事件： 公司发布2025 年半年报，上半年实现营收9.91 亿，同比增长8.09%，归母净利润1.17亿，同比增长 14.18%，扣非后归母净利润1.14 亿，同比增长20.72%；Q2 营收5.61 亿，同比增长18.39%，归母净利润 0.76 亿，同比增长26.14%，扣非后归母净利润0.75 亿，同比增长37.09%。业绩表现超市场预期。 毛利率仍承压，但净利率显著改善。毛利率：上半年公司毛利率41.88%，同比下滑3.16pct，其中环试 设备、环试服务、半导体测试毛利率分别为26.56%、54.95%、36.49%，分别同比下滑4.66pct、 0.79pct、6.38pct，毛利率下降主要与市场需求偏弱市场竞争激烈下降有关；净利率：上半年净利率 13.51%，同比提升0.27pct，扣非净利率11.53%，同比提升1.21pct，净利率提升主要来自期间费用率下 降，其中销售、管理、研发、财务费用率分别为7.35%、11.49%、8.18%、1.55%，分别同比下降 0.12pct、1.08pct、0.23pct、0.33pct，费用率下降系收入增长后的规模效应。 验收节奏加快，利润率拐点已现。前 ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in net profit and revenue, particularly in the integrated circuit testing segment, indicating a positive outlook for future growth driven by industry demand and capacity expansion [2][4]. Financial Performance - In the first half of 2025, the company achieved total revenue of 990 million, a year-on-year increase of 8%, and a net profit attributable to shareholders of 120 million, up 14% year-on-year [2]. - In Q2 alone, the company recorded revenue of 560 million, representing an 18% year-on-year growth, and a net profit of 70 million, which is a 26% increase year-on-year [2]. - The gross profit margin for the first half of 2025 was 41.9%, a decrease of 3.2 percentage points year-on-year, while the net profit margin was 13.5%, an increase of 0.3 percentage points year-on-year [3]. Segment Performance - Revenue from environmental testing services reached 490 million, growing 6% year-on-year, while revenue from environmental testing equipment also grew 6% to 310 million [2]. - The integrated circuit testing segment saw revenue of 160 million, marking a 21% year-on-year increase [2]. - Gross profit margins by segment were as follows: environmental testing services at 55.0% (down 0.8 percentage points), environmental testing equipment at 26.6% (down 4.7 percentage points), and integrated circuit testing at 36.5% (down 6.4 percentage points) [3]. Industry Outlook - The company is well-positioned in the high-barrier testing sector, with a focus on special industries, semiconductors, and new energy vehicles, while also expanding into high-end fields like 5G [4]. - The overall testing and inspection industry in China is projected to reach approximately 470 billion in revenue for 2023, with a year-on-year growth exceeding 9%, indicating a broad market opportunity [4]. - Future growth is expected to be driven by the recovery of special industry demand, domestic chip production, and the release of capacity from newly expanded laboratories in Suzhou, Xi'an, Qingdao, and Chengdu [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q2 net profit attributable to shareholders increased by 26% year-on-year, exceeding expectations, with the integrated circuit testing segment showing remarkable growth [3] - In the first half of 2025, the company achieved total operating revenue of 990 million yuan, a year-on-year increase of 8%, and a net profit of 120 million yuan, up 14% year-on-year [3] - The company is expected to benefit from the demand recovery in special industries and the domestic semiconductor supply chain, with performance growth likely to continue [5] Financial Performance Summary - For the first half of 2025, the company's gross profit margin was 41.9%, a decrease of 3.2 percentage points year-on-year, while the net profit margin was 13.5%, an increase of 0.3 percentage points year-on-year [4] - The revenue from the environmental testing services segment was 490 million yuan, up 6% year-on-year, while the integrated circuit testing segment generated 160 million yuan, a growth of 21% year-on-year [3][4] - The company has adjusted its net profit forecasts for 2025-2027 to 2.8 billion yuan, 3.5 billion yuan, and 4.3 billion yuan respectively, with corresponding P/E ratios of 30, 24, and 19 [11]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a strong performance in its 2025 half-year results, with revenue of 991 million, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million, up 14.18% [5][8] - The company's main business segments showed comprehensive growth, particularly in the aerospace sector and integrated circuit testing, with significant revenue increases in these areas [8] - The report anticipates a recovery in profit margins due to improved demand and a more favorable acceptance rhythm, suggesting a potential turning point in profitability [8] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2,282 million in 2025, with a year-on-year growth rate of 12.7% [7] - The net profit attributable to shareholders is expected to reach 312 million in 2025, reflecting a growth rate of 35.9% [7] - The report outlines a gradual improvement in gross margin, with expectations of a return to an upward trend in profit margins as demand increases and capacity utilization improves [8]

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，公司试验设备、 环境与可靠性试验服务、集成电路验证与分析服务三个板块毛利率均面临一定压力，主要系市场竞争加 剧，价格端承压，同时部分实验室前期产能扩充，成本端亦存在相应压力。 ...

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，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，公司积极把握市场机会，围绕重点行业加大市场推广力 度，强化客户管理效能，加快项目实施落地进程，同时加强内控管理，优化销售业务绩效考核指标，进 一步健全实验室管理制度、员工绩效考核体系等，实现了业绩增长。 ...

Group 1 - The company announced on July 31 that its capital expenditure will remain stable overall [1] - The company will focus on emerging industries, specifically in commercial aerospace, aviation, integrated circuits, and intelligent robotics [1] - The company aims to strengthen its technological reserve capabilities and insists on the research and development of new products and technologies [1] Group 2 - In the field of testing services, the company plans to increase exploration efforts in emerging industries [1] - The company intends to further expand its testing capabilities and enhance service levels [1]

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，公司苏州、成 都、北京、西安实验室经营业绩存在差异，主要系不同实验室订单结构存在差异，确认端呈现出脉冲式 波动。 ...

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，在集成电路验证 与分析服务板块，公司结合市场需求及行业发展态势，已完成了部分设备扩充及实验室建置，进一步强 化了FA、MA、RA试验能力建设，整体正处于产能爬坡阶段，上海地区设备利用率有所提升，深圳实 验室新场地搬迁后需求端表现良好，预计下半年产能将稳定爬坡。 ...

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，真空试验设备是 公司近年研发的重点产品之一，已达到一定生产任务量，预计未来具备长期发展潜力。苏州、北京、成 都、西安、上海等实验室均在宇航领域进一步扩充产能，不断完善专项测试能力建设，依托行业的良好 发展态势与客户需求，公司宇航业务有望获得进一步提升空间。 ...