各位领导上午好我是国军机械张越欢迎大家来到我们2025年度策略会的舒适试验级线上交流今天我们也是很荣幸的邀请到了舒适试验的IR向总来和我们做一个交流我们先请向总简单介绍一下公司的近况然后我们再进入一个问答交流环节有请向总 好的好的感谢张总感谢各位投资人的关注我先给大家介绍一下我们近期公司的一个基本情况我们三个板块目前看起来呢就是设备板块其实在9月10月份我们的这个投资行业可能订单相对来说有一定程度的复苏11月份订单相对来说可能较9月份10月份恢复的没有那么的明显吧然后 我们的谷物板块几个重点实验室其实从今年的二季度开始订单陆陆续续有一些程度的复苏但是我们整个流程的无论是从下单还是说进场到实验过程和最后的结案全收入它的流程并没有一个明显的复苏的情况出现 相对来说可能在我们这个应收账款和这个实验人员催收的这个节奏下面相对来说有一些改变但是整体的情况还是没有那么大的一个好转吧但我们目前看起来重点实验室尤其是我们宿舍实验室其实三季度的订单情况还是比较好的然后现在人员的这个加班加点情况也是比之前的几个月都有一个明显的变化但是从 这个缺收情况来看目前的压力还是比较大的我们预判可能明年后年来说像是这个航空航天口它的一个单子 ...

证券代码：300416 证券简称：苏试试验 公告编号：2024-043 苏州苏试试验集团股份有限公司 关于公司第二期员工持股计划存续期即将届满的提示性公告 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"）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，同 意公司实施第二期员工持股计划（以下简称"本员工持股计划"），并授权董事 会办理本员工持股计划的相关事宜。具体内容详见公司于 2022 年 3 月 22 日、 2022 年 4 月 9 日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 鉴于本员工持股计划将于 2025 年 6 月 6 日存续期届满，根据中国证券监督 管理委员会《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 ...

证券代码：300416 证券简称：苏试试验 公告编号：2024-042 苏州苏试试验集团股份有限公司 关于回购公司股份的进展公告 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"）于 2024 年 9 月 18 日 召开第五届董事会第六次会议和第五届监事会第六次会议，审议通过了《关于回 购公司股份方案的议案》，同意自董事会审议通过本次回购股份方案之日起 6 个 月内，使用不低于人民币 3,000 万元，不超过人民币 5,000 万元的自有资金，采 取集中竞价交易的方式以不超过 15 元/股的价格回购公司部分人民币普通 A 股 股票，全部用于实施员工持股计划或股权激励计划，该议案无需提交公司股东大 会审议。具体内容详见公司分别于 2024 年 9 月 19 日、2024 年 9 月 20 日在巨潮 资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公 告编号：2024-035）、《回购报告书》（公告编号：2024-037）。 根据《上市公司股份回购规则》、《深圳证券交易所 ...

Investment Rating - The investment rating for the company is "Buy" with a target price reflecting an expected return of over 20% within the next six months [3][11]. Core Views - The company reported a revenue of 1.406 billion yuan for the first three quarters of 2024, a year-on-year decrease of 7.88%, and a net profit attributable to shareholders of 146 million yuan, down 33.56% year-on-year [1]. - The company is experiencing short-term pressure on performance due to weakened capital expenditure demand from downstream clients and intensified competition in the end market [1]. - Despite the current challenges, the company is expected to see improvements in performance in the future, with adjusted profit forecasts for 2024-2026 being 245 million, 315 million, and 400 million yuan respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 44.01%, down 1.07 percentage points year-on-year, and the net profit margin was 12.23%, down 4.66 percentage points year-on-year [1]. - The company’s revenue for Q3 2024 was 490 million yuan, a decrease of 11.9% year-on-year but an increase of 3.18% quarter-on-quarter [1]. - The company’s financial metrics indicate a projected revenue of 2.033 billion yuan for 2024, with a growth rate of -3.94% [2][5]. Segment Analysis - The testing equipment segment is under pressure due to reduced capital expenditure from clients in special industries and increased competition in the downstream market [1]. - The environmental and reliability testing services segment is experiencing temporary performance impacts due to prior investments in new energy and energy storage sectors [1]. - The integrated circuit segment is expected to grow rapidly as new capacity is gradually released, with positive performance anticipated if market demand remains strong [1]. Strategic Initiatives - The company is actively repurchasing shares, with plans to use between 30 million and 50 million yuan for this purpose, aimed at implementing employee stock ownership plans or equity incentive plans [1]. - The company is positioning itself as a comprehensive service provider for environmental reliability testing and quality assurance, covering various industries including electronics, information technology, aerospace, and drones [1].

