Core Viewpoint - The company reported a slight decline in revenue and net profit for Q1 2025, attributed mainly to a downturn in equipment sales, while other segments like environmental testing services and integrated circuit testing are expected to perform better [1][2]. Revenue Performance - Q1 2025 revenue reached 429 million yuan, a year-on-year decrease of 3.0% [1] - Revenue growth rates for 2024 were +1.0%, -11.0%, -11.9%, and +4.9% for Q1 to Q4, indicating marginal improvement in Q4 [2] - Equipment sales revenue for 2024 was 623 million yuan, down 17.25% year-on-year, due to reduced capital expenditures from downstream third-party testing institutions [2] - Environmental testing services generated 1.01 billion yuan in revenue, a year-on-year increase of 0.64%, with military testing orders gradually recovering [2] - Integrated circuit testing revenue was 288 million yuan, up 12.33% year-on-year, driven by high demand from downstream clients [2] Profitability Analysis - The net profit attributable to the parent company for Q1 2025 was 41 million yuan, also down 3.0% year-on-year [1] - The decline in net profit for 2024 was significant, with year-on-year growth rates of -4.9%, -33.8%, -48.3%, and -11.6% from Q1 to Q4 [3] - Q1 2025 gross margin was 40.44%, a decrease of 2.03 percentage points year-on-year, while net margin improved by 0.32 percentage points to 10.53% [3] Capacity Expansion and Future Outlook - The company has been actively expanding its application fields and increasing capacity, with the original value of machinery and equipment growing by 26.1% year-on-year by the end of 2024 [4] - New laboratories are being established in various locations, including Shenzhen and other cities, to enhance testing capabilities [4] - The company anticipates a rapid release of military testing orders in 2025, along with a favorable semiconductor testing demand, which is expected to drive revenue recovery [4] - Revenue projections for 2025-2027 are 2.32 billion, 2.63 billion, and 2.96 billion yuan, with net profits expected to grow by 27.0%, 23.7%, and 23.7% respectively [4]

公司发布 2025 年一季报，业绩同比小幅下降。公司 2025 年一季度实现 营业收入 4.29 亿元，同比下降 2.96%；实现归母净利润 0.41 亿元，同比 下降 2.99%；实现扣非归母净利润 0.40 亿元，同比下降 1.43%。受制于 下游客户资本开支需求减弱、下游产业链终端市场的竞争加剧，公司业绩 短期承压，但我们认为公司已渡过低谷期，看好未来公司需求恢复。 证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 苏试试验（300416.SZ） 25Q1 业绩同比小幅下降，期待公司后续拐点往上 公司费率整体较为稳定，高研发投入为后续公司增长蓄力。公司 2025 年 一季度期间费用率 31.41%，同比上行 0.28pct；其中，销售费用率为 8.48%，同比增长 0.37pct；管理费用率为 12.46%，同比下降 0.71pct； 财务费用率为 1.57%，同比下降 0.36pct；研发费用率为 8.89%，同比增 长 0.96pct，公司期间费用率稳健。公司 2025 年一季度毛利率为 40.44%， 同比下降 2.03pct，我们认为，公司在市场竞争加剧的背 ...

问：公司如何评估股权激励计划对员工绩效和公司整体业绩的影响？ 答：您好！公司实施员工持股计划是基于对未来发展前景的信心和对公司价值的高度认可，通过设立公 司、子公司及个人层面业绩考核目标，以综合业绩考核结果设立不同解锁比例，建立和完善员工、股东的 利益共享机制，改善公司治理水平，完善公司薪酬体系，提高职工的凝聚力和公司竞争力，调动员工的积 极性和创造性，促进公司长期、持续、健康发展。谢谢！ Q领导，您好！我来自四川大决策请问董秘，公司在航空航天、新能源等高端试验检测领域的市场渗透率 持续提升，未来是否有通过并购整合产业链上下游的计划？如何应对国际检测机构的竞争压力？ 证券之星消息，2025年4月28日苏试试验（300416）发布公告称公司于2025年4月28日召开业绩说明会。 具体内容如下： 您好！公司主营业务包括试验设备及试验服务两大板块。仪器仪表制造业作为我国制造业的重要组成部 分，在推动国家经济增长、社会发展方面发挥了重要作用。伴随下游行业自动化、智能化发展以及国产化 的推进，高端仪器仪表作为现代工业核心技术之一，将迈向更加蓬勃发展的阶段。 随着我国国民经济的持续增长、社会整体研发投入的不断增加以及市场 ...

