公司研究 苏试试验 3 月 28 日发布 2023 年报：2023 年，公司实现营业收入 21.17 亿元，同比增长 17.26%；实现归母净利润 3.14 亿元，同比增长 16.44%； 实现扣非归母净利润 2.80 亿元，同比增长 17.08%。 持续深化网络布局，下半年各项产能释放有望带来业绩弹性 设 备方面，公司已完成双台 60 吨电动振动试验系统、双台 40 吨三综 合试验系统等重点项目，具备风电、核能、储能、汽车等行业大型 整机和部件的相关测试能力。试验服务方面，公司增设绵阳、贵州 等专项实验室，筹建泰国实验室，并将继续扩建重庆、沈阳、广州 三个新能源分中心，有望进一步增强试验服务规模效应；紧抓下游 新能源、无线通信行业发展机遇，加速新能源汽车产品检测中心扩 建项目、第五代移动通信性能检测技术服务平台项目建设，预计下 半年投入运营。叠加上海宜特产能释放，下半年业绩弹性值得期待。 证券研究报告 | --- | --- | --- | --- | --- | |--------------------------------|-------|-------|-------|-------| | 预 T ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 17.94 CNY [88] Core Views - The company operates under a dual-drive model of "equipment + services," focusing on emerging, high-barrier, and high-growth testing projects, particularly in the integrated circuit (IC) testing sector [1] - The company has maintained steady revenue and net profit growth over the past decade, with a CAGR of 25.16% for revenue and 23.97% for net profit from 2013 to 2023 [13] - The company is a leader in the environmental testing (ET) equipment and services market, with a strong presence in high-growth sectors such as new energy vehicles, aerospace, and IC testing [76] Business Overview - The company's main business segments include environmental and reliability testing services, equipment sales, and IC verification and analysis services [105] - The company has a diversified customer base across industries such as automotive, new energy, rail transit, aerospace, shipbuilding, robotics, and petrochemicals [5] - The company's testing equipment includes mechanical, climatic, and comprehensive environmental testing systems, with a leading market share in mechanical environmental testing equipment in China [149] Financial Performance - In 2023, the company achieved revenue of 2.117 billion CNY, a year-on-year increase of 17.26%, and a net profit of 314 million CNY, up 16.44% year-on-year [76] - The company's gross margin in 2023 was 45.60%, while the net margin increased by 0.16 percentage points to 17.42% [15] - The company's operating cash flow improved significantly, reaching 370 million CNY in 2023, providing a solid foundation for capacity expansion and new projects [108] Industry Analysis - The environmental testing market in China reached 30.4 billion CNY in 2022, with a CAGR of 11% from 2013 to 2022 [115] - The IC testing market is growing rapidly due to the acceleration of domestic substitution in China, with the IC design industry's sales reaching 534.57 billion CNY in 2022, a year-on-year increase of 16.5% [42] - The global semiconductor third-party testing market is expected to grow from 3 billion USD in 2021 to 7.5 billion USD by 2028, with a CAGR of 13.95% [51] Strategic Initiatives - The company has expanded its testing capabilities in high-growth sectors such as new energy vehicles, aerospace, and IC testing, with several capacity expansion projects expected to be completed by 2024 [30][39] - The company acquired Shanghai Etest in 2019, entering the IC testing market, and has since become one of the leading third-party testing institutions in mainland China [55][57] - The company has implemented employee stock ownership plans in 2019 and 2022 to incentivize employees and align their interests with the company's long-term growth [97][100] Competitive Advantages - The company has a first-mover advantage in equipment and capacity, with advanced IC testing equipment and a strong focus on R&D [58] - The company's "equipment + services" dual-drive model allows it to provide comprehensive testing solutions, enhancing its competitive edge in the market [117] - The company has a nationwide laboratory network, covering all major regions in China, and offers a full range of testing services across the industrial chain [146]

