证券代码：300416 证券简称：苏试试验 公告编号：2025-021 苏州苏试试验集团股份有限公司 关于第二期员工持股计划减持完毕暨终止的公告 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"）第二期员工持股计划 （以下简称"本期员工持股计划"）已于近日通过集中竞价交易方式全部减持完 毕。根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》《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》《公司 章程》及公司《第二期员工持股计划（草案）》等相关规定，本期员工持股计划 实施完毕并终止，现将相关情况公告如下： 一、第二期员工持股计划基本情况 1、公司于 2022 年 3 月 21 日召开的第四届董事会第十七次会议、第四届监 事会第十三次会议及 2022 年 4 月 8 日召开的 2022 年第一次临时股东大会，审 议通过了《关于<苏州苏试试验集团股份有限公司第二期员工持股计划（草案）> 及其摘要的议案》等相关议案，并授权董事会办理本期员工持股计划的相关事宜。 具体内容详见公司于 20 ...

Core Viewpoint - The company reported a slight decline in revenue and net profit for Q1 2025, attributed mainly to a downturn in equipment sales, while other segments like environmental testing services and integrated circuit testing are expected to perform better [1][2]. Revenue Performance - Q1 2025 revenue reached 429 million yuan, a year-on-year decrease of 3.0% [1] - Revenue growth rates for 2024 were +1.0%, -11.0%, -11.9%, and +4.9% for Q1 to Q4, indicating marginal improvement in Q4 [2] - Equipment sales revenue for 2024 was 623 million yuan, down 17.25% year-on-year, due to reduced capital expenditures from downstream third-party testing institutions [2] - Environmental testing services generated 1.01 billion yuan in revenue, a year-on-year increase of 0.64%, with military testing orders gradually recovering [2] - Integrated circuit testing revenue was 288 million yuan, up 12.33% year-on-year, driven by high demand from downstream clients [2] Profitability Analysis - The net profit attributable to the parent company for Q1 2025 was 41 million yuan, also down 3.0% year-on-year [1] - The decline in net profit for 2024 was significant, with year-on-year growth rates of -4.9%, -33.8%, -48.3%, and -11.6% from Q1 to Q4 [3] - Q1 2025 gross margin was 40.44%, a decrease of 2.03 percentage points year-on-year, while net margin improved by 0.32 percentage points to 10.53% [3] Capacity Expansion and Future Outlook - The company has been actively expanding its application fields and increasing capacity, with the original value of machinery and equipment growing by 26.1% year-on-year by the end of 2024 [4] - New laboratories are being established in various locations, including Shenzhen and other cities, to enhance testing capabilities [4] - The company anticipates a rapid release of military testing orders in 2025, along with a favorable semiconductor testing demand, which is expected to drive revenue recovery [4] - Revenue projections for 2025-2027 are 2.32 billion, 2.63 billion, and 2.96 billion yuan, with net profits expected to grow by 27.0%, 23.7%, and 23.7% respectively [4]

公司发布 2025 年一季报，业绩同比小幅下降。公司 2025 年一季度实现 营业收入 4.29 亿元，同比下降 2.96%；实现归母净利润 0.41 亿元，同比 下降 2.99%；实现扣非归母净利润 0.40 亿元，同比下降 1.43%。受制于 下游客户资本开支需求减弱、下游产业链终端市场的竞争加剧，公司业绩 短期承压，但我们认为公司已渡过低谷期，看好未来公司需求恢复。 证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 苏试试验（300416.SZ） 25Q1 业绩同比小幅下降，期待公司后续拐点往上 公司费率整体较为稳定，高研发投入为后续公司增长蓄力。公司 2025 年 一季度期间费用率 31.41%，同比上行 0.28pct；其中，销售费用率为 8.48%，同比增长 0.37pct；管理费用率为 12.46%，同比下降 0.71pct； 财务费用率为 1.57%，同比下降 0.36pct；研发费用率为 8.89%，同比增 长 0.96pct，公司期间费用率稳健。公司 2025 年一季度毛利率为 40.44%， 同比下降 2.03pct，我们认为，公司在市场竞争加剧的背 ...

Core Viewpoint - Company is focused on enhancing employee performance and overall company performance through an employee stock ownership plan, aiming for long-term sustainable development and improved governance [2] Company Performance - In 2024, the company achieved a revenue of 2.026 billion and a net profit of 229 million [3] - For Q1 2025, the company reported a revenue of 429 million, a decrease of 2.96% year-on-year, and a net profit of 40.91 million, down 2.99% year-on-year [5] Market Strategy - The company plans to continue exploring external acquisition opportunities to enhance synergy with existing businesses, focusing on industrial products [2] - The company aims to strengthen its competitive edge by integrating manufacturing and service development, while also enhancing internal management and cost control [2] Industry Outlook - The testing service market is expected to grow rapidly due to increasing demand for product quality and ongoing investments in R&D [4] - The high-end instrument manufacturing sector is projected to experience significant growth driven by automation, intelligence, and domestic production initiatives [4] Financial Forecast - Various institutions have provided profit forecasts for the company, with net profit predictions for 2025 ranging from 298 million to 329 million [6] - The average target price from institutions over the past 90 days is 21.96 [5]

