Core Insights - The company reported a revenue of 991 million yuan for the first half of 2025, representing a year-on-year increase of 8.09% [1] - The net profit attributable to shareholders reached 117 million yuan, up 14.18% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, reflecting a 20.72% increase [1] Business Performance - In the first half of 2025, the experimental equipment segment generated revenue of 310 million yuan, a year-on-year increase of 6.32%, attributed to the concentration of large orders [2] - The environmental testing services segment achieved revenue of 487 million yuan, up 5.75% year-on-year, with a gross margin of 54.95% [2] - The integrated circuit verification and analysis services segment reported revenue of 155 million yuan, a 21.01% increase year-on-year, although gross margin decreased to 36.49% due to rising depreciation and personnel costs [2] Profitability and Cash Flow - The overall gross margin for Q2 2025 was 42.99%, down 4.46 percentage points year-on-year, primarily due to the increased proportion of lower-margin experimental equipment revenue [3] - The net profit margin improved to 13.60%, an increase of 0.84 percentage points year-on-year, despite the decline in gross margin [3] - Operating cash flow net amount reached 199 million yuan, a year-on-year increase of 44% [3] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 down by 11.2% and 11.6% to 282 million yuan and 353 million yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 29.7 times for 2025 and 23.8 times for 2026, with a target price of 21.00 yuan, indicating a potential upside of 27.3% [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue reaching 991 million yuan, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million yuan, up 14.18% year-on-year [2][3]. - The report highlights the foundation for long-term growth established by new technologies and industries, particularly in the integrated circuit sector, which saw a revenue increase of 21.01% year-on-year [8]. - The company is expanding its product offerings in thermal vacuum testing equipment and is actively exploring opportunities in commercial aerospace and integrated circuits, which are expected to drive future revenue growth [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 2.271 billion yuan, with a year-on-year growth rate of 12.1%. The net profit attributable to shareholders is expected to be 308 million yuan, reflecting a growth rate of 34.2% [4][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit through 2027, with projected revenues of 2.601 billion yuan and 2.984 billion yuan for 2026 and 2027, respectively [4][9]. - The company's earnings per share (EPS) is expected to grow from 0.45 yuan in 2024 to 0.91 yuan in 2027, indicating strong profitability potential [4][9]. Market Performance - The company's stock price as of July 30, 2025, was 16.50 yuan, with a target price set at 24.22 yuan, suggesting significant upside potential [4][5]. - The report notes a decline in gross margin to 41.88% in H1 2025, attributed to increased capacity investments, but net profit margin improved to 13.51% due to reduced expense ratios [8].

Core Viewpoint - Suzhou Su Test Experiment Group Co., Ltd. (referred to as Su Test) reported a steady growth in its performance for the first half of 2025, with revenue reaching 991 million yuan and net profit at 117 million yuan, driven primarily by the significant growth in integrated circuit verification and analysis services, which increased by 21.01% [1][2]. Revenue and Profit Growth - For the first half of 2025, Su Test achieved operating revenue of 991 million yuan, representing a year-on-year increase of 8.09%, while the net profit attributable to shareholders rose to 117 million yuan, marking a 14.18% increase [3]. - The revenue breakdown by business segments shows: - Testing equipment business revenue of 310 million yuan, up 6.32% - Environmental and reliability testing services revenue of 487 million yuan, up 5.75% - Integrated circuit verification and analysis services revenue of 155 million yuan, up 21.01%, making it the fastest-growing segment [3]. Strategic Focus and Development - The company emphasizes a strategy of "focusing on core business, dual-wheel drive, and integration of manufacturing and services," which has led to steady performance improvement through enhanced technology research and market expansion [3]. - In the testing equipment segment, Su Test is focusing on high-end equipment development, particularly in thermal vacuum, low-pressure, and hydraulic categories, while also enhancing technical reserves for emerging industries such as new energy and commercial aerospace [4]. - The environmental and reliability testing services are expanding capabilities in space environment testing and online detection for aviation, alongside deepening collaborations with universities for technology