Investment Rating - The report maintains a "Strong Buy" rating for the machinery sector [4] Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to enhance model training and R&D efficiency, which is expected to accelerate the commercialization of humanoid robots [1][11][41] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies, indicating a potential influx of capital into the robotics sector, supporting continued market momentum [1][11][41] - The report emphasizes a strong outlook for embodied intelligence, including both humanoid and non-humanoid robots, and encourages exploration of investment opportunities in "AI + Robotics" beyond just humanoid robots [1][11][41] Summary by Sections Humanoid Robots - Major tech giants are enhancing robotics manufacturers' capabilities, which is expected to boost the commercialization of humanoid robots [2][11] - The newly launched robotics index includes companies such as Huichuan Technology, Hubei Zhongke, and others, with expectations for increased capital inflow into the sector [2][11] - The report suggests focusing on embodied intelligence and exploring various robotics applications, including exoskeletons and sensors, which do not necessarily depend on humanoid robot proliferation [2][11] Engineering Machinery - Recent rumors about poor domestic sales data for engineering machinery in early May have led to significant stock corrections among leading companies, but the report suggests that this data may not represent the entire month [12][21] - The report anticipates double-digit growth in domestic sales for the year, supported by a low base from the previous year [12][21] - The domestic market is expected to recover, driven by increased investment in infrastructure and construction projects [21][22] Semiconductor Equipment - The report highlights the increasing importance of domestic semiconductor equipment due to export restrictions from the U.S., which is expected to accelerate the domestic production rate [25][26] - The overall outlook for the semiconductor equipment sector remains positive, with anticipated growth in orders for 2025 [26] 3C Equipment - The report notes that domestic manufacturers are well-positioned to benefit from the ongoing adjustments in Apple's production strategy, with expectations for strong demand in 2025 [27] Other Equipment Sectors - The report provides insights into various sectors, including oil service equipment, elevators, rail transit equipment, and mining machinery, with specific recommendations for companies within these sectors [30][31][32][33]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly focusing on the export-oriented segments such as engineering machinery, aerial work platforms, and oil service equipment [1]. Core Insights - The report highlights the positive impact of the recent US-China trade agreement, which significantly reduces tariffs on Chinese exports to the US, providing a favorable environment for machinery exporters [1][15]. - It emphasizes the strong growth potential in the engineering machinery sector, with a notable increase in excavator exports and a focus on digitalization and innovation in product offerings [2]. - The report identifies key investment opportunities in the humanoid robotics sector, particularly in dexterous hands and lightweight materials, which are expected to drive future growth [4][25]. Summary by Sections Recommended Stocks - The report lists a comprehensive portfolio of recommended stocks across various sectors, including Northern Huachuang, Sany Heavy Industry, and others in the machinery and automation fields [1][13]. Industry Trends - The engineering machinery sector is witnessing a recovery, with significant contracts signed at the Changsha International Engineering Machinery Exhibition, indicating robust demand [2]. - The general automation sector is expected to see a gradual recovery, with specific focus on industrial automation and injection molding machines, which are projected to grow in revenue [3][22]. Humanoid Robotics - The humanoid robotics industry is entering a golden development period, with a focus on dexterous hands and lightweight materials, suggesting a shift towards more advanced robotic applications [4][25]. - Investment opportunities are highlighted in companies specializing in dexterous hands and lightweight materials, indicating a growing market for these technologies [26][39]. General Automation - The report notes that the general automation sector is stabilizing, with a focus on opportunities in industrial automation and injection molding machines, which are expected to benefit from increased capital expenditures [3][22]. Market Dynamics - The report discusses the competitive landscape in the machinery equipment sector, noting the challenges posed by price competition and the need for innovation to maintain profitability [3][24]. - It also highlights the importance of export markets for domestic manufacturers, particularly in light of recent tariff reductions [1][15].

