半年报密集披露，机构最新持仓动向曝光!二季度社保基金新进股共有5只。 目前共有106家公司已经公布半年报，前十大流通股东数据透露出机构行踪。证券时报·数据宝统计显 示，社保基金共现身16只股，调仓动向方面，二季度社保基金新进5股、增持5股、减持5股，社保基金 持股量保持不变的有1股。 （文章来源：证券时报网） 从持股量统计，社保基金新进的个股中，持股量最多的是苏试试验，共持有1486.20万股，恩华药业、 湘电股份等紧随其后，持股量分别为855.19万股、800.00万股。 业绩方面，社保基金新进股中，半年报净利润同比增长的有5家，净利润增幅最高的是思维列控，公司 半年报共实现净利润30354.79万元，同比增幅为59.76%，净利润同比增幅居前的还有苏试试验、维力医 疗等，净利润分别增长14.18%、14.17%。（数据宝） 社保基金新进股一览 | 证券代码 | 证券简称 | 社保基金家数 | 社保基金持股量（万股） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 300416 | 苏试试验 | 3 | 1486.20 | 2.94 | ...

Summary of Su Shi Testing Conference Call Company Overview - **Company**: Su Shi Testing - **Industry**: Testing and Inspection Services Key Financial Performance - **Revenue Growth**: 6.72% increase in H1 2025, reaching 999.1 million CNY [2][3] - **Net Profit**: 14.18% increase, totaling 117 million CNY [3] - **Integrated Circuit Revenue**: Grew by 21.01%, reaching 155 million CNY [2][3] - **Overall Gross Margin**: Decreased by 3.16% to 41.88% [2][3] - **Net Margin**: Increased by 0.27% to 13.51% [3] Segment Performance - **Environmental Testing Equipment**: Revenue of 310 million CNY, up 6.32% [3] - **Environmental Testing Services**: Revenue of 487 million CNY, up 5.75% [3] - **Integrated Circuit Segment**: Gross margin of 36.49%, down 6.38% [3] Strategic Insights - **Focus on Emerging Industries**: Plans to reduce investment in traditional sectors and increase focus on aerospace and commercial space [4][15] - **New Product Development**: Emphasis on R&D to counteract declining gross margins [6][19] - **Capacity Utilization**: Increased from 30% to over 70% in Shanghai [12] Market Trends and Opportunities - **Vacuum Testing Equipment Demand**: Strong demand with plans to achieve billion-level revenue [2][8][29] - **AI and High-Performance Chip Testing**: Significant growth in testing services, with AI chip clients accounting for nearly 10% of business [2][9] - **Third-Party Testing Demand**: Recovery observed, with orders increasing to over 15% [22][23] Challenges and Risks - **Price Pressure**: Increased competition leading to price pressures across all segments [6][19] - **Delivery Speed of Large Orders**: Need to monitor the delivery speed of large orders in H2 2025 [5][24] - **Impact of Policy Changes**: Restrictions on outsourcing may affect operational efficiency [32][39] Future Outlook - **Optimistic H2 2025**: Anticipated growth in equipment and testing service orders, with a focus on improving delivery speed [5][10] - **Capital Expenditure Trends**: Expected to remain stable with a slight decrease, focusing on emerging sectors [16][18] - **Long-Term Growth in Special Industries**: Positive outlook for special industries over the next few years [36] Conclusion - Su Shi Testing is positioned for growth in emerging sectors, particularly in aerospace and AI chip testing, while facing challenges from price competition and policy restrictions. The company is actively working on improving operational efficiency and expanding its market presence.

业绩方面，社保基金持有个股中，半年报净利润同比增长的有12家，净利润增幅最高的是鼎通科技，公 司上半年共实现净利润1.15亿元，同比增幅为134.06%，净利润同比增幅居前的还有汇嘉时代、藏格矿 业等，净利润分别增长62.64%、38.80%。 财报季，社保基金持股动向曝光！二季度末社保基金共现身14只个股前十大流通股东榜，新进4只，增 持5只。 证券时报·数据宝统计显示，社保基金最新出现在14只个股前十大流通股东名单中，合计持股量1.75亿 股，期末持股市值合计42.37亿元。持股变动显示，不变1只，减持4只，新进4只，增持5只。 社保基金重仓股中，从前十大流通股东名单中社保基金家数来看，社保基金家数最多的是苏试试验，共 有3家社保基金出现在前十大流通股东名单中，即社保基金六零二组合、社保基金六零一组合、社保基 金五零二组合，分别位列公司第五大、第七大、第十大流通股东，持股量合计为1486.20万股，占流通 股比例为2.94%。 从持股比例看，社保基金持有比例最多的是立新能源，持股量占流通股比例为3.20%，其次是苏试试 验，社保基金持股比例为2.94%，持股比例居前的还有东方雨虹、海信家电、艾德生物等。持 ...

