Investment Rating - The report assigns a "Buy" rating to the company with a target price of 17.94 CNY [88] Core Views - The company operates under a dual-drive model of "equipment + services," focusing on emerging, high-barrier, and high-growth testing projects, particularly in the integrated circuit (IC) testing sector [1] - The company has maintained steady revenue and net profit growth over the past decade, with a CAGR of 25.16% for revenue and 23.97% for net profit from 2013 to 2023 [13] - The company is a leader in the environmental testing (ET) equipment and services market, with a strong presence in high-growth sectors such as new energy vehicles, aerospace, and IC testing [76] Business Overview - The company's main business segments include environmental and reliability testing services, equipment sales, and IC verification and analysis services [105] - The company has a diversified customer base across industries such as automotive, new energy, rail transit, aerospace, shipbuilding, robotics, and petrochemicals [5] - The company's testing equipment includes mechanical, climatic, and comprehensive environmental testing systems, with a leading market share in mechanical environmental testing equipment in China [149] Financial Performance - In 2023, the company achieved revenue of 2.117 billion CNY, a year-on-year increase of 17.26%, and a net profit of 314 million CNY, up 16.44% year-on-year [76] - The company's gross margin in 2023 was 45.60%, while the net margin increased by 0.16 percentage points to 17.42% [15] - The company's operating cash flow improved significantly, reaching 370 million CNY in 2023, providing a solid foundation for capacity expansion and new projects [108] Industry Analysis - The environmental testing market in China reached 30.4 billion CNY in 2022, with a CAGR of 11% from 2013 to 2022 [115] - The IC testing market is growing rapidly due to the acceleration of domestic substitution in China, with the IC design industry's sales reaching 534.57 billion CNY in 2022, a year-on-year increase of 16.5% [42] - The global semiconductor third-party testing market is expected to grow from 3 billion USD in 2021 to 7.5 billion USD by 2028, with a CAGR of 13.95% [51] Strategic Initiatives - The company has expanded its testing capabilities in high-growth sectors such as new energy vehicles, aerospace, and IC testing, with several capacity expansion projects expected to be completed by 2024 [30][39] - The company acquired Shanghai Etest in 2019, entering the IC testing market, and has since become one of the leading third-party testing institutions in mainland China [55][57] - The company has implemented employee stock ownership plans in 2019 and 2022 to incentivize employees and align their interests with the company's long-term growth [97][100] Competitive Advantages - The company has a first-mover advantage in equipment and capacity, with advanced IC testing equipment and a strong focus on R&D [58] - The company's "equipment + services" dual-drive model allows it to provide comprehensive testing solutions, enhancing its competitive edge in the market [117] - The company has a nationwide laboratory network, covering all major regions in China, and offers a full range of testing services across the industrial chain [146]

第一大股东 苏州试验仪器总厂 股票投资评级 苏试试验(300416) 买入|上调 个股表现 -48% -42% -36% -30% -24% -18% -12% -6% 0% 6% 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 苏试试验 社会服务 资料来源：聚源，中邮证券研究所 最新收盘价（元） 14.50 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 研究助理:陈基赟 SAC 登记编号:S1340123010003 Email:chenjiyun@cnpsec.com 公司发布 2023 年年度报告，全年实现营收 21.17 亿元，同增 17.26%；实现归母净利润 3.14 亿元，同增 16.44%；实现扣非归母净 利润 2.8 亿元，同增 17.08%。 ⚫ 事件点评 试验服务、设备销售贡献主要增长。分板块来看，试验服务、设 备销售、集成电路验证与分析服务、其他业务收入分别实现营收 10.03、7.53、2.57、1.05 亿元，同比增速分别为 19.45%、23.00%、 2.34%、1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [21][29]. Core Insights - 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 shareholders of 314 million yuan, up 16.44% year-on-year [1][16]. - The company is expanding its network and production capacity, with significant projects completed in testing systems, which are expected to enhance performance in the second half of the year [2][21]. - The company is well-positioned to benefit from the growth in downstream industries such as new energy and wireless communication, with several projects expected to commence operations in the latter half of the year [2][21]. Financial Performance Summary - In 2023, the company reported revenues of 2.117 billion yuan and a net profit of 314 million yuan, with respective growth rates of 17.26% and 16.44% [1][16]. - The company’s revenue is projected to grow to 2.624 billion yuan in 2024, 3.174 billion yuan in 2025, and 3.760 billion yuan in 2026, with growth rates of 24%, 21%, and 18% respectively [4][21]. - The diluted earnings per share (EPS) are expected to increase from 0.62 yuan in 2023 to 1.26 yuan by 2026 [4][21]. Business Segment Performance - The company’s testing equipment segment generated 753 million yuan in revenue, growing by 23% year-on-year, while environmental and reliability testing services and integrated circuit verification services reported revenues of 1.003 billion yuan and 257 million yuan, growing by 19.45% and 2.34% respectively [16][21]. - The gross margin for the company was reported at 45.60%, with a net margin reaching a historical high of 17.42% [16][21]. Future Outlook - The company is expected to see significant revenue and profit growth in the coming years, with net profits projected to reach 397 million yuan in 2024, 508 million yuan in 2025, and 642 million yuan in 2026, reflecting growth rates of 26.28%, 28.10%, and 26.21% respectively [4][21]. - The report highlights the potential for improved profitability as production capacity is released in the second half of the year [21].