股 票 研 究 公 司 更 新 报 告 环试服务与设备稳步增长，产能持续扩充 承压有望逐步恢复，产能持续扩充，业绩有望稳步增长。 投资要点： [Table_Summary] 维持增持评级。公司试验设备与环试服务保持稳步增长，集成电路检 测短期承压有望逐步恢复，维持 2024-25 年 EPS 分别为 0.76/0.95 元， 新增 2026 年 EPS 为 1.13 元，维持目标价 17.48 元，增持评级。 业绩符合预期：公司公告 2023 年年报，2023 年实现营收 21.17 亿元 （同比+17.26%），归母净利 3.14 亿元（同比+16.44%），扣非归母净 利 2.80 亿元（同比+17.08%），业绩符合预期；单四季度实现营收 5.90 亿元（同比+8.24%，环比+5.77%），归母净利 0.94 亿元（同比+3.03%， 环比+11.14%），扣非归母净利 0.75 亿元（同比-2.47%，环比-1.80%）。 试验设备与环试服务稳步增长，集成电路检测短期承压。分产品来 看，2023 年公司试验设备实现营收 7.53 亿元（同比+23.00%），主要 由于新能源行业及检测机构类客户需求提 ...

Financial Performance - The total revenue for 2023 is projected to increase by 15% compared to the previous year, reaching approximately 1.2 billion CNY[14]. - The company anticipates a net profit margin of 12% for 2023, reflecting improved operational efficiency[14]. - The company's operating revenue for 2023 was CNY 2,116,723,460.04, representing a 17.26% increase compared to CNY 1,805,138,873.35 in 2022[19]. - The net profit attributable to shareholders for 2023 was CNY 314,272,573.09, up 16.44% from CNY 269,908,300.92 in 2022[19]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a year-over-year growth of 20%[146]. - The company reported a total revenue of approximately 936.28 million CNY for the year, with a net profit of around 356.33 million CNY, reflecting a significant growth compared to previous periods[106]. - The company’s main business revenue reached 2,012.18 million yuan, an increase of 18.21% year-on-year, with testing equipment revenue at 752.63 million yuan, up 23%[44]. - Environmental and reliability testing service revenue was 1,003.03 million yuan, growing by 19.45% year-on-year, while integrated circuit verification and analysis service revenue was 256.52 million yuan, a 2.34% increase[44]. Market Expansion and Strategy - The company aims to expand its market presence by entering three new provinces in 2024, targeting a 20% growth in user base[14]. - The company is actively pursuing mergers and acquisitions to bolster its market position and expand its service offerings[141]. - The company plans to expand its testing capabilities in Shanghai, Shenzhen, and Suzhou to meet the increasing demand, which has led to a rise in operational costs[107]. - The company is enhancing its market presence by deepening its focus on niche industries such as integrated circuits, new energy, aerospace, and medical devices, while also expanding its overseas laboratory footprint[113]. - The company is committed to continuous innovation in digital and intelligent transformation projects, with a focus on core technology breakthroughs to lead industry development[112]. - The company plans to leverage its technological advancements to explore new market opportunities and enhance its product line[75]. - The company is expanding its market presence, targeting a 15% increase in market share by the end of 2024[126]. Research and Development - Research and development expenses are expected to rise by 10% in 2024, focusing on new testing technologies[14]. - The company is investing in automation technologies to reduce testing turnaround time by 30%[14]. - The number of R&D personnel increased to 559 in 2023, representing a growth of 12.47% compared to 497 in 2022[79]. - R&D investment amounted to ¥166,645,210.60 in 2023, representing 7.87% of total revenue, an increase from 7.45% in 2022[80]. - The company is developing a fatigue testing device for autonomous vehicle brake pads, utilizing automated methods to simulate actual braking behavior[78]. - The company has completed research on ESD testing for integrated circuits, identifying weaknesses and tolerance levels in ESD protection circuits[78]. - The company is conducting research on the fatigue characteristics of aircraft engine turbine blades, which is crucial for assessing structural integrity[79]. Shareholder and Governance - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares (including tax) to all shareholders[5]. - The profit distribution plan includes a cash dividend of RMB 1.50 per 10 shares (including tax), totaling RMB 75,598,111.95, with no bonus shares or capital reserve conversion planned[164]. - The company has a cash dividend policy that mandates a minimum of 20% of profit distribution in cash dividends during growth phases with significant capital expenditures[163]. - The company has a well-defined compensation and performance incentive mechanism to enhance employee motivation and productivity[159]. - The company has a governance structure that includes a board of directors and supervisors, with specific roles and responsibilities outlined[137]. - The management team emphasizes a strategy of "focusing on core business, dual-driven development, and integration of manufacturing and services" to ensure sustainable growth[110]. - The company is committed to maintaining transparency and regular communication with its shareholders through meetings and disclosures[135]. Operational Efficiency - The company is enhancing its internal operations through digital management initiatives, promoting standardized and data-driven processes to support high-quality development[63]. - The company is committed to enhancing its market competitiveness by expanding its service offerings and leveraging technological advancements in the testing industry[34]. - The company has established a quality management system to enhance product quality and customer service, fostering long-term relationships with clients[182]. - The company emphasizes digital transformation and product series optimization, aiming to maintain a competitive edge through continuous innovation and technology development[49]. Financial Guidance and Future Outlook - Future guidance includes a revenue target of 1.5 billion CNY for 2024, representing a 25% year-over-year growth[14]. - The company provided a positive outlook for Q4 2023, projecting a revenue growth of 20% compared to Q3 2023[126]. - The company has set ambitious performance guidance for the next fiscal year, aiming for sustained growth and profitability[138]. - The company anticipates a stable economic recovery in 2024, aligning its strategies with national policies to promote high-quality development[109]. Challenges and Risks - The competitive landscape in the environmental and reliability testing market is intensifying, with an increasing number of laboratories and potential competitors threatening market share[119]. - There is a risk that the returns on funded projects may not meet expectations due to uncertainties in market conditions and project execution[122]. - The company is closely monitoring macroeconomic conditions, as fluctuations may impact funding for research and indirectly affect demand for testing equipment and services[118]. - The company is expanding its business operations across multiple cities, which is leading to increased management complexity and potential operational risks[121]. Technological Advancements - The company has made significant technological breakthroughs in hydraulic testing systems, enhancing its product line and expanding into new market areas, particularly in the new energy sector[43]. - The company is developing a 50-ton high-speed hydraulic vibration system aimed at enhancing earthquake simulation capabilities for nuclear power and energy storage equipment[75]. - The company has completed the 10000g impact response spectrum simulation test, enhancing its testing capabilities for aerospace and other industries[77]. - The company is enhancing its testing service capabilities by constructing certification testing service platforms for wireless communication products, responding to the rapid development of industries like 5G and IoT[35]. Employee and Workforce Development - The total number of employees at the end of the reporting period was 2,706, with 1,440 being technical personnel, representing approximately 53.2% of the workforce[158]. - The company has implemented a comprehensive training program aimed at improving the skills of management, engineering, and production personnel[160]. - The company is investing in talent acquisition and management to strengthen its workforce and support high-quality development[115].