事件：苏试试验发布2025H1 财报，2025H1 公司主营业务收入9.52 亿元/同比+8.16%，归母净利润1.17 亿元/同比+14.18%。其中，2025Q2 实现营收5.61 亿元/同比+18.39%，归母净利润0.76 亿元/同比 +26.14%。 集成电路验证分析收入增速上行，新增产能持续爬坡。2025H1，公司集成电路验证与分析服务收入1.55 亿元/同比+21.01%，毛利率36.49%/-6.38pct,收入同比增速较2024 年该业务增速12.33%有所上行。 2025H1，公司进一步完善实验室建置体系，完成了深圳实验室扩建，将立足深圳、辐射粤港澳大湾 区，聚焦消费电子、汽车电子等领域，同时成立汽车电子可靠性验证中心。行业端来看，今年4 月以 来，我国集成电路出口金额同比增速持续高于20%，4/5/6 月同比增速分别为20.2%/33.4%/24.2%，而 2024 年同比2023 年增速为16.7%，从出口数据维度，可以观测到行业景气度有所上行，随着公司产能 爬坡，后续收入有望进一步高增。 试验设备和服务整体毛利率承压，内控加强驱动归母净利上行。2025H1 试验设备收入3.10 亿元 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][47][48] Core Views - The company has shown robust growth in the first half of 2025, with revenue and net profit increasing by 8.09% and 14.18% respectively, driven by strong performance in integrated circuit testing and emerging field services [1][3] - The company is expected to benefit from the domestic high-end testing equipment localization trend and the rigid demand in sectors such as new energy vehicles, integrated circuits, and aerospace [3][47] - The estimated reasonable valuation range for the company is between 18.98 and 21.09 yuan, with projected net profits for 2025-2027 being 2.89, 3.58, and 4.34 billion yuan respectively [3][46][47] Financial Performance Summary - In the first half of 2025, the company's revenue and net profit were 991 million and 117 million yuan, with gross and net profit margins at 41.88% and 13.51% respectively [1] - For Q2 2025, revenue and net profit reached 561 million and 76 million yuan, reflecting year-on-year growth of 18.39% and 26.14% [1] - The company’s revenue from testing equipment, environmental and reliability testing services, and integrated circuit verification and analysis services for the first half of 2025 were 310 million, 487 million, and 155 million yuan, with respective year-on-year growth rates of 6.32%, 5.75%, and 21.01% [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 22.95 billion, 25.96 billion, and 29.24 billion yuan for 2025, 2026, and 2027, with corresponding growth rates of 13.34%, 13.11%, and 12.65% [21][30] - The forecasted net profits for the same period are 2.89 billion, 3.58 billion, and 4.34 billion yuan, with growth rates of 25.81%, 23.88%, and 21.42% [30][46] Valuation Metrics - The company’s estimated PE ratios for 2025, 2026, and 2027 are 29, 23, and 19 respectively [3][46] - The estimated PB ratio for 2025 is 2.9, which is below the average of comparable companies [40][48] - The company’s historical PE valuation has fluctuated, with a current level above 29, indicating potential for further valuation recovery [43][45]

Investment Rating - The report indicates a stable growth phase for the testing industry, with a revenue forecast of 487.6 billion yuan for 2024, reflecting a year-on-year increase of 4.4% [6][20]. Core Insights - The testing industry is entering a phase of steady growth, with a compound annual growth rate (CAGR) of approximately 6.0% from 2022 to 2024, following a significant slowdown in growth due to various economic pressures [6][20]. - The number of testing institutions is projected to decline for the first time in nearly 20 years, suggesting a potential turning point in the competitive landscape [6][21]. - The focus of demand is shifting towards technology, manufacturing, high-end consumer goods, biomedicine, and software information testing, indicating a structural transformation in the industry [7][29]. Summary by Sections Space - The total revenue for national testing institutions is expected to reach 487.6 billion yuan in 2024, with a year-on-year growth of 4.4%, down from 9.2% in 2023 [6][20]. - The industry has experienced a significant slowdown in growth due to pressures in traditional sectors like environmental and food testing, as well as real estate [6][20]. Field - The revenue share of ten advanced industries in testing services has increased from 21.4% to 26.3% from 2017 to 2024, while traditional industries have seen a slight decline [7][29]. Structure - By the end of 2024, private testing institutions are expected to number 33,900, accounting for 63.9% of the total, with a compound annual growth rate of 14.2% over the past decade [10][29]. Efficiency - The per capita output value in the testing service industry is projected to rise to 313,000 yuan in 2024, reflecting a year-on-year increase of 4.1% [9][29]. Investment Recommendations - The report recommends focusing on comprehensive testing leaders with clear internal operational turning points, particularly in high-end manufacturing and technology research testing [11][29]. - Companies to watch include Su Shi Testing, Huace Testing, and Xince Standards, among others, which are positioned to benefit from demand recovery and operational improvements [11][29].

