Core Insights - The report highlights a significant decline in global trade and Chinese exports following the implementation of new tariffs, particularly affecting exports to the US while showing some improvement in exports to Vietnam [4] - The report anticipates that China's exports in April may see a notable decline, but "trans-exports" could partially offset this impact, with overall export figures not expected to turn significantly negative due to low base effects [4] Macroeconomic Analysis - Global trade indicators have shown a downturn since April, with a notable drop in US container bookings and port truck transport volumes, indicating a larger decline in US imports [4] - In China, high-frequency data related to exports to the US has weakened, while indicators for exports to Vietnam have improved, suggesting a shift in trade dynamics [4] - Industrial operating rates in sectors like automotive and textiles have recently weakened, likely linked to the impact of increased tariffs [4] Industry Performance Mechanical Sector - Peak Technology (688279.SH) reported slightly better-than-expected performance in Q1 2025, with a focus on expanding applications in home appliances, automotive, and industrial sectors [8] - The company is positioned to benefit from the growing demand for high-performance motor control chips due to advancements in automation and smart technologies [8] Food and Beverage Sector - Haitian Flavor Industry (603288.SH) achieved Q1 2025 revenue of 8.315 billion yuan, a year-on-year increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% [9] - The company is expected to benefit from the recovery in the restaurant sector and plans for overseas expansion, with projected net profits for 2025-2027 of 7.01 billion, 7.82 billion, and 8.65 billion yuan respectively [10] Construction and Decoration Sector - China State Construction (601668.SH) demonstrated resilience with a 40% increase in infrastructure orders, while maintaining stable net profit margins [14] - The company is projected to achieve net profits of 44.8 billion, 45.4 billion, and 45.6 billion yuan from 2025 to 2027, reflecting a slight decline in 2025 followed by modest growth [14] Electrical Equipment Sector - Tian Shun Wind Power (002531.SZ) is facing short-term performance pressures but is expected to see improvements as offshore wind projects ramp up [15] - Qingda Environmental Protection (688501.SH) is projected to achieve significant revenue growth, with expected revenues of 1.987 billion, 2.384 billion, and 2.785 billion yuan from 2025 to 2027 [16] Home Appliances Sector - Hisense Home Appliances (000921.SZ) reported Q1 2025 revenue of 24.838 billion yuan, a 5.76% year-on-year increase, with net profit rising by 14.89% [20] - The company is expected to maintain steady growth in net profits over the next few years, with projections of 3.75 billion, 4.186 billion, and 4.602 billion yuan for 2025-2027 [20] Steel Construction Sector - Precision Steel Structure (600496.SH) has shown improved report quality and rapid growth in overseas business, with projected net profits of 570 million, 640 million, and 710 million yuan from 2025 to 2027 [22]

Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2] - It is recognized as a leading authority in the domestic steel industry and has the most comprehensive testing capabilities in the metal material testing field [2] - As of 2024, the company achieved a revenue of 1,097.67 million CNY, a year-on-year increase of 15.60%, and a net profit of 145.02 million CNY, up by 15.37% [3] Financial Performance - For the first quarter of 2025, the company reported a revenue of 219.06 million CNY, reflecting a 7.18% increase year-on-year, and a net profit of 16.08 million CNY, which is a 33.28% increase [3] - Basic earnings per share for 2024 were 0.3861 CNY, up by 15.25%, while for Q1 2025, it was 0.0428 CNY, an increase of 32.10% [3] Business Growth Drivers - The growth in testing services is influenced by both industry demand and research and development needs, with industry-related business volume slightly higher [3] - The company has a natural advantage in material research-related testing due to its roots in China Steel Research [3] Product Structure and Market Position - The company offers over 60 types of analytical instruments, including spectrometers and electron microscopes, applicable across various sectors such as steel, aerospace, and food [4] - The high-end analytical instrument market presents challenges due to significant investment and long R&D cycles, but the company welcomes healthy competition to enhance product quality [4][5] Strategic Focus - The company aims to enhance the quality of conventional analytical instruments and develop more champion products while increasing automation and intelligence [5] - It seeks to balance long-term development with short-term profits by maintaining R&D intensity and continuously upgrading products to meet market demands [5]

