证券代码：300416 证券简称：苏试试验 公告编号：2024-041 苏州苏试试验集团股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州苏试试验集团股份有限公司（以下简称"公司"）于 2024 年 9 月 18 日 召开第五届董事会第六次会议和第五届监事会第六次会议，审议通过了《关于回 购公司股份方案的议案》，同意自董事会审议通过本次回购股份方案之日起 6 个 月内，使用不低于人民币 3,000 万元，不超过人民币 5,000 万元的自有资金，采 取集中竞价交易的方式以不超过 15 元/股的价格回购公司部分人民币普通 A 股 股票，全部用于实施员工持股计划或股权激励计划，该议案无需提交公司股东大 会审议。具体内容详见公司分别于 2024 年 9 月 19 日、2024 年 9 月 20 日在巨潮 资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公 告编号：2024-035）、《回购报告书》（公告编号：2024-037）。 根据《上市公司股份回购规则》、《深圳证券交易所 ...

Investment Rating - The report maintains a "Strong Buy" rating for Suzhou Test (300416) with a target price of 16.92 yuan, compared to the current price of 13.03 yuan [1] Core Views - Suzhou Test's Q1-Q3 2024 revenue reached 1.406 billion yuan, up 7.88% YoY, but net profit attributable to shareholders declined by 33.56% to 146 million yuan [1] - Q3 2024 revenue was 489 million yuan, down 11.91% YoY, with net profit attributable to shareholders dropping 48.34% to 44 million yuan [1] - Gross margin and net margin for Q1-Q3 were 44.01% and 12.23%, down 1.07pct and 4.66pct YoY respectively [1] - The company's downstream demand is showing marginal improvement, but the confirmation cycle may be prolonged [1] - Long-term growth is supported by the company's technological barriers and laboratory expansion, with fixed assets increasing by 457 million yuan in 2023 [1] Financial Performance - 2024E revenue is projected at 2 billion yuan, down 5.5% YoY, with net profit attributable to shareholders expected to decline 23.6% to 240 million yuan [2] - 2025E revenue is forecasted to grow 14.5% to 2.289 billion yuan, with net profit attributable to shareholders increasing 27.9% to 308 million yuan [2] - EPS for 2024E is estimated at 0.47 yuan, with a P/E ratio of 28x [2] Business Segments - Test equipment revenue in H1 2024 was 291 million yuan, down 14.57% YoY [1] - Environmental reliability testing services revenue in H1 2024 was 461 million yuan, down 1.72% YoY [1] - IC verification and analysis services revenue in H1 2024 grew 18.22% YoY to 128 million yuan [1] Valuation and Projections - The company is valued at 28x 2025E PE, with a target price of 16.92 yuan [1] - 2026E revenue is projected at 2.606 billion yuan, with net profit attributable to shareholders expected to reach 361 million yuan [2] - ROE is forecasted to improve from 9.7% in 2024E to 12.0% in 2026E [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant decline in performance, with a 48.3% year-on-year drop in net profit attributable to shareholders in Q3 2024, alongside an 11.9% decrease in revenue [5][6]. - The decline in revenue is attributed to weak demand affecting order performance, particularly in the testing equipment and environmental testing services sectors, compounded by special events in the military industry [5][6]. - Future expectations include potential revenue and profit recovery driven by equipment renewal policies, gradual recovery in military testing demand, and sustained demand for new energy vehicle testing [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 1.406 billion yuan, a decrease of 7.9% year-on-year, with a net profit of 146 million yuan, down 33.6% [5]. - In Q3 alone, revenue was 489 million yuan, down 11.9%, and net profit was 44 million yuan, down 48.3% [5][6]. - The gross profit margin for the first three quarters was 44.0%, a decline of 1.07 percentage points year-on-year, with Q3 gross margin at 42.1%, down 3.69 percentage points [5][6]. Market Outlook - The company is expanding its capacity and actively developing new application areas, including the construction of wireless testing laboratories and expansion of testing centers for new energy vehicles and aerospace products [6]. - The company anticipates revenue growth in the testing equipment sector due to policy-driven equipment updates and a gradual release of military testing orders [5][6]. Earnings Forecast - The company is expected to achieve revenues of 1.97 billion yuan, 2.14 billion yuan, and 2.36 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 227 million yuan, 262 million yuan, and 310 million yuan [6]. - The corresponding price-to-earnings (PE) ratios are estimated at 29.4x, 25.4x, and 21.5x for the same years [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance growth has slowed due to high base effects from the previous year and delays in order confirmations from special industries [2] - The company is positioned as a leader in environmental and reliability testing, with significant growth potential in the market [4] - The company's profitability is under temporary pressure due to increased costs associated with capacity expansion [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.41 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 150 million yuan, down 34% year-on-year [2] - In Q3 2024, the company achieved revenue of 490 million yuan, a 12% decline year-on-year, and a net profit of 44 million yuan, down 48% year-on-year [2] - The gross profit margin for Q3 2024 was 42.1%, a decrease of 3.7 percentage points year-on-year, while the net profit margin was 10.4%, down 7.8 percentage points year-on-year [3] Earnings Forecast and Valuation - The company's net profit forecasts for 2024, 2025, and 2026 have been adjusted to 230 million yuan (previously 330 million), 300 million yuan (previously 430 million), and 380 million yuan (previously 550 million), respectively [4] - The current market capitalization corresponds to P/E ratios of 29, 22, and 18 for the years 2024, 2025, and 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The macroeconomic environment in 2024 is expected to remain relatively low, with overall downstream demand weakening. However, special industry orders are anticipated to gradually recover, and the subsidiary Yite's capacity enhancement plan is expected to return to normal. The company is projected to achieve revenues of 2.253 billion, 2.478 billion, and 2.829 billion yuan from 2024 to 2026, with net profits of 262 million, 334 million, and 408 million yuan respectively, resulting in a CAGR of 9.12% [2][6] - The company is a leader in the testing equipment industry, and its operational capabilities are expected to stabilize. The estimated EPS for 2024, 2025, and 2026 are 0.51, 0.66, and 0.80 yuan per share [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.406 billion yuan, a year-on-year decline of 7.88%, and a net profit of 146 million yuan, down 33.56% year-on-year. In Q3 2024, revenue was 489 million yuan, down 11.91% year-on-year, with a net profit of 44 million yuan, down 48.34% year-on-year [6] - The gross margin slightly decreased, while the net margin saw a significant decline. The gross and net margins for Q1-3 2024 were 44.01% and 12.23%, respectively, down 1.07 and 4.66 percentage points year-on-year. For Q3 2024, the gross and net margins were 42.08% and 10.35%, down 3.68 and 7.84 percentage points year-on-year [6] - The company is facing pressure on its environmental testing services and equipment due to increased competition and reduced capital expenditure from downstream clients [6] Business Development Outlook - The company is focusing on new product and technology development, with ongoing R&D in various fields including new energy, storage, aerospace, wireless communication, and medical devices. The integrated circuit testing capabilities are also being strengthened [6] - Despite the current pressures, the company is viewed positively for its long-term business development potential as a leading domestic testing equipment provider [6]

