证券研究报告 ＃industryId＃ 检测服务 ＃investSuggestion＃ 分析师： 丁志刚 | --- | --- | |--------------------------------|--------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-04-30 | | 收盘价（元） | 13.90 | | 总股本（百万股） | 508.55 | | 流通股本（百万股） | 505.15 | | | | | 净资产（百万元） | 2,560.91 | | 总资产（百万元） | 4,840.32 | | 每股净资产（元） 来源： WIND | 5.04 ，兴业证券经济与金融研究院整理 | ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.38 yuan, based on a projected EPS of 0.78, 0.97, and 1.21 yuan for 2024 to 2026 respectively [3][4]. Core Insights - The company reported a slight revenue increase of 1.03% in Q1 2024, achieving revenue of 442 million yuan and a net profit of 42 million yuan, which is a decrease of 4.86% year-on-year. The performance met expectations, although profit margins declined, with a net margin of 10.21% and a gross margin of 42.47% [2][3]. - The company is focusing on dual-driven growth strategies, enhancing core technologies and expanding its service network, particularly in the electric vehicle sector and integrated circuit validation. This is expected to lead to a gradual recovery in performance as downstream demand improves in 2024 [2][3]. - The company is well-positioned as a leader in environmental testing, providing comprehensive testing services across the entire industry chain, and is actively exploring new technologies and markets to foster future growth [2][3]. Financial Summary - The company’s financial projections indicate a revenue growth trajectory from 2,524 million yuan in 2024 to 3,524 million yuan in 2026, with corresponding net profits increasing from 395 million yuan to 616 million yuan over the same period. The gross margin is expected to improve from 46.8% in 2024 to 48.2% in 2026 [3][4][8]. - Key financial metrics include an EPS forecast of 0.78 yuan for 2024, with a PE ratio of 18.3, and a net profit margin projected to rise to 17.5% by 2026 [3][4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.00 CNY, maintaining the rating based on the company's performance and market opportunities [4][22]. Core Views - The company has shown consistent revenue growth, achieving 2.117 billion CNY in 2023, a year-on-year increase of 17.26%. The net profit attributable to the parent company was 314.27 million CNY, up 16.44% year-on-year [4][22]. - The company is expanding its market presence by enhancing its testing capabilities in the semiconductor and new energy sectors, which are expected to drive future revenue growth [22][31]. - The company is also investing in overseas markets, establishing laboratories in Thailand and other locations to broaden its service network [31][36]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 442 million CNY, a slight increase of 1.03% year-on-year, while the net profit was 42 million CNY, down 4.86% year-on-year. The gross margin was 42.47%, a decrease of 0.99 percentage points [4][30]. - For 2023, the company achieved a gross margin of 45.60% and a net margin of 17.42%, indicating stable profitability despite slight fluctuations [4][30]. Business Segments - The testing equipment segment generated revenue of 753 million CNY, growing by 23.00%, driven by technological advancements and market expansion [4][22]. - The testing services segment achieved revenue of 1.26 billion CNY, an increase of 15.52%, with environmental testing services contributing significantly to this growth [4][22]. - The integrated circuit verification and analysis services segment reported revenue of 257 million CNY, a modest increase of 2.34%, affected by increased operational costs due to capacity expansion [6][22]. Research and Development - The company has increased its R&D expenditure to 167 million CNY in 2023, a year-on-year growth of 23.91%, reflecting its commitment to innovation [8][22]. - The R&D expense ratio slightly increased to 7.87%, indicating a focus on enhancing product offerings and technological capabilities [8][22]. Market Outlook - The company is expected to benefit from the growing demand in the integrated circuit and new energy sectors, with projected revenues of 2.543 billion CNY, 3.073 billion CNY, and 3.694 billion CNY for 2024, 2025, and 2026, respectively [22][52]. - The net profit attributable to the parent company is forecasted to grow to 387.54 million CNY in 2024, 494.18 million CNY in 2025, and 608.40 million CNY in 2026, indicating strong growth potential [22][52].