Macro Strategy - The core viewpoint emphasizes the need for more proactive macro policies to stabilize the economy amid external shocks, with a focus on timely implementation of existing policies and introduction of new incremental policies [2][3] - The April Politburo meeting acknowledged the economic recovery but highlighted the necessity to solidify this foundation, especially in light of increasing external pressures [1][2] Fixed Income - The fixed income market is expected to remain in a narrow fluctuation pattern, with key observation points in May regarding potential reserve requirement ratio cuts [3][4] - The issuance of green bonds decreased significantly, with only 14 new bonds issued totaling approximately 10.87 billion yuan, while trading volume increased to 56.2 billion yuan [4] Company Analysis Arrow Home (001322) - The company faced demand pressure, with revenue expected to decline year-on-year in the first half of 2024, but a recovery is anticipated in the second half due to national subsidy policies [7] - Revenue from retail channels decreased due to intensified competition, while the home decoration channel showed growth [7] - The company is adjusting its strategy to focus on retail channels and enhance product strength and brand marketing [7] Nuotai Bio (688076) - The company reported a significant revenue increase of 57.21% in 2024, driven by the growth of peptide APIs [8] - The custom product segment also showed strong growth, with a notable order from a major European pharmaceutical company [8] - The forecast for net profit remains optimistic, with expected growth in the coming years [9] Taiji Group (600129) - The company experienced a substantial decline in revenue and net profit in Q1 2025, but there are signs of improvement compared to Q4 2024 [10] - The profit forecast for 2025-2026 has been adjusted downward due to ongoing market challenges [10] Guizhou Sanli (603439) - The company achieved a revenue increase of 31.16% in 2024, but faced a decline in net profit [11] - The forecast for net profit has been adjusted downward for 2025-2026, reflecting short-term pressures [11] National Grid Yingda (600517) - The company is pursuing dual development in finance and manufacturing, with a stable performance expected in 2024 [25] - The profit forecast for 2025-2027 has been slightly adjusted, but the long-term growth potential remains positive [25] Hengli Petrochemical (600346) - The company reported stable profitability despite industry competition, with a focus on optimizing operations and maintaining high dividend payouts [26][27] - The profit forecast for 2025-2026 has been adjusted downward, but the company continues to show growth potential [27] National Securities (600109) - The company reported a slight decline in revenue for 2024 but showed strong growth in Q1 2025 [28] - The profit forecast for 2025-2027 indicates a steady increase, supported by market reforms and economic recovery [28] Cambrian (688256) - The company achieved significant revenue growth in Q1 2025, driven by strong contributions from its largest customer [29] - The outlook for 2025 remains positive, with expectations for continued revenue growth and improved profitability [29] Giant Network (002558) - The company is actively expanding its AI capabilities, with a positive outlook for revenue growth in the coming years [30][31] - The profit forecast for 2025-2027 has been adjusted upward, reflecting a strong pipeline of new games [31]

Core Viewpoint - The establishment of employment empowerment centers in Linyi City, Shandong Province, aims to enhance job opportunities and support for various groups, including recent graduates and disadvantaged individuals, through integrated services and financial incentives [2][5]. Group 1: Employment Empowerment Initiatives - Linyi City has created employment empowerment centers that offer services such as on-site consultations, smart employment solutions, and live job broadcasts [2]. - The local government has implemented a combination of policies, including skill training, social security subsidies, and job placement subsidies, to support 227,000 individuals in entrepreneurship and employment by 2024 [5]. Group 2: Company Growth and Employment - Huajian Testing Company, a private third-party food safety testing firm, has successfully recruited 32 recent graduates since its establishment in 2019, benefiting from various employment subsidies [2][4]. - The company has expanded its operations to multiple regions, including Xinjiang and Inner Mongolia, due to the influx of skilled professionals and improved financial conditions [4]. Group 3: Support for Disadvantaged Groups - The company employs individuals from disadvantaged backgrounds, including older workers and those with disabilities, providing them with stable jobs and an average monthly income of 4,500 yuan [4]. - The local government has introduced multiple policies to assist enterprises in creating job opportunities for vulnerable groups, emphasizing the social responsibility of private companies [4]. Group 4: Financial Support and Policy Implementation - In the first quarter of this year, Shandong Province distributed 165 million yuan in skill enhancement subsidies to 93,000 individuals, aiming to support the development of small and medium-sized enterprises [6]. - The provincial government has streamlined the application process for employment support policies, transitioning from a "people find policies" approach to a "policies find people" model [6].

