苏试试验(300416)：业绩降幅收窄 看好全年军工检测订单复苏

Core Viewpoint - The company reported a slight decline in revenue and net profit for Q1 2025, attributed mainly to a downturn in equipment sales, while other segments like environmental testing services and integrated circuit testing are expected to perform better [1][2]. Revenue Performance - Q1 2025 revenue reached 429 million yuan, a year-on-year decrease of 3.0% [1] - Revenue growth rates for 2024 were +1.0%, -11.0%, -11.9%, and +4.9% for Q1 to Q4, indicating marginal improvement in Q4 [2] - Equipment sales revenue for 2024 was 623 million yuan, down 17.25% year-on-year, due to reduced capital expenditures from downstream third-party testing institutions [2] - Environmental testing services generated 1.01 billion yuan in revenue, a year-on-year increase of 0.64%, with military testing orders gradually recovering [2] - Integrated circuit testing revenue was 288 million yuan, up 12.33% year-on-year, driven by high demand from downstream clients [2] Profitability Analysis - The net profit attributable to the parent company for Q1 2025 was 41 million yuan, also down 3.0% year-on-year [1] - The decline in net profit for 2024 was significant, with year-on-year growth rates of -4.9%, -33.8%, -48.3%, and -11.6% from Q1 to Q4 [3] - Q1 2025 gross margin was 40.44%, a decrease of 2.03 percentage points year-on-year, while net margin improved by 0.32 percentage points to 10.53% [3] Capacity Expansion and Future Outlook - The company has been actively expanding its application fields and increasing capacity, with the original value of machinery and equipment growing by 26.1% year-on-year by the end of 2024 [4] - New laboratories are being established in various locations, including Shenzhen and other cities, to enhance testing capabilities [4] - The company anticipates a rapid release of military testing orders in 2025, along with a favorable semiconductor testing demand, which is expected to drive revenue recovery [4] - Revenue projections for 2025-2027 are 2.32 billion, 2.63 billion, and 2.96 billion yuan, with net profits expected to grow by 27.0%, 23.7%, and 23.7% respectively [4]