21智讯01月12日电，联检科技在投资者关系活动中表示，子公司冠标检测已获得江淮汽车、吉利汽车、 零跑汽车、奇瑞汽车等车企的第三方检测准入资质，并扩充了在通用、大众、蔚来、理想等传统及新能 源车企的认可能力范围，服务范围大幅提升。公司依托新获取的整车企业准入资质，强化订单转化与市 场渗透，加速资质效能释放，努力提升汽车检测业务经营业绩。 ...

证券代码：301115 证券简称：联检科技 编号：2026-001 | 投资者关系活动 | 特定对象调研 分析师会议 ☐ | | --- | --- | | ☐ | 媒体采访 ☐ 业绩说明会 | | 类别 ☐ | 新闻发布会 路演活动 ☐ | | ☐ | 现场参观 | | ☐ | 其他（请文字说明其他活动内容） | | 参与单位名称及 | 国投证券 汪磊；中富基金 梁建新；九一基金 敖焱杰；紫微星石基金 韩东民； | | 人员姓名 | 赢仕投资 李柯兵；上海证券 葛博威；润义投资 陆懿晨 | | 时间 | 2026年1月9日 | | 地点 | 公司会议室 | | 上市公司接待人 | | | 员姓名 | 副总经理、董事会秘书 吴海军；证券事务代表 崔浩 | | | 首先公司副总经理、董事会秘书吴海军先生对公司的基本情况及战略规划进 | | | 行了总体介绍，交流主要采用解答投资者提问的方式进行，主要问题回复如下： | | | 1.目前公司在传统建工板块的业务占比情况？ | | | 答：公司一方面采取"技术深耕+弹性调节"的策略，持续巩固传统检测优 | | | 势，构建技术护城河，同时根据市场环境动态调整市场策 ...

Core Viewpoint - The company, Lianjian Technology (301115.SZ), currently does not engage in fuel cell testing, focusing instead on automotive testing services through its subsidiary, Guanbiao Testing [2]. Group 1: Company Services - Lianjian Technology provides automotive testing services primarily through its subsidiary, Guanbiao Testing [2]. - Guanbiao Testing has comprehensive testing capabilities in various fields, including automotive materials, environmental reliability, electrical performance, and electromagnetic compatibility (EMC) [2]. - The company has obtained third-party testing access qualifications from several major automotive manufacturers, including General Motors, Volkswagen, NIO, Li Auto, JAC Motors, Geely, Leap Motor, and Chery [2].

Core Viewpoint - The company, Lianjian Technology (301115.SZ), currently does not engage in fuel cell testing, focusing instead on automotive testing services through its subsidiary, Guanbiao Testing [1] Group 1: Company Services - The company's automotive testing services are primarily provided by its subsidiary, Guanbiao Testing [1] - Guanbiao Testing possesses comprehensive testing capabilities in various fields, including automotive materials, environmental reliability, electrical performance, and electromagnetic compatibility (EMC) [1] Group 2: Clientele and Qualifications - Guanbiao Testing has obtained third-party testing access qualifications from several automotive manufacturers, including General Motors, Volkswagen, NIO, Li Auto, JAC Motors, Geely, Leap Motor, and Chery [1]

Core Viewpoint - The company, Lianjian Technology (301115.SZ), currently does not engage in fuel cell testing, focusing instead on automotive testing services through its subsidiary, Guanbiao Testing [1] Group 1: Company Services - The company's automotive testing services are primarily provided by its subsidiary, Guanbiao Testing [1] - Guanbiao Testing possesses comprehensive testing capabilities in various fields, including automotive materials, environmental reliability, electrical performance, and electromagnetic compatibility (EMC) [1] - The company has obtained third-party testing access qualifications from several automotive manufacturers, including General Motors, Volkswagen, NIO, Li Auto, JAC Motors, Geely, Leap Motor, and Chery [1]