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.10 RMB per share [24] - The current PE ratio is 17.2X for 2024E, 13.3X for 2025E, and 11.5X for 2026E [4] Core Views - The company is a leader in the environmental and reliability testing field, with a strong presence in both domestic and international laboratory construction [3] - The company's dual business model of "testing equipment + testing services" is driving steady growth, with a focus on emerging sectors such as new energy, photovoltaics, and aerospace [3][22] - Revenue for 2024Q1 reached 442 million RMB, a 1.03% YoY increase, while net profit attributable to shareholders was 42 million RMB, a 4.86% YoY decrease [22] - The company is expected to achieve revenue of 2.68 billion RMB in 2024, with a YoY growth of 26.6%, and net profit attributable to shareholders of 417 million RMB, a 32.7% YoY increase [23] Financial Performance Revenue and Profit - Revenue for 2022A was 1.805 billion RMB, increasing to 2.117 billion RMB in 2023A, and is projected to reach 2.68 billion RMB in 2024E [4] - Net profit attributable to shareholders grew from 270 million RMB in 2022A to 314 million RMB in 2023A, with a forecast of 417 million RMB in 2024E [4] - EPS is expected to rise from 0.53 RMB in 2022A to 0.82 RMB in 2024E [4] Profitability - Gross margin remained stable at around 45.5% to 46.7% from 2022A to 2026E [6] - Net margin improved from 15.0% in 2022A to 16.5% in 2025E [6] - ROE is projected to increase from 13.0% in 2022A to 16.0% in 2025E [4] Balance Sheet and Cash Flow - Total assets grew from 4.279 billion RMB in 2022A to 4.850 billion RMB in 2023A, with a forecast of 6.169 billion RMB in 2024E [6] - Operating cash flow was 468 million RMB in 2022A, decreasing to 370 million RMB in 2023A, but is expected to recover to 623 million RMB in 2025E [6] - Capital expenditures were 352 million RMB in 2022A, increasing to 613 million RMB in 2023A, but are projected to decrease to 250 million RMB in 2024E [6] Industry and Market Position - The company is expanding its presence in high-growth sectors such as new energy, photovoltaics, power communications, aerospace, and energy storage [3] - It is strengthening its domestic and international laboratory network to enhance scale and sustainability [3] - The company's focus on R&D and digital transformation is expected to drive long-term growth [14] Valuation and Outlook - The company's valuation metrics are favorable, with a declining PE ratio from 26.6X in 2022A to 11.5X in 2026E [4] - The EV/EBITDA ratio is expected to decrease from 14.3X in 2022A to 7.3X in 2026E, indicating improving valuation attractiveness [6] - The report projects strong revenue and profit growth through 2026, driven by the company's strategic focus on high-growth industries and operational efficiency [23]

业绩符合预期，看好 2024 年需求改善 目标价：19 元 当前价：14.10 元 业绩符合预期，毛利率小幅下滑预计受结构性影响。2024Q1 年公司实现收入 4.42 亿元，同比增长 1.03%，实现归母净利润 0.42 亿元，同比下降 4.86%，实 现扣非归母净利润 0.40 亿元，同比下降 1.81%，符合市场预期，2023 年 Q1 公 司设备板块由于前期递延因素造成基数较高。2024 年 Q1 公司毛利率/净利率 分别为 42.47%/10.21%，同比分别-0.99pct/-1.57pct，预计主要系集成电路板块 增速相对较快，集成电路板块前期的设备投入目前产能处于爬坡期，后续随着 收入增长，毛利率有望逐季提升；公司 2024 年 Q1 销售/管理/研发/财务费用 率 分 别 为 8.11%/13.17%/7.93%/1.93% ， 同 比 分 别 +1.32pct/- 0.19pct/+0.97pct/+0.10pct，费用率水平基本稳定。 2023 年存在扰动因素，看好 2024 年需求改善带来公司产能释放。2023 年由 于特殊行业及半导体领域的检测需求阶段性受到影响以及结款周期的延长，叠 ...

