东吴证券研报指出，苏试试验2025年归母净利润同比+7%~16%符合预期，2025Q4归母净利润同比 +6%~30%，业绩迎向上拐点，关注航天、半导体等高端赛道。公司Q4业绩增长提速，判断系特殊行业 需求持续修复、集成电路板块产能释放、航空航天需求增长，且实验室产能利用率提升，带动利润率修 复。展望2026年，苏试试验重点下游景气度上行趋势不变，资本开支高峰已过，净利率进入修复通道， 业绩将迎上行拐点。公司深耕于航空航天板块，可为卫星、火箭的研发和批产提供可靠性检测及配套设 备（热真空罐、振动台等），看好公司作为环境与可靠性试验龙头的发展前景。当前市值对应PE分别 为42/32/25X，维持"增持"评级。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 250-270 million yuan in 2025, representing a year-on-year growth of 7%-16% [2] - The fourth quarter of 2025 is projected to see a net profit of 90-110 million yuan, with a year-on-year increase of 6%-30% [2] - The growth in Q4 is attributed to the recovery in demand from special industries, capacity release in the integrated circuit sector, and increased demand in aerospace [2] - The company is well-positioned in high-barrier testing sectors, with significant growth potential in aerospace, semiconductors, and new energy [4] Financial Performance Summary - Total revenue for 2023 is projected at 2,117 million yuan, with a year-on-year growth of 17.26% [1] - The net profit for 2023 is estimated at 314.27 million yuan, reflecting a year-on-year increase of 16.44% [1] - The earnings per share (EPS) for 2023 is expected to be 0.62 yuan [1] - The company anticipates a net profit of 251.42 million yuan in 2025, with a growth rate of 9.59% [1] - The projected P/E ratio for 2025 is 42.44 [1] Industry Insights - The global commercial aerospace industry has entered a rapid development phase since 2024, becoming a significant growth driver for the company [3] - The company plans to invest at least 300 million yuan to establish a subsidiary in the Hangzhou Yunqi Town, focusing on high-end space environment simulation testing equipment [3] - The testing and inspection industry in China is expected to achieve a revenue of approximately 487.6 billion yuan in 2024, with a growth rate of 4% [4]