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].

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 ...