Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company reported a 2024 annual revenue of 2.026 billion yuan, a decrease of 4.31% year-on-year, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year. However, Q4 showed signs of recovery with a revenue increase of 4.93% year-on-year [1]. - The company has a comprehensive testing capability across the entire industry chain, with both equipment and services driving growth. The report highlights the company's resilience and long-term development potential in the testing industry [3]. - The company is expected to see a gradual recovery in downstream demand starting this year, with projected revenues for 2025-2027 of 2.358 billion, 2.711 billion, and 3.077 billion yuan, respectively, reflecting growth rates of 16.4%, 15.0%, and 13.5% [4]. Financial Summary - The company's 2024 expense ratio increased to 28.94%, up 2.57 percentage points year-on-year, with a gross margin of 44.54%, down 1.06 percentage points year-on-year. This indicates a slight decline in profitability amid intensified market competition [2]. - The projected earnings per share (EPS) for 2025-2027 are 0.61, 0.75, and 0.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.3, 22.1, and 18.6 [5][4]. - The company’s net asset return (ROE) is expected to improve from 8.7% in 2024 to 12.6% in 2027, indicating a positive trend in profitability [5].

Group 1: Demand and Market Trends - The demand for testing equipment and services has shown recovery, particularly in the downstream sectors of new energy vehicles, integrated circuits, aerospace, and special industries [2] - The overall trend in downstream industries is towards cost reduction and efficiency improvement, leading to price pressures on mature products and services [3] - The company is focusing on innovation and fine management to enhance market competitiveness and profitability [3] Group 2: Capital Expenditure and Capacity Management - The company plans to control overall capital expenditure, leveraging existing capacity to meet downstream demand fluctuations [4] - In emerging sectors, the company aims to seize industry development opportunities and increase production capacity in areas like commercial aerospace and aviation [4] Group 3: Infrastructure Development - The Wuhan laboratory has acquired 32,117.53 square meters of state-owned land use rights to support the expansion of local testing services [5] Group 4: Integrated Circuit Sector - The company is expanding its testing capabilities in the integrated circuit verification and analysis services, responding to the accelerating trend of domestic demand [6] - The company is currently in a capacity ramp-up phase, with utilization rates gradually recovering [7] Group 5: EMC Testing Expansion - The company is actively expanding its EMC testing capabilities across multiple laboratories in cities like Suzhou, Beijing, Chengdu, Xi'an, and Shanghai to meet diverse customer needs [8] Group 6: New Ventures - Su Shi Tuo Wei, completed in mid-2024, focuses on testing and certification services in wireless communication, IoT, and consumer electronics, and has obtained international laboratory accreditation [9]