transfer [4]. - The integrated circuit verification and analysis services have seen significant developments, including the completion of the Shenzhen laboratory expansion and the establishment of an automotive electronics reliability verification center, enhancing service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company reported strong performance in Q2 2025, with a revenue of 9.91 billion yuan for H1 2025, representing an 8.09% year-on-year increase, and a net profit of 1.17 billion yuan, up 14.18% year-on-year [1]. - The company is expected to benefit from improving orders in special industries and new growth driven by emerging industries in the second half of 2025 [3]. - The operating cash flow has shown continuous improvement, with a net inflow of 98.84 million yuan in H1 2025, a 29.32% increase year-on-year [4]. Revenue and Profitability - In H1 2025, revenue from the electronics and electrical sector, aerospace, and research and testing institutions was 3.85 billion, 1.47 billion, and 2.19 billion yuan, respectively, with year-on-year growth rates of 2.86%, 46.24%, and 1.84% [2]. - The company achieved a gross margin of 41.88% and a net margin of 13.51% in H1 2025, despite a decline in gross margins due to reduced expense ratios and the reversal of credit impairment losses [2]. Business Segments - Revenue from testing equipment, environmental reliability testing services, and integrated circuit verification and analysis services in H1 2025 was 3.10 billion, 4.87 billion, and 1.55 billion yuan, with year-on-year growth rates of 6.32%, 5.75%, and 21.01% respectively [2]. - The company is focusing on R&D for new products and technologies in sectors such as new energy, commercial aerospace, and integrated circuits, which is expected to drive further growth [3]. Financial Projections - The company forecasts net profits of 3.04 billion, 3.81 billion, and 4.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.60, 0.75, and 0.91 yuan [4][5]. - The current stock price corresponds to a P/E ratio of 28x for 2025, 22x for 2026, and 18x for 2027, indicating potential for future growth [4].

Core Viewpoint - The company, Su Shi Testing (300416), has highlighted the development of vacuum testing equipment as a key product in recent years, indicating its potential for long-term growth [1] Group 1: Company Developments - The vacuum testing equipment has reached a certain production task volume, suggesting successful initial production [1] - The company is expanding its laboratory capacities in cities such as Suzhou, Beijing, Chengdu, Xi'an, and Shanghai, focusing on enhancing specialized testing capabilities [1] Group 2: Industry Outlook - The aerospace sector is experiencing a positive development trend, which is expected to further enhance the company's aerospace business opportunities [1] - The growing customer demand in the industry is anticipated to provide additional growth space for the company's aerospace operations [1]

Financial Performance - The company's revenue for the first half of 2025 reached 99,085.24 million yuan, representing a year-on-year growth of 8.09% [2] - Net profit attributable to shareholders was 11,728.42 million yuan, up 14.18% year-on-year [2] - Net profit after deducting non-recurring gains and losses was 11,425.18 million yuan, reflecting a growth of 20.72% [3] Revenue Breakdown by Segment - Revenue from testing equipment was 30,979.98 million yuan, a year-on-year increase of 6.32% [3] - Revenue from environmental and reliability testing services was 48,742.55 million yuan, growing by 5.75% [3] - Revenue from integrated circuit verification and analysis services was 15,485.74 million yuan, with a year-on-year growth of 21.01% [3] Profit Margins - Gross margin for testing equipment was 26.56%, down 4.66% year-on-year [3] - Gross margin for environmental and reliability testing services was 54.95%, a decrease of 0.79% [3] - Gross margin for integrated circuit verification and analysis services was 36.49%, down 6.38% year-on-year [3] Strategic Focus and Market Outlook - The company is committed to focusing on core business areas, driving dual engines of growth, and integrating manufacturing with services [3] - There is an optimistic outlook for the second half of the year, driven by strong demand in the testing equipment and services sectors [4] - The company plans to enhance technical research and expand testing capabilities while implementing cost reduction and efficiency improvement strategies [4] Challenges and Industry Trends - The company faces pressure on profit margins due to intensified market competition and cost pressures from expanded capacity [4] - The testing and inspection industry is experiencing a trend towards specialization, centralization, and scale, with resources concentrating on companies with technical and management advantages [7] - The demand from third-party testing institutions for equipment procurement has slightly increased, while the demand for new energy vehicles has stabilized [8] Capital Expenditure Plans - Capital expenditure is expected to remain stable, focusing on emerging industries such as aerospace, integrated circuits, and intelligent robotics [9] - The company aims to enhance its technical reserve capabilities and expand testing capabilities in the service sector [9]

