Performance Forecast - The company has released a performance forecast for the year 2025, covering the period from January 1, 2025, to December 31, 2025 [2] - The forecast is based on preliminary calculations by the company's finance department and has not been audited by an external auditor [7] Communication with Auditors - The company has communicated with its auditing firm regarding the performance forecast, and there are no significant discrepancies between the two parties [3] Reasons for Performance Changes - The company is focusing on its core business and aims for a dual-driven strategy, integrating manufacturing and service development. This approach is expected to enhance the reliability of industrial product quality and promote high-quality development [4] - In the testing equipment sector, the company is advancing technological innovation, focusing on products such as thermal vacuum, low pressure, hydraulic, and comprehensive testing equipment, particularly in aerospace, new energy, and electronics industries [4] - In the environmental and reliability testing services sector, the company is enhancing its testing capabilities based on market and customer needs, leveraging a one-stop service advantage to meet specialized testing demands in aerospace and new energy [4] - In the integrated circuit verification and analysis services sector, the semiconductor testing field is showing positive growth, with the company enhancing capacity layout and resource integration to optimize production capacity [4] Non-Recurring Gains and Losses - The impact of non-recurring gains and losses on net profit is expected to be 12 million, compared to 21.79 million in the same period last year [5]

Core Viewpoint - The company is expected to achieve steady growth in its 2025 performance, with a projected net profit of 245-265 million yuan, reflecting a year-on-year increase of 6.8%-15.51% [1][4]. Group 1: Financial Performance - The company's net profit for Q4 2025 is projected to be between 88.16-108 million yuan, representing a year-on-year growth of 6.2%-30.3% and a quarter-on-quarter increase of 123%-173% [1][2]. - The non-recurring net profit for Q4 2025 is expected to be between 83.51-104 million yuan, with a year-on-year growth of 9.3%-35.5% and a quarter-on-quarter increase of 137%-194% [1][2]. Group 2: Business Strategy and Market Position - The company adheres to a strategy of focusing on its core business, dual-driven development, and the integration of manufacturing and services, which has contributed to its stable growth [2]. - The significant quarter-on-quarter growth in Q4 2025 is attributed to the elimination of adverse factors, recovery in downstream demand, and growth in new business areas such as commercial aerospace [2]. Group 3: Expansion and Innovation - The company is actively expanding into new industries, enhancing its testing capabilities in commercial aerospace, aviation equipment, smart robotics, and new energy sectors [3]. - The company has signed a project cooperation agreement with the Hangzhou Yunqi Town Management Committee, planning to invest no less than 300 million yuan to establish a high-end space environment simulation testing platform [2][3]. - The company has received various laboratory accreditations, enhancing its position in the automotive supply chain and international wireless testing [3]. Group 4: Profit Forecast and Valuation - The company is projected to achieve net profits of 257 million, 331 million, and 399 million yuan for the years 2025-2027, with year-on-year growth rates of 12.08%, 28.85%, and 20.56% respectively [4]. - The corresponding price-to-earnings ratios are expected to be 35, 27, and 23 times for the years 2025, 2026, and 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][9]. Core Views - The company is expected to achieve steady growth in its performance, with a projected net profit of RMB 2.45-2.65 billion for 2025, representing a year-on-year increase of 6.8%-15.51% [2][4]. - The significant quarter-on-quarter growth in Q4 2025 is attributed to the recovery of downstream demand and the growth of new business areas such as commercial aerospace [2][3]. Summary by Sections Performance Overview - For the full year of 2025, the company anticipates a net profit of RMB 2.45-2.65 billion, with a year-on-year growth of 6.8%-15.51% [2]. - In Q4 2025, the company expects a net profit of RMB 88.16-108 million, showing a year-on-year increase of 6.2%-30.3% and a quarter-on-quarter increase of 123%-173% [2][4]. Business Strategy and Market Position - The company focuses on its core business and aims for a dual-driven strategy that integrates manufacturing and services [2]. - It is actively expanding into new sectors, including commercial aerospace, and has signed a project cooperation agreement with the Hangzhou Yunqi Town Management Committee, planning to invest at least RMB 300 million [3]. Financial Projections - The projected net profits for 2025-2027 are RMB 2.57 billion, RMB 3.31 billion, and RMB 3.99 billion, with respective year-on-year growth rates of 12.08%, 28.85%, and 20.56% [4]. - The company’s price-to-earnings (P/E) ratios are expected to be 35, 27, and 23 for the years 2025, 2026, and 2027, respectively [4]. Market Trends and Opportunities - The company is positioned to benefit from high-growth sectors such as military, semiconductor, new energy, and commercial aerospace [4]. - Continuous innovation in testing equipment and expanding laboratory qualifications are key strategies to enhance its market presence [3].

