证券代码：300416 证券简称：苏试试验 公告编号：2024-020 苏州苏试试验集团股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 2、出席本次股东大会的股东及股东代理人共有 38 名 , 代 表 股 份 201,284,464 股，占公司股份总数的 39.5802%；其中，通过网络投票出席会议的 股东共 25 名，代表股份 33,627,914 股，占公司股份总数的 6.6125%；单独或合 计持有公司 5%以下股份的股东(以下简称"中小投资者") 33 名，代表股份 34,467,034 股，占公司股份总数的 6.7775%。 3、公司部分董事、监事和高级管理人员出席本次会议；北京植德律师事务 所律师对本次股东大会进行见证。 二、议案审议表决情况 本次会议采取现场投票与网络投票相结合的方式举行，表决形成如下决议： 1、《关于<公司 2023 年度董事会工作报告>的议案》 1、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情况。 一、会议召开和出席情况 1、苏 ...

致：苏州苏试试验集团股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2023 年年度股东大会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《律师 事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、 《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律业务执业 规则》"）等相关法律、行政法规、规章、规范性文件及《苏州苏试试验集团股 份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召 开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜， 出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 北京植德律师事务所 关于苏州苏试试验集团股份有限公司 2023 年年度股东大会的法律意见书 植德京（会）字[2024]0026 号 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员 资 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 19 CNY, compared to the current price of 15.00 CNY [1]. Core Views - The company's performance in 2023 slightly exceeded previous forecasts, with total revenue reaching 2.12 billion CNY, a year-on-year increase of 17.3%, and a net profit attributable to shareholders of 314 million CNY, up 16.4% year-on-year [1]. - The report highlights the fastest growth in the equipment segment, with the integrated circuit gross margin expected to improve in the future [1]. - The company is anticipated to benefit from demand recovery in 2024, which will lead to capacity release and improved performance [1]. Financial Performance Summary - In 2023, the company achieved total revenue of 2,117 million CNY, with a year-on-year growth of 17.3%. The net profit attributable to shareholders was 315 million CNY, reflecting a 16.4% increase [1]. - The gross margin for the company in 2023 was 58.8% for environmental testing, 32.8% for testing equipment, and 43.3% for integrated circuits, with year-on-year changes of +1.85 percentage points, -1.01 percentage points, and -13.8 percentage points respectively [1]. - The projected revenues for 2024, 2025, and 2026 are 2,517 million CNY, 3,022 million CNY, and 3,596 million CNY, with year-on-year growth rates of 18.9%, 20.1%, and 19.0% respectively [1]. - The expected net profits for the same years are 386 million CNY, 488 million CNY, and 603 million CNY, with growth rates of 22.8%, 26.6%, and 23.5% respectively [1].

证 券 研 究 报 告 ——环试业务增长稳健，产能扩张为业绩增长蓄能 投资要点： 1 下调 24-25 年盈利预测，新增 26 年盈利预测，维持"买入"评级。考虑到公司产能扩张 导致的折旧增加，我们下调 24-25 年盈利预测，新增 26 年盈利预测，预计 24-26 年归母 净利润分别为 3.80、4.74、5.91 亿元（原 24-25 年预测净利润为 4.35、5.87 亿元），公 司当前股价对应 24-26 年 PE 分别为 19X、16X、13X，未来 3 年公司净利润复合增速在 23.46%，当前 PEG<1 且估值处在历史底部，因此维持"买入"评级。 资料来源：公司公告，申万宏源研究 【投资收益及其他】包括投资收益、其他收益、净敞口套期收益、公允价值变动收益、资产处置收益等 【营业外净收入】营业外收入减营业外支出 信息披露 法律声明 一年内股价与大盘对比走势： 环试设备及服务增长平稳，集成电路测试增速放缓。1）分产品收入：环试服务 10.03 亿， 同比增长 19.45%；环试设备 7.53 亿，同比增长 23.00%；集成电路测试 2.57 亿，同比增 长 2.34%，其他业务 1.05 亿， ...

