Core Viewpoint - The article discusses the recent institutional research conducted on Steel Research Nake, highlighting its national testing base layout, service coverage capabilities, advantages in instrument business, growth drivers for testing and instrument sectors, and shareholder return policies [1][2]. Company Overview - Steel Research Nake is an innovative enterprise specializing in the research, development, and application of metal material testing technology. The company offers services including testing services, analytical instruments, standard materials, capability verification services, corrosion protection engineering, and other extended testing services. Its applications span various industries such as steel, metallurgy, aerospace, nuclear power, and food [3]. Financial Performance - As of 2024, the company achieved a revenue of 1,097.67 million yuan, a year-on-year increase of 15.60%. The net profit attributable to shareholders was 145.02 million yuan, up 15.37% year-on-year. Basic earnings per share were 0.3861 yuan, reflecting a 15.25% increase. By March 31, 2025, the revenue reached 219.06 million yuan, a 7.18% increase year-on-year, with a net profit of 16.08 million yuan, up 33.28% year-on-year, and basic earnings per share of 0.0428 yuan, a 32.10% increase [4]. Testing Base Layout - The company has strategically laid out national testing bases in cities such as Beijing, Kunshan, Chengdu, Shenyang, Qingdao, Xi'an, Zhuozhou, and Zhuzhou, effectively meeting customer needs based on their distribution characteristics [5]. Instrument Business Advantages - The company’s instrument products cover over 60 types across eight categories, including atomic emission spectroscopy, mass spectrometry, gas analysis, and mechanical performance testing. Notable products include the spark direct reading spectrometer, which has won national awards, and the company leads in sales within the industry [6]. Market Opportunities - The domestic instrument industry is experiencing significant growth potential, driven by complex international conditions that accelerate the domestic replacement process, providing more opportunities for local scientific instrument manufacturers [7]. Future Development Directions - The company aims to enhance its testing and instrument businesses by exploring additional testing needs beyond metal materials, improving management efficiency, and increasing automation. In the instrument sector, the focus will be on improving product quality and expanding market share in high-end scientific instruments [8]. Growth Drivers - The growth of the company is supported by the rapid development of new materials in China and increasing demand for testing in key sectors such as aerospace and nuclear power. The scientific instrument sector is also benefiting from favorable policies, leading to accelerated domestic production [9]. Business Focus Areas - The company is focusing its testing business on high-demand areas such as aerospace and nuclear power, while also expanding into other material testing sectors, maintaining its competitive edge in metal material testing [10]. Shareholder Return Policy - The company emphasizes market value management and shareholder returns, maintaining a cash dividend policy where the proportion of cash dividends to net profit has consistently exceeded 30% in recent years [11].

Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2] - It has a strong reputation in the domestic metal material testing field and is recognized as one of the most comprehensive testing research institutions in China [2] Financial Performance - As of 2024, the company achieved a revenue of 1,097.67 million yuan, a year-on-year increase of 15.60%; net profit attributable to shareholders was 145.02 million yuan, up 15.37%; basic earnings per share were 0.3861 yuan, an increase of 15.25% [2][3] - For the first quarter of 2025, revenue reached 219.06 million yuan, a 7.18% increase year-on-year; net profit was 16.08 million yuan, up 33.28%; basic earnings per share were 0.0428 yuan, a 32.10% increase [3] Service Coverage and Product Advantage - The company has established a nationwide testing base layout, effectively meeting customer needs across various locations including Beijing, Kunshan, Chengdu, and others [3] - The instrument business includes over 60 types of scientific instruments across 8 categories, with leading products recognized by industry awards, such as the spark optical emission spectrometer [4] Market Opportunities - The domestic market for testing and analytical instruments is expanding, with a favorable long-term outlook despite short-term pressures due to international conditions [5] - The company aims to leverage opportunities from the rapid development of new materials and high-quality growth in key sectors like aerospace and nuclear power [6] Future Development Directions - Future focus areas include expanding testing services to non-metal and composite materials, enhancing management efficiency, and increasing automation in testing processes [6][7] - In the instrument sector, the company plans to improve product quality and expand market share in high-end scientific instruments [7] Shareholder Returns - The company emphasizes shareholder returns with a consistent dividend policy, maintaining a cash dividend ratio exceeding 30% of net profit in recent years [7]