苏试试验（300416）：业绩稳健向上，航空航天增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Insights - The company achieved a revenue of 2.248 billion yuan in 2025, representing a year-on-year growth of 10.97%. The net profit attributable to shareholders was 257 million yuan, up 12.22% year-on-year [5] - The aerospace sector showed remarkable growth, with revenue from this segment increasing by 43.20% to 426 million yuan. The electronic and electrical sectors also performed well, with a revenue increase of 15.27% [6] - The company is focusing on enhancing its production capacity in the integrated circuit sector and aims to improve customer response efficiency through cross-regional collaboration [7][8] Financial Performance - The company's gross margin decreased by 2.78 percentage points to 41.76% in 2025. The gross margin for environmental reliability testing services fell by 4.26 percentage points to 52.7% [7] - The company expects revenues of 2.505 billion, 2.792 billion, and 3.110 billion yuan for 2026, 2027, and 2028, respectively, with corresponding net profits of 305 million, 361 million, and 425 million yuan [10][12] - The projected PE ratios for 2026, 2027, and 2028 are 27.65, 23.40, and 19.86, respectively [10]