Group 1: Company Growth and Performance - The company anticipates new performance growth points from the gradual release of laboratory capacity established in previous periods [2] - The main business of the company, material analysis testing and instrumentation, is experiencing steady growth in 2024 and the first quarter of 2025 [3] Group 2: Talent Development and Innovation - The company has developed a comprehensive internal talent training system, including expert guidance and job rotation, and collaborates with major universities to attract top talent [2] - Continuous investment in research and development is being made to enhance the capabilities of the subsidiary, Nack Microbeam, particularly in high-end scientific instruments [6] Group 3: Market Position and Competition - The company emphasizes brand building and technological accumulation to maintain its competitive edge and profitability despite aggressive pricing strategies from competitors [4] - The company aims to provide integrated solutions and expand its testing service areas while accelerating the development and upgrade of high-end scientific instruments to increase market share [6] Group 4: Laboratory Expansion and Operations - The company has established testing laboratories in various locations across China, including Jiangsu, Shandong, Liaoning, Sichuan, Shaanxi, Hunan, and Hebei, with several now in stable operation [5] - The utilization rate of the newly operational laboratories in Jiangsu and Shenyang is steadily improving as the company focuses on releasing capacity and enhancing service offerings [5]

金十数据5月13日讯，思泰克5月12日在业绩说明会上表示，目前公司海外业务占比较小，2024年度，公 司分别在香港和新加坡设立了全资子公司，公司将在稳步拓展国内市场的基础上，加大对海外市场的开 拓力度，为全球客户提供高质量的检测解决方案，也为公司发展新的增长点。 思泰克：将加大对海外市场的开拓力度 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, focusing on domestic demand recovery and opportunities in equipment exports [1]. Core Insights - The machinery equipment industry is expected to benefit from a recovery in domestic demand, particularly in engineering machinery, with a projected revenue increase of 3% in 2024 and 11% in Q1 2025 for selected companies [1]. - The report highlights the importance of key sectors such as general automation, humanoid robots, and testing services, indicating potential growth opportunities in these areas [2][3][9]. Summary by Sections Engineering Machinery - The engineering machinery sector is projected to see a revenue increase of 290.5 billion CNY in 2024 and 80.3 billion CNY in Q1 2025, with a year-on-year growth of 3% and 11% respectively [1]. - Key drivers include rural water conservancy projects and a global interest rate reduction cycle, leading to a recovery in domestic and export demand [1]. General Automation - The general automation sector is expected to achieve a revenue of 59.25 billion CNY in 2024, with a year-on-year growth of 6% [2]. - The injection molding machine segment shows promising growth, with companies like Haitian International and Yizumi projected to achieve revenue increases of 23% and 24% respectively [2]. Humanoid Robots - The humanoid robot industry is entering a golden development period, with a focus on dexterous hands and lightweight materials [3]. - Investment opportunities are identified in micro-screw components and sensors, which are crucial for the functionality of dexterous hands [3]. Testing Services - The testing services sector is projected to generate 46.8 billion CNY in revenue in 2024, despite a 4% decline year-on-year [9]. - The report emphasizes the resilience of the sector, particularly when excluding companies heavily involved in medical testing [9]. Forklift Industry - The forklift sector is expected to see a revenue of 47.3 billion CNY in 2024, with a 2% year-on-year growth [4]. - The report notes a shift towards overseas markets, which are expected to grow by 7% [4]. Semiconductor Equipment - The semiconductor equipment sector is projected to achieve a revenue of 73.22 billion CNY in 2024, with a year-on-year growth of 33% [10]. - The report highlights the importance of domestic equipment manufacturers in capturing market share as the industry continues to grow [10]. Photovoltaic Equipment - The photovoltaic equipment sector is expected to generate 84.86 billion CNY in revenue in 2024, with a slight increase of 2% year-on-year [11]. - The report suggests that leading companies in this sector are well-positioned to navigate through the current challenges [11].