Q：领导，您好！我来自四川大决策请问董秘，公司在航空航 天、新能源等高端试验检测领域的市场渗透率持续提升，未来 是否有通过并购整合产业链上下游的计划？如何应对国际检 测机构的竞争压力？ 苏州苏试试验集团股份有限公司 投资者关系活动记录表 编号：2025-003 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 动类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 （请文字说明其他活动内容） | | 投资者单位名 | 投资者 | | 称及人员姓名 | | | 时间 | 2025 年 4 月 28 日（星期一）15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 董事长 钟琼华 | | | 总经理 黄晓光 | | 上市公司 | 副总经理兼董事会秘书 骆星烁 | | 接待人员姓名 | 财务负责人 朱丽军 | | | 独立董事 许叶枚 | | | 保荐代表人 孙荣泽 | | | Q：公司如何评估股权激励计划对员工绩效和公司整体业绩的 | | 投资 ...

联合研究丨公司点评丨苏试试验（300416.SZ） [Table_Title] 苏试试验 2025Q1 点评：业绩降幅收窄，看好全 年军工检测订单复苏 报告要点 [Table_Summary] 苏试试验发布 2025 年一季报，2025Q1 实现营收 4.29 亿元，同比降 3.0%；归母净利润 0.41 亿元，同比降 3.0%；扣非归母净利润 0.40 亿元，同比降 1.4%。2025Q1 营收同比略降推测主 要受设备销售业务拖累，环试服务和集成电路测试预计向好。2025 年预计军工检测订单加速释 放，半导体检测需求景气，带动业绩修复。 分析师及联系人 丨证券研究报告丨 [Table_Author] 徐科 赵智勇 王贺嘉 贾少波 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490520070003 SFC：BUV415 SFC：BRP550 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 2025-04-27 苏试试验（300416.SZ） cjzqdt11 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q1 2025 revenue of 430 million yuan represents a year-on-year decline of 3%, which is in line with expectations. The decline is attributed to the traditional off-season for the testing industry and lower capacity utilization due to the Spring Festival holiday. However, there is an expectation for revenue growth to resume starting in Q2 2025 as demand recovers [2] - The gross profit margin for Q1 2025 is reported at 40.4%, a decrease of 2 percentage points year-on-year, while the net profit margin improved by 0.3 percentage points to 10.5%. The decline in gross margin is influenced by new capacity ramp-up and intensified competition in the electric vehicle testing sector [3] - The company is positioned in a high-barrier market with significant growth potential. The testing and inspection industry in China is projected to grow, with the company actively expanding into high-end sectors such as 5G, which will drive future growth. The demand for testing services is expected to increase as special industry needs recover and domestic chip production ramps up [4] Financial Summary - For 2023A, total revenue is projected at 2,117 million yuan, with a year-on-year growth of 17.26%. However, a decline of 4.31% is expected in 2024A, followed by a recovery with growth rates of 13.65%, 13.81%, and 15.13% in 2025E, 2026E, and 2027E respectively [1] - The net profit attributable to the parent company is forecasted to be 314.27 million yuan in 2023A, with a decline of 27% in 2024A, followed by a recovery with growth rates of 30.44%, 26.01%, and 19.70% in the subsequent years [1] - The latest diluted EPS is expected to be 0.62 yuan in 2023A, decreasing to 0.45 yuan in 2024A, and then recovering to 0.59 yuan, 0.74 yuan, and 0.89 yuan in 2025E, 2026E, and 2027E respectively [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.22 CNY [2][9]. Core Views - The company's Q1 2025 performance met expectations, with a revenue of 429 million CNY, down 2.96% year-on-year, and a net profit attributable to shareholders of 41 million CNY, down 2.99% year-on-year [2][9]. - The report highlights that while the company faced challenges in 2024, it anticipates improved profitability in 2025, driven by increased demand in environmental testing services and integrated circuit sectors [9]. - The report projects revenue growth for 2025-2027 at 17.6%, 14.7%, and 15.1% respectively, with corresponding net profit growth of 34.2%, 22.8%, and 21.9% [9]. Financial Summary - The company is expected to achieve total revenue of 2,383 million CNY in 2025, with a net profit of 308 million CNY [5][10]. - Key financial metrics include an expected EPS of 0.61 CNY in 2025, with a P/E ratio of 29 [5][10]. - The company's gross margin for Q1 2025 was reported at 40.44%, a decrease of 2.03 percentage points year-on-year [9].

