Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, while facing challenges in Q1 2025, indicating a mixed performance outlook for the near term [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 725 million yuan, a year-on-year increase of 6.71%, and a net profit attributable to shareholders of 176 million yuan, up 7.67% year-on-year [1]. - For Q1 2025, the company reported revenue of 166 million yuan, a decline of 8.04% year-on-year, and a net profit of 37.14 million yuan, down 9.48% year-on-year [1]. - The gross profit margin for 2024 was 57.99%, a decrease of 1.11 percentage points compared to the previous year [2]. Business Segments - The company's testing business showed growth, with revenues from automotive testing, electronic and electrical product testing, equipment sales, consumer goods testing, and health and environmental testing at 306 million, 171 million, 154 million, 50 million, and 45 million yuan respectively, reflecting year-on-year growth rates of 12.41%, 9.11%, -5.91%, 22.2%, and 7.0% [2]. - The gross margins for automotive testing, electronic and electrical product testing, and equipment sales were 67.71%, 60.98%, and 39.10%, with declines of 4.38, 2.17, and 6.94 percentage points respectively [2]. Management Efficiency - The company demonstrated strong management capabilities, with a decrease in expense ratios for sales, management, and financial expenses in 2024 [2]. - The sales, management, financial, and R&D expense ratios for 2024 were 14.80%, 7.58%, -1.25%, and 8.36%, showing improvements in cost management [2]. Strategic Initiatives - The establishment of a joint venture in February 2025 with Guangdong Wali Technology Co., Ltd. aims to enter the robotics sector, focusing on the development and sales of various types of robots [4]. - The company plans to integrate AI with testing robots to enhance operational efficiency and improve service quality, addressing the industry's reliance on manual labor [4][5]. Future Outlook - The company is set to leverage its technological advantages and market resources to expand into military product testing and enhance its capabilities through AI and robotics [5]. - The projected net profits for 2025-2027 are 198 million, 228 million, and 262 million yuan, representing year-on-year growth rates of 12.5%, 14.9%, and 15.2% respectively [6][7].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to challenges in the testing equipment and health and environmental testing sectors [1][2]. Revenue Performance - Q1 2025 revenue was 166 million yuan, a year-on-year decrease of 8.0% [1]. - Revenue from automotive testing reached 306 million yuan, growing 12.4% year-on-year, but the growth rate has slowed compared to previous years [2]. - Electronic and electrical product testing generated 171 million yuan, reflecting a 9.1% increase year-on-year [2]. - Testing equipment revenue was 154 million yuan, down 5.9% year-on-year, attributed to price competition in the manufacturing sector [2]. - Daily consumer goods testing revenue was 50 million yuan, up 22.2% year-on-year [2]. - Health and environmental testing revenue was 45 million yuan, increasing by 7.0% year-on-year [2]. Profitability Metrics - The net profit margin for Q1 2025 was 22.45%, a slight decrease of 2.04 percentage points year-on-year [3]. - Gross margin improved to 59.6%, an increase of 2.57 percentage points, likely due to a higher revenue share from automotive and electronic testing [3]. - Operating expense ratio rose to 34.3%, up 4.47 percentage points year-on-year, due to fixed costs amid declining revenue [3]. Cash Flow and Future Growth - Operating cash flow for Q1 2025 was 26 million yuan, down from 36 million yuan in the same period last year [3]. - The company established a joint venture for robotics technology, aiming to enhance future growth through automation in testing services [3]. Forecast and Valuation - Revenue projections for 2025-2027 are 797 million yuan, 890 million yuan, and 1.001 billion yuan, with year-on-year growth rates of 10.0%, 11.7%, and 12.5% respectively [4]. - Expected net profits for the same period are 192 million yuan, 221 million yuan, and 256 million yuan, with growth rates of 9.0%, 15.2%, and 15.6% respectively [4]. - The company is valued at a PE ratio of 24.9x, 21.6x, and 18.7x for 2025, 2026, and 2027 respectively [4].

丨证券研究报告丨 联合研究丨公司点评丨信测标准（300938.SZ） [Table_Title] 信测标准 2025Q1 点评：营收同比降 8%，关注 机器人业务进展 报告要点 [Table_Summary] 信测标准发布 2025 年一季报，Q1 实现营收 1.66 亿元，同比下降 8.0%；归母净利润 0.37 亿 元，同比下降 9.5%。结合 2024 年业务发展趋势，推测 Q1 营收下降主要源于试验设备、健康 与环保检测板块拖累较多，汽车检测、电子电气产品检测预计稳健增长。今年 2 月份公司设立 机器人合资公司，打造未来新的增长曲线。 分析师及联系人 [Table_Author] 徐科 赵智勇 贾少波 曹小敏 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520070003 SAC：S0490521050001 SFC：BUV415 SFC：BRP550 信测标准（300938.SZ） cjzqdt11111 [Table_Title 信测标准 2022]5Q1 点评：营收同比降 8%，关注 机器人业务进展 请阅读最后评级说明和重要声明 %% %% %% ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2434 | 0.2610 | -6.74 | 0.2845 | | 每股净资产（元） | 8.93 | 9.84 | -9.25 | 10.23 | | 每股公积金(元) | 3.9 | 5.27 | -26 | 5.22 | | 每股未分配利润(元) | 4.56 | 5.44 | -16.18 | 4.22 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.66 | 1.81 | -8.29 | 1.5 | | 净利润(亿元) | 0.37 | 0.41 | -9.76 | 0.31 | | 净资产收益率(%) | 2.87 | 3.27 | -12.23 | 2.75 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 4145.98万股，累计占流通股比： 37.91%，较上 ...

