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。 ...

盈利预测与估值 考虑到深圳宜特扩产对毛利率造成一定影响，我们下调2025/2026 净利润11.2%/11.6%至2.82 亿元/3.53 亿元。当前股价对应2025/2026 年29.7 倍/23.8 倍市盈率。维持跑赢行业评级，考虑到行业估值中枢上 行，维持21.00 元目标价，对应37.8 倍2025 年市盈率和30.2 倍2026 年市盈率，较当前股价有27.3%的上 行空间 1H25 业绩高于市场预期 公司发布2025 年半年报：1H25 营业收入9.91 亿元，同比+8.09%；归母净利润1.17 亿元，同比 +14.18%；扣非归母净利润1.14 亿元，同比+20.72%。单二季度，公司实现营业收入5.61 亿元，同比 +18.39%；归母净利润7,637 万元，同比+26.14%；扣非归母净利润7,462 万元，同比+37.09%。Q2 业绩 加速增长，超过市场预期，我们判断主要系设备确收和盈利能力好于预期所致。 发展趋势 分业务来看上半年：1）试验设备：收入3.10 亿元，同比+6.32%，我们判断扭转Q1 收入下降趋势、主 要系大订单集中确收所致，上半年订单有所改善，也将支撑下半年收入保持 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue reaching 991 million yuan, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million yuan, up 14.18% year-on-year [2][3]. - The report highlights the foundation for long-term growth established by new technologies and industries, particularly in the integrated circuit sector, which saw a revenue increase of 21.01% year-on-year [8]. - The company is expanding its product offerings in thermal vacuum testing equipment and is actively exploring opportunities in commercial aerospace and integrated circuits, which are expected to drive future revenue growth [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 2.271 billion yuan, with a year-on-year growth rate of 12.1%. The net profit attributable to shareholders is expected to be 308 million yuan, reflecting a growth rate of 34.2% [4][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit through 2027, with projected revenues of 2.601 billion yuan and 2.984 billion yuan for 2026 and 2027, respectively [4][9]. - The company's earnings per share (EPS) is expected to grow from 0.45 yuan in 2024 to 0.91 yuan in 2027, indicating strong profitability potential [4][9]. Market Performance - The company's stock price as of July 30, 2025, was 16.50 yuan, with a target price set at 24.22 yuan, suggesting significant upside potential [4][5]. - The report notes a decline in gross margin to 41.88% in H1 2025, attributed to increased capacity investments, but net profit margin improved to 13.51% due to reduced expense ratios [8].

Core Viewpoint - Suzhou Su Test Experiment Group Co., Ltd. (referred to as Su Test) reported a steady growth in its performance for the first half of 2025, with revenue reaching 991 million yuan and net profit at 117 million yuan, driven primarily by the significant growth in integrated circuit verification and analysis services, which increased by 21.01% [1][2]. Revenue and Profit Growth - For the first half of 2025, Su Test achieved operating revenue of 991 million yuan, representing a year-on-year increase of 8.09%, while the net profit attributable to shareholders rose to 117 million yuan, marking a 14.18% increase [3]. - The revenue breakdown by business segments shows: - Testing equipment business revenue of 310 million yuan, up 6.32% - Environmental and reliability testing services revenue of 487 million yuan, up 5.75% - Integrated circuit verification and analysis services revenue of 155 million yuan, up 21.01%, making it the fastest-growing segment [3]. Strategic Focus and Development - The company emphasizes a strategy of "focusing on core business, dual-wheel drive, and integration of manufacturing and services," which has led to steady performance improvement through enhanced technology research and market expansion [3]. - In the testing equipment segment, Su Test is focusing on high-end equipment development, particularly in thermal vacuum, low-pressure, and hydraulic categories, while also enhancing technical reserves for emerging industries such as new energy and commercial aerospace [4]. - The environmental and reliability testing services are expanding capabilities in space environment testing and online detection for aviation, alongside deepening collaborations with universities for technology transfer [4]. - The integrated circuit verification and analysis services have seen significant developments, including the completion of the Shenzhen laboratory expansion and the establishment of an automotive electronics reliability verification center, enhancing service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company reported strong performance in Q2 2025, with a revenue of 9.91 billion yuan for H1 2025, representing an 8.09% year-on-year increase, and a net profit of 1.17 billion yuan, up 14.18% year-on-year [1]. - The company is expected to benefit from improving orders in special industries and new growth driven by emerging industries in the second half of 2025 [3]. - The operating cash flow has shown continuous improvement, with a net inflow of 98.84 million yuan in H1 2025, a 29.32% increase year-on-year [4]. Revenue and Profitability - In H1 2025, revenue from the electronics and electrical sector, aerospace, and research and testing institutions was 3.85 billion, 1.47 billion, and 2.19 billion yuan, respectively, with year-on-year growth rates of 2.86%, 46.24%, and 1.84% [2]. - The company achieved a gross margin of 41.88% and a net margin of 13.51% in H1 2025, despite a decline in gross margins due to reduced expense ratios and the reversal of credit impairment losses [2]. Business Segments - Revenue from testing equipment, environmental reliability testing services, and integrated circuit verification and analysis services in H1 2025 was 3.10 billion, 4.87 billion, and 1.55 billion yuan, with year-on-year growth rates of 6.32%, 5.75%, and 21.01% respectively [2]. - The company is focusing on R&D for new products and technologies in sectors such as new energy, commercial aerospace, and integrated circuits, which is expected to drive further growth [3]. Financial Projections - The company forecasts net profits of 3.04 billion, 3.81 billion, and 4.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.60, 0.75, and 0.91 yuan [4][5]. - The current stock price corresponds to a P/E ratio of 28x for 2025, 22x for 2026, and 18x for 2027, indicating potential for future growth [4].