联合研究丨公司点评丨苏试试验（300416.SZ） [Table_Title] 苏试试验 2023 年报点评：盈利能力稳定， 期待 2024 年需求回振 SAC：S0490517090001 SAC：S0490520110004 SAC：S0490517110001 SAC：S0490520070003 丨证券研究报告丨 分析师及联系人 SFC：BRP550 苏试试验（300416.SZ） cjzqdt11111 相关研究 [事件描述 Table_Summary2] 事件评论 净利率同比增 0.2pct，经营现金流有所下降，资产负债率降低 5.0pct。1）利润：2023 年 公司毛利率 45.6%，同比降 1.1pct，其中设备销售/试验服务/集成电路检测毛利率分别为 32.8%/58.8%/43.3%，同比-1.01pct/+1.85pct/-13.80pct，集成电路毛利率下行源于半导 体子公司宜特扩产提前增加设备产能及人员造成运营成本增加，2024 预计逐步投入生产， 后续产能利用率爬坡、消化前置的成本费用后利润率大概率改善；全年期间费用率26.4%， 同比降 1.9pct，费用管控良好；净利率 17 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.48 yuan, while the current price is 14.50 yuan [2][4]. Core Views - The company's testing equipment and environmental testing services are steadily growing, with integrated circuit testing expected to gradually recover from short-term pressure. The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.76, 0.95, and 1.13 yuan respectively [1][2][4]. Financial Performance - The company reported a revenue of 2.117 billion yuan for 2023, representing a year-on-year increase of 17.26%. The net profit attributable to shareholders was 314 million yuan, up 16.44% year-on-year [1][22]. - In Q4 2023, the company achieved a revenue of 590 million yuan, which is an 8.24% increase year-on-year and a 5.77% increase quarter-on-quarter [1][22]. Segment Performance - Testing equipment revenue reached 753 million yuan in 2023, a 23.00% increase year-on-year, driven by demand from the new energy sector and testing institutions [1][22]. - Environmental testing services generated 1.003 billion yuan in revenue, up 19.45% year-on-year, with continued investments in new energy, energy storage, aerospace, wireless communication, and medical devices [1][22]. - Integrated circuit testing revenue was 257 million yuan, reflecting a modest year-on-year growth of 2.34%, impacted by increased operational costs due to rapid expansion of equipment capacity and talent reserves [1][22]. Capacity Expansion and Future Outlook - The company is actively expanding its application fields and accelerating capacity layout, with projects in new energy and wireless communication expected to be operational in the second half of 2024 [1][22]. - The financial forecasts indicate a steady growth trajectory, with projected revenues of 2.592 billion yuan in 2024, 3.133 billion yuan in 2025, and 3.737 billion yuan in 2026 [22].

