证券研究报告 | 2025年08月24日 信测标准（300938.SZ） 优于大市 二季度业绩同比增长 12%，产能扩张驱动新一轮增长 国内小而美的检测与试验设备一体化服务商。公司 2014/2024 年营业收入 分别为 1.13/7.25 亿元，CAGR 约 20.43%；同期归属于母公司净利润为 0.25/1.76 亿元，CAGR 约 21.50%。2024 年收入/归母净利润同比增长 6. 71%/7.67%，增长主要得益于汽车检测和电子电气检测市场需求复苏、 设备销售维持稳定，毛利率/净利率为 57.99%/25.01%，保持在较高水平。 2025 年上半年公司收入/归母净利润分别为 3.72/0.95 亿元，同比增长 1.35%/2.40%，其中二季度收入/归母净利润分别为 2.06/0.58 亿元，同 比增长 10.45%/11.82%，主要系汽车检测业务增长较好。 检测服务与设备制造双轮驱动。分产品看，2025 年上半年汽车领域检测/ 电子电气产品检测/试验设备收入分别为 1.62/0.90/0.72 亿元，同比+1 0.52%/+2.35%/-14.85%，对应毛利率分别为 69.10%/63 ...

Core Viewpoint - Nanhua Instrument has shown a strong recovery in its core business and is leveraging growth in the new energy sector, achieving significant improvements in operational performance despite a complex market environment [1][2][6] Group 1: Financial Performance - In 2024, the company reported revenue of 124 million yuan, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 14.77 million yuan, marking a turnaround from losses [1] - In Q1 2025, revenue grew by 44.18% year-on-year, while net profit showed a reduction in losses by 16.54%, indicating a strong start to the year [1] Group 2: Industry Trends - The Chinese motor vehicle inspection industry is in a continuous development phase, with the vehicle ownership reaching 453 million and new energy vehicles surpassing 31.4 million [2] - The market is transitioning from traditional inspection services to intelligent and multi-scenario testing, creating structural opportunities driven by policy and market demand [2] Group 3: Business Growth Drivers - The company experienced a 41.34% increase in sales volume of motor vehicle inspection equipment and a 46.88% rise in production volume, reflecting a rapid recovery in its core business [2] - New energy vehicle safety inspection has emerged as a new growth point, with the implementation of regulations in March 2025, leading to increased sales in related products [2] Group 4: Internal Growth and Innovation - Nanhua Instrument is enhancing internal growth by optimizing product structure and expanding into digital solutions and vehicle networking software [4] - The company has made strategic acquisitions to boost its software and IoT capabilities, supporting smart vehicle inspections and data integration services [4] - R&D investment increased by 14.12% in 2024, focusing on advanced monitoring technologies and new projects, thereby expanding its technological capabilities [4] Group 5: Management and Financial Health - The company is actively pursuing cost reduction and efficiency improvements, achieving a sales expense increase in line with revenue growth [5] - As of Q1 2025, the asset-liability ratio was 10.7%, with a current ratio of nearly 6.75, indicating strong financial health [5] - The company has approximately 80 million yuan in hand orders, providing a stable foundation for business growth [5] Group 6: Future Outlook - With support from policies, industry recovery, and internal optimization, the company's operational quality and market expectations are improving [6]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 124.32 million yuan, an increase of 10.79% compared to the previous year [1] - The net profit attributable to shareholders was 14.77 million yuan, a significant improvement of 455.96% year-on-year [1] - The net profit excluding non-recurring gains and losses was -15.68 million yuan, a decrease of 57.71% compared to the previous year [1] Group 2: Future Growth Points - Future growth drivers include the implementation of the "Safety Performance Testing Regulations for New Energy Vehicles" and the recovery of the traditional vehicle inspection industry [1] - Continuous strengthening of supervision and enforcement in the vehicle emission inspection sector will sustain market demand for related products [1] - The company is focusing on expanding its overseas market business to meet customer needs [2] Group 3: Industry Overview - The overall performance of the vehicle inspection industry has faced challenges due to reduced demand for related products following policy changes [2] - The joint issuance of guidelines by various government departments has led to a decrease in mandatory vehicle inspection frequency and quantity [2] - Despite short-term demand reduction, the industry is expected to enter a new development phase as the impact of policy adjustments diminishes and new energy vehicle inspections are gradually implemented [2]