Core Viewpoint - The company reported its Q3 2025 earnings, showing a revenue of 1.114 billion yuan, with a year-on-year growth of 9.33% and a net profit of 257 million yuan, indicating stable performance in line with expectations [2]. Revenue and Business Structure - The revenue from the detection business increased, accounting for 93% of total revenue in Q3 2025, with a total of 1.03 billion yuan, reflecting a year-on-year increase of 5.62% [3]. - For the first three quarters of 2025, total revenue was 3.024 billion yuan, a slight decrease of 1.14%, while detection business revenue was 2.749 billion yuan, highlighting the company's focus on core operations and optimization of its business structure [3]. Profitability and R&D Investment - The company's gross margin reached 47.47% in Q3 2025, benefiting from an improved business structure, with a year-on-year increase of 2.18 percentage points [4]. - R&D expenses amounted to 97 million yuan, a significant increase of 50.26% year-on-year, demonstrating the company's commitment to innovation and strengthening its competitive edge [5]. Technical Capabilities and Industry Standards - The company established key testing capabilities for the implementation of national standards in intelligent connected vehicles, marking a significant milestone in the industry [6]. Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 are maintained at 5.47 billion, 7.00 billion, and 8.39 billion yuan, with expected growth rates of 17%, 28%, and 20% respectively [7]. - The net profit estimates for the same period have been adjusted to 1.01 billion, 1.23 billion, and 1.47 billion yuan, with corresponding PE ratios of 17, 14, and 12 times, maintaining a "buy" rating due to anticipated performance growth from the implementation of L2 national standards [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's business structure continues to optimize, with performance generally in line with expectations. In Q3 2025, the company achieved revenue of 1.114 billion yuan, representing a year-on-year increase of 9.33% [7] - The focus on high-margin testing services has led to an increase in the proportion of testing business revenue, which accounted for 93% of total revenue in Q3 2025 [7] - The company has maintained a stable profit release, with a gross margin of 47.47% in Q3 2025, benefiting from the optimization of its business structure [7] - Continuous investment in R&D has strengthened the company's technological barriers, with R&D expenses increasing by 50.26% year-on-year in Q3 2025 [7] - The company has established key testing capabilities to support the implementation of national standards for intelligent connected vehicles [7] Financial Forecasts - Total revenue is forecasted to be 5.471 billion yuan in 2025, with a year-on-year growth rate of 16.50% [1] - The net profit attributable to the parent company is projected to be 1.009 billion yuan in 2025, with a year-on-year growth rate of 11.10% [1] - The earnings per share (EPS) is expected to be 1.01 yuan in 2025, with a corresponding P/E ratio of 17.47 [1]

Core Viewpoint - The company reported its Q3 2025 results, showing stable revenue growth but a slight decline in net profit year-on-year, indicating a focus on enhancing operational efficiency and increasing R&D investment to support future growth [1][2]. Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 3.024 billion yuan, a year-on-year decrease of 0.76% [1]. - Q3 2025 revenue reached 1.114 billion yuan, reflecting a year-on-year increase of 6.36% and a quarter-on-quarter increase of 8.79% [2]. Profitability Analysis - The net profit attributable to shareholders for Q3 2025 was 257 million yuan, down 4.15% year-on-year but up 11.70% quarter-on-quarter [2]. - The non-recurring net profit for Q3 2025 was 225 million yuan, a year-on-year decrease of 1.50% and a quarter-on-quarter increase of 0.57% [2]. - The gross margin for Q3 2025 was 47.47%, up 2.19 percentage points year-on-year and 2.28 percentage points quarter-on-quarter [2]. Expense Management - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 3.24%, 7.25%, 8.73%, and 0.97%, respectively, with year-on-year increases in all categories [2]. - The increase in R&D expense ratio is attributed to the company's commitment to meet the demands of automotive enterprises and enhance R&D investment [2]. Strategic Initiatives - The company established an overseas division in early 2025 to enhance its international capabilities and support Chinese automotive products in entering global markets [2][3]. - The company is focusing on local service capabilities and conducting research on national standards and market access to support its international expansion [3]. Technological Development - The establishment of an Information Intelligence Division aims to build comprehensive testing and evaluation capabilities in the field of intelligent connected vehicles [3]. - The company is developing testing capabilities across various dimensions, including simulation testing, road testing, and data security testing, to enhance its service offerings in the intelligent vehicle sector [3]. Future Outlook - Revenue projections for 2025-2027 are 4.778 billion, 5.465 billion, and 6.306 billion yuan, with net profits of 986 million, 1.214 billion, and 1.464 billion yuan, respectively [4]. - The expected EPS for 2025, 2026, and 2027 are 0.98, 1.21, and 1.46 yuan, with corresponding PE ratios of 17, 14, and 11 times based on the closing price of 16.78 yuan per share on October 27, 2025 [4].