Financial Performance - The total revenue for 2023 is projected to increase by 15% compared to the previous year, reaching approximately 1.2 billion CNY[14]. - The company anticipates a net profit margin of 12% for 2023, reflecting improved operational efficiency[14]. - The company's operating revenue for 2023 was CNY 2,116,723,460.04, representing a 17.26% increase compared to CNY 1,805,138,873.35 in 2022[19]. - The net profit attributable to shareholders for 2023 was CNY 314,272,573.09, up 16.44% from CNY 269,908,300.92 in 2022[19]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a year-over-year growth of 20%[146]. - The company reported a total revenue of approximately 936.28 million CNY for the year, with a net profit of around 356.33 million CNY, reflecting a significant growth compared to previous periods[106]. - The company’s main business revenue reached 2,012.18 million yuan, an increase of 18.21% year-on-year, with testing equipment revenue at 752.63 million yuan, up 23%[44]. - Environmental and reliability testing service revenue was 1,003.03 million yuan, growing by 19.45% year-on-year, while integrated circuit verification and analysis service revenue was 256.52 million yuan, a 2.34% increase[44]. Market Expansion and Strategy - The company aims to expand its market presence by entering three new provinces in 2024, targeting a 20% growth in user base[14]. - The company is actively pursuing mergers and acquisitions to bolster its market position and expand its service offerings[141]. - The company plans to expand its testing capabilities in Shanghai, Shenzhen, and Suzhou to meet the increasing demand, which has led to a rise in operational costs[107]. - The company is enhancing its market presence by deepening its focus on niche industries such as integrated circuits, new energy, aerospace, and medical devices, while also expanding its overseas laboratory footprint[113]. - The company is committed to continuous innovation in digital and intelligent transformation projects, with a focus on core technology breakthroughs to lead industry development[112]. - The company plans to leverage its technological advancements to explore new market opportunities and enhance its product line[75]. - The company is expanding its market presence, targeting a 15% increase in market share by the end of 2024[126]. Research and Development - Research and development expenses are expected to rise by 10% in 2024, focusing on new testing technologies[14]. - The company is investing in automation technologies to reduce testing turnaround time by 30%[14]. - The number of R&D personnel increased to 559 in 2023, representing a growth of 12.47% compared to 497 in 2022[79]. - R&D investment amounted to ¥166,645,210.60 in 2023, representing 7.87% of total revenue, an increase from 7.45% in 2022[80]. - The company is developing a fatigue testing device for autonomous vehicle brake pads, utilizing automated methods to simulate actual braking behavior[78]. - The company has completed research on ESD testing for integrated circuits, identifying weaknesses and tolerance levels in ESD protection circuits[78]. - The company is conducting research on the fatigue characteristics of aircraft engine turbine blades, which is crucial for assessing structural integrity[79]. Shareholder and Governance - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares (including tax) to all shareholders[5]. - The profit distribution plan includes a cash dividend of RMB 1.50 per 10 shares (including tax), totaling RMB 75,598,111.95, with no bonus shares or capital reserve conversion planned[164]. - The company has a cash dividend policy that mandates a minimum of 20% of profit distribution in cash dividends during growth phases with significant capital expenditures[163]. - The company has a well-defined compensation and performance incentive mechanism to enhance employee motivation and productivity[159]. - The company has a governance structure that includes a board of directors and supervisors, with specific roles and responsibilities outlined[137]. - The management team emphasizes a strategy of "focusing on core business, dual-driven development, and integration of manufacturing and services" to ensure sustainable growth[110]. - The company is committed to maintaining transparency and regular communication with its shareholders through meetings and disclosures[135]. Operational Efficiency - The company is enhancing its internal operations through digital management initiatives, promoting standardized and data-driven processes to support high-quality development[63]. - The company is committed to enhancing its market competitiveness by expanding its service offerings and leveraging technological advancements in the testing industry[34]. - The company has established a quality management system to enhance product quality and customer service, fostering long-term relationships with clients[182]. - The company emphasizes digital transformation and product series optimization, aiming to maintain a competitive edge through continuous innovation and technology development[49]. Financial Guidance and Future Outlook - Future guidance includes a revenue target of 1.5 billion CNY for 2024, representing a 25% year-over-year growth[14]. - The company provided a positive outlook for Q4 2023, projecting a revenue growth of 20% compared to Q3 2023[126]. - The company has set ambitious performance guidance for the next fiscal year, aiming for sustained growth and profitability[138]. - The company anticipates a stable economic recovery in 2024, aligning its strategies with national policies to promote high-quality development[109]. Challenges and Risks - The competitive landscape in the environmental and reliability testing market is intensifying, with an increasing number of laboratories and potential competitors threatening market share[119]. - There is a risk that the returns on funded projects may not meet expectations due to uncertainties in market conditions and project execution[122]. - The company is closely monitoring macroeconomic conditions, as fluctuations may impact funding for research and indirectly affect demand for testing equipment and services[118]. - The company is expanding its business operations across multiple cities, which is leading to increased management complexity and potential operational risks[121]. Technological Advancements - The company has made significant technological breakthroughs in hydraulic testing systems, enhancing its product line and expanding into new market areas, particularly in the new energy sector[43]. - The company is developing a 50-ton high-speed hydraulic vibration system aimed at enhancing earthquake simulation capabilities for nuclear power and energy storage equipment[75]. - The company has completed the 10000g impact response spectrum simulation test, enhancing its testing capabilities for aerospace and other industries[77]. - The company is enhancing its testing service capabilities by constructing certification testing service platforms for wireless communication products, responding to the rapid development of industries like 5G and IoT[35]. Employee and Workforce Development - The total number of employees at the end of the reporting period was 2,706, with 1,440 being technical personnel, representing approximately 53.2% of the workforce[158]. - The company has implemented a comprehensive training program aimed at improving the skills of management, engineering, and production personnel[160]. - The company is investing in talent acquisition and management to strengthen its workforce and support high-quality development[115].