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Views - The machinery equipment industry is expected to benefit from domestic demand recovery and increased exports, particularly in sectors like engineering machinery and oil services [1][4] - The report highlights a significant improvement in the performance of engineering machinery companies, with projected revenue growth of 3% in 2024 and 11% in Q1 2025 [1] - The report emphasizes the importance of smart logistics in the forklift sector, suggesting a second growth curve for companies in this space [4] Summary by Sections Engineering Machinery - The analysis of 13 A-share listed companies in the engineering machinery sector shows a total revenue of 290.5 billion CNY in 2024, with a year-on-year increase of 3% [1] - The net profit for these companies is projected to reach 20.3 billion CNY in 2024, reflecting a 26% increase year-on-year [1] - Key companies to watch include SANY Heavy Industry, XCMG, and LiuGong [1] General Automation - The industrial automation sector is expected to see a revenue of 592.48 billion CNY in 2024, with a year-on-year growth of 6% [2] - The injection molding machine segment is projected to grow significantly, with companies like Haitian International and Yizumi showing strong revenue growth [2][22] - The report identifies opportunities in the FA automation segment, particularly for companies like Yihada [2][21] Forklift Industry - The forklift sector is projected to achieve a total revenue of 473 billion CNY in 2024, with a year-on-year increase of 2% [4] - The report notes a shift towards overseas markets, with overseas revenue expected to grow by 7% [4] - Companies such as Anhui Heli and Hangcha Group are highlighted as key players [4] Semiconductor Equipment - The semiconductor equipment sector is expected to see a total revenue of 732.2 billion CNY in 2024, with a year-on-year growth of 33% [10] - The net profit for semiconductor equipment companies is projected to reach 119 billion CNY, reflecting a 15% increase year-on-year [10] - Key companies include North China Innovation and Zhongwei Technology [10] Photovoltaic Equipment - The photovoltaic equipment sector is projected to achieve a total revenue of 848.6 billion CNY in 2024, with a year-on-year growth of 2% [11] - The report indicates a significant decline in net profit, expected to drop by 57% to 54.8 billion CNY [11] - Companies such as Jingcheng Machinery and High Measurement are recommended for investment [12] Testing Services - The testing services sector is expected to generate revenue of 468 billion CNY in 2024, with a year-on-year decline of 4% [9] - The net profit for the sector is projected to decrease by 56% to 18 billion CNY [9] - Recommended companies include Huace Testing and Guodian Measurement [9][30]

Investment Rating - The report suggests a focus on leading companies with strong management and brand recognition in the testing service industry, particularly recommending companies like Huace Testing, Sutest, and Guangdian Measurement [6][13][86]. Core Insights - The overall performance of the testing service industry is under pressure, with a focus on lean management and the expansion into emerging industries [4][5]. - The testing service sector is closely correlated with macroeconomic growth, and it is expected to benefit from government debt relief and domestic demand stimulus policies [5][74]. - The industry is experiencing a trend towards consolidation, with resources likely to concentrate in leading companies that possess brand, capital, and management advantages [5][6]. Summary by Sections Revenue Performance - In 2024, the testing service sector achieved revenue of 46.8 billion RMB, a year-on-year decline of 4%. Excluding companies with high medical testing ratios, the revenue was 25.8 billion RMB, showing a growth of 4% [4][19]. - The first quarter of 2024 saw a revenue of 9 billion RMB, down 9% year-on-year, but excluding high medical testing companies, the revenue growth improved to 2% [4][19]. Profitability - The sector's net profit attributable to shareholders in 2024 was 1.8 billion RMB, down 56% year-on-year, primarily due to declining revenue and increased costs [26]. - Excluding high medical testing companies, the net profit decline was 20%, indicating a narrowing drop [26]. Market Dynamics - The global testing service market is projected to reach approximately 2.3 trillion RMB in 2024, with a CAGR of about 6% from 2021 to 2024 [5][57]. - The Chinese testing service market reached around 467 billion RMB in 2023, with a CAGR of 13% from 2014 to 2023 [57]. Industry Characteristics - The testing service industry is characterized by heavy asset requirements and localized operations, with a significant presence of small and weak institutions [68][69]. - The report highlights a trend towards consolidation in the industry, driven by increasing regulatory scrutiny and the need for higher capital and technical capabilities in emerging sectors [69][73]. Future Outlook - The report anticipates a recovery in demand for the testing service industry due to recent macroeconomic policy adjustments and government debt relief measures [74][86]. - Companies with significant government client bases, such as Puni Testing, Guangdian Measurement, and Huace Testing, are expected to benefit from these developments [86].

