2025年9月23日，成都思科瑞微电子股份有限公司的股票简称正式变更为"ST思科瑞"，所有投资者才猛然意识到：这家曾被包装成"军用电子检测赛道明 珠"的公司，竟在挂牌当年就动手脚，把财报当成橡皮泥，捏出了一场营收、利润双增的幻术。 更尴尬的是，财务假造"幻术"被拆穿那一刻，公司上市才满三年零两个月。 处罚惊雷： 上市当年的财务造假迷局 监管的罚单最终揭开了思科瑞财务造假的遮羞布。2025年9月，四川证监局下发的《行政处罚事先告知书》显示，这家公司在2022年——上市首年就上演 了"三面造假"戏码：虚构销售业务、提前确认收入、不当确认收入，三项违法行为叠加导致当年虚增营业收入996.04万元、虚增利润总额700.54万元，分 别占同期指标的4.16%和6.56%。 这场造假闹剧的细节暴露了操作的随意性与内控的缺失。2022年12月，思科瑞在未收到待检货物、未开展任何检测业务的情况下，仅凭与四川赛狄信息技 术股份公司工作人员的私人关系，就让对方在虚假对账单上加盖公章，凭空造出336.65万元的检测收入，顺带虚增318.81万元利润。 对另一客户佳缘科技的操作则更为大胆：9月尚未交付检测货物就提前确认246.93万 ...

军工检测：下游景气，检测先行，需求贯穿装备全生命周 期 20250912 摘要 军工检测贯穿武器装备全寿命周期，是保障质量安全的关键环节，主要 包括环境适应性与可靠性实验、电子元器件筛查及电磁兼容实验等。 当前军工行业景气度高，国防支出稳健增长，2025 年达 17,846.65 亿 元，同比增长 7.2%。若研发测试评估费用占比与美军相当，则 2025 年我国该市场规模大致为 2,820 亿元。 军工检测行业存在资质、技术和客户壁垒，资质方面需取得"军工三 证"，技术上执行严格军用标准，客户方面依赖长期合作关系。 广电计量作为地方国企，军工检测收入占比达 30%，受益于"十四五" 规划收官之年的特殊行业订单增加，通过优化业务结构和严格控制成本， 显著提高了净利率。 苏试试验聚焦检测设备和检测服务，军工业务收入占比约 50%，受益于 军工检测服务回暖和订单恢复，2025 年第二季度利润增速达 26%，收 入增速达 18%。 Q&A 军工检测的定义及其在武器装备生产中的作用是什么？ 当前军工行业景气度如何？有哪些数据支持这一判断？ 当前军工行业景气度较高。过去三年间，我国军费连续三年保持 7.2%的稳健 增长， ...

Core Viewpoint - The military testing industry is benefiting from high demand in downstream sectors, demonstrating strong resilience and sustainability due to its comprehensive involvement throughout the entire lifecycle of weaponry [1] Industry Summary - Military testing includes various processes such as environmental adaptability and reliability testing, electronic component screening, and electromagnetic compatibility testing, characterized by high technical requirements and significant upfront investment [1] - As the "14th Five-Year Plan" approaches its conclusion, the industry is entering a critical period of concentrated equipment demand, with an expected increase in compensatory procurement growth, potentially leading to a performance release period for military testing companies in the second half of the year [1] - Looking ahead to the next 2-3 years, demand in the military industry is anticipated to continue growing, driven by the implementation of the "15th Five-Year Plan" and the centenary goals of military development [1] - Recent capital expenditures in military testing companies have been expanding, and with the acceleration of downstream demand, these companies are expected to transition from high cash flow growth to capacity release [1] - The industry possesses barriers such as qualifications, customer stickiness, and comprehensive technical application, with leading enterprises enhancing service capabilities through nationwide laboratory layouts [1] ETF and Index Summary - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies involved in military-related businesses from the Shanghai and Shenzhen markets to reflect the overall performance of military industry securities [1] - The CSI Military Index covers multiple sectors including industrial, raw materials, and information technology, focusing on the ten major military group holding companies and their associated businesses, primarily emphasizing the industrial sector while also including other sub-sectors like communication services [1]

