苏试试验：Q3公司业绩略低于预期，看好公司长期发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The macroeconomic environment in 2024 is expected to remain relatively low, with overall downstream demand weakening. However, special industry orders are anticipated to gradually recover, and the subsidiary Yite's capacity enhancement plan is expected to return to normal. The company is projected to achieve revenues of 2.253 billion, 2.478 billion, and 2.829 billion yuan from 2024 to 2026, with net profits of 262 million, 334 million, and 408 million yuan respectively, resulting in a CAGR of 9.12% [2][6] - The company is a leader in the testing equipment industry, and its operational capabilities are expected to stabilize. The estimated EPS for 2024, 2025, and 2026 are 0.51, 0.66, and 0.80 yuan per share [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.406 billion yuan, a year-on-year decline of 7.88%, and a net profit of 146 million yuan, down 33.56% year-on-year. In Q3 2024, revenue was 489 million yuan, down 11.91% year-on-year, with a net profit of 44 million yuan, down 48.34% year-on-year [6] - The gross margin slightly decreased, while the net margin saw a significant decline. The gross and net margins for Q1-3 2024 were 44.01% and 12.23%, respectively, down 1.07 and 4.66 percentage points year-on-year. For Q3 2024, the gross and net margins were 42.08% and 10.35%, down 3.68 and 7.84 percentage points year-on-year [6] - The company is facing pressure on its environmental testing services and equipment due to increased competition and reduced capital expenditure from downstream clients [6] Business Development Outlook - The company is focusing on new product and technology development, with ongoing R&D in various fields including new energy, storage, aerospace, wireless communication, and medical devices. The integrated circuit testing capabilities are also being strengthened [6] - Despite the current pressures, the company is viewed positively for its long-term business development potential as a leading domestic testing equipment provider [6]