Core Insights - The report emphasizes the strong growth potential in the testing services industry, particularly driven by emerging sectors such as commercial aerospace and new technologies [4][6] - The testing services sector is closely linked to macroeconomic growth, with a projected global market size of approximately 2.3 trillion RMB by 2024, reflecting a CAGR of about 6% from 2021 to 2024 [4][24] - In China, the testing services market is expected to reach around 487.6 billion RMB by 2024, with a CAGR of approximately 10.5% from 2015 to 2024, indicating a robust growth trajectory [5][24] Industry Overview - The testing, inspection, and certification (TIC) industry serves various sectors including consumer goods, industrial products, and pharmaceuticals, covering all stages from R&D to production and distribution [16][24] - The industry is characterized by a large market space and stable growth, with demand closely tied to macroeconomic trends and government regulations [20][24] - Emerging technologies such as AI, electric vehicles, and commercial aerospace are expected to create new testing demands, raising the entry barriers for new players [6][20] Company Performance - The report analyzes 19 listed companies in the testing services sector, highlighting their revenue and profit performance, with notable companies including Huace Testing, Guangdian Measurement, and Su Testing [2][11] - In the first three quarters of 2025, the testing services sector in China reported a revenue of 30.4 billion RMB, a decline of 7% year-on-year, but a growth of 3% when excluding companies heavily involved in medical testing [5][57] - Leading companies such as Huace Testing, Guangdian Measurement, and Su Testing demonstrated superior performance, with revenue growth rates of 7%, 12%, and 9% respectively, significantly outpacing the industry average [5][62] Market Dynamics - The testing services market is experiencing a structural shift, with a trend towards consolidation as larger firms gain market share and smaller firms face challenges [44][50] - The report notes that the majority of testing institutions in China are small and micro-sized, which limits their ability to withstand economic pressures [50][51] - Government policies are increasingly supporting the marketization and consolidation of testing institutions, aiming to enhance the overall quality and efficiency of the industry [51][53] Financial Metrics - The report indicates that the average gross margin for the testing services sector has improved, reaching 26.2% in the first three quarters of 2025, reflecting a recovery in profitability [63] - The accounts receivable turnover days have increased from 90 days in 2019 to 176 days in 2025, indicating a slowdown in cash flow and potential credit risks within the industry [67][68] - The report highlights that the proportion of accounts receivable in relation to revenue has risen to 50%, suggesting increasing challenges in managing receivables [71]

西测测试始终坚持以技术为根基，以资质为台阶。旗下子公司成功取得NADCAP认证、ASP证书及 SPCAP证书，NADCAP、ASP和SPCAP认证不仅是国际航空航天领域的黄金准入标准，更是西测测试 跻身全球高可靠性供应链核心层的有力证明。这些资质为西测测试在商业航天高可靠性业务领域的拓展 奠定了坚实基础，开启了服务更高层级客户、参与更关键项目的大门。 面对商业航天"低成本、高可靠、快迭代"的行业核心需求，西测测试创新性地提出并实践"商业航天超 级代工厂"模式。该模式深度融合"检测+制造"双轮驱动战略，构建了从设计验证、元器件筛选、核心部 件智能制造到整星/整舱环境与可靠性试验的一站式全链条服务体系。以卫星载荷为例，西测测试可以 为商业卫星制造商提供从"设计验证——核心部件智能制造——整星/整舱环境与可靠性试验"的"一站 式"服务，能够显著缩短客户研制周期、降低综合管理成本、保障全过程质量一致性，已获得国内多家 主流商业卫星平台及载荷研制企业的认可与积极评价。公开信息显示，西测测试已成功承接并交付了涵 盖核心部件制造与全系统测试验证的示范性订单，为客户提供了从"蓝图"到"上天"全链条的关键环节支 持。同样的模式 ...