Group 1: Company Performance - In 2024, the company achieved a revenue of 2.026 billion CNY and a net profit of 229 million CNY [3] - The revenue from testing equipment was 622.7855 million CNY, a year-on-year decrease of 17.25% [4] - Revenue from environmental and reliability testing services was 1.0094404 billion CNY, a year-on-year increase of 0.64% [4] - Revenue from integrated circuit verification and analysis services was 288.1571 million CNY, a year-on-year increase of 12.33% [4] Group 2: Strategic Focus and Future Plans - The company plans to continue exploring external acquisition opportunities to enhance synergy with existing businesses [3] - The strategy emphasizes "focusing on the main business, dual-wheel drive, and integrating manufacturing with services" [3] - The company aims to strengthen its technological reserves and expand into new production areas such as commercial aerospace and robotics [4] Group 3: Market Trends and Industry Outlook - The testing service market is characterized by rapid growth, broad application, and significant development potential [5] - The high-end instrument and meter manufacturing industry is expected to experience robust growth due to increasing automation and quality demands [5] - The overall industry performance is influenced by fluctuations in demand across different sectors and rising operational costs [4]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a slight decline in revenue and net profit for Q1 2025, with revenue at 429 million yuan, down 3.0% year-on-year, and net profit at 41 million yuan, also down 3.0% year-on-year. The decline is attributed mainly to the equipment sales business, while environmental testing services and integrated circuit testing are expected to perform well [2][6]. - The report anticipates a recovery in military testing orders and a favorable demand for semiconductor testing, which is expected to drive performance recovery throughout 2025 [2][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 429 million yuan, a year-on-year decrease of 3.0%, and a net profit of 41 million yuan, also down 3.0%. The non-recurring net profit was 40 million yuan, down 1.4% year-on-year [2][6]. - The revenue decline is primarily due to the equipment sales segment, while environmental testing services and integrated circuit testing are projected to improve [12]. Business Segments - For 2024, the revenue growth rates for different segments were +1.0%, -11.0%, -11.9%, and +4.9% respectively, indicating marginal improvement in Q4 [12]. - The testing equipment segment saw a revenue of 623 million yuan, down 17.25% year-on-year, attributed to reduced capital expenditures from downstream third-party testing institutions [12]. - Environmental testing services generated 1.01 billion yuan, a slight increase of 0.64% year-on-year, with military testing orders gradually recovering [12]. - Integrated circuit testing revenue reached 288 million yuan, up 12.33% year-on-year, driven by high demand from downstream clients [12]. Future Outlook - The report forecasts that military testing orders will accelerate in 2025, coinciding with the conclusion of the military's 14th Five-Year Plan. The company is expected to benefit from this trend [12]. - Revenue projections for 2025-2027 are estimated at 2.32 billion yuan, 2.63 billion yuan, and 2.96 billion yuan respectively, with net profits expected to grow by 27.0%, 23.7%, and 23.7% [12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q1 2025 revenue of 430 million yuan represents a year-on-year decline of 3%, which is in line with expectations. The decline is attributed to the traditional off-season for the testing industry and lower capacity utilization due to the Spring Festival holiday. However, there is an expectation for revenue growth to resume starting in Q2 2025 as demand recovers [2] - The gross profit margin for Q1 2025 is reported at 40.4%, a decrease of 2 percentage points year-on-year, while the net profit margin improved by 0.3 percentage points to 10.5%. The decline in gross margin is influenced by new capacity ramp-up and intensified competition in the electric vehicle testing sector [3] - The company is positioned in a high-barrier market with significant growth potential. The testing and inspection industry in China is projected to grow, with the company actively expanding into high-end sectors such as 5G, which will drive future growth. The demand for testing services is expected to increase as special industry needs recover and domestic chip production ramps up [4] Financial Summary - For 2023A, total revenue is projected at 2,117 million yuan, with a year-on-year growth of 17.26%. However, a decline of 4.31% is expected in 2024A, followed by a recovery with growth rates of 13.65%, 13.81%, and 15.13% in 2025E, 2026E, and 2027E respectively [1] - The net profit attributable to the parent company is forecasted to be 314.27 million yuan in 2023A, with a decline of 27% in 2024A, followed by a recovery with growth rates of 30.44%, 26.01%, and 19.70% in the subsequent years [1] - The latest diluted EPS is expected to be 0.62 yuan in 2023A, decreasing to 0.45 yuan in 2024A, and then recovering to 0.59 yuan, 0.74 yuan, and 0.89 yuan in 2025E, 2026E, and 2027E respectively [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.22 CNY [2][9]. Core Views - The company's Q1 2025 performance met expectations, with a revenue of 429 million CNY, down 2.96% year-on-year, and a net profit attributable to shareholders of 41 million CNY, down 2.99% year-on-year [2][9]. - The report highlights that while the company faced challenges in 2024, it anticipates improved profitability in 2025, driven by increased demand in environmental testing services and integrated circuit sectors [9]. - The report projects revenue growth for 2025-2027 at 17.6%, 14.7%, and 15.1% respectively, with corresponding net profit growth of 34.2%, 22.8%, and 21.9% [9]. Financial Summary - The company is expected to achieve total revenue of 2,383 million CNY in 2025, with a net profit of 308 million CNY [5][10]. - Key financial metrics include an expected EPS of 0.61 CNY in 2025, with a P/E ratio of 29 [5][10]. - The company's gross margin for Q1 2025 was reported at 40.44%, a decrease of 2.03 percentage points year-on-year [9].

