STI(SZ:300416) 光大证券研究·2025-07-31 23:04Core Viewpoint - The company reported stable revenue growth and improved profitability in the first half of 2025, with a focus on expanding its presence in emerging industries and enhancing operational efficiency [3][4][5]. Revenue and Profitability - In H1 2025, the company achieved revenue of 991 million yuan, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million yuan, up 14.18% year-on-year [3]. - The second quarter of 2025 saw revenue of 561 million yuan, representing an 18.39% year-on-year increase, and a net profit of 76 million yuan, which is a 26.14% increase year-on-year [3]. - By industry, revenue from electronics and electrical, aerospace, and research/testing institutions was 385 million, 147 million, and 219 million yuan, respectively, with year-on-year growth rates of 2.86%, 46.24%, and 1.84% [4]. Business Segments Performance - Revenue from testing equipment, environmental reliability testing services, and integrated circuit verification and analysis services was 310 million, 487 million, and 155 million yuan, with year-on-year growth rates of 6.32%, 5.75%, and 21.01% [4]. - The company's overall gross margin and net margin for H1 2025 were 41.88% and 13.51%, respectively, with a slight decline in gross margin but an increase in net margin due to reduced operating expenses and recovery of credit impairment losses [4]. Future Growth Drivers - The company anticipates continued improvement in orders from special industries in the second half of 2025, driven by its focus on new product and technology development in sectors such as new energy, commercial aerospace, and integrated circuits [5]. - The expansion of testing capabilities in areas like space environment testing and automotive materials testing is expected to contribute to further growth [5]. Cash Flow and Employee Engagement - The company's operating cash flow showed significant improvement, with a net inflow of 98.84 million yuan in H1 2025, a year-on-year increase of 29.32% [6]. - An employee stock ownership plan was announced, involving the purchase of approximately 705,980 shares, which is expected to enhance employee cohesion and competitiveness [6].