ratio was 12.22% in 2024, indicating a commitment to maintaining its core competitiveness through continuous investment in research and development [3]. Business Development - The company has developed a complete product line for its custom measurement and control systems, and has introduced high-performance sensors that break the monopoly of imported technologies [4]. - The six-dimensional force sensor is currently in small-batch trial production, with potential benefits expected from the growth of humanoid robots [4]. Profit Forecast - The company is projected to achieve revenues of 666.78 million yuan, 857.94 million yuan, and 1.08764 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 169.12 million yuan, 224.72 million yuan, and 293.97 million yuan for the same years [5].

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： 点击注册小程序 查看完整报告 特别申明： 2024年，公司进一步加大传感器研发投入，开发出了高温耐辐照、水下高冲击、深水振动等高性能传感 器，替代进口，打破进口技术垄断。同时，公司推出可靠性高、应用范围广的工业级传感器，缩小与进口 传感器的差距，满足工业物联网对传感器的需求。公司六维力传感器技术较为成熟，目前处于小批量试制 阶段，下游应用领域主要包括工业机器人、人形机器人、航空航天、汽车、电子、医疗等，未来有望在人 形机器人领域打开新的成长空间。 风险提示： 新产品项目推进不达预期风险；延迟交货风险；内外部经营环境变化的风险。 发布日期： 2025-04-26 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方 ...