公司公布1Q25 业绩：实现收入4.29 亿元，同比-2.96%；归母净利润4,091 万元，同比-2.99%；扣非归母 净利润3,963 万元，同比-1.43%。业绩符合市场预期。 盈利预测与估值 1Q25 业绩符合市场预期 发展趋势 环试服务和集成电路保持增长。分业务来看：1）环试设备：去年订单有所下滑，考虑到确收周期6~9 个月，我们判断Q1 收入端有所承压，当前订单呈现回暖趋势，期待下半年收入好转；2）环试服务：特 殊行业占比较高，一季度订单环比改善，我们判断Q1 收入有所提升，期待执行速度进一步改善；3）集 成电路：需求良好，我们判断趋势与去年一致、保持两位数增长。 毛利率同比下滑，费用率相对稳健。1Q25 毛利率40.44%，同比-2.04pct，我们判断主要系：1）设备业 务毛利率下降较多，主要为收入下降但成本较为刚性；2）环试服务和集成电路毛利率亦有一定下降， 主要系产能扩张带来折旧成本增加，但产能爬坡需要一定时间所致。1Q25 销售/管理/研发/财务费用率 分别为8.48%/12.46%/8.89%/1.57%，同比+0.37/-0.71/+0.97/-0.35pct，费用率相对稳健。1Q2 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥429,358,400.30, a decrease of 2.96% compared to ¥442,438,250.22 in the same period last year[5] - Net profit attributable to shareholders was ¥40,911,815.04, down 2.99% from ¥42,172,756.31 year-on-year[5] - Basic and diluted earnings per share were both ¥0.0804, a decrease of 3.02% from ¥0.0829 in the same period last year[5] - The net profit attributable to the parent company was approximately $40.91 million, a decrease from $42.17 million in the previous period, representing a decline of about 3.1%[24] - The total comprehensive income attributable to the parent company was approximately $41.38 million, compared to $40.76 million in the previous period, showing a slight increase of about 1.5%[24] Cash Flow - The net cash flow from operating activities was -¥99,953,240.83, representing a decline of 62.52% compared to -¥61,500,238.43 in the previous year[5] - The net cash flow from operating activities was negative at approximately -$99.95 million, worsening from -$61.50 million in the previous period[26] - Cash inflow from operating activities totaled approximately $399.92 million, down from $430.88 million, indicating a decrease of about 7.2%[26] - Cash outflow from operating activities was approximately $499.87 million, slightly up from $492.38 million, reflecting an increase of about 1.0%[26] - The net cash flow from financing activities was ¥146,670,476.33, an increase of 49.59% compared to ¥98,051,523.79 in the previous year[10] - The net cash flow from financing activities was approximately $146.67 million, an increase from $98.05 million in the previous period, indicating a growth of about 49.3%[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,046,293,618.84, an increase of 0.26% from ¥5,033,229,938.15 at the end of the previous year[5] - Current liabilities total 1,536,379,973.43, a decrease from 1,543,378,455.29 in the previous period[20] - Non-current liabilities decreased to 354,763,478.96 from 379,711,589.18 in the previous period[21] - Total equity increased to 3,155,150,166.45 from 3,110,139,893.68 in the previous period[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 26,353[12] - The largest shareholder, Suzhou Testing Instrument, holds 31.93% of shares, totaling 162,401,460 shares[12] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[14] - The company has not disclosed any related party relationships among the top 10 shareholders[13] - The company has not reported any changes in restricted shares during the period[15] Other Income and Expenses - Other income increased by 50.66% to ¥4,557,663.94, primarily due to an increase in VAT deductions[9] - The company experienced a 95.17% improvement in investment income, with losses from joint ventures decreasing significantly[9] - Research and development expenses for the current period are 38,174,132.58, up from 35,076,322.80 in the previous period[23] Share Repurchase - The company plans to repurchase shares using between RMB 30 million and RMB 50 million, with a maximum price of RMB 15.00 per share[15] - A total of 2,499,400 shares were repurchased, accounting for 0.4915% of the total share capital, with a total transaction amount of RMB 30,083,675[15] - The company will implement the repurchased shares for employee stock ownership or incentive plans[15] Inventory and Receivables - Accounts receivable increased to RMB 1,296,357,769.37 from RMB 1,265,726,509.32[18] - Inventory has increased to 407,304,041.38 from 376,993,609.67 in the previous period[19] Comprehensive Income - The company reported a significant increase in other comprehensive income, rising 1197.14% to ¥430,527.09 due to changes in the value of other equity instruments and foreign currency translation differences[9]

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.00, compared to the last closing price of 15.87 [1]. Core Insights - The company's operating performance has slightly declined, with a reported revenue of 2.026 billion and a net profit of 229 million for the year 2024, representing a decrease of 4.31% and 27.00% year-on-year, respectively [5][6]. - The company is focusing on expanding its production capacity through ongoing fundraising projects, which are expected to gradually release capacity [6]. - The company has established a unique business model that integrates testing equipment and services, which is expected to drive growth in the future [7]. Financial Performance Summary - For the year 2024, the company achieved a revenue of 2.026 billion, down 4.31% from the previous year, and a net profit of 229 million, down 27.00% [5][9]. - The revenue from testing equipment decreased by 17.25% to 622.79 million, while revenue from environmental and reliability testing services increased by 0.64% to 1.009 billion, and integrated circuit verification and analysis services grew by 12.33% to 288.16 million [6]. - The company expects net profits for 2025, 2026, and 2027 to be 329 million, 375 million, and 419 million, respectively, with corresponding EPS of 0.65, 0.74, and 0.82 [7][9]. Market Outlook - The company is well-positioned to benefit from the growing demand for third-party environmental and reliability testing services, as the current supply is insufficient to meet market needs [7]. - The projected revenue growth rates for the next few years are 16.50% for 2025, 14.50% for 2026, and 12.00% for 2027 [9].