人民财讯7月31日电，苏试试验（300416）在电话会议中表示，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。 ...

Financial Performance - The company's revenue for the first half of 2025 reached 99,085.24 million yuan, representing a year-on-year growth of 8.09% [2] - Net profit attributable to shareholders was 11,728.42 million yuan, up 14.18% year-on-year [2] - Net profit after deducting non-recurring gains and losses was 11,425.18 million yuan, reflecting a growth of 20.72% [3] Revenue Breakdown by Segment - Revenue from testing equipment was 30,979.98 million yuan, a year-on-year increase of 6.32% [3] - Revenue from environmental and reliability testing services was 48,742.55 million yuan, growing by 5.75% [3] - Revenue from integrated circuit verification and analysis services was 15,485.74 million yuan, with a year-on-year growth of 21.01% [3] Profit Margins - Gross margin for testing equipment was 26.56%, down 4.66% year-on-year [3] - Gross margin for environmental and reliability testing services was 54.95%, a decrease of 0.79% [3] - Gross margin for integrated circuit verification and analysis services was 36.49%, down 6.38% year-on-year [3] Strategic Focus and Market Outlook - The company is committed to focusing on core business areas, driving dual engines of growth, and integrating manufacturing with services [3] - There is an optimistic outlook for the second half of the year, driven by strong demand in the testing equipment and services sectors [4] - The company plans to enhance technical research and expand testing capabilities while implementing cost reduction and efficiency improvement strategies [4] Challenges and Industry Trends - The company faces pressure on profit margins due to intensified market competition and cost pressures from expanded capacity [4] - The testing and inspection industry is experiencing a trend towards specialization, centralization, and scale, with resources concentrating on companies with technical and management advantages [7] - The demand from third-party testing institutions for equipment procurement has slightly increased, while the demand for new energy vehicles has stabilized [8] Capital Expenditure Plans - Capital expenditure is expected to remain stable, focusing on emerging industries such as aerospace, integrated circuits, and intelligent robotics [9] - The company aims to enhance its technical reserve capabilities and expand testing capabilities in the service sector [9]

据证券之星公开数据整理，近期苏试试验（300416）发布2025年中报。截至本报告期末，公司营业总收 入9.91亿元，同比上升8.09%，归母净利润1.17亿元，同比上升14.18%。按单季度数据看，第二季度营 业总收入5.61亿元，同比上升18.39%，第二季度归母净利润7637.24万元，同比上升26.14%。本报告期 苏试试验公司应收账款体量较大，当期应收账款占最新年报归母净利润比达605.84%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率41.88%，同比减7.01%，净利率13.51%，同比增 2.06%，销售费用、管理费用、财务费用总计2.02亿元，三费占营收比20.39%，同比减6.99%，每股净资 产5.16元，同比增2.7%，每股经营性现金流0.19元，同比增29.32%，每股收益0.23元，同比增14.16% | 苏试试验 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.17亿 | 216'6 | 8.09% | | 归母净利润(元) | 1.03 ...

苏试试验发布的2025年中报显示，公司营业总收入为9.91亿元，同比上升8.09%；归母净利润为1.17亿 元，同比上升14.18%；扣非净利润为1.14亿元，同比上升20.72%。第二季度单季表现更为亮眼，营业总 收入为5.61亿元，同比上升18.39%；归母净利润为7637.24万元，同比上升26.14%；扣非净利润为 7461.95万元，同比上升37.09%。 主要财务指标 近期苏试试验（300416）发布2025年中报，证券之星财报模型分析如下： 营收与利润 公司毛利率为41.88%，同比减少7.01%；净利率为13.51%，同比增加2.06%。三费(销售费用、管理费 用、财务费用)总计2.02亿元，占营收比为20.39%，同比减少6.99%。每股净资产为5.16元，同比增加 2.7%；每股经营性现金流为0.19元，同比增加29.32%；每股收益为0.23元，同比增加14.16%。 发展前景 尽管公司在2025年上半年取得了不错的业绩增长，但应收账款和债务状况仍需引起重视。随着行业自动 化、智能化升级与国产替代进程加速，公司有望继续受益于技术迭代与政策驱动的发展机遇。 公司主营业务收入中，环境可靠性试 ...

通过天眼查大数据分析，苏州苏试试验集团股份有限公司共对外投资了26家企业，参与招投标项目1250 次，知识产权方面有商标信息23条，专利信息525条，此外企业还拥有行政许可14个。 苏试试验最新一期业绩显示，截至2025中报，公司营业总收入9.91亿元、同比增长8.09%，归属净利润 1.17亿元，同比增长14.18%，扣非净利润1.14亿元，同比增长20.72%，流动比率1.714、速动比率 1.445、资产负债率42.02%。 天眼查商业履历信息显示，苏州苏试试验集团股份有限公司，成立于2007年，位于苏州市，是一家以从 事研究和试验发展为主的企业。企业注册资本50854.7806万人民币，实缴资本20608万人民币。公司法 定代表人为钟琼华。 金融界消息 截至2025年7月30日收盘，苏试试验（300416）报收于16.5元，上涨4.96%，换手率 10.75%，成交量54.32万手，成交金额8.90亿元。 资金流向方面，今日主力资金净流出6399.09万元，占比成交额7.19%。其中，超大单净流入703.03万 元、占成交额0.79%，大单净流出7102.12万元、占成交额7.98%，中单净流出流出6 ...