证券代码：300416 证券简称：苏试试验 公告编号：2024-018 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 2023 年 6 月 27 日 召开第四届董事会第三十次会议和第四届监事会第二十二次会议，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 12 个月内，使用不低于人民币 5,000 万元，不超过人民币 10,000 万元的自 有资金，采取集中竞价交易的方式以不超过 25 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，具体回购股份数 量和金额以回购结束时实际回购的股份数量和金额为准。具体内容详见公司分别 于 2023 年 6 月 28 日、2023 年 7 月 1 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：2023-039）、《回购报告 书》（公告编号：2023-041）。 根据 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved a revenue of 2.117 billion yuan in 2023, representing a year-on-year growth of 17.26%, and a net profit attributable to the parent company of 314 million yuan, up 16.44% year-on-year [1]. - The revenue structure has shifted, with the growth rate of net profit slightly lagging behind revenue growth due to lower gross margins in the testing equipment segment compared to other services [1][2]. - The company is accelerating its business expansion into new fields such as new energy, aerospace, and medical devices, with plans for new laboratories and service networks [2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.117 billion yuan, a 17.26% increase from the previous year, and a net profit of 314 million yuan, reflecting a 16.44% growth [1]. - The fourth quarter of 2023 saw a revenue of 590 million yuan, up 8.24% year-on-year, and a net profit of 94 million yuan, a 3.03% increase [1]. Revenue Structure - The revenue from testing equipment reached 753 million yuan, growing by 23.00%, while environmental and reliability testing services generated 1.003 billion yuan, up 19.45%. Integrated circuit verification and analysis services brought in 257 million yuan, a growth of 2.34% [1]. - The gross margin for testing equipment and integrated circuit services decreased by 1.01 percentage points and 13.80 percentage points, respectively, while the gross margin for environmental reliability testing services increased by 1.85 percentage points [2]. Business Expansion - The company is focusing on expanding its capabilities in environmental and reliability testing, integrated circuit verification, and electromagnetic compatibility, with plans to establish specialized laboratories in Mianyang and Guizhou, and a laboratory in Thailand [2]. - The company is also accelerating the construction of a new energy vehicle testing center and a fifth-generation mobile communication performance testing service platform, expected to be operational in the second half of 2024 [2]. Profit Forecast and Valuation - The net profit forecast for 2024 and 2025 has been adjusted downwards by 20.00% and 24.63% to 381 million yuan and 455 million yuan, respectively, with a projected net profit of 543 million yuan in 2026 [3]. - The earnings per share (EPS) for 2024, 2025, and 2026 are estimated to be 0.75 yuan, 0.89 yuan, and 1.07 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 19, 16, and 14 times [3].