Core Viewpoint - The financial performance of Lianjian Technology shows a stable recovery with a significant increase in net profit and revenue growth in the first three quarters of 2025, indicating a positive operational trend [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 1.012 billion yuan, a year-on-year increase of 6.23% [1]. - The net profit attributable to shareholders reached 35.0052 million yuan, reflecting a year-on-year growth of 67.12% [1]. - In Q3 2025 alone, the company reported revenue of 371 million yuan and a net profit of 10.0989 million yuan, with a remarkable year-on-year increase of 252.42% [1]. Business Structure Optimization - The company has actively adjusted its business structure in the traditional construction testing sector, reducing the proportion of low-value-added businesses and reallocating resources to high-potential segments [2]. - Lianjian Technology has expanded into emerging testing sectors such as automotive, electronics, food, and water conservancy, forming a multi-field collaborative and cross-cycle business layout [2]. Automotive Testing Sector - The automotive testing sector has shown particularly strong performance, with the company acquiring "Guanbiao Testing" to solidify its business foundation [3]. - The company has obtained third-party testing qualifications for major domestic and international automotive brands, covering both traditional fuel vehicles and new energy vehicles [3]. - Since 2025, the order volume for automotive testing has rapidly increased, becoming a key driver to offset pressures from traditional business [3]. International Expansion - Lianjian Technology is deepening its global presence, particularly in "Belt and Road" markets, with operational bases established in Vietnam, Laos, Thailand, and Indonesia [4]. - The company has outlined a "three-phase internationalization strategy" focusing initially on local operations in "Belt and Road" regions, followed by expansion into mature technology markets in Europe and the U.S. [4]. Future Outlook - The company aims to capitalize on three major industry opportunities: the increasing penetration of new energy vehicles, the scaling of the robotics industry, and the gradual liberalization of low-altitude economy policies [5]. - Lianjian Technology plans to integrate its resources in testing certification, new material development, and IoT sensing to enhance its capabilities in emerging businesses [5]. - The strategic goal is to transition from a regional testing institution to a global comprehensive technology service provider, thereby enhancing long-term competitiveness [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 597 million yuan for the first three quarters of 2025, representing a year-on-year increase of 8.3%. In Q3 2025 alone, revenue reached 225 million yuan, showing a significant year-on-year growth of 22.2%. The net profit attributable to the parent company for the same period was 155 million yuan, also up by 8.3%, with Q3 net profit at 60 million yuan, reflecting a year-on-year increase of 19.3% [2][6]. Summary by Sections Financial Performance - For Q1 to Q3 2025, the company achieved a total revenue of 597 million yuan, with a net profit of 155 million yuan. Q3 revenue was 225 million yuan, marking a 22.2% increase year-on-year, while net profit for Q3 was 60 million yuan, up 19.3% year-on-year [2][6]. Business Segments - The automotive testing segment generated 162 million yuan in revenue for the first half of 2025, a year-on-year increase of 10.52%. The company has a strong presence in the automotive parts and reliability testing sector, serving clients like Tesla and Huawei. The electronic and electrical product testing segment saw revenue of 90 million yuan, growing 2.35% year-on-year. However, the testing equipment segment experienced a decline, with revenue of 72 million yuan, down 14.85% year-on-year [12]. Profitability Metrics - The net profit margin for Q3 2025 was 27.5%, a slight decrease of 0.36 percentage points year-on-year. The gross margin was 58.6%, down 1.49 percentage points, likely due to the recovery in revenue from lower-margin equipment sales. The expense ratio for the period was 28.6%, showing a minor decrease [12]. Cash Flow - Operating cash flow improved in Q3, with a net cash flow of 67 million yuan, up 21% year-on-year. The first half of 2025 saw a decline in operating cash flow, primarily due to long credit terms with major clients [12]. Future Growth Initiatives - The company has established a joint venture for robotics, aiming to enhance its growth trajectory. This venture focuses on the development and manufacturing of various types of robots, which is expected to reduce labor costs and improve efficiency in testing services [12]. Revenue and Profit Forecast - The company forecasts revenues of 808 million yuan, 912 million yuan, and 1.026 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 196 million yuan, 229 million yuan, and 264 million yuan. The projected growth rates are 11.4%, 12.9%, and 12.5% for revenue, and 11.1%, 16.8%, and 15.6% for net profit [12].