Summary of Satellite Detection Market Analysis Industry Overview - The domestic detection service market is substantial and continues to grow, projected to reach approximately 480 billion yuan in 2024, with a compound annual growth rate (CAGR) exceeding 6% over the past three years. Future growth is expected to be 1.5 to 2 times the GDP growth rate, indicating long-term growth potential for related enterprises [1][2] Core Services - Satellite detection services encompass three main types of testing: physical, electronic (EMC), and chemical testing. These services are critical throughout the satellite's research, manufacturing, and pre-launch phases to ensure operational stability and material performance under special conditions [1][4] Key Players - Major participants in the domestic satellite detection field include: - **Guangdian Measurement**: A local state-owned enterprise in Guangzhou, focusing on high-end manufacturing testing, particularly in military and automotive sectors, benefiting from national policies encouraging these industries. The company is enhancing profitability through business structure optimization [1][8] - **Sutest**: Concentrates on military, automotive, and semiconductor testing, with military testing being its largest segment. The company anticipates improved profitability driven by a recovery in downstream orders and is actively expanding its semiconductor testing capabilities [1][9] - Other companies involved include Xicet Testing, Huace Testing, and Puni Testing, with a focus on brand recognition and comprehensive service capabilities [5] Competitive Advantages - Both Guangdian Measurement and Sutest have established extensive laboratory networks across the country, providing comprehensive testing services. Their competitive edge lies in their broad geographic coverage and service lines [6][7] Development Trends - Guangdian Measurement is currently in a favorable position, with a solid foundation and potential for valuation increases due to developments in the commercial aerospace sector. The company is also pursuing a private placement, expecting a valuation level of around 30 times by 2026 [3][8] - Sutest is experiencing a gradual upward trend in its main business, driven by a recovery in military orders, which saw a nearly 6% increase in the first half of 2025. The company plans to invest 300 million yuan in high-end space environment simulation equipment and platforms [9][10] Financial Performance - Guangdian Measurement's revenue structure shows that over 85% comes from high-end manufacturing testing, with military testing accounting for about one-third. The company has shifted its focus to net profit as a core assessment metric, leading to a 4% increase in net profit in 2024 [8] - Sutest's subsidiary, Sutest Yite, is expanding in the semiconductor testing sector, with a 20% increase in orders contributing to improved capacity utilization and profitability [9] Market Position - While Guangdian Measurement and Sutest are not at the core of the detection service industry, their stock performance tends to fluctuate with overall market trends, particularly showing a rebound in later market phases. Both companies have solid fundamentals and acceptable valuations, with potential for growth in the commercial aerospace sector [7][10]

证券时报·数据宝统计显示，今日公布2025年业绩预告公司中，截至发稿股价较为强势的有中熔电气、 芯碁微装、誉衡药业等，股价分别上涨20.00%、11.56%、10.03%。 资金面上看，苏试试验近5日主力资金总体呈净流出状态，累计净流出4.24亿元，其中，上一交易日主 力资金全天净流出7034.91万元。 融资融券数据显示，该股最新（1月20日）两融余额5.48亿元，其中，融资余额为5.47亿元，近5日融资 余额合计减少1.21亿元，降幅为18.14%。 苏试试验股价出现异动，截至今日9时40分，股价大涨5.20%，成交1553.66万股，成交金额3.15亿元， 换手率为3.08%，公司发布的最新业绩预告显示，预计2025年实现净利润2.45亿元—2.65亿元，净利润 同比增长6.80%—15.51%。 （文章来源：证券时报网） ...