据证券之星公开数据整理，近期苏试试验（300416）发布2025年中报。截至本报告期末，公司营业总收 入9.91亿元，同比上升8.09%，归母净利润1.17亿元，同比上升14.18%。按单季度数据看，第二季度营 业总收入5.61亿元，同比上升18.39%，第二季度归母净利润7637.24万元，同比上升26.14%。本报告期 苏试试验公司应收账款体量较大，当期应收账款占最新年报归母净利润比达605.84%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率41.88%，同比减7.01%，净利率13.51%，同比增 2.06%，销售费用、管理费用、财务费用总计2.02亿元，三费占营收比20.39%，同比减6.99%，每股净资 产5.16元，同比增2.7%，每股经营性现金流0.19元，同比增29.32%，每股收益0.23元，同比增14.16% | 苏试试验 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.17亿 | 216'6 | 8.09% | | 归母净利润(元) | 1.03 ...

Core Viewpoint - Su Shi Testing (300416) reported a strong performance in the first half of 2025, with significant revenue and profit growth, indicating a positive outlook for the company's operations and market position [2][7]. Revenue and Profit - The total revenue for the first half of 2025 was 991 million yuan, an increase of 8.09% year-on-year; the net profit attributable to shareholders was 117 million yuan, up 14.18% year-on-year; and the net profit after deducting non-recurring items was 114 million yuan, a rise of 20.72% year-on-year. The second quarter showed even stronger results, with total revenue of 561 million yuan, an 18.39% increase year-on-year; net profit attributable to shareholders was 76.37 million yuan, up 26.14% year-on-year; and net profit after deducting non-recurring items was 74.62 million yuan, a 37.09% increase year-on-year [2]. Key Financial Indicators - The company's gross profit margin was 41.88%, a decrease of 7.01% year-on-year; the net profit margin was 13.51%, an increase of 2.06% year-on-year. Total operating expenses (selling, administrative, and financial expenses) amounted to 202 million yuan, accounting for 20.39% of revenue, a decrease of 6.99% year-on-year. The net asset per share was 5.16 yuan, an increase of 2.7% year-on-year; operating cash flow per share was 0.19 yuan, up 29.32% year-on-year; and earnings per share were 0.23 yuan, an increase of 14.16% year-on-year [3]. Accounts Receivable and Debt Situation - As of the end of the reporting period, accounts receivable stood at 1.39 billion yuan, representing 605.84% of the latest annual net profit, an increase of 14.24% year-on-year. Interest-bearing liabilities were 1.178 billion yuan, up 24.93% year-on-year. Cash and cash equivalents were 621 million yuan, a decrease of 14.15% year-on-year. The interest-bearing asset-liability ratio was 23.59%, indicating a need to monitor the company's cash flow and debt situation [4]. Main Business Composition - The revenue from the main business segments included environmental reliability testing services at 487 million yuan, accounting for 49.19% of total revenue with a gross margin of 54.95%; testing equipment revenue at 310 million yuan, accounting for 31.27% of total revenue with a gross margin of 26.56%; and integrated circuit verification and analysis services revenue at 155 million yuan, accounting for 15.63% of total revenue with a gross margin of 36.49%. In terms of industry distribution, revenue from the electronics and electrical industry was 385 million yuan, accounting for 38.89% of total revenue with a gross margin of 40.76%; revenue from research and testing institutions was 219 million yuan, accounting for 22.07% of total revenue with a gross margin of 43.27% [5]. Business Model and Core Competitiveness - The company focuses on environmental and reliability testing verification and comprehensive analysis services, covering two main areas: testing equipment and testing services. The company possesses advantages in industry position, one-stop service across the entire industry chain, business model, brand recognition, business qualifications, independent third-party laboratory capabilities, and a strong customer base. The company and its subsidiaries have participated in the formulation of multiple national and industry standards and have received several national honors, with laboratories certified by CNAS, CMA, and other authoritative bodies, serving thousands of high-quality clients across various fields including aerospace, automotive, and electronics [6]. Development Prospects - Despite achieving good performance growth in the first half of 2025, the company's accounts receivable and debt situation require attention. With the acceleration of automation, intelligent upgrades, and domestic substitution processes in the industry, the company is expected to continue benefiting from technological iterations and policy-driven development opportunities [7].

