Core Viewpoint - The company Youlide experienced a slight decline in stock price and has shown significant activity in margin trading, indicating a high level of investor interest despite a decrease in net profit year-on-year. Group 1: Financial Performance - As of June 30, Youlide achieved operating revenue of 617 million yuan, representing a year-on-year growth of 9.52% [2] - The net profit attributable to shareholders was 98.01 million yuan, reflecting a year-on-year decrease of 5.14% [2] Group 2: Shareholder and Market Activity - As of August 26, Youlide's financing balance was 83.25 million yuan, accounting for 2.02% of its market capitalization, which is above the 90th percentile of the past year [1] - The number of shareholders increased by 8.04% to 5,695 as of June 30, while the average number of circulating shares per person decreased by 7.03% to 19,605 shares [2] Group 3: Business Overview - Youlide Technology Co., Ltd. specializes in the research, development, production, and sales of testing and measurement instruments, with its main revenue sources being general instruments (55.97%), temperature and environmental testing instruments (19.20%), testing instruments (14.16%), and professional instruments (10.20%) [1] - Since its A-share listing, Youlide has distributed a total of 369 million yuan in dividends, with 286 million yuan distributed over the past three years [3] Group 4: Institutional Holdings - As of June 30, the second-largest circulating shareholder,交银先进制造混合A, reduced its holdings by 839,400 shares to 2.10 million shares [3] - Other significant institutional shareholders also reduced their holdings, indicating a trend of decreasing institutional investment in the company [3]

本文源自：金融界 作者：行情君 优利德科技(中国)股份有限公司的主营业务是测试测量仪器仪表的研发、生产和销售。公司的主要产品 是测试仪器、通用仪表、温度与环境测试仪表、专业仪表。公司《新型便携式振动测量分析仪研发与产 业化》项目荣获2024年广东省科技成果转化促进会科学技术奖一等奖，标志着公司在振动测量分析领域 实现了重大技术突破；《电力系统理化试验机器人关键技术研究及规模化应用》项目获得中国仪器仪表 学会科技进步二等奖，不仅提升了电力设备检测的效率和准确性，保障了电力系统的安全稳定运行，还 为电力行业的智能化转型注入了新动能。此外，UTi380M红外热成像手机模组凭借其突出的创新性与实 用性，在中国(国际)传感器创新创业大赛中荣获二等奖，进一步彰显了公司在技术创新方面的实力。 最新一期业绩显示，2025年一季报，公司实现营业收入3.11亿元，同比9.58%；净利润5510.66万元，同 比0.91%，销售毛利率42.96%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)7优利德21.8321.893.1140.15亿行业平均 84.6691.654.7951.27亿行业中值57.8459.853. ...

Group 1 - The core business of the company is the research, development, production, and sales of testing and measurement instruments [2] - The company achieved a significant technological breakthrough in vibration measurement analysis, winning the first prize at the Guangdong Provincial Science and Technology Achievement Transformation Promotion Association [2] - The latest financial report for Q1 2025 shows the company generated revenue of 311 million yuan, a year-on-year increase of 9.58%, and a net profit of 55.11 million yuan, a year-on-year increase of 0.91% [2] Group 2 - The company's current price-to-earnings (PE) ratio is 21.27, while the industry average PE ratio is 80.26 [3] - The total market capitalization of the company is 3.912 billion yuan [1] - The company ranks 22nd in terms of PE ratio within the instrument and meter industry [1]

Group 1 - The core business of the company is the research, production, and sales of testing and measuring instruments, with major products including testing instruments, general instruments, temperature and environmental testing instruments, and specialized instruments [2] - The company achieved a revenue of 311 million yuan in Q1 2025, representing a year-on-year increase of 9.58%, and a net profit of 55.11 million yuan, with a year-on-year increase of 0.91%, and a gross profit margin of 42.96% [2] - The company has received several awards for its technological advancements, including a first prize for the "Research and Industrialization of New Portable Vibration Measurement and Analysis Instrument" project and a second prize for the "Key Technology Research and Large-scale Application of Power System Physical and Chemical Testing Robot" project [2] Group 2 - The company's current price-to-earnings (PE) ratio is 20.61, with a total market capitalization of 3.79 billion yuan [1][3] - The average PE ratio in the instrument and meter industry is 77.61, with a median of 54.13, placing the company at the 22nd position in the industry ranking [1][3] - As of Q1 2025, there are 20 institutions holding shares in the company, including 13 funds, 5 others, and 2 brokerages, with a total holding of 73.05 million shares valued at 2.80 billion yuan [1]

