STI(SZ:300416) Xin Lang Cai Jing·2025-07-31 08:34Core Insights - The company reported a revenue of 991 million yuan for the first half of 2025, representing a year-on-year increase of 8.09% [1] - The net profit attributable to shareholders reached 117 million yuan, up 14.18% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, reflecting a 20.72% increase [1] Business Performance - In the first half of 2025, the experimental equipment segment generated revenue of 310 million yuan, a year-on-year increase of 6.32%, attributed to the concentration of large orders [2] - The environmental testing services segment achieved revenue of 487 million yuan, up 5.75% year-on-year, with a gross margin of 54.95% [2] - The integrated circuit verification and analysis services segment reported revenue of 155 million yuan, a 21.01% increase year-on-year, although gross margin decreased to 36.49% due to rising depreciation and personnel costs [2] Profitability and Cash Flow - The overall gross margin for Q2 2025 was 42.99%, down 4.46 percentage points year-on-year, primarily due to the increased proportion of lower-margin experimental equipment revenue [3] - The net profit margin improved to 13.60%, an increase of 0.84 percentage points year-on-year, despite the decline in gross margin [3] - Operating cash flow net amount reached 199 million yuan, a year-on-year increase of 44% [3] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 down by 11.2% and 11.6% to 282 million yuan and 353 million yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 29.7 times for 2025 and 23.8 times for 2026, with a target price of 21.00 yuan, indicating a potential upside of 27.3% [4]