证券代码：300416 证券简称：苏试试验 公告编号：2024-041 苏州苏试试验集团股份有限公司 关于回购公司股份的进展公告 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"）于 2024 年 9 月 18 日 召开第五届董事会第六次会议和第五届监事会第六次会议，审议通过了《关于回 购公司股份方案的议案》，同意自董事会审议通过本次回购股份方案之日起 6 个 月内，使用不低于人民币 3,000 万元，不超过人民币 5,000 万元的自有资金，采 取集中竞价交易的方式以不超过 15 元/股的价格回购公司部分人民币普通 A 股 股票，全部用于实施员工持股计划或股权激励计划，该议案无需提交公司股东大 会审议。具体内容详见公司分别于 2024 年 9 月 19 日、2024 年 9 月 20 日在巨潮 资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公 告编号：2024-035）、《回购报告书》（公告编号：2024-037）。 根据《上市公司股份回购规则》、《深圳证券交易所 ...

Investment Rating - The report maintains a "Strong Buy" rating for Suzhou Test (300416) with a target price of 16.92 yuan, compared to the current price of 13.03 yuan [1] Core Views - Suzhou Test's Q1-Q3 2024 revenue reached 1.406 billion yuan, up 7.88% YoY, but net profit attributable to shareholders declined by 33.56% to 146 million yuan [1] - Q3 2024 revenue was 489 million yuan, down 11.91% YoY, with net profit attributable to shareholders dropping 48.34% to 44 million yuan [1] - Gross margin and net margin for Q1-Q3 were 44.01% and 12.23%, down 1.07pct and 4.66pct YoY respectively [1] - The company's downstream demand is showing marginal improvement, but the confirmation cycle may be prolonged [1] - Long-term growth is supported by the company's technological barriers and laboratory expansion, with fixed assets increasing by 457 million yuan in 2023 [1] Financial Performance - 2024E revenue is projected at 2 billion yuan, down 5.5% YoY, with net profit attributable to shareholders expected to decline 23.6% to 240 million yuan [2] - 2025E revenue is forecasted to grow 14.5% to 2.289 billion yuan, with net profit attributable to shareholders increasing 27.9% to 308 million yuan [2] - EPS for 2024E is estimated at 0.47 yuan, with a P/E ratio of 28x [2] Business Segments - Test equipment revenue in H1 2024 was 291 million yuan, down 14.57% YoY [1] - Environmental reliability testing services revenue in H1 2024 was 461 million yuan, down 1.72% YoY [1] - IC verification and analysis services revenue in H1 2024 grew 18.22% YoY to 128 million yuan [1] Valuation and Projections - The company is valued at 28x 2025E PE, with a target price of 16.92 yuan [1] - 2026E revenue is projected at 2.606 billion yuan, with net profit attributable to shareholders expected to reach 361 million yuan [2] - ROE is forecasted to improve from 9.7% in 2024E to 12.0% in 2026E [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant decline in performance, with a 48.3% year-on-year drop in net profit attributable to shareholders in Q3 2024, alongside an 11.9% decrease in revenue [5][6]. - The decline in revenue is attributed to weak demand affecting order performance, particularly in the testing equipment and environmental testing services sectors, compounded by special events in the military industry [5][6]. - Future expectations include potential revenue and profit recovery driven by equipment renewal policies, gradual recovery in military testing demand, and sustained demand for new energy vehicle testing [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 1.406 billion yuan, a decrease of 7.9% year-on-year, with a net profit of 146 million yuan, down 33.6% [5]. - In Q3 alone, revenue was 489 million yuan, down 11.9%, and net profit was 44 million yuan, down 48.3% [5][6]. - The gross profit margin for the first three quarters was 44.0%, a decline of 1.07 percentage points year-on-year, with Q3 gross margin at 42.1%, down 3.69 percentage points [5][6]. Market Outlook - The company is expanding its capacity and actively developing new application areas, including the construction of wireless testing laboratories and expansion of testing centers for new energy vehicles and aerospace products [6]. - The company anticipates revenue growth in the testing equipment sector due to policy-driven equipment updates and a gradual release of military testing orders [5][6]. Earnings Forecast - The company is expected to achieve revenues of 1.97 billion yuan, 2.14 billion yuan, and 2.36 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 