Financial Performance - The company's revenue for Q1 2024 was ¥442,438,250.22, representing a 1.03% increase compared to ¥437,935,386.08 in the same period last year[5] - Net profit attributable to shareholders decreased by 4.86% to ¥42,172,756.31 from ¥44,328,613.53 year-on-year[5] - Basic and diluted earnings per share both decreased by 4.93% to ¥0.0829 from ¥0.0872 in the same period last year[5] - Net profit for Q1 2024 was CNY 45,183,977.01, a decrease of 12.25% from CNY 51,604,410.96 in Q1 2023[23] - Total operating revenue for Q1 2024 was CNY 442,438,250.22, an increase of 1.15% compared to CNY 437,935,386.08 in Q1 2023[21] Cash Flow - The net cash flow from operating activities improved by 26.63%, reaching -¥61,500,238.43, compared to -¥83,819,825.53 in the previous year[5] - The company's cash flow from operating activities for Q1 2024 showed a significant improvement, although specific figures were not disclosed in the provided content[25] - Cash inflow from operating activities totaled 430,881,447.85, compared to 406,763,611.98 in the previous period, reflecting a growth of approximately 5.5%[27] - Cash outflow from operating activities was 492,381,686.28, slightly increased from 490,583,437.51, resulting in a stable cash outflow situation[27] - The net cash flow from financing activities dropped significantly by 67.59% to ¥98,051,523.79 from ¥302,520,078.75, reflecting reduced cash inflow from minority shareholder investments[11] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,840,316,336.93, a slight decrease of 0.19% from ¥4,849,655,503.07 at the end of the previous year[5] - Total liabilities decreased to CNY 1,845,613,243.86 in Q1 2024 from CNY 1,885,424,890.95 in Q1 2023, reflecting a reduction of 2.11%[20] - The company's long-term borrowings increased by 42.70% to ¥236,952,000.00 from ¥166,052,000.04, indicating a rise in financing activities[9] Shareholder Information - The total equity attributable to shareholders increased by 1.29% to ¥2,560,906,934.91 from ¥2,528,269,883.37 at the end of the previous year[5] - The total number of common shareholders at the end of the reporting period is 21,479[13] - The largest shareholder, Suzhou Testing Instrument, holds 31.93% of the shares, totaling 162,401,460 shares[14] - The company has repurchased a total of 4,560,393 shares, accounting for 0.90% of the total share capital, with a total transaction amount of 80,824,152.97 RMB[16] Investment and Expenses - Research and development expenses increased to CNY 35,076,322.80 in Q1 2024, compared to CNY 30,480,293.69 in Q1 2023, marking an increase of 15.4%[21] - The company reported a 550.14% increase in credit impairment losses, amounting to ¥4,613,911.75, due to an increase in the recovery of prior receivables[10] - Other income decreased by 42.70% to ¥3,025,177.38, primarily due to a reduction in government subsidies during the reporting period[10] Cash and Equivalents - The company's cash and cash equivalents at the end of the reporting period amounted to 830,706,896.92 RMB, down from 931,456,629.28 RMB at the beginning of the period[18] - The ending balance of cash and cash equivalents was 815,387,155.29, down from 1,097,496,920.24, indicating a decrease of approximately 25.7%[27]

证券代码：300416 证券简称：苏试试验 公告编号：2024-021 苏州苏试试验集团股份有限公司 2023 年年度权益分派实施公告 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。 1、公司 2024 年 4 月 18 日召开的 2023 年年度股东大会审议通过了《关于< 公司 2023 年度利润分配预案>的议案》，公司以实施利润分配方案时股权登记日 可参与利润分配的总股本（扣除回购专用证券账户股份）为基数，向全体股东每 10 股派发现金股利人民币 1.50 元（含税），剩余未分配利润滚存至以后年度分 配，本年度不送红股，不以资本公积转增股本。本利润分配预案发布后至实施前， 公司股本如发生变动，将按照分配总额不变的原则对分配比例进行调整。 2、自公司 2023 年度权益分派方案披露至实施期间，公司股本总额未发生变 化。 特别提示： 1、苏州苏试试验集团股份有限公司（以下简称"公司"）回购专用证券账户 中的公司股份 4,560,393 股不参与本次权益分派。公司 2023 年年度权益分派方案 为：以公司现有总股本剔除已回购股份 4,560,393 股后的 50 ...

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].