苏试试验（300416）公告，2025年第一季度营业收入4.29亿元，同比下降2.96%。净利润4091.18万元， 同比下降2.99%。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.00, compared to the last closing price of 15.87 [1]. Core Insights - The company's operating performance has slightly declined, with a reported revenue of 2.026 billion and a net profit of 229 million for the year 2024, representing a decrease of 4.31% and 27.00% year-on-year, respectively [5][6]. - The company is focusing on expanding its production capacity through ongoing fundraising projects, which are expected to gradually release capacity [6]. - The company has established a unique business model that integrates testing equipment and services, which is expected to drive growth in the future [7]. Financial Performance Summary - For the year 2024, the company achieved a revenue of 2.026 billion, down 4.31% from the previous year, and a net profit of 229 million, down 27.00% [5][9]. - The revenue from testing equipment decreased by 17.25% to 622.79 million, while revenue from environmental and reliability testing services increased by 0.64% to 1.009 billion, and integrated circuit verification and analysis services grew by 12.33% to 288.16 million [6]. - The company expects net profits for 2025, 2026, and 2027 to be 329 million, 375 million, and 419 million, respectively, with corresponding EPS of 0.65, 0.74, and 0.82 [7][9]. Market Outlook - The company is well-positioned to benefit from the growing demand for third-party environmental and reliability testing services, as the current supply is insufficient to meet market needs [7]. - The projected revenue growth rates for the next few years are 16.50% for 2025, 14.50% for 2026, and 12.00% for 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [6]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 2.026 billion yuan, down 4.31% year-on-year, and net profit at 229 million yuan, down 27% year-on-year [1]. - Despite short-term performance pressures, there is an expectation for recovery in downstream demand, particularly benefiting from the growth in emerging industries and new technologies [3][4]. - The company’s operating cash flow showed a positive trend, with a net inflow of 485 million yuan in 2024, up 31.10% year-on-year, suggesting potential improvement in profitability [3]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 2.026 billion yuan, a decrease of 4.31% year-on-year, and a net profit of 229 million yuan, down 27% year-on-year [1]. - The fourth quarter of 2024 saw operating revenue of 619 million yuan, an increase of 4.93% year-on-year, while net profit was 83 million yuan, down 11.64% year-on-year [1]. Business Segments - The company’s revenue distribution by industry in 2024 was as follows: Electronics and Electrical (40.28%), Research and Testing Institutions (18%), Aerospace (14.7%), Automotive and Rail Transit (10.72%), and Shipbuilding (5.58%) [2]. - Revenue from the testing equipment segment was 623 million yuan, down 17.25% year-on-year; environmental reliability testing services generated 1.009 billion yuan, up 0.64%; and integrated circuit verification and analysis services brought in 288 million yuan, up 12.33% [2]. Profitability and Cash Flow - The company’s gross margin and net profit margin for 2024 were 44.54% and 13.40%, respectively, reflecting a decline of 1.06 percentage points and 4.02 percentage points year-on-year [3]. - The report highlights a good performance in operating cash flow, with a net inflow of 485 million yuan in 2024, indicating a 31.10% increase year-on-year [3]. Future Outlook - The company is expected to benefit from a recovery in downstream demand and the strategic focus on emerging industries, which may drive new growth opportunities [3][4]. - Profit forecasts for 2025 and 2026 have been adjusted to 304 million yuan and 381 million yuan, respectively, with an estimated EPS of 0.60 yuan and 0.75 yuan [4][5].

