调研纪要：上半年公司试验设备与试验服务需求端保持良好趋势，通过加大市场推广力度、强化客户管 理和加快项目实施，实现了业绩增长。公司对下半年保持乐观，将继续聚焦新兴产业，推进资源整合。 毛利率下降主要因市场竞争加剧和成本压力，公司将通过技术创新和精细化管理来应对。集成电路板块 处于产能爬坡阶段，毛利率受竞争和成本影响，未来将加快市场推广和产能扩充。真空试验设备研发取 得进展，宇航业务有望进一步提升。实验室业绩差异主要由订单结构和确认端的脉冲式波动引起。行业 专业化、集约化、规模化趋势明显，资源向优势企业集中。试验设备端第三方检测机构需求恢复，试验 服务领域特殊行业需求良好，新能源汽车需求放缓。资本开支将重点布局新兴行业，强化技术储备和试 验服务能力。 2)德福科技（301511）(银河基金管理有限公司参与公司路演活动) 调研纪要：德福科技收购卢森堡铜箔，跻身全球高端IT铜箔头部企业。卢森堡铜箔成立于1960年，是全 球唯一的非日系高端IT铜箔龙头厂商，拥有1.68万吨/年产能，核心产品包括HVLP和DTH。2024年营收 1.34亿欧元，净利润-37万欧元；2025年Q1营收0.45亿欧元，净利润167万欧元， ...

事件： 公司发布2025 年半年报，上半年实现营收9.91 亿，同比增长8.09%，归母净利润1.17亿，同比增长 14.18%，扣非后归母净利润1.14 亿，同比增长20.72%；Q2 营收5.61 亿，同比增长18.39%，归母净利润 0.76 亿，同比增长26.14%，扣非后归母净利润0.75 亿，同比增长37.09%。业绩表现超市场预期。 毛利率仍承压，但净利率显著改善。毛利率：上半年公司毛利率41.88%，同比下滑3.16pct，其中环试 设备、环试服务、半导体测试毛利率分别为26.56%、54.95%、36.49%，分别同比下滑4.66pct、 0.79pct、6.38pct，毛利率下降主要与市场需求偏弱市场竞争激烈下降有关；净利率：上半年净利率 13.51%，同比提升0.27pct，扣非净利率11.53%，同比提升1.21pct，净利率提升主要来自期间费用率下 降，其中销售、管理、研发、财务费用率分别为7.35%、11.49%、8.18%、1.55%，分别同比下降 0.12pct、1.08pct、0.23pct、0.33pct，费用率下降系收入增长后的规模效应。 验收节奏加快，利润率拐点已现。前 ...

Group 1 - The 100-ton electric vibration testing system developed by Dongling Company is recognized as a key technological foundation for high-end equipment in aerospace and marine applications, recently included in the top ten technological advancements in the equipment manufacturing sector by the Jiangsu Provincial Association for Science and Technology for 2024 [1] - The system represents a systematic technological reconstruction rather than merely scaling up existing machines, addressing challenges in heat dissipation, structural strength, and precision guidance, and is capable of simulating complex mechanical conditions for high-precision equipment in aviation, aerospace, shipping, and rail transportation [1][2] - Dongling Company has achieved breakthroughs in several key technologies, including the design of large thrust voice coils and efficient cooling control, resulting in 26 domestic and international invention patents and recognition from various industry associations for its technological achievements [2] Group 2 - Dongling Company is a national high-tech enterprise based in Suzhou High-tech Zone, focusing on core technologies for dynamic testing equipment, with 25% of its workforce dedicated to research and development [2] - The company is currently advancing multiple new testing system projects, with a notable focus on a national key research and development project aimed at simulating complex service environments for major aerospace equipment [3]