苏试试验2024H1点评：Q2归母净利润同比降33.8%，期待产能爬坡带来业绩修复

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's performance in H1 2024 was impacted by fluctuations in downstream demand and increased operational costs following rapid capacity expansion. However, there are expectations for revenue and profit recovery in the second half of the year due to equipment renewal policies, gradual recovery in military testing demand, and sustained demand for new energy vehicle testing [6][7]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 917 million yuan, a year-on-year decrease of 5.6%. The net profit attributable to the parent company was 103 million yuan, down 24.4% year-on-year, while the net profit excluding non-recurring items was 95 million yuan, a decline of 26.8% [6][7]. - Q2 2024 revenue was 474 million yuan, down 11.0% year-on-year, with a net profit of 61 million yuan, a decrease of 33.8% year-on-year [6][7]. Segment Analysis - Revenue from testing equipment was 291 million yuan, down 14.6% year-on-year, with a gross margin of 31.2%, reflecting increased market competition and reduced capital expenditure from clients [6][7]. - Revenue from environmental testing services was 461 million yuan, down 1.72% year-on-year, with a gross margin of 55.7%. The slowdown in new orders and extended execution cycles in the military sector contributed to this performance [6][7]. - Revenue from integrated circuits increased by 18.2% year-on-year to 128 million yuan, with a gross margin of 42.9%. The ramp-up of production capacity positively impacted profitability [6][7]. Future Outlook - The company anticipates growth in testing equipment driven by equipment renewal policies, a gradual release of military testing orders, and sustained demand for new energy vehicle testing in the second half of 2024 [6][7]. - The company expects to achieve revenues of 2.16 billion yuan, 2.36 billion yuan, and 2.57 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 321 million yuan, 370 million yuan, and 433 million yuan for the same years [6][7]. Cash Flow and Capital Expenditure - The company reported a net operating cash flow of 76 million yuan in H1 2024, consistent with the previous year, with an improved cash collection ratio of 86% [7]. - The company is actively expanding its capacity, with significant increases in fixed assets, including a 24.1% rise in buildings and a 32.6% rise in machinery [7]. Valuation - The company is expected to maintain a favorable position in military, new energy vehicles, and semiconductor testing sectors, with a projected PE ratio of 17.8x, 15.4x, and 13.2x for 2024, 2025, and 2026 respectively [6][7].