股 票 研 究 证 券 研 究 报 告 ——苏试试验 2024 年三季报点评 2024Q3 业绩短期波动，订单有望稳步增长 苏试试验(300416) [Table_Industry] 资本货物/工业 | --- | --- | --- | |----------|-------------------------------------|--------------------------| | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 张越 ( 分析师 ) | | | 0755-23976830 | 0755-23976385 | | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | | 登记编号 | S0880522120001 | S0880522090004 | 本报告导读： 公司 2024 年三季报业绩符合预期，环境可靠性试验设备与服务订单有望保持良好增 长，集成电路检测快速发展，随着产能逐步爬坡盈利能力有望提升。 投资要点： 股票研究 /[Table_Date] 2024.10.27 | --- ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 苏试试验（300416.SZ） 24Q3 业绩短期承压，看好公司未来长期发展 公司发布 2024 年 3 季报，业绩承压。公司 2024 前三季度营业收入 14.06 亿元，同比下降 7.88%；实现归母净利润 1.46 亿元，同比下降 33.56%； 实现扣非归母净利润 1.31 亿元，同比下降 36.12%。单季度来看，公司 Q3 实现营业收入 4.89 亿元，同比下降 11.91%；实现归母净利润 0.44 亿元， 同比下降 48.34%；实现扣非归母净利润 0.37 亿元，同比下降 51.94%。 我们认为，公司受下游特殊行业等需求波动、自身实验室产能快速扩张后 整体运营成本增长等影响，业绩暂时承压。 由于前期投入增加，公司期间费用率略有上行。公司 2024 前三季度期间 费用率 30.43%，同比上行 4.16pct；其中，销售费用率为 7.73%，同比增 长 1.62pct；管理费用率为 12.86%，同比增长 1.13pct；财务费用率为 1.77%，同比增长 0.6pct；研发费用率为 8.07%，同比增长 ...

