Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Insights - The company reported a significant growth in Q2 2025, with a year-on-year increase in net profit of over 26%, indicating a turning point in performance [5]. - The revenue for H1 2025 reached 991 million yuan, a year-on-year increase of 8.09%, while the net profit attributable to shareholders was 117 million yuan, up 14.18% [4]. - The integrated circuit segment showed remarkable performance, with revenue growth of 21.01% [5]. Financial Performance - The company's gross margin decreased by 3.16 percentage points to 41.88% in H1 2025, with specific segments like testing equipment and integrated circuit services experiencing notable declines in gross margins [6]. - The company expects revenues for 2025-2027 to be 2.316 billion, 2.605 billion, and 2.898 billion yuan, with corresponding net profits of 290 million, 349 million, and 416 million yuan, reflecting growth rates of 14.33%, 12.49%, and 11.26% respectively [8][12]. Business Segments - The testing equipment segment generated 310 million yuan in revenue, a 6.32% increase, while environmental and reliability testing services brought in 487 million yuan, up 5.75% [5]. - The company is actively enhancing its technical capabilities and expanding into emerging fields such as new energy and commercial aerospace, which is expected to provide long-term growth opportunities [7].
苏试试验(300416):Q2业绩快速增长,集成电路板块表现亮眼