Group 1: Population Growth and Economic Development - The counties of Gaozhou, Xinyi, and Huazhou in western Guangdong have experienced continuous population growth for three years, with a total increase of 92,800 urban residents from 2021 to 2024 [1] - The local economy is benefiting from the return of young people, with new lifestyles emerging in these small cities [1] Group 2: Entrepreneurship and Employment - The establishment of a fruit and vegetable cooperative in Gaozhou has created over 2,000 jobs and generated an annual output value of 100 million yuan in agricultural product processing [2] - The cooperative is also organizing training programs for "new farmers" to learn skills in lychee cultivation and online sales [2] - The e-commerce initiatives led by young returnees have resulted in significant sales, with one online store achieving over 1.4 million yuan in revenue last year [2] Group 3: Industrial Development and Innovation - The "Hundred Million Thousand Project" emphasizes the importance of developing county-level industries in Guangdong, addressing issues like single industrial structures and weak local employment capacity [3] - The implementation of the "Five Chains Co-construction" project aims to enhance industrial competitiveness and facilitate the transition to new economic drivers [3] - The establishment of the Pukang Electronic Light Industry Park in Gaozhou is attracting businesses and creating a one-stop service environment for employees [3] Group 4: State-Owned Enterprise Reform - The transformation of Guangdong Jixin State Control Testing Co., Ltd. into the first listed county-level state-owned enterprise in western Guangdong has injected new vitality into the local economy [4] - The company offers a wide range of testing services across various sectors, enhancing local industrial capabilities [4] Group 5: Integration of Agriculture, Culture, and Tourism - The integration of agriculture, culture, and tourism in Gaozhou is exemplified by the establishment of a themed service area that connects local lychee orchards with tourism [5] - The service area features cultural exhibits and aims to attract visitors while promoting local agricultural products [5] - The development of unique local experiences, such as traditional handicrafts and eco-friendly tourism, is becoming a trend in the region [6] Group 6: Urban Development and Quality of Life - Xinyi is focusing on urban transformation with goals of becoming an "ecological city, educational city, and health city," enhancing public services and living conditions [7] - The city is attracting quality educational and healthcare resources, contributing to a balanced lifestyle for residents [7] - Policies aimed at encouraging youth to return and start businesses have successfully attracted over 6,000 young entrepreneurs [8]

Core Viewpoint - The company reported a revenue of 3.207 billion yuan for 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to shareholders of 352 million yuan, up 76.59% year-on-year [1] Financial Performance - For the entire year of 2024, the gross margin and net margin were 47.21% and 11.21%, respectively, showing an increase of 4.93 percentage points and 4.07 percentage points year-on-year [2] - In Q4 2024, the company achieved a revenue of 1.047 billion yuan, a year-on-year increase of 13.11% and a quarter-on-quarter increase of 28.32%, with a net profit of 163 million yuan, up 145.18% year-on-year and 49.75% quarter-on-quarter [2] - The gross margin and net margin for Q4 2024 were 52.73% and 16.7%, respectively, reflecting a year-on-year increase of 10.52 and 8.17 percentage points [2] - For Q1 2025, the company reported a revenue of 618 million yuan, a year-on-year increase of 5.16% but a quarter-on-quarter decrease of 40.98%, with a net profit of 5 million yuan, up 302.86% year-on-year but down 97.05% quarter-on-quarter [2] Business Segmentation - The company generated revenue from various segments in 2024: measurement (750 million yuan), reliability (780 million yuan), life sciences (500 million yuan), electromagnetic compatibility (360 million yuan), integrated circuits (260 million yuan), and EHS evaluation (180 million yuan), with year-on-year growth rates of +3.8%, +17.5%, +2.7%, +10.2%, +26.3%, and +2.6%, respectively [3] - The gross margins for these segments were 50.5%, 50.9%, 39.8%, 54.9%, 45.2%, and 38.0%, with year-on-year changes of +2.4, +7.4, +8.8, +4.0, +4.3, and -6.49 percentage points [3] - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3] Shareholder Returns - The company conducted active market value management, distributing a total dividend of 224 million yuan for the year, with a mid-year dividend of 140 million yuan and a total of 614 million yuan in dividends and share buybacks, representing 174% of the annual net profit attributable to shareholders [4] - The projected net profits for 2025 to 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, reflecting year-on-year growth rates of +20%, +20%, and +18%, respectively [4]

证券代码：300887 证券简称：谱尼测试 A：主要措施包括： 1、削减盈利能力较弱的建材、无损、能力验证、日消等业务板块，内 部整合食品、环境、医学实验室产能；基于公司内部资源整合，在资产负 债表日,对存在减值迹象的长期资产进行减值测试并确认减值损失。 2、加强应收账款管理、调整优化客户结构以及加强信用管理，对应收 账款等进行减值测试并确认减值损失。 谱尼测试集团股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会  路演活动 | | | 现场参观 | | |  其他（电话会议） | | 活动参与人员 | 详见附件 | | 时间 | 2025 年 4 月 22 日-5 月 8 日 | | 地点 | 电话会议、网络业绩说明会 | | 上市公司接待 | 董事长 宋薇女士 | | 人员姓名 | 董事、董事会秘书 李小冬先生 | | | 副总、财务负责人 吕琦先生 | | | 一、介绍公司 2024 年度和 25 年一季度业绩情况 | | | 公司 202 ...