Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of between 1.013 and 1.021 billion yuan in 2025, reflecting a year-on-year growth of 10-11%. The fourth quarter alone is expected to see a net profit of 201 to 209 million yuan, with a growth rate of 15-20% [4][5]. - The company has implemented a multi-faceted strategy focusing on enhancing core competitive advantages through quality service, technological innovation, and digital transformation, which has led to a steady increase in revenue and profit [5]. - The company is strategically expanding into several new productivity sectors, including electric vehicle testing, semiconductor testing, aerospace, and robotics, which are expected to open new growth avenues [6]. Financial Summary - Revenue projections for 2025-2027 are 65.51 billion, 72.81 billion, and 79.73 billion yuan, with year-on-year growth rates of 7.67%, 11.14%, and 9.5% respectively. Net profits are expected to be 1.017 billion, 1.157 billion, and 1.300 billion yuan, with growth rates of 10.37%, 13.78%, and 12.43% [7][10]. - The company's price-to-earnings (P/E) ratios for 2025-2027 are projected to be 27.16, 23.87, and 21.24, indicating a favorable valuation trend [7][10].

（来源：天津日报） 转自：天津日报 前不久，在中国汽车技术研究中心有限公司（以下简称中汽中心）天津检验中心碰撞试验场里，一辆黑 色轿车沿着牵引跑道快速驶过。"砰"的一声轰响，轿车前舱瞬间凹陷，安全气囊如白帆般张开。快门 声"咔嚓"连成一片——工程师把年度第2000次碰撞试验，定格在了合影墙上。 从1985年天津市河东区万新村两栋居民楼里起步，到如今成为国内汽车行业具有广泛影响力的综合性科 技企业集团，中汽中心与天津的关系，恰似一组精准咬合的齿轮：城市为企业铺就成长沃土，企业为城 市注入产业动能。这组齿轮转动四十载，不仅转出中国汽车工业从"跟跑"到"领跑"的巨变，更转出一座 城市与一家企业共生共荣的壮阔图景。 "塑料大棚"试验室 行业荒原扎下技术根 1985年初，在天津市河东区万新村两栋居民楼内，从第二汽车厂、机械工业部、长春汽研所抽调的技术 骨干，把行李箱摞成办公桌，在纸上一笔一画规划着汽车技术开发研究中心（中汽中心前身）的蓝图。 彼时的中国汽车工业，正被"二三十年产品一贯制、质量稳定性不足"的难题困住。时任中国汽车工业总 公司董事长饶斌提出："应建设第三方技术研究中心解决行业质量问题。"汽车技术开发研究中心 ...

Group 1: Company Progress and Investments - The company has obtained CNAS authorization for nearly 40 standards related to intelligent unmanned equipment testing, covering military and civilian applications [2] - The "Intelligent Emergency Equipment Testing Industrial Park" project commenced construction on May 27, 2025, and is currently in the civil engineering phase, with an estimated total investment return rate of 9.61% and a post-tax investment recovery period of 11.21 years [2] Group 2: Capacity Utilization and Network Layout - The capacity utilization rate of various testing bases remains at a reasonable level, with a focus on market-oriented, international, and specialized development [3] - The company has established a national testing base network with clear functional positioning and complementary capabilities, covering over 20 business departments across various provinces and cities [3] Group 3: New Energy Vehicle Testing Expansion - The company is actively expanding its business in the new energy vehicle testing sector, having established key testing facilities for batteries, motors, and electronic controls [4] - Since the operation of the new energy three-electric laboratory, the company has seen steady growth in customer numbers and business revenue, with significant growth in new energy vehicle-related testing services in 2025 [4]