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Views - The company has demonstrated resilient growth in 2023, with revenue reaching 2.117 billion (up 17.3%) and net profit attributable to the parent company at 314 million (up 16.4%) [11][12]. - The company is expected to accelerate growth in 2024, driven by the release of new production capacity and expansion into new fields such as satellite internet and low-altitude economy [11]. - The report highlights the company's strong position in the environmental testing services sector, which is anticipated to benefit from the booming demand in the new energy industry [11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.117 billion (up 17.3%) and a net profit of 314 million (up 16.4%) [11][12]. - The gross margin for 2023 was 45.6%, a slight decrease of 1.1 percentage points compared to the previous year [20]. - The company’s net profit margin was 14.8%, down 0.2 percentage points [20]. Growth Drivers - The report identifies environmental testing equipment and services as a key growth driver, with expectations for industry recovery and increasing demand from the new energy sector [11]. - New production capacity in semiconductor testing is anticipated to contribute to high growth, with Shanghai Yite expected to release capacity in 2024 [11]. - The company is expanding its laboratory network and entering new markets, which is expected to further enhance its competitive advantage [11]. Profitability Forecast - The forecast for net profit attributable to the parent company is 386 million, 495 million, and 610 million for 2024, 2025, and 2026 respectively, corresponding to a PE ratio of 19, 15, and 12 [11][12]. - The report anticipates a steady increase in gross margin, projected to reach 48.1% by 2025 [12]. Market Position - The company maintains a leading position in environmental testing services, with a strong focus on expanding into high-demand sectors such as new energy, low-altitude economy, and 5G communication [11]. - The report emphasizes the company's robust laboratory development and its strategic expansion into international markets [11].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved operating revenue of 2.1 billion yuan in 2023, a year-on-year increase of 17%, and a net profit attributable to the parent company of 310 million yuan, up 16% year-on-year. In Q4 alone, revenue reached 600 million yuan, growing 8% year-on-year, with a net profit of 94 million yuan, an increase of 3% year-on-year. The revenue breakdown shows that environmental testing equipment generated 750 million yuan (up 23%), environmental testing services brought in 1 billion yuan (up 19%), and integrated circuit testing contributed 260 million yuan (up 2) [1][2][3] - The company is expected to benefit from the recovery in demand for environmental testing services and the release of production capacity in the integrated circuit testing segment in 2024, leading to a potential performance rebound [1][3] Summary by Sections Financial Performance - In 2023, the company's gross profit margin was 45.6%, a decrease of 1.0 percentage points year-on-year, primarily due to the impact of integrated circuit capacity expansion. The gross profit margins for different segments were: environmental testing equipment at 32.8% (down 1.0 percentage points), environmental testing services at 58.8% (up 1.9 percentage points), and integrated circuit testing at 43.3% (down 13.9 percentage points) [2] - The company's expense ratio for 2023 was 26.4%, down 1.9 percentage points year-on-year, indicating improved cost control. The sales, management, R&D, and financial expense ratios were 6.4%, 10.9%, 7.9%, and 1.2%, respectively [2] - The net profit margin for 2023 was 17.4%, an increase of 0.2 percentage points year-on-year, remaining stable [2] Market Outlook - The company is positioned as a leader in environmental and reliability testing, benefiting from the manufacturing sector's transformation and upgrade, which is expected to increase demand for testing equipment and services [3] - The company is expanding into high-barrier testing sectors, covering military, semiconductor, and new energy vehicle industries, while also exploring high-end fields like 5G, which are anticipated to drive new growth engines [3] - The forecast for net profit attributable to the parent company for 2024-2026 has been adjusted to 390 million yuan (previously 450 million yuan), 500 million yuan (previously 600 million yuan), and 630 million yuan, respectively, with an "Accumulate" rating maintained [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company's 2023 annual report met expectations, with a steady development of its "equipment + services" dual engine. The company achieved a total revenue of 2.117 billion yuan in 2023, representing a year-on-year growth of 17.26%. The net profit attributable to shareholders was 314 million yuan, with a growth rate of 16.44% [3][5]. - The company has a strong competitive advantage in the complete testing industry chain, particularly in emerging downstream sectors, which is expected to release significant testing demand [4][16]. - The company is projected to achieve revenues of 2.680 billion yuan, 3.275 billion yuan, and 3.797 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26.6%, 22.2%, and 15.9% [5][6]. Financial Performance - In 2023, the company reported a gross margin of 45.6%, a decrease of 1.06 percentage points year-on-year, while the net profit margin was 17.42%, an increase of 0.16 percentage points [15]. - The company’s R&D expense ratio was 7.87%, an increase of 0.42 percentage points year-on-year, indicating a continuous investment in R&D to support emerging industry demands [15]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.82 yuan, 1.06 yuan, and 1.23 yuan respectively, reflecting a positive growth trajectory [6][5]. Market Position and Strategy - The company is recognized as a leader in environmental testing services, with a focus on expanding its capabilities in new energy, storage, aerospace, wireless communication, and medical devices [16]. - The company has established a deep competitive moat through its extensive experience and technological accumulation in testing services, which positions it well to benefit from the growing demand in emerging industries [4][16].

Investment Rating - The report maintains a "Buy - A" rating for the company, with a 6-month target price of 18.75 CNY [10][34]. Core Insights - The company's core business operations are stable, with rapid growth in the automotive and rail transit sectors. The environmental testing business has shown improved profitability and is expected to tap into the low-altitude economy [9][30]. - In 2023, the company achieved a revenue of 2.117 billion CNY, a year-on-year increase of 17.26%, and a net profit of 314.3 million CNY, up 16.44% [23][34]. - The report highlights the company's strong expansion capabilities and its potential to become a comprehensive testing leader across multiple sectors [18][34]. Financial Performance Summary - Revenue projections for 2024-2026 are 2.553 billion CNY, 3.179 billion CNY, and 3.933 billion CNY, reflecting growth rates of 20.6%, 24.5%, and 23.7% respectively [34]. - Net profit forecasts for the same period are 381 million CNY, 485 million CNY, and 631 million CNY, with growth rates of 21.2%, 27.2%, and 30.4% respectively [34]. - The company's gross margin for 2023 was 45.6%, a slight decrease of 1.06 percentage points year-on-year, while the environmental testing business achieved a gross margin of 58.80%, an increase of 1.85 percentage points [23][30]. Business Segment Performance - The automotive and rail transit revenue reached 192 million CNY in 2023, a year-on-year increase of 35.76%, driven by the growing demand in the domestic new energy vehicle sector [24][34]. - The integrated circuit business generated revenue of 258 million CNY in 2023, with a net profit margin recovery expected in 2024 due to ongoing investments in testing equipment [30][34]. - The company is expanding its testing capabilities in aerospace and low-altitude flight testing, which aligns with national policies promoting the low-altitude economy [31][34].