| 证券代码：300938 证券简称：信测标准 | 公告编号：2025-093 | | --- | --- | | 债券代码：123231 债券简称：信测转债 | | 深圳信测标准技术服务股份有限公司 第五届董事会第四次会议决议公告 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。 一、董事会会议召开情况 1、深圳信测标准技术服务股份有限公司（以下简称"公司"）第五届董事会 第四次会议于 2025 年 4 月 21 日以网络、电话、专人送达等方式发出通知，2025 年 4 月 24 日在公司会议室以现场及通讯的方式召开。 2、本次董事会应到董事 7 人，实际出席会议董事 7 人，列席监事 3 人。 3、本次会议由董事长吕杰中主持，董事、监事列席。会议召开和表决程序 符合有关法律、法规、规章和《公司章程》的规定。经各位董事认真审议，会议 形成了如下决议： 详见公司同日于巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 2、本次会议审议通过了《关于设立可转换公司债券募集资金专项账户并签 署募集资金监管协议的议案》 经审议，董事会认为：鉴于华中信测标准 ...

Financial Performance - The company's revenue for Q1 2025 was ¥166,102,434.04, a decrease of 8.04% compared to ¥180,633,394.25 in the same period last year[5] - Net profit attributable to shareholders was ¥37,147,048.86, down 9.48% from ¥41,038,815.52 year-on-year[5] - Basic earnings per share were ¥0.2434, a decline of 6.74% compared to ¥0.2610 in the same period last year[5] - The net profit for the current period is 37,288,802.43, a decrease of 15.7% compared to 44,234,116.51 in the previous period[24] - The total profit for the current period is 42,676,690.87, down from 51,168,602.90, reflecting a decline of 16.5%[24] - The operating profit for the current period is 42,537,365.35, compared to 51,133,882.25 in the previous period, indicating a decrease of 16.8%[24] - The total comprehensive income for the current period is 37,286,897.45, compared to 44,234,116.51 in the previous period, a decrease of 15.7%[25] Cash Flow and Assets - The net cash flow from operating activities decreased by 29.64% to ¥25,564,171.02 from ¥36,335,691.95 in the previous year[5] - Cash and cash equivalents at the end of the period were ¥177,123,427.04, up from ¥129,790,208.78 at the beginning of the period, indicating a growth of 36.5%[20] - The cash flow from operating activities for the current period is 25,564,171.02, down 29.7% from 36,335,691.95 in the previous period[26] - The cash flow from investing activities shows a net inflow of 30,682,936.24, slightly down from 31,057,255.92 in the previous period[27] - The cash and cash equivalents at the end of the period amount to 176,672,102.04, compared to 226,290,628.83 at the end of the previous period, a decrease of 21.9%[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,215[11] - Major shareholders include Lü Jiezhong (17.69%), Lü Baozhong (14.10%), and Gao Lei (12.41%) with significant shareholding numbers of 29,103,979, 23,196,621, and 20,413,425 respectively[12] - The company has established a unified action relationship among major shareholders, indicating a collaborative control structure[12] - The total number of shares held by the top ten unrestricted shareholders includes significant holdings from institutional investors[12] Equity and Liabilities - Total assets at the end of the reporting period were ¥2,057,464,681.84, reflecting a slight increase of 0.45% from ¥2,048,322,561.39 at the end of the previous year[5] - Total liabilities decreased significantly to ¥487,466,688.59 from ¥785,402,914.28, a reduction of 38.0%[21] - Total equity attributable to shareholders increased to ¥1,490,948,348.49 from ¥1,183,757,141.05, reflecting a growth of 26.0%[21] - Shareholders' equity attributable to the parent company increased by 25.95% to ¥1,490,948,348.49 from ¥1,183,757,141.05 at the end of the previous year[5] Expenses and Investments - The company reported a significant increase in financial expenses, which rose by 305.03% to ¥1,031,045.24 due to increased interest expenses from convertible bond projects[9] - Investment income increased by 41.44% to ¥2,774,011.72 compared to ¥1,961,239.31 in the previous year[9] - Total operating costs decreased to ¥124,976,472.18 from ¥132,309,952.93, reflecting a reduction of 5.5%[23] - Research and development expenses increased to ¥16,194,312.12, up from ¥14,831,812.06, representing an increase of 9.2%[23] Corporate Governance - The company held its second extraordinary general meeting on March 20, 2025, approving the election of the fifth board of directors and the fifth supervisory board[16] - Lü Jiezhong was elected as the chairman of the fifth board of directors, with appointments for other key management positions including Yuan Qi as general manager and Li Guoping as deputy general manager[17] - The company has not reported any new strategies related to market expansion or mergers and acquisitions in the recent meetings[15] - The company has not disclosed any new product developments or technological advancements in the recent financial updates[15] Restricted Shares - The company has a total of 1,819,847 restricted shares at the beginning of the period, with 187,467 shares released during the period, resulting in 1,632,380 restricted shares remaining[14] - The company’s restricted shares are primarily related to equity incentive plans, with a scheduled release date in March 2025[14] - The number of restricted stock incentive plan participants eligible for the second unlock period was 43, with a total of 187,467 shares to be unlocked, accounting for 0.12% of the total share capital[18]