Core Viewpoint - The company Su Shi Testing (300416.SZ) forecasts a net profit attributable to shareholders for 2025 between 245 million to 265 million yuan, representing a year-on-year growth of 6.8% to 15.51% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 233 million to 253 million yuan, indicating a year-on-year increase of 12.22% to 21.86% [1] Group 1: Business Performance - The company anticipates growth in its operating performance for 2025 [1] - In the testing equipment sector, the company is focusing on technological innovation, with key R&D directions including thermal vacuum, low pressure, hydraulic, and integrated products [1] - The company is deepening its engagement in industries such as aerospace, new energy, and electronics, accelerating technological iteration and new product development to meet diverse customer needs [1] Group 2: Service Segments - In the environmental and reliability testing service sector, the company aims to strengthen its capabilities in niche market testing, guided by market and customer demands [1] - The company leverages its one-stop service advantage across the entire industry chain to accurately address professional testing needs in aerospace and new energy sectors [1] - In the integrated circuit verification and analysis service sector, the semiconductor testing field is showing positive development, with the company enhancing capacity layout and resource integration in consumer electronics and automotive electronics [1]

Core Viewpoint - The company, Su Shi Testing, forecasts a net profit attributable to shareholders for 2025 between 245 million and 265 million yuan, representing a year-on-year increase of 6.80% to 15.51% [1] - The company emphasizes its strategic focus on core business, dual-driven development, and the integration of manufacturing and services to enhance product quality and reliability [1] Financial Performance - The expected net profit excluding non-recurring gains and losses for 2025 is projected to be between 233 million and 253 million yuan, reflecting a year-on-year growth of 12.22% to 21.86% [1] - The impact of non-recurring gains and losses on net profit is estimated to be 12 million yuan, compared to 21.79 million yuan in the same period last year [1] Business Strategy - The company is committed to technological innovation in the testing equipment sector, focusing on products such as thermal vacuum, low pressure, hydraulic, and comprehensive testing equipment [1] - The company aims to meet diverse customer needs in industries like aerospace, new energy, and electronics through accelerated technology upgrades and new product development [1] Service Enhancement - In the environmental and reliability testing service sector, the company focuses on enhancing its testing capabilities based on market and customer demands, leveraging its one-stop service advantage [1] - The company is implementing cost reduction and efficiency improvement strategies while enhancing internal control management to boost team productivity [1] Semiconductor Sector - The semiconductor testing sector is experiencing positive growth, with the company enhancing capacity layout and resource integration in consumer electronics and automotive electronics [1] - The company is actively expanding its market presence and aligning new capacity with customer needs, gradually releasing additional production capacity [1]

Core Viewpoint - The company, Su Shi Testing, has been providing comprehensive testing services for various sectors, including aerospace, for many years [2] Group 1: Business Overview - The company offers a range of testing equipment and services, including thermal vacuum, mechanics, climate, and comprehensive environmental testing [2] - Services provided include aerospace environment testing, material testing, structural strength testing, electromagnetic compatibility testing, integrated circuit validation analysis, software evaluation, and non-standard testing services [2] - The company emphasizes its ability to deliver one-stop comprehensive testing services to its clients [2]

Core Viewpoint - The company, Su Shi Testing (300416.SZ), has been providing comprehensive testing services for various sectors, including aerospace, for many years [1] Group 1: Business Overview - The company offers a range of testing equipment and services, including thermal vacuum, mechanics, climate, and comprehensive environmental testing [1] - It provides one-stop comprehensive testing services such as aerospace environment testing, material testing, structural strength testing, electromagnetic compatibility testing, integrated circuit verification analysis, software evaluation, and non-standard testing services [1]

Group 1 - The core viewpoint of the article is that Su Shi Testing (300416.SZ) has been actively serving the aerospace sector and is equipped to provide comprehensive testing services for various critical areas within the industry [2] - The company has a diverse client base that includes key players in aerospace materials, components, communication devices, and payload systems [2] - Su Shi Testing offers a wide range of testing services, including thermal vacuum, mechanical, climate, and comprehensive environmental testing, as well as space environment testing, material testing, structural strength testing, electromagnetic compatibility testing, integrated circuit validation analysis, software evaluation, and non-standard testing services [2]

Core Viewpoint - Su Shi Testing (300416) provides a comprehensive range of testing services including thermal vacuum, mechanics, climate, and environmental testing, catering primarily to the aerospace sector [1] Group 1: Company Services - The company offers one-stop comprehensive testing services such as aerospace environment testing, material testing, structural strength testing, electromagnetic compatibility testing, integrated circuit validation analysis, software evaluation, and non-standard testing services [1] - The client base of the company spans various fields, with a significant focus on the aerospace industry [1] Group 2: Business Operations - Investors are encouraged to monitor the company's regular reports and announcements for detailed information on major business cooperation situations [1]

Group 1 - The company is actively involved in the aerospace sector, providing various testing equipment and services tailored to the needs of aerospace clients [2] - The offerings include thermal vacuum, mechanical, climate, and comprehensive environmental testing equipment [2] - The company supports the entire lifecycle of aerospace products with services ranging from simulation and design validation to product quality control, application monitoring, and longevity testing [2]