STI(SZ:300416) Changjiang Securities·2025-10-29 05:48Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.532 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.0%. The net profit attributable to the parent company was 157 million yuan, up 7.1% year-on-year, while the net profit excluding non-recurring items was 149 million yuan, reflecting a year-on-year increase of 13.9%. In Q3 alone, revenue reached 541 million yuan, marking a 10.6% year-on-year growth, although the net profit attributable to the parent company decreased by 9.4% year-on-year to 40 million yuan [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 38.7%, a decrease of 3.4 percentage points year-on-year, primarily due to a decline in gross margin from equipment sales amid price competition. The net profit margin decreased by 2.19 percentage points year-on-year [12]. - The operating cash flow for Q3 2025 was 21 million yuan, a 75% decline year-on-year, with a cumulative cash flow of 120 million yuan for the first three quarters, down 25% year-on-year [12]. Business Segments - Revenue from environmental testing services for the first half of the year was 487 million yuan, up 5.75% year-on-year, driven by the acceleration of military testing orders as the military's 14th Five-Year Plan assessment approaches. Revenue from testing equipment was 310 million yuan, up 6.32% year-on-year, attributed to the confirmation of special industry orders in Q2. Revenue from integrated circuit testing reached 155 million yuan, a year-on-year increase of 21.01%, supported by the expansion of laboratories in Shanghai and Shenzhen and strong industry demand [12]. Future Outlook - The company is expected to see accelerated growth in military testing orders and revenue due to the upcoming new five-year plan, with semiconductor testing laboratory capacity utilization also anticipated to contribute to revenue growth. The sales revenue from equipment is expected to maintain steady growth [12]. - The company forecasts revenues of 2.22 billion yuan, 2.49 billion yuan, and 2.80 billion yuan for 2025, 2026, and 2027 respectively, with net profits attributable to the parent company projected at 261 million yuan, 330 million yuan, and 405 million yuan, reflecting year-on-year growth rates of 13.8%, 26.6%, and 22.7% respectively [12].