Company and Industry Summary Company: 苏试试验 (Sutest) Key Financial Performance - The company announced its 2025 annual performance forecast on January 20, 2026, projecting a net profit attributable to shareholders of 245-265 million yuan, representing a year-on-year growth of 6.8%-15.51% [1] - The net profit for Q4 2025 is expected to be between 88.16-108 million yuan, showing a year-on-year increase of 6.2%-30.3% and a quarter-on-quarter growth of 123%-173% [1][2] - The non-recurring net profit for Q4 2025 is projected to be between 83.51-104 million yuan, with a year-on-year growth of 9.3%-35.5% and a quarter-on-quarter increase of 137%-194% [1][2] Core Business Strategy - The company focuses on a strategy of "focusing on the main business, dual-wheel drive, and integration of manufacturing and services" [2] - The significant quarter-on-quarter growth in Q4 2025 is attributed to the elimination of adverse factors, recovery in downstream demand, and growth in new business areas such as commercial aerospace [2] Industry Trends and Opportunities - The company is actively advancing technological innovation in testing equipment, focusing on products such as thermal vacuum, low pressure, hydraulic, and comprehensive testing systems, particularly in the aerospace, new energy, and electronics sectors [2] - A project cooperation agreement was signed with the Hangzhou Yunqi Town Management Committee, with a planned investment of no less than 300 million yuan to build a high-end space environment simulation testing and inspection service platform [2] - The company has successfully supported key tests for commercial aerospace, showcasing its technical strength and service capabilities in the field [2] Expansion into New Markets - The company is enhancing its laboratory qualifications, with the Suzhou laboratory obtaining third-party laboratory accreditation from Seris, entering the Seris automotive supplier system [3] - The company is focusing on emerging industries, expanding its testing capabilities in commercial aerospace, aviation equipment, intelligent robotics, and new energy sectors [3] - Projected net profits for 2025-2027 are estimated at 257 million, 331 million, and 399 million yuan, with year-on-year growth rates of 12.08%, 28.85%, and 20.56% respectively, indicating a positive long-term outlook [3] Market Position - The company is recognized as a leading third-party inspection and testing entity in China, expected to benefit from high growth in military, semiconductor, new energy, commercial aerospace, and low-altitude sectors [3]

分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 机构持仓方面，截止2025年9月30日，苏试试验十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股431.63万股，相比上期减少442.41万股。南方中证1000ETF（512100）位居第八大流通股 东，持股325.27万股，为新进股东。富国稳健增长混合A（010624）位居第十大流通股东，持股280.01 万股，为新进股东。天弘永利债券A（420002）、兴业兴睿两年持有期混合A（013910）退出十大流通 股东之列。 责任编辑：小浪快报 融券方面，苏试试验1月20日融券偿还400.00股，融券卖出500.00股，按当日收盘价计算，卖出金额 9705.00元；融券余量7.58万股，融券余额147.13万元，超过近一年90%分位水平，处于高位。 资料显示，苏州苏试试验集团股份有限公司位于江苏省苏州工业园区中新科技城唯亭镇科峰路18号,苏 州工业园区方园街51号，成立日期2007年12月29日，上市日期2015年1月22日，公司主营业务涉及一家 工业产品环境与质量可靠性试验验证与综合分析服务解决方案提供商,致力于环境 ...

Core Viewpoint - The company is expected to achieve steady growth in its 2025 performance, with a projected net profit of 245-265 million yuan, reflecting a year-on-year increase of 6.8%-15.51% [1][4]. Group 1: Financial Performance - The company's net profit for Q4 2025 is projected to be between 88.16-108 million yuan, representing a year-on-year growth of 6.2%-30.3% and a quarter-on-quarter increase of 123%-173% [1][2]. - The non-recurring net profit for Q4 2025 is expected to be between 83.51-104 million yuan, with a year-on-year growth of 9.3%-35.5% and a quarter-on-quarter increase of 137%-194% [1][2]. Group 2: Business Strategy and Market Position - The company adheres to a strategy of focusing on its core business, dual-driven development, and the integration of manufacturing and services, which has contributed to its stable growth [2]. - The significant quarter-on-quarter growth in Q4 2025 is attributed to the elimination of adverse factors, recovery in downstream demand, and growth in new business areas such as commercial aerospace [2]. Group 3: Expansion and Innovation - The company is actively expanding into new industries, enhancing its testing capabilities in commercial aerospace, aviation equipment, smart robotics, and new energy sectors [3]. - The company has signed a project cooperation agreement with the Hangzhou Yunqi Town Management Committee, planning to invest no less than 300 million yuan to establish a high-end space environment simulation testing platform [2][3]. - The company has received various laboratory accreditations, enhancing its position in the automotive supply chain and international wireless testing [3]. Group 4: Profit Forecast and Valuation - The company is projected to achieve net profits of 257 million, 331 million, and 399 million yuan for the years 2025-2027, with year-on-year growth rates of 12.08%, 28.85%, and 20.56% respectively [4]. - The corresponding price-to-earnings ratios are expected to be 35, 27, and 23 times for the years 2025, 2026, and 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][9]. Core Views - The company is expected to achieve steady growth in its performance, with a projected net profit of RMB 2.45-2.65 billion for 2025, representing a year-on-year increase of 6.8%-15.51% [2][4]. - The significant quarter-on-quarter growth in Q4 2025 is attributed to the recovery of downstream demand and the growth of new business areas such as commercial aerospace [2][3]. Summary by Sections Performance Overview - For the full year of 2025, the company anticipates a net profit of RMB 2.45-2.65 billion, with a year-on-year growth of 6.8%-15.51% [2]. - In Q4 2025, the company expects a net profit of RMB 88.16-108 million, showing a year-on-year increase of 6.2%-30.3% and a quarter-on-quarter increase of 123%-173% [2][4]. Business Strategy and Market Position - The company focuses on its core business and aims for a dual-driven strategy that integrates manufacturing and services [2]. - It is actively expanding into new sectors, including commercial aerospace, and has signed a project cooperation agreement with the Hangzhou Yunqi Town Management Committee, planning to invest at least RMB 300 million [3]. Financial Projections - The projected net profits for 2025-2027 are RMB 2.57 billion, RMB 3.31 billion, and RMB 3.99 billion, with respective year-on-year growth rates of 12.08%, 28.85%, and 20.56% [4]. - The company’s price-to-earnings (P/E) ratios are expected to be 35, 27, and 23 for the years 2025, 2026, and 2027, respectively [4]. Market Trends and Opportunities - The company is positioned to benefit from high-growth sectors such as military, semiconductor, new energy, and commercial aerospace [4]. - Continuous innovation in testing equipment and expanding laboratory qualifications are key strategies to enhance its market presence [3].

