苏试试验（300416）：25半年报业绩超预期，盈利拐点出现

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a strong performance in its 2025 half-year results, with revenue of 991 million, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million, up 14.18% [5][8] - The company's main business segments showed comprehensive growth, particularly in the aerospace sector and integrated circuit testing, with significant revenue increases in these areas [8] - The report anticipates a recovery in profit margins due to improved demand and a more favorable acceptance rhythm, suggesting a potential turning point in profitability [8] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2,282 million in 2025, with a year-on-year growth rate of 12.7% [7] - The net profit attributable to shareholders is expected to reach 312 million in 2025, reflecting a growth rate of 35.9% [7] - The report outlines a gradual improvement in gross margin, with expectations of a return to an upward trend in profit margins as demand increases and capacity utilization improves [8]