Core Viewpoint - The company aims to standardize and systematize testing processes in the industry, promoting a more regulated environment and enhancing public health through comprehensive testing services [2][7]. Group 1: Company Background and Development - Established in 2008, the company started with soil and groundwater testing and has since expanded to over 7,000 testing parameters across various fields including solid waste, air, water, and dioxin testing [2][5]. - The founder, Yang Jin, has nearly 20 years of experience in the field, having previously worked in both public health and foreign environmental testing institutions [3][4]. - The company has participated in the establishment of 31 national standards for soil and groundwater testing, with 21 already implemented by the end of 2024 [4]. Group 2: Business Expansion and Strategy - After going public in 2022, the company adopted a "dual-wheel drive" strategy, expanding its testing services to include food and agriculture, thus creating a comprehensive third-party testing service system [5][6]. - The company is exploring automation and intelligent transformation in testing processes, including a partnership with Qiteng Robotics to develop intelligent testing robots [6][8]. Group 3: Social Responsibility and Community Engagement - The company actively engages in social responsibility, providing free water quality testing services during natural disasters, demonstrating a commitment to public health and safety [7][8]. - The founder emphasizes the importance of technology in benefiting society, linking soil and groundwater safety to public health [7][8]. Group 4: Future Outlook - The company anticipates growth in the testing and inspection industry due to ongoing global economic development and technological advancements, planning to increase investment and acquisition efforts [8]. - There is a focus on leveraging accumulated data to create value and enhance the maturity of the testing industry, ensuring sustainable development and addressing societal challenges [8].

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 广电计量 (Guangdian Measurement) and 苏试试验 (Sutest) - **Industry**: Testing and Measurement Services, particularly in military and semiconductor sectors Key Points on 广电计量 - **2024 Performance**: Revenue increased by 11% to 3.2 billion yuan, net profit rose by 76.6%, with a net profit margin exceeding 11% due to management adjustments and strategic focus on profitability [1][4] - **Q1 2025 Performance**: Revenue of 618 million yuan, a year-on-year increase of 5.2%, with net profit of 4.82 million yuan, showing significant improvement [1][6] - **Cost Control Measures**: Implemented cost control through workforce reduction (over 200 employees, nearly 4%) and capital expenditure management, leading to improved net profit margins [1][5] - **Cash Flow Situation**: Q1 2025 operating cash flow was negative 106 million yuan due to seasonal factors, but expected to improve in subsequent quarters [1][12] - **Future Outlook**: Positive expectations for GLP (Good Laboratory Practice) improvements, with strong laboratory and customer foundations supporting future growth [1][8] Key Points on 苏试试验 - **2024 Performance**: Revenue of 2.03 billion yuan, a decline of 4.3%, with net profit of 229 million yuan, down 27% [1][14] - **Q1 2025 Performance**: Revenue of 429 million yuan, a decrease of 3%, with net profit of 40 million yuan, also down 3% [1][14] - **Business Structure**: Comprises environmental testing services, equipment sales, and integrated circuit testing, with environmental testing contributing 64% of gross profit [1][13] - **Challenges**: Decline in revenue and profit primarily due to the experimental equipment segment affected by macroeconomic conditions [1][16] - **Future Outlook**: Anticipated recovery in Q2 and Q3, with expectations for improved performance driven by military orders and semiconductor demand [1][19][20] Additional Insights - **Commonalities**: Both companies are significant players in the military testing services sector and are expected to benefit from rising demand in this area, particularly in semiconductor testing [1][21] - **Strategic Adjustments**: 广电计量 has made significant management changes and strategic shifts towards profitability, while 苏试试验 is focusing on recovering from recent declines [1][4][19] - **Market Dynamics**: The semiconductor sector is highlighted as a key growth area for both companies, with strong demand expected to drive future revenues [1][18]