Company Overview - Yulide Technology (China) Co., Ltd. specializes in the research, production, and sales of testing and measurement instruments [2] - The main products include testing instruments, general instruments, temperature and environmental testing instruments, and specialized instruments [2] Recent Achievements - The project "Research and Industrialization of New Portable Vibration Measurement and Analysis Instrument" won the first prize at the 2024 Guangdong Provincial Science and Technology Achievement Transformation Promotion Association, indicating a significant technological breakthrough in vibration measurement and analysis [2] - The project "Key Technology Research and Large-Scale Application of Power System Physical and Chemical Testing Robot" received the second prize from the China Instrument and Meter Society, enhancing the efficiency and accuracy of power equipment testing and contributing to the intelligent transformation of the power industry [2] - The UTi380M infrared thermal imaging mobile module won the second prize at the China (International) Sensor Innovation and Entrepreneurship Competition, showcasing the company's strength in technological innovation [2] Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 311 million yuan, a year-on-year increase of 9.58% [2] - The net profit for the same period was 55.11 million yuan, reflecting a year-on-year increase of 0.91% [2] - The sales gross margin stood at 42.96% [2] Market Position - As of June 9, the closing price of Yulide was 34.45 yuan, with a rolling price-to-earnings (PE) ratio of 20.94, marking a new low in 14 days [1] - The total market capitalization reached 3.851 billion yuan [1] - In comparison to the industry, the average PE ratio for the instrument and meter industry is 75.25, with a median of 53.85, placing Yulide at the 22nd position in the industry ranking [1][3] Institutional Holdings - As of the first quarter of 2025, 20 institutions held shares in Yulide, including 13 funds, 5 others, and 2 brokerages, with a total holding of 73.0482 million shares valued at 2.802 billion yuan [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][6][22]. Core Views - The company is experiencing steady revenue growth, with a projected 10.81% increase in revenue for 2024, reaching 1.13 billion yuan, and a 13.64% increase in net profit, amounting to 183 million yuan [2][5]. - The company's strategy focuses on the high-end and specialized instrument sectors, which is expected to drive further growth and improve product structure [5][6]. - The first quarter of 2025 shows a revenue increase of 9.58% year-on-year, but profit is under pressure due to increased depreciation from the Vietnam factory and high R&D expenses [4][5]. Financial Performance Summary - For 2024, the company achieved a gross margin of 45.16% and a net margin of 15.85%, reflecting improvements of 1.84 and 0.33 percentage points respectively [3][4]. - The revenue breakdown by business segment for 2024 includes: - Testing Instruments: Revenue of 155 million yuan, up 14.62%, with a gross margin of 42.56% [3]. - General Instruments: Revenue of 660 million yuan, up 8.33%, with a gross margin of 46.02% [3]. - Specialized Instruments: Revenue of 92 million yuan, up 72.94%, with a gross margin of 50.82% [3]. - Temperature and Environmental Testing Instruments: Revenue of 219 million yuan, down 0.21%, with a gross margin of 42.34% [3]. - The company maintains high R&D and sales expenses, with the expense ratios for 2024 being 10.40% for sales, 6.91% for management, and 10.36% for R&D [3][4]. Earnings Forecast - The earnings forecast for the company indicates a net profit of 228 million yuan in 2025, 274 million yuan in 2026, and 314 million yuan in 2027, with corresponding P/E ratios of 17, 15, and 13 [5][6][23].

Core Insights - The company reported a revenue of 1.13 billion yuan for 2024, representing a year-on-year growth of 10.81%, and a net profit attributable to shareholders of 183 million yuan, up 13.64% year-on-year [1] - For Q1 2025, the company achieved a revenue of 311 million yuan, a year-on-year increase of 9.58%, with a net profit of approximately 55.11 million yuan, reflecting a modest growth of 0.91% [1] Financial Performance - In 2024, the company's professional instruments segment generated revenue of 91.53 million yuan, a significant increase of 72.94% year-on-year, driven by product launches in power and renewable energy applications [2] - The gross profit margin for the main products improved by 1.88 percentage points to 45.22% in 2024, benefiting from optimized sales structure [3] - The sales net profit margin for 2024 was 15.85%, an increase of 0.33 percentage points, while the gross profit margin was 45.16%, up 1.84 percentage points [3] Strategic Initiatives - The company is focusing on high-end, specialized, and international strategies, which have led to sustained growth in its product lines [2] - The company has increased its R&D and market development investments by 18.51% and 10.35% respectively in Q1 2025, indicating a commitment to innovation [4] - The establishment of an overseas production base in Vietnam aims to enhance international competitiveness and mitigate risks associated with global market fluctuations [4] Market Outlook - The company anticipates that equipment upgrades and the demand for self-controlled solutions will act as catalysts for growth in the instrumentation industry [5] - The projected net profit for 2025-2027 is estimated at 210 million yuan, 240 million yuan, and 290 million yuan, with respective year-on-year growth rates of 12.4%, 17.6%, and 17.9% [5]