227 million yuan, 262 million yuan, and 310 million yuan [6]. - The corresponding price-to-earnings (PE) ratios are estimated at 29.4x, 25.4x, and 21.5x for the same years [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance growth has slowed due to high base effects from the previous year and delays in order confirmations from special industries [2] - The company is positioned as a leader in environmental and reliability testing, with significant growth potential in the market [4] - The company's profitability is under temporary pressure due to increased costs associated with capacity expansion [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 1.41 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 150 million yuan, down 34% year-on-year [2] - In Q3 2024, the company achieved revenue of 490 million yuan, a 12% decline year-on-year, and a net profit of 44 million yuan, down 48% year-on-year [2] - The gross profit margin for Q3 2024 was 42.1%, a decrease of 3.7 percentage points year-on-year, while the net profit margin was 10.4%, down 7.8 percentage points year-on-year [3] Earnings Forecast and Valuation - The company's net profit forecasts for 2024, 2025, and 2026 have been adjusted to 230 million yuan (previously 330 million), 300 million yuan (previously 430 million), and 380 million yuan (previously 550 million), respectively [4] - The current market capitalization corresponds to P/E ratios of 29, 22, and 18 for the years 2024, 2025, and 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The macroeconomic environment in 2024 is expected to remain relatively low, with overall downstream demand weakening. However, special industry orders are anticipated to gradually recover, and the subsidiary Yite's capacity enhancement plan is expected to return to normal. The company is projected to achieve revenues of 2.253 billion, 2.478 billion, and 2.829 billion yuan from 2024 to 2026, with net profits of 262 million, 334 million, and 408 million yuan respectively, resulting in a CAGR of 9.12% [2][6] - The company is a leader in the testing equipment industry, and its operational capabilities are expected to stabilize. The estimated EPS for 2024, 2025, and 2026 are 0.51, 0.66, and 0.80 yuan per share [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.406 billion yuan, a year-on-year decline of 7.88%, and a net profit of 146 million yuan, down 33.56% year-on-year. In Q3 2024, revenue was 489 million yuan, down 11.91% year-on-year, with a net profit of 44 million yuan, down 48.34% year-on-year [6] - The gross margin slightly decreased, while the net margin saw a significant decline. The gross and net margins for Q1-3 2024 were 44.01% and 12.23%, respectively, down 1.07 and 4.66 percentage points year-on-year. For Q3 2024, the gross and net margins were 42.08% and 10.35%, down 3.68 and 7.84 percentage points year-on-year [6] - The company is facing pressure on its environmental testing services and equipment due to increased competition and reduced capital expenditure from downstream clients [6] Business Development Outlook - The company is focusing on new product and technology development, with ongoing R&D in various fields including new energy, storage, aerospace, wireless communication, and medical devices. The integrated circuit testing capabilities are also being strengthened [6] - Despite the current pressures, the company is viewed positively for its long-term business development potential as a leading domestic testing equipment provider [6]

股 票 研 究 证 券 研 究 报 告 ——苏试试验 2024 年三季报点评 2024Q3 业绩短期波动，订单有望稳步增长 苏试试验(300416) [Table_Industry] 资本货物/工业 | --- | --- | --- | |----------|-------------------------------------|--------------------------| | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 张越 ( 分析师 ) | | | 0755-23976830 | 0755-23976385 | | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | | 登记编号 | S0880522120001 | S0880522090004 | 本报告导读： 公司 2024 年三季报业绩符合预期，环境可靠性试验设备与服务订单有望保持良好增 长，集成电路检测快速发展，随着产能逐步爬坡盈利能力有望提升。 投资要点： 股票研究 /[Table_Date] 2024.10.27 | --- ...