Financial Performance - Operating revenue for Q3 2024 was CNY 489,316,751.67, a decrease of 11.91% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 43,672,635.23, down 48.34% year-on-year[2]. - Net profit excluding non-recurring gains and losses for Q3 2024 was CNY 36,580,604.65, a decline of 51.94% compared to the previous year[2]. - Total operating revenue for Q3 2024 was CNY 1,406,012,492.86, a decrease of 7.9% compared to CNY 1,526,308,303.06 in Q3 2023[18]. - Net profit for Q3 2024 was CNY 171,997,810.51, down 33.3% from CNY 257,823,523.80 in Q3 2023[20]. - The net profit attributable to shareholders of the parent company was CNY 146,389,420.78, a decline of 33.6% compared to CNY 220,317,377.98 in the same period last year[20]. - Basic earnings per share for Q3 2024 were CNY 0.2879, down from CNY 0.4332 in the same quarter last year[20]. Assets and Liabilities - Total assets as of September 30, 2024, were CNY 4,954,242,736.57, reflecting a 2.16% increase from the end of the previous year[2]. - Total assets increased to CNY 4,954,242,736.57, up from CNY 4,849,655,503.07 year-over-year[18]. - Total liabilities rose to CNY 1,908,888,115.85, compared to CNY 1,885,424,890.95 in the previous year[18]. - The company’s total equity attributable to shareholders increased by 2.68% to CNY 2,596,056,967.21 as of September 30, 2024[2]. Cash Flow - Cash flow from operating activities for the first nine months of 2024 was CNY 159,090,353.97, up 133.51% year-on-year[7]. - Operating cash flow for the period was CNY 159,090,353.97, an increase of 133.4% compared to CNY 68,129,299.76 in the previous period[21]. - Total cash inflow from operating activities was CNY 1,295,974,725.50, slightly down from CNY 1,321,474,115.15 in the previous period[21]. - Cash outflow for purchasing goods and services decreased to CNY 540,229,999.44 from CNY 714,687,200.01, representing a reduction of 24.3%[21]. - The company reported a net cash outflow from financing activities of CNY -69,166,240.35, a decline from CNY 111,536,591.01 in the previous period[22]. - The ending balance of cash and cash equivalents was CNY 698,002,507.11, down from CNY 785,383,415.81 in the previous period[22]. Investments and Expenses - The company reported a 39.81% increase in financial expenses for the first nine months of 2024, totaling CNY 24,898,063.63[6]. - Research and development expenses for Q3 2024 were CNY 113,410,168.21, slightly up from CNY 110,878,785.68 in Q3 2023, indicating continued investment in innovation[19]. - The company recorded a significant increase of 439.74% in asset disposal gains, amounting to CNY 746,679.70 for the first nine months of 2024[6]. Shareholder Activities - The company repurchased a total of 502,000 shares, accounting for 0.0987% of the total share capital, with a total transaction amount of RMB 4,780,337[14]. - The company plans to use between RMB 30 million and RMB 50 million for share repurchase within six months, with a maximum price of RMB 15 per share[14]. Current Assets - As of September 30, 2024, the company's cash and cash equivalents decreased to RMB 718,914,379.39 from RMB 931,456,629.28 at the beginning of the period, representing a decline of approximately 22.8%[15]. - Accounts receivable increased to RMB 1,273,907,349.27 from RMB 1,117,438,137.73, reflecting a growth of about 14%[15]. - Inventory rose to RMB 427,266,634.07, up from RMB 340,266,958.91, indicating an increase of approximately 25.5%[16]. - The company’s total current assets increased to RMB 2,713,612,965.56 from RMB 2,694,645,298.65, reflecting a growth of approximately 0.7%[16]. - The company’s goodwill remained stable at RMB 61,008,277.17, unchanged from the previous period[16]. Other Information - The company did not undergo an audit for the third quarter report[23].

证券代码：300416 证券简称：苏试试验 公告编号：2024-039 苏州苏试试验集团股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州苏试试验集团股份有限公司（以下简称"公司"）于 2024 年 9 月 18 日 召开第五届董事会第六次会议和第五届监事会第六次会议，审议通过了《关于回 购公司股份方案的议案》，同意自董事会审议通过本次回购股份方案之日起 6 个 月内，使用不低于人民币 3,000 万元，不超过人民币 5,000 万元的自有资金，采 取集中竞价交易的方式以不超过 15 元/股的价格回购公司部分人民币普通 A 股 股票，全部用于实施员工持股计划或股权激励计划，该议案无需提交公司股东大 会审议。具体内容详见公司分别于 2024 年 9 月 19 日、2024 年 9 月 20 日在巨潮 资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公 告编号：2024-035）、《回购报告书》（公告编号：2024-037）。 根据《上市公司股份回购规则》、《深圳证券交易所 ...

证券代码：300416 证券简称：苏试试验 公告编号：2024-038 苏州苏试试验集团股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 苏州苏试试验集团股份有限公司（以下简称"公司"）于 2024 年 9 月 18 日 召开第五届董事会第六次会议和第五届监事会第六次会议，审议通过了《关于回 购公司股份方案的议案》，同意自董事会审议通过本次回购股份方案之日起 6 个 月内，使用不低于人民币 3,000 万元，不超过人民币 5,000 万元的自有资金，采 取集中竞价交易的方式以不超过 15 元/股的价格回购公司部分人民币普通 A 股 股票，全部用于实施员工持股计划或股权激励计划，该议案无需提交公司股东大 会审议。具体内容详见公司分别于 2024 年 9 月 19 日、2024 年 9 月 20 日在巨潮 资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公 告编号：2024-035）、《回购报告书》（公告编号：2024-037）。 根据《上市公司股份回购规则》、《深圳证券交易所 ...