（文章来源：证券日报） 证券日报网讯 1月20日，苏试试验发布公告称，公司预计2025年归属于上市公司股东的净利润为24， 500万元至26，500万元，比上年同期增长6.80%至15.51%。 ...

Core Viewpoint - The company Su Shi Testing (300416.SZ) forecasts a net profit attributable to shareholders for 2025 between 245 million to 265 million yuan, representing a year-on-year growth of 6.8% to 15.51% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 233 million to 253 million yuan, indicating a year-on-year increase of 12.22% to 21.86% [1] Group 1: Business Performance - The company anticipates growth in its operating performance for 2025 [1] - In the testing equipment sector, the company is focusing on technological innovation, with key R&D directions including thermal vacuum, low pressure, hydraulic, and integrated products [1] - The company is deepening its engagement in industries such as aerospace, new energy, and electronics, accelerating technological iteration and new product development to meet diverse customer needs [1] Group 2: Service Segments - In the environmental and reliability testing service sector, the company aims to strengthen its capabilities in niche market testing, guided by market and customer demands [1] - The company leverages its one-stop service advantage across the entire industry chain to accurately address professional testing needs in aerospace and new energy sectors [1] - In the integrated circuit verification and analysis service sector, the semiconductor testing field is showing positive development, with the company enhancing capacity layout and resource integration in consumer electronics and automotive electronics [1]

Core Viewpoint - The company, Su Shi Testing, forecasts a net profit attributable to shareholders for 2025 between 245 million and 265 million yuan, representing a year-on-year increase of 6.80% to 15.51% [1] - The company emphasizes its strategic focus on core business, dual-driven development, and the integration of manufacturing and services to enhance product quality and reliability [1] Financial Performance - The expected net profit excluding non-recurring gains and losses for 2025 is projected to be between 233 million and 253 million yuan, reflecting a year-on-year growth of 12.22% to 21.86% [1] - The impact of non-recurring gains and losses on net profit is estimated to be 12 million yuan, compared to 21.79 million yuan in the same period last year [1] Business Strategy - The company is committed to technological innovation in the testing equipment sector, focusing on products such as thermal vacuum, low pressure, hydraulic, and comprehensive testing equipment [1] - The company aims to meet diverse customer needs in industries like aerospace, new energy, and electronics through accelerated technology upgrades and new product development [1] Service Enhancement - In the environmental and reliability testing service sector, the company focuses on enhancing its testing capabilities based on market and customer demands, leveraging its one-stop service advantage [1] - The company is implementing cost reduction and efficiency improvement strategies while enhancing internal control management to boost team productivity [1] Semiconductor Sector - The semiconductor testing sector is experiencing positive growth, with the company enhancing capacity layout and resource integration in consumer electronics and automotive electronics [1] - The company is actively expanding its market presence and aligning new capacity with customer needs, gradually releasing additional production capacity [1]

人民财讯1月20日电，苏试试验（300416）1月20日发布业绩预告，预计2025年归母净利2.45亿元—2.65 亿元，同比增长6.8%—15.51%。报告期内，集成电路验证与分析服务板块，半导体检测领域发展态势 良好，公司围绕消费电子、汽车电子等领域，增强产能布局与资源整合的协同效应，进一步推动产能优 化升级；继续加快市场开拓步伐，精准匹配客户需求，新增产能逐步释放。 ...