丨证券研究报告丨 联合研究丨公司点评丨信测标准（300938.SZ） [Table_Title] 信测标准 2025Q1 点评：营收同比降 8%，关注 机器人业务进展 报告要点 [Table_Summary] 信测标准发布 2025 年一季报，Q1 实现营收 1.66 亿元，同比下降 8.0%；归母净利润 0.37 亿 元，同比下降 9.5%。结合 2024 年业务发展趋势，推测 Q1 营收下降主要源于试验设备、健康 与环保检测板块拖累较多，汽车检测、电子电气产品检测预计稳健增长。今年 2 月份公司设立 机器人合资公司，打造未来新的增长曲线。 分析师及联系人 [Table_Author] 徐科 赵智勇 贾少波 曹小敏 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520070003 SAC：S0490521050001 SFC：BUV415 SFC：BRP550 信测标准（300938.SZ） cjzqdt11111 [Table_Title 信测标准 2022]5Q1 点评：营收同比降 8%，关注 机器人业务进展 请阅读最后评级说明和重要声明 %% %% %% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported Q1 2025 revenue of 618 million yuan, a year-on-year increase of 5.2%, with a net profit attributable to shareholders of approximately 4.82 million yuan, compared to 1.20 million yuan in the same period last year [2][6] - The revenue growth is steady, and profit improvement is significant, with expectations for continued revenue and net profit growth throughout the year [2][6] Summary by Sections Event Description - The company released its Q1 2025 report, achieving revenue of 618 million yuan, a 5.2% year-on-year increase; net profit attributable to shareholders was approximately 4.82 million yuan, up from 1.20 million yuan in the same period last year; the non-recurring net profit was -1.60 million yuan, compared to -6.06 million yuan last year [6] Event Commentary - Q1 is traditionally a slow season for the business, with stable revenue growth. It is speculated that revenue growth in environmental and reliability testing, electromagnetic compatibility, and integrated circuit testing segments is faster than in life sciences and calibration [12] - The company has maintained a research and development expense ratio of around 10%, ranking among the top in the industry, and has established testing capabilities in several emerging industries [12] - The company is expected to see revenue growth in military, automotive, and data science segments, with a forecast for accelerated revenue in Q2-Q4 as orders are released [12] - The net profit attributable to shareholders showed significant improvement, with a net profit margin of approximately 11.0% in 2024, up 4.1 percentage points year-on-year [12] - Management changes include a new, younger, and more professional board, with a focus on refined management and net profit assessment [12] Financial Forecast and Valuation - Revenue is projected to reach 3.58 billion yuan in 2025, 4.02 billion yuan in 2026, and 4.46 billion yuan in 2027, with year-on-year growth rates of 11.7%, 12.1%, and 11.1% respectively; net profit is expected to be 440 million yuan, 549 million yuan, and 656 million yuan for the same years, with corresponding growth rates of 25.1%, 24.7%, and 19.5% [12][17]

公司公布1Q25 业绩：实现收入4.29 亿元，同比-2.96%；归母净利润4,091 万元，同比-2.99%；扣非归母 净利润3,963 万元，同比-1.43%。业绩符合市场预期。 盈利预测与估值 1Q25 业绩符合市场预期 发展趋势 环试服务和集成电路保持增长。分业务来看：1）环试设备：去年订单有所下滑，考虑到确收周期6~9 个月，我们判断Q1 收入端有所承压，当前订单呈现回暖趋势，期待下半年收入好转；2）环试服务：特 殊行业占比较高，一季度订单环比改善，我们判断Q1 收入有所提升，期待执行速度进一步改善；3）集 成电路：需求良好，我们判断趋势与去年一致、保持两位数增长。 毛利率同比下滑，费用率相对稳健。1Q25 毛利率40.44%，同比-2.04pct，我们判断主要系：1）设备业 务毛利率下降较多，主要为收入下降但成本较为刚性；2）环试服务和集成电路毛利率亦有一定下降， 主要系产能扩张带来折旧成本增加，但产能爬坡需要一定时间所致。1Q25 销售/管理/研发/财务费用率 分别为8.48%/12.46%/8.89%/1.57%，同比+0.37/-0.71/+0.97/-0.35pct，费用率相对稳健。1Q2 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2434 | 0.2610 | -6.74 | 0.2845 | | 每股净资产（元） | 8.93 | 9.84 | -9.25 | 10.23 | | 每股公积金(元) | 3.9 | 5.27 | -26 | 5.22 | | 每股未分配利润(元) | 4.56 | 5.44 | -16.18 | 4.22 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.66 | 1.81 | -8.29 | 1.5 | | 净利润(亿元) | 0.37 | 0.41 | -9.76 | 0.31 | | 净资产收益率(%) | 2.87 | 3.27 | -12.23 | 2.75 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 4145.98万股，累计占流通股比： 37.91%，较上 ...