公司公布1Q25 业绩：实现收入4.29 亿元，同比-2.96%；归母净利润4,091 万元，同比-2.99%；扣非归母 净利润3,963 万元，同比-1.43%。业绩符合市场预期。 盈利预测与估值 1Q25 业绩符合市场预期 发展趋势 环试服务和集成电路保持增长。分业务来看：1）环试设备：去年订单有所下滑，考虑到确收周期6~9 个月，我们判断Q1 收入端有所承压，当前订单呈现回暖趋势，期待下半年收入好转；2）环试服务：特 殊行业占比较高，一季度订单环比改善，我们判断Q1 收入有所提升，期待执行速度进一步改善；3）集 成电路：需求良好，我们判断趋势与去年一致、保持两位数增长。 毛利率同比下滑，费用率相对稳健。1Q25 毛利率40.44%，同比-2.04pct，我们判断主要系：1）设备业 务毛利率下降较多，主要为收入下降但成本较为刚性；2）环试服务和集成电路毛利率亦有一定下降， 主要系产能扩张带来折旧成本增加，但产能爬坡需要一定时间所致。1Q25 销售/管理/研发/财务费用率 分别为8.48%/12.46%/8.89%/1.57%，同比+0.37/-0.71/+0.97/-0.35pct，费用率相对稳健。1Q2 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥429,358,400.30, a decrease of 2.96% compared to ¥442,438,250.22 in the same period last year[5] - Net profit attributable to shareholders was ¥40,911,815.04, down 2.99% from ¥42,172,756.31 year-on-year[5] - Basic and diluted earnings per share were both ¥0.0804, a decrease of 3.02% from ¥0.0829 in the same period last year[5] - The net profit attributable to the parent company was approximately $40.91 million, a decrease from $42.17 million in the previous period, representing a decline of about 3.1%[24] - The total comprehensive income attributable to the parent company was approximately $41.38 million, compared to $40.76 million in the previous period, showing a slight increase of about 1.5%[24] Cash Flow - The net cash flow from operating activities was -¥99,953,240.83, representing a decline of 62.52% compared to -¥61,500,238.43 in the previous year[5] - The net cash flow from operating activities was negative at approximately -$99.95 million, worsening from -$61.50 million in the previous period[26] - Cash inflow from operating activities totaled approximately $399.92 million, down from $430.88 million, indicating a decrease of about 7.2%[26] - Cash outflow from operating activities was approximately $499.87 million, slightly up from $492.38 million, reflecting an increase of about 1.0%[26] - The net cash flow from financing activities was ¥146,670,476.33, an increase of 49.59% compared to ¥98,051,523.79 in the previous year[10] - The net cash flow from financing activities was approximately $146.67 million, an increase from $98.05 million in the previous period, indicating a growth of about 49.3%[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,046,293,618.84, an increase of 0.26% from ¥5,033,229,938.15 at the end of the previous year[5] - Current liabilities total 1,536,379,973.43, a decrease from 1,543,378,455.29 in the previous period[20] - Non-current liabilities decreased to 354,763,478.96 from 379,711,589.18 in the previous period[21] - Total equity increased to 3,155,150,166.45 from 3,110,139,893.68 in the previous period[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 26,353[12] - The largest shareholder, Suzhou Testing Instrument, holds 31.93% of shares, totaling 162,401,460 shares[12] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[14] - The company has not disclosed any related party relationships among the top 10 shareholders[13] - The company has not reported any changes in restricted shares during the period[15] Other Income and Expenses - Other income increased by 50.66% to ¥4,557,663.94, primarily due to an increase in VAT deductions[9] - The company experienced a 95.17% improvement in investment income, with losses from joint ventures decreasing significantly[9] - Research and development expenses for the current period are 38,174,132.58, up from 35,076,322.80 in the previous period[23] Share Repurchase - The company plans to repurchase shares using between RMB 30 million and RMB 50 million, with a maximum price of RMB 15.00 per share[15] - A total of 2,499,400 shares were repurchased, accounting for 0.4915% of the total share capital, with a total transaction amount of RMB 30,083,675[15] - The company will implement the repurchased shares for employee stock ownership or incentive plans[15] Inventory and Receivables - Accounts receivable increased to RMB 1,296,357,769.37 from RMB 1,265,726,509.32[18] - Inventory has increased to 407,304,041.38 from 376,993,609.67 in the previous period[19] Comprehensive Income - The company reported a significant increase in other comprehensive income, rising 1197.14% to ¥430,527.09 due to changes in the value of other equity instruments and foreign currency translation differences[9]