Summary of Key Points from Conference Call Records Industry Overview - The mechanical sector's investment strategy focuses on four dimensions: exports, technology, turnaround situations, and high dividends [1][12] - The North American consumer chain shows strong performance, with companies like Jiangbin Home and Chuncheng Power seeing stock price increases of 50% to 70% [3][4] - The "Belt and Road" export chain, particularly in oil and gas equipment, is highlighted as a potential area for investment [1][4] Key Investment Opportunities Technology Growth - The technology growth direction emphasizes humanoid robots and lithography-related machinery [1][5] - Key companies to watch include Tesla's supply chain and Zhaowei Electric, which plans to issue H shares [1][5][31] - Recommended company in the lithography machine sector is Huichuan Technology, with high order fulfillment expectations [1][5] Turnaround Situations - The turnaround focus includes lithium battery equipment and military industry [1][7] - Military testing companies are expected to see performance improvements in the second half of the year due to increased order volumes and seasonal demand [8][26] - The lithium battery equipment sector is projected to benefit from a reversal in main business and solid-state battery concepts, with companies like Lianying Laser expected to see close to 70% growth in 2025 [9][36] High Dividend Companies - High dividend companies in the mechanical sector generally have dividend yields above 5%, with some like Guangri Co. reaching up to 10% [11][25] - Companies such as Sany International and First Tractor Co. are noted for their growth potential alongside high dividends [11] Company-Specific Insights Zhaowei Electric - Zhaowei Electric holds a significant market share in the humanoid robot sector, particularly in the hollow cup motor segment [2][31] - The company plans to list on the H-share market by the end of 2025 and has recently ended a share reduction, alleviating short-term pressure [31] Military Testing Sector - Companies like Guangdian Measurement and Su Testing are highlighted for their investment value, with expectations of profit elasticity exceeding forecasts [8][28] - The military testing sector is characterized by high downstream demand and strong performance delivery capabilities [26][27] Engineering Machinery - The engineering machinery sector is currently undervalued, with companies like Sany and Liugong recommended based on their operational quality and low valuations [1][17][18] - The domestic engineering machinery market is expected to see a decline in June 2025 but may still achieve positive growth for the year due to replacement cycles [14] Domestic Process Industry - Domestic process industry companies are accelerating their overseas expansion, with Huaron Co. expected to see significant growth in overseas market share [23][24] - Huaron's current valuation is around 14 times earnings, with a dividend yield of approximately 5% [24][25] Conclusion - The mechanical sector presents various investment opportunities across technology growth, turnaround situations, and high dividend stocks, with specific companies showing strong potential for growth and performance in the coming years [1][12][11]

Summary of Key Points from Conference Call Records Industry Overview - The global focus of military spending is shifting, presenting opportunities for Chinese military trade, with China's arms exports increasing to 10% in 2023, up from 5% a few years ago [1][3] - The military industry is expected to see a turning point in 2025 due to heightened global security tensions and increased demand for military equipment [2][18] Core Insights and Arguments - China's defense budget as a percentage of GDP is low at approximately 1.3%, compared to Russia (7.1%), the US, South Korea, the UK, and India, indicating significant potential for future growth in defense spending [1][4] - The importance of gold as a safe-haven asset is highlighted amid global political and economic turmoil, with expectations of price increases due to ongoing geopolitical conflicts [1][5][10] - Companies like Su Testing and Guangdian Measurement are leading in military testing and measurement, showing strong order growth and profit elasticity, with profit expected to grow by 34.2% in 2025 [1][6][8] Company-Specific Insights - Su Testing is expected to face profit pressure in 2024 but is projected to improve sequentially in 2025, with an estimated profit of approximately 3.1 billion yuan [8] - Donghua Testing is experiencing rapid order growth in defense and military sectors, with expected net profits of 1.7 billion, 2.26 billion, and 2.98 billion yuan from 2025 to 2027, reflecting strong growth rates [9] - The management reform and stock incentive measures at Su Testing are anticipated to enhance profit growth, with a projected profit of around 4.1 billion yuan in 2025 [7] Additional Important Content - The military industry is experiencing a resurgence in demand due to geopolitical uncertainties, with China's military capabilities showcased at exhibitions [18] - The communication sector within the military industry is seeing strategic asset allocations driven by improved industry conditions and increased military trade activity [19][20] - Companies like Haige Communication are diversifying into satellite communication and navigation, with significant growth potential in these areas [21] - Shanghai Hanyun has turned profitable in Q1 2025, benefiting from low-orbit satellite communication business growth [22][23] - The 712 Company has made strides in military and civilian communications, expanding its market share through key project wins [24]