通过天眼查大数据分析，苏州苏试试验集团股份有限公司共对外投资了26家企业，参与招投标项目1250 次，知识产权方面有商标信息23条，专利信息525条，此外企业还拥有行政许可14个。 苏试试验最新一期业绩显示，截至2025中报，公司营业总收入9.91亿元、同比增长8.09%，归属净利润 1.17亿元，同比增长14.18%，扣非净利润1.14亿元，同比增长20.72%，流动比率1.714、速动比率 1.445、资产负债率42.02%。 天眼查商业履历信息显示，苏州苏试试验集团股份有限公司，成立于2007年，位于苏州市，是一家以从 事研究和试验发展为主的企业。企业注册资本50854.7806万人民币，实缴资本20608万人民币。公司法 定代表人为钟琼华。 金融界消息 截至2025年7月30日收盘，苏试试验（300416）报收于16.5元，上涨4.96%，换手率 10.75%，成交量54.32万手，成交金额8.90亿元。 资金流向方面，今日主力资金净流出6399.09万元，占比成交额7.19%。其中，超大单净流入703.03万 元、占成交额0.79%，大单净流出7102.12万元、占成交额7.98%，中单净流出流出6 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 991 million yuan for the first half of 2025, representing a year-on-year increase of 8.1%. The net profit attributable to the parent company was 117 million yuan, up 14.2% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, reflecting a 20.7% increase year-on-year. In Q2 alone, revenue reached 561 million yuan, marking an 18.4% year-on-year growth, and the net profit attributable to the parent company was 76 million yuan, up 26.1% year-on-year [2][6] Summary by Sections Revenue and Profitability - In Q2 2025, the company experienced a significant improvement in revenue, with a year-on-year growth rate of 18.4%, compared to a decline of 3.0% in Q1. The revenue breakdown for the first half of the year includes: 1. Environmental testing services: 487 million yuan, up 5.75% year-on-year 2. Testing equipment: 310 million yuan, up 6.32% year-on-year 3. Integrated circuit testing: 155 million yuan, up 21.01% year-on-year [12][12] Margin Analysis - The gross margin for Q2 2025 was 43.0%, a decrease of 4.46 percentage points year-on-year. The net profit margin slightly decreased by 0.27 percentage points year-on-year. The gross margins for different segments were: 1. Environmental testing services: 54.95%, down 0.79 percentage points 2. Testing equipment: 26.56%, down 4.66 percentage points 3. Integrated circuit testing: 36.49%, down 6.38 percentage points [12][12] Cash Flow and Financial Health - The net cash flow from operating activities in Q2 2025 was 199 million yuan, an increase of 44.1% year-on-year, indicating a significant improvement in cash flow [12] Growth Prospects - The company is actively expanding its application fields and continues to invest in capacity. By the end of 2024, the original value of machinery and equipment increased by 26.1% year-on-year. The company is also expanding its laboratory network and enhancing its testing capabilities in various sectors, including military, new energy vehicles, and semiconductors [12][12] Earnings Forecast - The company is expected to benefit from accelerated military testing orders and strong demand in the semiconductor testing sector. Revenue projections for 2025-2027 are 2.263 billion yuan, 2.535 billion yuan, and 2.851 billion yuan, respectively, with net profits of 296 million yuan, 363 million yuan, and 441 million yuan, reflecting year-on-year growth rates of 29.1%, 22.7%, and 21.3% [12][12]