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, attributed to fluctuations in downstream industry demand and rising operational costs during capacity expansion [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.03 billion, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 229 million, down 27% [1]. - The company's gross profit margin was 44.5%, a decline of 1.1 percentage points year-on-year [1]. Downstream Industry Analysis - The top three industries contributing to the company's revenue are electronics and electrical appliances (40.3%), scientific research and testing institutions (18.0%), and aerospace (14.7%) [2]. - Revenue and gross margin in the top three industries showed declines: electronics and electrical appliances revenue decreased by 7.1% and gross margin by 4.2 percentage points; scientific research and testing institutions saw a revenue drop of 11.5% and a gross margin increase of 7.2 percentage points; aerospace experienced a revenue increase of 10.9% but a gross margin decline of 5.7 percentage points [2]. Product Performance - Revenue from testing equipment in 2024 was 620 million, down 17.3%, with a gross margin of 29.4%, a decrease of 2.7 percentage points [2]. - Environmental reliability testing services generated revenue of 1.01 billion, a slight increase of 0.6%, with a gross margin of 57.0%, down 1.8 percentage points [2]. - Integrated circuit verification and analysis services achieved revenue of 290 million, up 12.3%, with a gross margin of 40.0%, down 3.6 percentage points [2]. Strategic Focus - The company is deepening its focus in niche areas such as new energy, energy storage, aerospace, mobile communication, power equipment, and medical devices, enhancing its laboratory testing capabilities [3]. - The company is actively building sales channels through promotional events and technical seminars to better match customer needs and improve service quality [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 2.1 billion, 2.2 billion, and 2.3 billion respectively, with net profits of 300 million, 370 million, and 420 million, corresponding to price-to-earnings ratios of 28, 23, and 20 times [3]. - The company maintains a "buy" rating, anticipating that special industry orders will gradually materialize in 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.47 CNY, based on a 33x PE ratio for comparable companies in 2025 [2][4]. Core Views - The company's profitability is under pressure in 2024, with a projected revenue decline of 4.3% to 2.026 billion CNY and a net profit drop of 27% to 229 million CNY. However, there is an expectation for demand recovery in 2025, which could lead to gradual performance improvement [2][8]. - The company is focusing on dual drivers for growth, emphasizing technological advancements and expanding service capabilities, particularly in emerging industries [8]. Financial Summary - **Revenue Forecast**: - 2023: 2,117 million CNY - 2024: 2,026 million CNY (down 4.3%) - 2025: 2,455 million CNY (up 21.2%) - 2026: 2,883 million CNY (up 17.4%) - 2027: 3,476 million CNY (up 20.6%) [3][11] - **Net Profit Forecast**: - 2023: 314 million CNY - 2024: 229 million CNY (down 27.0%) - 2025: 298 million CNY (up 30.1%) - 2026: 372 million CNY (up 24.5%) - 2027: 497 million CNY (up 33.6%) [3][11] - **Earnings Per Share (EPS)**: - 2023: 0.62 CNY - 2024: 0.45 CNY - 2025: 0.59 CNY - 2026: 0.73 CNY - 2027: 0.98 CNY [3][11] - **Profitability Ratios**: - Gross Margin: - 2023: 45.6% - 2024: 44.5% - 2025: 44.2% - 2026: 44.2% - 2027: 44.4% [3][11] - Net Margin: - 2023: 14.8% - 2024: 11.3% - 2025: 12.2% - 2026: 12.9% - 2027: 14.3% [3][11] - **Valuation Ratios**: - Price-to-Earnings (PE) Ratio: - 2023: 26.8 - 2024: 36.7 - 2025: 28.2 - 2026: 22.7 - 2027: 17.0 [3][11] - Price-to-Book (PB) Ratio: - 2023: 3.3 - 2024: 3.2 - 2025: 2.8 - 2026: 2.6 - 2027: 2.3 [3][11]

Investment Rating - The investment rating for the company is "Buy" [7][21]. Core Views - The company reported a revenue of 2.026 billion yuan in 2024, a year-on-year decrease of 4.31%, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year [2][4]. - The company's gross margin and net margin for 2024 were 44.54% and 13.40%, respectively, reflecting a decline of 1.06 percentage points and 4.02 percentage points year-on-year due to increased market competition and rising costs [4][5]. - The company is focusing on improving equipment utilization in traditional sectors while exploring new fields such as commercial aerospace and aviation [5][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 619 million yuan, representing a year-on-year increase of 4.93%, while the net profit attributable to shareholders was 83.02 million yuan, down 11.64% year-on-year [4]. - The revenue from testing equipment was 623 million yuan, down 17.25% year-on-year, while revenue from environmental and reliability testing services was 1.009 billion yuan, up 0.64% year-on-year [4]. - The company anticipates a gradual recovery in net profit, projecting 292 million yuan for 2025 and 371 million yuan for 2026, with a further increase to 454 million yuan by 2027 [7][9]. Market Position and Strategy - The company has established a unique advantage by integrating testing equipment and services, enhancing its competitive edge in the market [6]. - The company has expanded its capabilities in integrated circuit testing services through acquisitions and is continuously enhancing its laboratory testing capabilities to capture new market opportunities [6][7].

Group 1 - The company Su Shi Testing has seen a recovery in demand for its testing equipment and services, particularly in the downstream sectors of new energy vehicles, integrated circuits, aerospace, and special industries [2] - The company is focusing on innovation and enhancing operational efficiency to maintain its market competitiveness and profitability amidst price pressures due to increased competition and technological advancements [2] - The company plans to control overall capital expenditures while focusing on improving equipment utilization in traditional sectors and exploring new production areas such as commercial aerospace [2] Group 2 - The company has acquired land use rights for 32,117.53 square meters in Wuhan to support the expansion of its testing services in the region [2] - In the integrated circuit verification and analysis services sector, the company is expanding its testing capabilities and enhancing market promotion efforts to meet the growing demand driven by the domestic production trend [2] - The company is actively expanding its EMC testing capabilities across multiple laboratories in cities like Suzhou, Beijing, Chengdu, Xi'an, and Shanghai to meet the increasing demand from industries such as new energy vehicles and aerospace [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a revenue of 2.026 billion yuan in 2024, a year-on-year decrease of 4.31%, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year. However, Q4 showed improvement with a revenue of 619 million yuan, up 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 expresses optimism about the company's long-term resilience and development [3] - The company is expected to see revenue growth in the coming years, with projected revenues of 2.358 billion yuan, 2.711 billion yuan, and 3.077 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 16.4%, 15.0%, and 13.5% [4] Financial Performance Summary - In 2024, the company's overall 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 [2] - The company is projected to achieve net profits of 308 million yuan, 381 million yuan, and 453 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 34.3%, 23.7%, and 19.0% [4][5] - The current price-to-earnings ratio (P/E) for 2025 is estimated at 27.3 times, decreasing to 22.1 times in 2026 and 18.6 times in 2027 [4][5]

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]