Core Viewpoint - The company reported a revenue of 565 million yuan and a net loss of 180 million yuan for the first half of 2025, but showed signs of operational recovery with a 24.38% revenue growth and a 38.10% reduction in net loss in the second quarter compared to the first quarter [1][2]. Group 1: Strategic Adjustments and Operational Improvements - The company has proactively initiated strategic adjustments since 2023, focusing on core businesses and optimizing internal structures across food, environment, and medical laboratory sectors [2]. - The company has improved cash flow by 57.35% year-on-year, indicating enhanced capital turnover efficiency and overall operational capability [2]. - The company is actively managing accounts receivable, implementing tailored collection strategies for major clients based on their specific circumstances [2]. Group 2: Expansion into High-Growth Sectors - The company has accelerated its focus on high-growth sectors such as biomedicine, cosmetics, medical devices, and new energy vehicles, establishing a foundation for sustainable development [3]. - The company achieved significant certifications in the biomedicine testing sector, becoming one of the few institutions in China with both AAALAC and GLP certifications [3]. - The company has expanded its testing capabilities in the new energy vehicle sector, gaining recognition from major automotive manufacturers [3]. Group 3: Contributions to Industry Standards and National Strategies - The company is involved in drafting national and industry standards in food, agriculture, and environmental sectors, supporting the "Healthy China" initiative [3]. - The company has been a key player in the national marine environment monitoring system, successfully completing its monitoring tasks for the 2025 spring voyage [3][4]. - The company is continuously upgrading its laboratories and enhancing testing capabilities, which is expected to further accelerate its profitability recovery [4].

Group 1: Company Strategy and Vision - The company aims to empower quality ecology through technology, focusing on sustainable development and innovation [2] - It targets emerging fields such as new energy, dual carbon, and biomedicine, establishing a three-pronged approach of "technology breakthroughs, industry aggregation, and capital drive" [2] Group 2: Automotive Testing Services - The company has entered the automotive testing sector through the acquisition of Guanbiao Testing, providing services for new energy vehicles and components [2] - It has obtained third-party testing qualifications from major automotive manufacturers, including Jianghuai, Geely, and Chery, significantly expanding its service capabilities [2] Group 3: Consumer Goods Testing and Certification - The company is expanding its consumer goods testing through Chongqing Shiyi, covering a wide range of products including home appliances, electronics, and food [2] - It aims to create a comprehensive service system integrating testing, certification, auditing, inspection, and digital compliance for both export and domestic markets [2] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [2]

Group 1: Company Strategy and Performance - The company has adopted a strategy of "technology deepening + flexible adjustment" to address challenges in traditional construction and real estate sectors, resulting in a 20.37% increase in revenue and a 30.13% increase in net profit in Q1 2025 [2] - The company aims to reduce reliance on single sectors by focusing on high-value testing fields and expanding its service chain through a "Testing+" model [2] - The company has successfully transitioned to new business areas such as automotive and food safety testing, compensating for the decline in traditional construction business [2] Group 2: Competitive Advantages - The company differentiates itself through a "demand-driven integrated service ecosystem" and "cross-domain technology integration capabilities," enhancing customer loyalty and service value [2] - It offers a closed-loop service model that includes testing diagnosis, problem identification, and solution provision, particularly in construction safety and environmental monitoring [2] Group 3: Automotive Testing Sector - The company entered the automotive testing sector through the acquisition of Guanbiao Testing, which achieved a net profit of 12.37 million yuan in 2024 [3] - It has obtained third-party testing qualifications from major automotive manufacturers, including Jianghuai, Geely, and NIO, enhancing its market penetration [3] Group 4: International Expansion - The company is expanding its overseas market presence, focusing on "Belt and Road" countries and establishing localized teams to provide tailored testing services [4] - Significant achievements in 2024 include partnerships with Indonesian and Tanzanian companies and the establishment of specialized teams for Southeast Asia, the Middle East, and Africa [4] Group 5: Real Estate Testing - The company has extensive experience in housing inspection and has established a research center for housing safety management in collaboration with local institutions [5] - It provides integrated solutions for structural safety monitoring and quality improvement in urban renewal projects [5] Group 6: Green and Low-Carbon Initiatives - The company is actively involved in low-carbon initiatives and has developed a carbon emission accounting platform in collaboration with Tongji University [7] - It has successfully created nearly zero-carbon parks and factories, contributing to local economic green transformation [8] Group 7: Mergers and Acquisitions Strategy - The company plans to achieve growth through targeted mergers and acquisitions, focusing on regional laboratories and high-growth sectors such as water conservancy and low-carbon technologies [8] - The strategy includes a three-dimensional approach of regional penetration, sector expansion, and qualification enhancement [8] Group 8: Future Growth Drivers - Future growth will be driven by continuous optimization of business structure, focusing on high-value emerging sectors like new energy and electronics [8] - The company aims to leverage digitalization and technological innovation to enhance testing efficiency and service quality, while expanding its international footprint [8]