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

Core Viewpoint - The company, Xicet Testing (301306.SZ), forecasts a revenue of 300 million to 350 million yuan for 2025, a decrease from 389 million yuan in the previous year, and anticipates a net loss of 116 million to 165 million yuan, compared to a loss of 158 million yuan in the prior year [1] Group 1: Performance Forecast - The expected revenue for 2025 is between 300 million and 350 million yuan, down from 389 million yuan in the previous year [1] - The anticipated net loss for 2025 is projected to be between 116 million and 165 million yuan, compared to a loss of 158 million yuan in the previous year [1] - The forecasted non-recurring net loss for 2025 is estimated to be between 117 million and 166 million yuan, compared to a loss of 160 million yuan in the previous year [1] Group 2: Reasons for Performance Changes - The company has made strategic investments that have impacted short-term net profit, including capacity expansion and market development, leading to increased depreciation, personnel costs, and operational expenses [2] - The electronic assembly business has focused on optimizing customer structure, resulting in a significant decline in civilian product revenue, although losses have narrowed due to certifications obtained by its subsidiary [2] - Increased competition in certain areas of the inspection and testing market has posed challenges to pricing and gross margin, but the company has managed to control overall losses through improved service quality and internal management [2] - The company has strengthened accounts receivable management, with a notable increase in cash collection from reliable military clients, although high accounts receivable balances have led to provisions for bad debts impacting current profits [2]

报告期内，公司持续战略性投入，短期内对净利润有所影响：（1）产能与能力建设方面，扩建能力在 报告期内陆续投入运营，相关折旧摊销、人员成本及运营费用显著增加；（2）市场拓展方面，成立北 京营销中心，积极布局新兴市场，市场开拓费用增加。上述战略性投入是公司构筑长期竞争壁垒的必要 举措，但短期内对当期利润构成了压力。 格隆汇1月28日丨西测测试(301306.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润为亏损1.16亿元–1.65亿元，上年同期亏损1.58亿元；扣除非经常性损益后的净利润为亏损1.17亿元– 1.66亿元，上年同期亏损1.60亿元。 ...

（编辑 丛可心） 证券日报网讯 1月28日，西测测试发布公告称，公司预计2025年营业收入30，000.00万元至35，000.00 万元，上年同期38，880.82万元；归属于上市公司股东的净利润亏损11，600.00万元至16，500.00万 元，上年同期亏损15，826.87万元。 ...

西测测试（301306）(301306.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损1.16亿 元至1.65亿元;扣除非经常性损益后的净亏损1.17亿元至1.66亿元。 ...

智通财经APP讯，西测测试(301306.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损 1.16亿元至1.65亿元;扣除非经常性损益后的净亏损1.17亿元至1.66亿元。 ...

南财智讯1月28日电，西测测试发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为亏 损1.16亿元—1.65亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏损1.17 亿元—1.66亿元。业绩变动原因说明：1、报告期内，公司持续战略性投入，短期内对净利润有所影 响：（1）产能与能力建设方面，扩建能力在报告期内陆续投入运营，相关折旧摊销、人员成本及运营 费用显著增加；（2）市场拓展方面，成立北京营销中心，积极布局新兴市场，市场开拓费用增加。上 述战略性投入是公司构筑长期竞争壁垒的必要举措，但短期内对当期利润构成了压力。2、报告期内， 电子装联业务着力优化客户结构，民品收入下降幅度较大。子公司吉通力报告期内取得NADCAP认 证、ASP证书及SPCAP证书，为后续拓展高可靠性业务奠定基础。报告期内该业务虽仍亏损，但亏损额 同比已大幅收窄。3、报告期内，检验检测市场部分领域竞争加剧，对公司部分业务的定价和毛利率水 平带来一定挑战，公司通过提升服务质量和技术附加值，并加强内部管理应对竞争，使得整体亏损程度 得到控制。4、报告期内，公司持续加强应收账款管理，主要客户均为信用良好的军 ...

证券代码：301306 证券简称：西测测试 公告编号：2026-003 西安西测测试技术股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间 2025年1月1日至2025年12月31日。 2、业绩预告情况 √预计净利润为负值： | 项 目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | 亏损：11,600.00 | 万元–16,500.00 万元 | 亏损：15,826.87 万元 | | 扣除非经常性损益 后的净利润 | 亏损：11,700.00 | 万元–16,600.00 万元 | 亏损：16,027.86 万元 | | 营业收入 | 30,000.00 | 万元–35,000.00 万元 | 38,880.82 万元 | | 扣除后营业收入 | 30,000.00 | 万元–35,000.00 万元 | 38,670.84 万元 | 二、与会计师事务所沟通情况 三、业绩变动原因说明 1、报告期内，公司持续 ...