[Table_Summary] 事件：公司发布 2023 年年报，2023 年实现营收 21.2 亿，同比+17.3%；归母 净利润 3.1 亿，同比+16.4%；扣非归母净利润 2.8 亿，同比 17.0%。单季度来 看，Q4 实现营收 5.9 亿，同比+8.2%，环比+6.3%；归母净利润 0.9 亿，同比 +3.0%，环比+11.1%。业绩基本符合预期。 能力强。2023 年公司综合毛利率为 45.6%，同比-1.1pp；毛利率短期小幅下降 主要系 23年国内连续开展特种行业及医学领域的整改工作，对检测行业形成了 一定影响，其中公司集成电路与分析业务板块毛利率同比 22 年下滑 13.8pp。 2023 年公司期间管理费用率为 26.4%，同比-1.9pp；其中，销售、管理、研发 和财务费用率分别为 6.4%、10.9%、7.9%、1.2%，分别同比+0.1pp、-1.7pp、 +0.4pp、-0.7pp；公司净利率为 17.4%，同比+0.2pp。 盈利预测与投资建议。预计公司 2024-2026 年归母净利润分别为 3.8、5.0、6.3 亿元，未来三年归母净利润复合增长率 26%，维持"买入"评级 ...

[Table_Main] 证券研究报告 | 公司点评 苏试试验(300416.SZ) 2024 年 03 月 29 日 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 研究助理 卢璇 邮箱：luxuan＠tebon.com.cn 市场表现 事件：公司发布 2023 年业绩公告，2023 年公司实现营业收入 21.17 亿元，同比 增长 17.26%；实现归母净利润 3.14 亿元，同比增长 16.44%；扣非后归母净利润 2.8 亿元，同比增长 17.08%；基本每股收益 0.62 元。单 Q4 实现收入 5.9 亿元， 同比增长 8.24%，归母净利润 0.94 亿元，同比增长 3.03%。 | --- | --- | |--------------------------------------------------------|------------------------------| | 苏试试验（ 买入（维持） | 300416.SZ ）：业绩 | | 所属行业：社会服务 / 专业服务 当前价格 ( 元 ) ： 14.50 | 稳健增长，下游领域拓宽有望释 ...