Summary of the Earnings Call for Youli Technology (2025 Q1) Company Overview - **Company**: Youli Technology - **Industry**: Instrumentation and Testing Equipment Key Financial Performance - **Revenue Growth**: Approximately 15% year-on-year in Q1 2025, with overall revenue growth of 9.58% [2][3] - **Gross Margin**: Slight decline of 2-3 percentage points due to high costs from the trial production at the Vietnam factory and inventory clearance of low-end brands. Excluding these factors, the main business gross margin improved year-on-year [2][3] - **Profit Growth**: Profit growth of nearly 1%, lower than revenue growth due to decreased gross margin and increased operating expenses [2][3] Expense Analysis - **R&D, Sales, and Management Expenses**: Combined expenses increased by 17% year-on-year, totaling over 74 million. R&D expenses rose by 18.5% due to an increase in personnel and project costs related to the Vietnam factory [5] - **Projected Annual Expense Growth**: Expected to grow by approximately 10% for the year [5] Revenue by Region and Product Line - **Domestic Revenue**: Increased by 12.25% year-on-year [6] - **Overseas Revenue**: Increased by 7.26% year-on-year, with overseas orders growing over 15% [6] - **Testing Instruments**: Notable performance with an 18.55% increase, particularly strong growth in overseas markets exceeding 40% [6] New Product Launches - **High-End New Products**: Launched new high-end products in April 2025, including power load safety compliance instruments, aimed at sectors like renewable energy and automotive electronics [7][8] International Expansion - **Overseas Sales Network**: Continued establishment of subsidiaries in the US and Germany, with plans for expansion in the Asia-Pacific region. The Vietnam factory has commenced production and is in a rapid ramp-up phase [9] Shareholder Returns - **Dividends**: Consistent increase in annual dividends since listing, with a total dividend of 1.3 yuan per share in 2024, representing a payout ratio of 78% [10] Market Environment and Strategy - **Tariff Impact**: The tariff policy has accelerated the domestic substitution process, with increased acceptance of domestic products among industrial clients [4][23] - **Growth Targets**: The company aims for annual revenue and profit growth of no less than 20%, particularly focusing on high-end instruments and specialized equipment [4][16] Production and Supply Chain - **Vietnam Factory**: Designed for a capacity of 300 million yuan, with low initial investment leading to a gross margin that is expected to be at least on par with domestic levels [17] - **Domestic Supply Chain Resilience**: High levels of domestic component sourcing, with 99% localization in instrumentation products, ensuring minimal impact from potential supply chain disruptions [19] Competitive Landscape - **Price Increases by Competitors**: Some US-based competitors have raised prices significantly, impacting market dynamics and accelerating the domestic substitution trend [15][25] Future Outlook - **Q2 Expectations**: Anticipated stable growth in orders and performance, particularly in domestic and Southeast Asian markets, with a goal of maintaining double-digit growth [12] - **Testing Instruments Growth Target**: Set at no less than 20% for the testing instruments segment [30] Conclusion - **Overall Sentiment**: The company remains optimistic about its growth trajectory despite external challenges, with a strong focus on high-end product development and international market expansion.

从行业市盈率排名来看，公司所处的仪器仪表行业市盈率平均74.38倍，行业中值49.53倍，优利德排名 第20位。 截至2025年一季报，共有18家机构持仓优利德，其中基金13家、其他5家，合计持股数7301.62万股，持 股市值28.01亿元。 4月24日，优利德今日收盘37.12元，上涨1.39%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到22.52倍，创16天以来新低，总市值41.31亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20优利德22.5222.523.2041.31亿行业平均 74.3872.384.4845.07亿行业中值49.5350.453.1032.67亿1先锋电子-297.8791.112.8824.12亿2恒合股 份-172.28-155.935.7415.14亿3莱赛激光-160.64-160.643.9314.02亿4禾信仪器-122.66-122.6614.6856.41亿5 东方中科-120.39-86.021.8073.19亿6宏英智能-74.77-237.292.3822.88亿7安控科技-40.14-43.387.6140.86亿8 ...