中邮证券研报指出，苏试试验2025H1实现归母净利润1.17亿元，同增14.18%；分季度来看，2025Q1、 2025Q2公司分别实现归母净利润0.41、0.76亿元，同比增速分别为-3%，+26%。公司二季度业绩较一季 度有明显改善，主因上半年公司试验设备与试验服务板块需求端均保持良好趋势，需求端有所恢复，公 司积极把握市场机会。同时，公司对下半年整体保持乐观态度。试验设备、环试服务实现稳健增长，集 成电路板块表现亮眼。持续强化技术储备能力，积极布局新兴领域，带来中长期成长空间。公司2025- 2027年业绩对应PE估值分别为28.49、23.62、19.83，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Insights - The company reported a significant growth in Q2 2025, with a year-on-year increase in net profit of over 26%, indicating a turning point in performance [5]. - The revenue for H1 2025 reached 991 million yuan, a year-on-year increase of 8.09%, while the net profit attributable to shareholders was 117 million yuan, up 14.18% [4]. - The integrated circuit segment showed remarkable performance, with revenue growth of 21.01% [5]. Financial Performance - The company's gross margin decreased by 3.16 percentage points to 41.88% in H1 2025, with specific segments like testing equipment and integrated circuit services experiencing notable declines in gross margins [6]. - The company expects revenues for 2025-2027 to be 2.316 billion, 2.605 billion, and 2.898 billion yuan, with corresponding net profits of 290 million, 349 million, and 416 million yuan, reflecting growth rates of 14.33%, 12.49%, and 11.26% respectively [8][12]. Business Segments - The testing equipment segment generated 310 million yuan in revenue, a 6.32% increase, while environmental and reliability testing services brought in 487 million yuan, up 5.75% [5]. - The company is actively enhancing its technical capabilities and expanding into emerging fields such as new energy and commercial aerospace, which is expected to provide long-term growth opportunities [7].

业绩方面，社保基金持有个股中，半年报净利润同比增长的有11家，净利润增幅最高的是汇嘉时代，公 司上半年共实现净利润6704.81万元，同比增幅为62.64%，净利润同比增幅居前的还有藏格矿业、艾德 生物等，净利润分别增长38.80%、31.41%。 社保基金重仓股中，从前十大流通股东名单中社保基金家数来看，社保基金家数最多的是苏试试验，共 有3家社保基金出现在前十大流通股东名单中，即社保基金六零二组合、社保基金六零一组合、社保基 金五零二组合，分别位列公司第五大、第七大、第十大流通股东，持股量合计为1486.20万股，占流通 股比例为2.94%。 从持股比例看，社保基金持有比例最多的是苏试试验，持股量占流通股比例为2.94%，其次是东方雨 虹，社保基金持股比例为1.98%，持股比例居前的还有海信家电、艾德生物、海大集团等。持股数量方 面，社保基金持股量最多的是东方雨虹，共持有3793.41万股，海大集团、藏格矿业等紧随其后，持股 量分别为2103.44万股、1812.00万股。 财报季，社保基金持股动向曝光！二季度末社保基金共现身12只个股前十大流通股东榜，新进4只，增 持3只。 证券时报 数据宝统计显示，社 ...

Core Viewpoint - The company reported strong performance in its 2025 H1 financial results, with significant growth in revenue and net profit, driven by advancements in the integrated circuit analysis sector [1][3]. Financial Performance - In 2025 H1, the company achieved a revenue of 991 million yuan, representing a year-on-year growth of 8.09% [1]. - The revenue breakdown includes: - Testing equipment: 310 million yuan, up 6.32% - Environmental reliability testing services: 487 million yuan, up 5.75% - Integrated circuit verification and analysis services: 155 million yuan, up 21.01% [1]. - The net profit attributable to shareholders reached 117 million yuan, with a year-on-year increase of 14.18% [1]. - The net profit after deducting non-recurring items was 114 million yuan, reflecting a growth of 20.72% [1]. - In Q2, the company reported a revenue of 561 million yuan, a year-on-year increase of 18.39%, and a net profit of 76 million yuan, up 26.14% [1]. Cost Management and Profitability - The overall expense ratio for 2025 H1 was 28.57%, a decrease of 1.76 percentage points year-on-year [2]. - The breakdown of expense ratios includes: - Sales expense ratio: 7.35%, down 0.12 percentage points - Management expense ratio: 11.49%, down 1.08 percentage points - Financial expense ratio: 1.55%, down 0.33 percentage points - R&D expense ratio: 8.18%, down 0.23 percentage points [2]. - The gross profit margins for the main business segments showed a decline, attributed to increased competition in the downstream market [2]. Business Model and Future Outlook - The company has established a unique business model that integrates testing equipment and services, creating a high technical barrier [2]. - It has developed a comprehensive one-stop testing service platform catering to industries such as new energy, commercial aerospace, drones, and integrated circuits [2]. - The company is focused on R&D of new products and technologies to meet diverse customer needs and drive future growth [2]. - The company is optimistic about its future development potential, especially with the rapid advancement of technologies like 5G and IoT [2]. Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 2.335 billion yuan, 2.659 billion yuan, and 2.992 billion yuan for 2025-2027, with year-on-year growth rates of 15.3%, 13.8%, and 12.5% respectively [3]. - The net profit attributable to shareholders is expected to be 306 million yuan, 377 million yuan, and 445 million yuan for the same period, with growth rates of 33.5%, 23.0%, and 18.3% respectively [3]. - The current stock price corresponds to a PE ratio of 27.2, 22.1, and 18.7 for 2025-2027, indicating a favorable long-term trend in downstream demand [3].