| 证券代码：300938 | 证券简称：信测标准 | 公告编号：2025-091 | | --- | --- | --- | | 债券代码：123231 | 债券简称：信测转债 | | 深圳信测标准技术服务股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现变更、否决议案的情形； 2、本次股东会未涉及变更前次股东会决议的情况； 3、本次股东会采取现场投票和网络投票相结合的方式。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 4 月 21 日（星期一）下午 14:30； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 4 月 21 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深 圳证券交易所互联网系统（http://wltp.cninfo.com.cn）投票的具体时间为 2025 年 4 月 21 日（星期一）9:15 至 15:00 任意时间。 2、现场会议召开地点：深 ...

北京德恒（深圳）律师事务所 关于 北京德恒（深圳）律师事务所 关于深圳信测标准技术服务股份有限公司 2024 年年度股东会的法律意见 北京德恒（深圳）律师事务所 深圳信测标准技术服务股份有限公司 2024 年年度股东会的 法律意见 深圳市福田区金田路 4018 号安联大厦 B 座 11 层 电话：0755-88286488 传真：0755-88286499 邮编：518026 关于 深圳信测标准技术服务股份有限公司 2024 年年度股东会的法律意见 德恒第 06G20250062-00003 号 致：深圳信测标准技术服务股份有限公司 深圳信测标准技术服务股份有限公司（以下简称"信测标准"或"公司"） 2024 年年度股东会于 2025 年 4 月 21 日（星期一）召开。北京德恒（深圳）律 师事务所（以下简称"本所"）受公司委托，指派施铭鸿律师、曾晓纯律师（以 下简称"德恒律师"）出席了本次会议。根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《深圳信测标准技 术服务股份有限公司章程》（以下简 ...

本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则未经合法授权严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢 哎 好的 各位同学下午好 我是四川六线电视台的首席宋伟啊今天呢 我们要讲的这个公司的内容呢 是关于这个信贷标准啊就是 那么我们也看到信贷标准的话 在3.5啊其实有一个20厘米的涨停啊 那么我们怎么来理解这件事啊就是我们觉得因为现在标准这家公司呢我们在前面也已经写过一篇申请报告然后来推荐这家公司啊当时主要推荐逻辑呢在于是说公司作为这个第三方检测服务领域啊相对比较这个呃农村的公司啊那么而且公司的包括资金啊各方面的这个资源的也是相对比较丰富的啊 那么在一个相对比较分散的服务行业里面通过这种内深和外延式的 ...

信测标准投资者关系活动记录表 证券代码：300938 证券简称：信测标准 深圳信测标准技术服务股份有限公司 投资者关系活动记录表 投资者关系活动 类别 特定对象调研 □分析师会议 媒体采访 业绩说明会 □新闻发布会 □路演活动 现场参观 □其他 参与单位名称及 姓名 信测标准 2024 年度业绩说明会采用网络远程方式进行，面向全 体投资者 时间 2025 年 4 月 15 日 15:00-17:00 地点 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云 访谈"栏目 上市公司接待人 员姓名 主持人：信测标准 董事长：吕杰中 总经理：袁奇 董秘：张旭 财务总监：黄光欣 投资者关系活动 主要内容介绍 问题 1.公司对 2025 的市场怎么看？ 答：国家市场监管总局在 2022 年 7 月发布的《"十四五" 认证认可检验检测发展规划》中，设定了对外出具检验检测报 告的数量和行业营业总收入的增速目标，分别为 2025 年达到 7.9 亿份和 5000 亿元。检验检测行业作为现代经济体系中不可 或缺的一环，为商品和服务的质量安全提供了重要保障。随着 社会进步与人民生活品质的提升，我国检验 ...