STI(SZ:300416) Changjiang Securities·2025-07-30 10:46Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 991 million yuan for the first half of 2025, representing a year-on-year increase of 8.1%. The net profit attributable to the parent company was 117 million yuan, up 14.2% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, reflecting a 20.7% increase year-on-year. In Q2 alone, revenue reached 561 million yuan, marking an 18.4% year-on-year growth, and the net profit attributable to the parent company was 76 million yuan, up 26.1% year-on-year [2][6] Summary by Sections Revenue and Profitability - In Q2 2025, the company experienced a significant improvement in revenue, with a year-on-year growth rate of 18.4%, compared to a decline of 3.0% in Q1. The revenue breakdown for the first half of the year includes: 1. Environmental testing services: 487 million yuan, up 5.75% year-on-year 2. Testing equipment: 310 million yuan, up 6.32% year-on-year 3. Integrated circuit testing: 155 million yuan, up 21.01% year-on-year [12][12] Margin Analysis - The gross margin for Q2 2025 was 43.0%, a decrease of 4.46 percentage points year-on-year. The net profit margin slightly decreased by 0.27 percentage points year-on-year. The gross margins for different segments were: 1. Environmental testing services: 54.95%, down 0.79 percentage points 2. Testing equipment: 26.56%, down 4.66 percentage points 3. Integrated circuit testing: 36.49%, down 6.38 percentage points [12][12] Cash Flow and Financial Health - The net cash flow from operating activities in Q2 2025 was 199 million yuan, an increase of 44.1% year-on-year, indicating a significant improvement in cash flow [12] Growth Prospects - The company is actively expanding its application fields and continues to invest in capacity. By the end of 2024, the original value of machinery and equipment increased by 26.1% year-on-year. The company is also expanding its laboratory network and enhancing its testing capabilities in various sectors, including military, new energy vehicles, and semiconductors [12][12] Earnings Forecast - The company is expected to benefit from accelerated military testing orders and strong demand in the semiconductor testing sector. Revenue projections for 2025-2027 are 2.263 billion yuan, 2.535 billion yuan, and 2.851 billion yuan, respectively, with net profits of 296 million yuan, 363 million yuan, and 441 million yuan, reflecting year-on-year growth rates of 29.1%, 22.7%, and 21.3% [12][12]