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 向特定对象发行股票持续督导之保荐总结报告书 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为苏州 苏试试验集团股份有限公司（以下简称"苏试试验"、"公司"、"发行人"） 向特定对象发行股票的保荐机构，持续督导期至 2024 年 12 月 31 日。目前，持 续督导期限已满。保荐机构现根据《证券发行上市保荐业务管理办法》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》的相关规定，出具本保 荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构名称 | 东吴证券股份有限公司 | | --- | --- | | 注册地址 | 苏州市工业园区星阳街 5 号 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The worst demand period has passed, and profit margins are expected to recover [8] - The company reported a revenue of 2.026 billion, a year-on-year decline of 4.31%, and a net profit of 229 million, down 27.00% year-on-year [5][8] - The fourth quarter showed a revenue of 619 million, a year-on-year increase of 4.93%, with a net profit of 83 million, down 11.64% year-on-year [5][8] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are 2.282 billion, 2.541 billion, and 2.834 billion respectively, with growth rates of 12.7%, 11.3%, and 11.5% [7] - Net profit forecasts for the same period are 312 million, 379 million, and 461 million, with growth rates of 35.9%, 21.7%, and 21.4% respectively [7] - The company's gross margin for 2024 is projected at 44.5%, with a slight decrease from the previous year [8] Revenue and Profitability Analysis - The fourth quarter showed significant improvement in revenue growth, particularly in the aerospace and automotive sectors [8] - The company experienced a decline in profitability due to a combination of weak market demand and increased costs from capacity expansion [8] - The net profit margin for 2024 is expected to be 13.40%, down 4.02 percentage points year-on-year [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's 2024 total revenue is expected to be 2.03 billion yuan, a year-on-year decrease of 4.3%, while the net profit attributable to shareholders is projected at 229.41 million yuan, down 27% year-on-year, which is in line with expectations [2] - In Q4 2024, the company achieved revenue of 620 million yuan, a year-on-year increase of 5%, with a net profit of 80 million yuan, down 12% year-on-year [2] - The decline in revenue growth is attributed to high base effects from the previous year and a slowdown in capital expenditures from clients in the testing equipment sector [2] - The company is positioned in high-barrier testing sectors, covering special industries, semiconductors, and new energy vehicles, with plans to expand into high-end fields like 5G [4] Financial Performance Summary - The company's gross profit margin for 2024 is 44.5%, a decrease of 1.1 percentage points year-on-year, while the net profit margin is 13.4%, down 4.0 percentage points year-on-year [3] - The gross profit margin for testing equipment is 29.4%, down 2.7 percentage points, while the margin for environmental testing services is 57.0%, down 1.8 percentage points [3] - The company’s operating expenses ratio is 28.9%, an increase of 2.6 percentage points year-on-year, with sales, management, R&D, and financial expense ratios increasing [3] - The forecast for net profit attributable to shareholders is 299 million yuan for 2025, 377 million yuan for 2026, and 451 million yuan for 2027, with corresponding P/E ratios of 28.52, 22.63, and 18.91 [4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's 2024 revenue is projected at 2.03 billion yuan, a decrease of 4.3% year-on-year, while net profit attributable to shareholders is expected to be 229.41 million yuan, down 27% year-on-year, which is in line with expectations [2] - In Q4 2024, the company achieved revenue of 620 million yuan, a year-on-year increase of 5%, with net profit attributable to shareholders at 80 million yuan, a decrease of 12% year-on-year [2] - The decline in revenue growth is attributed to high base effects from the previous year and a slowdown in capital expenditures from clients in the testing equipment sector [2] - The company is positioned in high-barrier testing sectors, with a focus on special industries, semiconductors, and new energy vehicles, indicating a positive outlook for future growth [4] Financial Performance Summary - The company's gross profit margin for 2024 is 44.5%, a decrease of 1.1 percentage points year-on-year, while the net profit margin is 13.4%, down 4.0 percentage points year-on-year [3] - The gross profit margin for testing equipment is 29.4%, down 2.7 percentage points, while the margin for environmental testing services is 57.0%, down 1.8 percentage points [3] - The company’s operating expenses ratio is projected to be 28.9%, an increase of 2.6 percentage points year-on-year, with specific increases in sales, management, R&D, and financial expense ratios [3] - The report forecasts net profit attributable to shareholders for 2025 and 2026 at 299 million yuan and 377 million yuan respectively, with an expected net profit of 451 million yuan in 2027 [4]

证券代码：300416 证券简称：苏试试验 公告编号：2025-019 苏州苏试试验集团股份有限公司 关于全资孙公司竞拍取得土地使用权的公告 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。 一、竞拍情况概述 4、地块面积：32,117.53 平方米 5、土地使用年限：50 年 三、本次竞得土地使用权的目的和对公司的影响 苏州广博（武汉）本次竞拍取得的土地使用权，将满足公司在当地试验服务 业务规模持续扩大的场地需求，为当地试验服务业务的持续发展奠定基础，符合 公司发展战略，有利于公司长期稳健的发展，符合全体股东和公司的利益。 近日，苏州苏试试验集团股份有限公司（以下简称"公司"）全资孙公司苏 试广博检测技术（武汉）有限公司（以下简称"苏州广博（武汉）"）以自有及 自筹资金 2,168 万元竞拍取得武汉市自然资源和城乡建设局武汉经济技术开发区 分局挂牌出让的 32,117.53 平方米（地块编号：工 WK（2025）01 号）国有建设 用地使用权。 根据《公司章程》、《总经理工作细则》、《对外投资管理制度》等制度的 有关规定，公司本次土地使用权竞拍事项在公司总经理 ...

