Core Viewpoint - Duople's ultrasonic phased array testing equipment is positioned to enhance safety and operational efficiency in critical sectors such as energy and nuclear power [1] Group 1: Company Overview - Duople's products are applicable in energy, electricity, and nuclear power sectors, focusing on ultrasonic non-destructive testing [1] - The company’s ultrasonic phased array testing equipment excels in complex structures and high-precision detection requirements [1] Group 2: Industry Relevance - The technology ensures the safe and effective operation of nuclear power plant pressure vessels, pipelines, and turbine generator equipment [1]

Core Viewpoint - The company, Duople, is a leading provider of ultrasonic phased array testing equipment in China, focusing on non-destructive testing solutions across various industries, including special equipment, energy, aerospace, and third-party testing institutions [2]. Group 1: Company Overview - Duople has evolved from a manufacturer of ultrasonic probes to a specialized provider of industrial non-destructive testing equipment and solutions [2]. - The company has established a strong customer base in sectors such as special equipment, rail transportation, energy, metallurgy, aerospace, nuclear power, third-party testing institutions, and research institutions [2]. Group 2: Product Applications - The company's products for metal detection are designed to identify potential defects in metals, such as voids, slag inclusions, delaminations, and cracks, and are widely applicable to metal substrates like castings and forgings [2]. - In the oil and petrochemical sector, Duople has developed adjustable curvature phased array probes and automatic detection devices for pipeline corrosion, fulfilling various detection needs including oil pipeline corrosion and in-service inspections [2]. Group 3: Market Activity - As of October 22, 2025, Duople's stock closed at 59.9 yuan, down 2.2%, with a turnover rate of 1.9% and a trading volume of 6,047 hands, amounting to a transaction value of 36.4572 million yuan [1]. - On the same day, the net outflow of main funds was 387.25 thousand yuan, while retail investors saw a net inflow of 703.65 thousand yuan [4].

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: Macro Insights - In September, exports increased significantly, reaching a six-month high, indicating the resilience of China's export sector. The export growth rate for Q3 was 6.5%, slightly higher than in Q1 and Q2, supporting the GDP growth target of "above 5%" for the year [2] - Imports surged by 7.4% year-on-year in September, marking the highest increase in a year and a half, with industrial metals like copper and iron ore, as well as integrated circuits, being the main drivers [2] - Looking ahead to Q4, export growth may slow due to high base effects and recent escalations in US-China tariffs, but it is expected to remain positive overall, with strong support from regions outside the US [2] Group 2: Company-Specific Insights - Duople (301528.SZ) is a leading domestic provider of ultrasonic phased array testing equipment, showing strong profitability with H1 2025 revenue of 80 million yuan, up 56.2% year-on-year, and a net profit of 20 million yuan, up 12.15% [6][7] - Kaishan (300257.SZ) is a leader in high-end equipment manufacturing and renewable energy, with a revenue of 4.235 billion yuan in 2024, a 1.64% increase, and a net profit of 320 million yuan, down 26.05% [8] - 361 Degrees (01361.HK) reported strong Q3 performance with a 10% increase in adult and children's apparel sales in offline channels and a 20% increase in e-commerce sales, projecting net profits of 1.261 billion yuan for 2025 [14] - Xingyu (601799.SH) established a robotics subsidiary to expand into the emerging robotics sector, while maintaining strong growth in its core automotive lighting business, with a projected net profit of 1.7 billion yuan for 2025 [16][17] Group 3: Industry Trends - The basic chemical sector is experiencing a configuration opportunity, with a significant adjustment in the index from a peak of 9565.18 points to a low of 3876.11 points, a cumulative decline of 59.5% [12] - Strategic metals are expected to see a revaluation due to geopolitical tensions, with a focus on rare earths, tungsten, and antimony as potential investment opportunities [9][11] - The liquid cooling market is anticipated to grow, with East Sunshine's acquisition of Qinhuai Data expected to enhance its capabilities in AI infrastructure and cooling solutions [13]