报告期内，本人因第四届董事会届满离任，自 2023 年 9 月 12 日起不再担任 公司独立董事及各专业委员会委员职务。现将本人 2023 年度履行独立董事职责 情况汇报如下： 一、2023 年度出席会议情况 2023 年任职期内，公司共召开董事会会议 7 次，本着勤勉尽责的态度，本 人均按时亲自参加会议，其中 4 次参加现场会议、3 次以通讯方式参加，没有缺 席或者连续两次未亲自出席会议的情况。本人认真审阅会议材料，与公司管理层 保持充分沟通，详细了解相关议案的背景资料和决策依据，必要时进行现场调查， 依据监管机构的相关规定，对审议事项做出公正判断，独立、客观、审慎的行使 表决权，积极、有效的履行了自己的职责。本人认为公司会议的召集和召开程序 合法合规，重大事项均履行了相关审批程序，合法有效，故对董事会上的各项议 案均投赞成票，无反对票及弃权票。 苏州苏试试验集团股份有限公司 2023年度独立董事述职报告 （权小锋） 本人作为苏州苏试试验集团股份有限公司（以下简称"公司"）的第四届董 事会独立董事，在 2023 年任职期内，根据《公司法》、《证券法》、《上市公 司独立董事管理办法》、《上市公司治理准则》等有 ...

苏州苏试试验集团股份有限公司 董事会秘书工作细则 第一章 总 则 第一条 为规范苏州苏试试验集团股份有限公司（以下简称"公司"）行为， 明确董事会秘书的职责权限，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《深圳证券交易所上市公司自律监管指引第2号——创业板上市公 司规范运作》等法律、法规、规范性文件和《苏州苏试试验集团股份有限公司章 程》（以下简称"《公司章程》"）等的规定，特制定本细则。 第二条 董事会秘书为公司的高级管理人员，对公司和董事会负责。法律、 法规及《公司章程》对公司高级管理人员的有关规定，适用于董事会秘书。 第二章 任职资格 第三条 董事会秘书应当具有必备的专业知识和经验。 第四条 董事会秘书应当由公司董事、总经理、副总经理或财务负责人担任， 公司现任监事、聘请的会计师事务所的注册会计师和律师事务所的律师、国家公 务员及其他中介机构的人员不得兼任公司董事会秘书。 第五条 董事会秘书的任职资格： （一）具有财务、税收、法律、金融、企业管理等方面的专业知识，具有良 好的个人品质，严格遵守有关法律、法规及职业操守，能够忠诚履行职责，并具 有很好的沟通技巧和办事能力； （二）不存在《公 ...

东吴证券股份有限公司关于 苏州苏试试验集团股份有限公司 2023 年度跟踪报告 | 保荐机构名称：东吴证券股份有限公司 | 被保荐公司简称：苏试试验 | | --- | --- | | 保荐代表人姓名：程蒙 | 联系电话：0512-62938558 | | 保荐代表人姓名：孙荣泽 | 联系电话：0512-62938558 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | ...

苏州苏试试验集团股份有限公司 2023年度独立董事述职报告 （王仁春） 本人作为苏州苏试试验集团股份有限公司（以下简称"公司"）第五届董事 会独立董事，在 2023 年任职期内，根据《中华人民共和国公司法》、《上市公 司独立董事管理办法》、《上市公司治理准则》、《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等有关法律、法规的要求，以 及《公司章程》和《独立董事工作制度》的相关规定，严格保持独立董事的独立 性和职业操守，认真履行了独立董事的职责，依法合规地行使了独立董事的权利， 充分发挥独立董事的作用，勤勉尽责，促进公司规范运作，维护了公司整体利益， 维护了全体股东尤其是中小股东的合法权益。现将本人 2023 年度履行独立董事 职责情况汇报如下： 一、2023 年度出席会议情况 2023 年任职期内，公司召开董事会会议共 2 次，本着勤勉尽责的态度，本 人均按时亲自参加现场会议，其中 1 次现场参加会议，1 次以通讯方式参加，没 有缺席或者连续两次未亲自出席会议的情况。本人认真审阅会议材料，与公司管 理层保持充分沟通，详细了解相关议案的背景资料和决策依据，必要时进行现场 调查，依据 ...