Summary of Conference Call for Su Shi Testing Company Overview - The company discussed its performance in 2024, highlighting a revenue decline of 4.31% year-on-year to 2.026 billion yuan, with a net profit decrease of 27% to 229 million yuan [3][4]. Financial Performance - Revenue breakdown for 2024: - Surveillance monitoring system revenue: 621 million yuan, down 17.25% - Surveillance equipment revenue: 1.009 billion yuan, up 0.64% - Integrated circuit revenue: 288 million yuan, up 12.33% [2][3]. - Gross margin for environmental testing equipment: 29.38%, down 2.71% - Gross margin for real-time services: 56.96%, down 1.84% - Gross margin for integrated circuits: 29.67%, down 3.60% - Overall gross margin increased slightly to 44.54%, up 1.06% [3][4]. Industry Dynamics - The renewable energy sector experienced a price drop of approximately 15%, but revenue grew by 20% and workload increased by 30% [2][4]. - The demand in special industries showed a significant recovery in Q1 2025, with an increase in orders, while orders from third-party testing agencies decreased [2][5]. - The military sector continues to see growth in orders, primarily in certification testing, with a positive demand outlook for the coming years [2][8]. Cost and Efficiency Management - The company plans to expand technical and market personnel while controlling other personnel costs to optimize the cost structure [2][6]. - The increase in expenses outpaced revenue growth due to personnel costs, including salaries and social security contributions [6]. Trade and Market Conditions - Trade friction has impacted the equipment sector, prompting the company to monitor international developments closely and enhance R&D and market expansion efforts [7]. - The company is focusing on domestic substitution in the integrated circuit sector, with a significant reduction in the proportion of imported equipment [7]. Future Outlook - The company aims to reduce investments in traditional price competition and focus on emerging industries and technologies [25]. - The management anticipates a peak business period in the second half of 2025, with preparations already underway [8][9]. - The company expects to maintain or slightly improve gross margins through increased efficiency and a higher proportion of certification testing [10][12]. Strategic Initiatives - The company is expanding its capabilities in high-precision technology and space-related testing, with new product launches planned [14][15][16]. - The management is optimistic about the future performance of the company, especially in light of the recovery in demand and strategic adjustments [29]. Conclusion - Overall, the company is navigating a challenging environment with a focus on optimizing costs, enhancing efficiency, and strategically positioning itself in emerging markets while managing the impacts of trade friction and competitive pressures [2][25][29].

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Investment Rating - The investment rating for the company is "Accumulate" [1][16]. Core Views - The company's performance in 2024 is expected to meet market expectations, with short-term pressure on testing equipment, while environmental testing services and integrated circuit testing are expected to maintain steady growth. Orders in special industries are anticipated to improve in 2025, and integrated circuit testing is expected to accelerate [3][9]. Financial Summary - For 2023, the company reported a revenue of 2,117 million yuan, with a year-on-year growth of 17.3%. In 2024, revenue is projected to decline to 2,026 million yuan, a decrease of 4.3%. The net profit attributable to the parent company is expected to drop to 229 million yuan in 2024, down 27.0% from the previous year. The earnings per share (EPS) for 2024 is estimated at 0.45 yuan [7][10]. - The company’s revenue for the fourth quarter of 2024 is expected to be 6.19 billion yuan, showing a year-on-year increase of 4.93% and a quarter-on-quarter increase of 26.60% [9]. - The company’s net profit for the fourth quarter of 2024 is projected to be 0.83 billion yuan, reflecting a year-on-year decrease of 11.64% but a significant quarter-on-quarter increase of 90.10% [9]. Product Performance - In 2024, revenue from testing equipment is expected to be 6.23 billion yuan, a decrease of 17.25% year-on-year, primarily due to weakened capital expenditure demand from special industry clients and intensified competition in the downstream market. Environmental reliability testing services are projected to generate 10.09 billion yuan, a slight increase of 0.64% year-on-year. Integrated circuit verification and analysis services are expected to achieve 2.88 billion yuan, a year-on-year growth of 12.33% [9][10]. Future Outlook - In 2025, the company anticipates an improvement in orders from special industries, supported by a projected defense budget of 1.81 trillion yuan, which is a year-on-year increase of 7.2%. The demand for equipment sales and environmental testing services is expected to improve as special industries enter a phase of accelerated order release [9][10].