Investment Rating - The report maintains a "Buy" rating for Su Shi Testing (300416.SZ) [3][9] 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 of 314 million yuan, up 16.44% year-on-year [2][9] - The company is expanding its service network and enhancing testing capabilities, with new laboratories established in various locations, including Guizhou and Mianyang, and plans for an overseas laboratory in Thailand [7][8] - The report highlights the growth potential in emerging industries, particularly in environmental reliability, integrated circuit verification, and aerospace, driven by government support for general aviation and third-party testing [8] Financial Performance Summary - In 2023, the company generated revenue from various segments: environmental testing equipment (753 million yuan), environmental testing services (1.003 billion yuan), and integrated circuits (257 million yuan), with respective year-on-year growth rates of 23%, 19.45%, and 2.34% [6] - The overall gross margin for the company was 45.6%, a decrease of 1.06 percentage points year-on-year, with segment gross margins of 32.8%, 58.8%, and 43.3% [6] - The company expects revenue to reach 2.655 billion yuan in 2024, with a projected growth of 25.4%, and net profit to be 401 million yuan, reflecting a 27.5% increase [9][12]

[Table_Summary] 事件：公司发布 2023 年年报，2023 年实现营收 21.2 亿，同比+17.3%；归母 净利润 3.1 亿，同比+16.4%；扣非归母净利润 2.8 亿，同比 17.0%。单季度来 看，Q4 实现营收 5.9 亿，同比+8.2%，环比+6.3%；归母净利润 0.9 亿，同比 +3.0%，环比+11.1%。业绩基本符合预期。 能力强。2023 年公司综合毛利率为 45.6%，同比-1.1pp；毛利率短期小幅下降 主要系 23年国内连续开展特种行业及医学领域的整改工作，对检测行业形成了 一定影响，其中公司集成电路与分析业务板块毛利率同比 22 年下滑 13.8pp。 2023 年公司期间管理费用率为 26.4%，同比-1.9pp；其中，销售、管理、研发 和财务费用率分别为 6.4%、10.9%、7.9%、1.2%，分别同比+0.1pp、-1.7pp、 +0.4pp、-0.7pp；公司净利率为 17.4%，同比+0.2pp。 盈利预测与投资建议。预计公司 2024-2026 年归母净利润分别为 3.8、5.0、6.3 亿元，未来三年归母净利润复合增长率 26%，维持"买入"评级 ...

苏州苏试试验集团股份有限公司 2023年度独立董事述职报告 （王仁春） 本人作为苏州苏试试验集团股份有限公司（以下简称"公司"）第五届董事 会独立董事，在 2023 年任职期内，根据《中华人民共和国公司法》、《上市公 司独立董事管理办法》、《上市公司治理准则》、《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》等有关法律、法规的要求，以 及《公司章程》和《独立董事工作制度》的相关规定，严格保持独立董事的独立 性和职业操守，认真履行了独立董事的职责，依法合规地行使了独立董事的权利， 充分发挥独立董事的作用，勤勉尽责，促进公司规范运作，维护了公司整体利益， 维护了全体股东尤其是中小股东的合法权益。现将本人 2023 年度履行独立董事 职责情况汇报如下： 一、2023 年度出席会议情况 2023 年任职期内，公司召开董事会会议共 2 次，本着勤勉尽责的态度，本 人均按时亲自参加现场会议，其中 1 次现场参加会议，1 次以通讯方式参加，没 有缺席或者连续两次未亲自出席会议的情况。本人认真审阅会议材料，与公司管 理层保持充分沟通，详细了解相关议案的背景资料和决策依据，必要时进行现场 调查，依据 ...

证券代码：300416 证券简称：苏试试验 公告编号：2024-007 第五届监事会第三次会议决议公告 本公司及监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"）第五届监事会第三次 会议通知于 2024 年 3 月 18 日以书面形式发出，会议于 2024 年 3 月 28 日在公 司会议室召开。本次会议应到监事 3 名，实际到会监事 3 名。会议的召开及表决 符合《公司法》及《公司章程》的规定。 会议审议并通过如下决议： 一、 审议通过《关于<公司 2023 年度监事会工作报告>的议案》 《公司 2023 年度监事会工作报告》的具体内容详见公司信息披露网站巨潮 资讯网（http://www.cninfo.com.cn）。 此议案经与会监事审议，表决结果：3 票同意，0 票反对，0 票弃权。 此议案尚需提交公司 2023 年年度股东大会审议。 苏州苏试试验集团股份有限公司 此议案经与会监事审议，表决结果：3 票同意，0 票反对，0 票弃权。 此议案尚需提交公司 2023 年年度股东大会审议。 四、 审议通过《关于<公司 2 ...