Core Viewpoint - The company Su Shi Testing (300416.SZ) has entered the small-batch production phase of its self-developed thermal vacuum testing equipment, which is designed for high vacuum environment testing in aerospace applications [1] Group 1: Product Development - The thermal vacuum testing equipment can simulate vacuum conditions ranging from 10⁻³Pa to 10⁻⁵Pa and above [1] - The equipment features high vacuum performance, a multi-dimensional precise temperature control system, and high intelligent control capabilities [1] Group 2: Applications and Market - The thermal vacuum equipment is primarily used for space environment testing or reliability testing of materials, components, and small complete machines in the aerospace sector [1] - The company's clients span critical fields such as aerospace materials, components, communication devices, and payload systems [1]

Group 1 - The company Suzhou Su Shi Testing Group Co., Ltd. plans to invest at least 300 million yuan in a project to build and operate a high-end space environment simulation testing equipment and comprehensive testing service platform [1] - This project is part of the company's strategy to deepen its focus on testing equipment and services, continuing from its 2025 initiatives [1] - In the first half of 2025, the company completed the expansion of its Shenzhen laboratory to enhance its integrated circuit verification and analysis service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 2 - The company established an automotive electronics reliability verification center and is optimizing the capacity and technology of its integrated circuit laboratory [1] - The company has developed a thermal vacuum testing device that can simulate vacuum environments of 10⁻³Pa to 10⁻⁵Pa and above, suitable for space environment testing and reliability testing of various aerospace products [1]

Group 1 - The U.S. is advancing the largest scale of space militarization since the Cold War, with President Trump signing an executive order prioritizing manned lunar missions, establishing a lunar base, and developing space weapon defenses [1] - The Pentagon has issued military satellite orders worth $3.5 billion, indicating a rapid integration of civilian space exploration with military strategy [1] - The global space computing industry is accelerating, with Starcloud receiving investment from NVIDIA and successfully launching H100-powered computing nodes into orbit, marking a significant step in real-load engineering for space computing [1] Group 2 - Commercial space is identified as a core cost variable for space computing, which is crucial for unlocking value in commercial aerospace applications [2] - The demand for on-orbit data processing is increasing due to the growth of satellites in remote sensing and communication, leading to the functional integration of space computing into overall computing architecture [2] - Space computing is seen as having disruptive advantages in energy efficiency and scalability, potentially overcoming the physical expansion bottlenecks of terrestrial computing [2] Group 3 - Su Shi Testing has developed a thermal vacuum testing device capable of simulating vacuum conditions from 10⁻³Pa to 10⁻⁵Pa, suitable for aerospace materials [3] - Putian Technology focuses on the research and development of communication and computing-related technologies and products, with business layouts in aerospace communication and satellite navigation [4]

Core Viewpoint - The company Su Shi Testing (300416) has developed a vacuum testing equipment that can simulate vacuum conditions from 10 Pa to above 10 Pa, suitable for space environment testing in the aerospace sector [1] Group 1: Product Features - The self-developed vacuum testing equipment features high vacuum performance, multi-dimensional precise temperature control system, and high intelligent control [1] - It is capable of conducting thermal vacuum tests under high vacuum and temperature variations against a cold black background [1] Group 2: Application Areas - The equipment is applicable for testing materials, components, assemblies, and small complete machines in the aerospace field [1]

Core Viewpoint - The company has developed a vacuum thermal test equipment that can simulate high vacuum conditions, suitable for aerospace material and component testing [1]. Group 1: Product Features - The vacuum thermal test equipment can simulate vacuum environments from 10³Pa to 10Pa and above, enabling thermal vacuum tests under high vacuum and temperature variations [1]. - The equipment features high vacuum performance, multi-dimensional precise temperature control systems, and high levels of intelligent control [1]. Group 2: Application and Market Position - The equipment is applicable for space environment testing or reliability testing of materials, components, and small complete machines in the aerospace sector [1]. - The company encourages stakeholders to refer to regular reports and announcements for information on business operations and partnerships [1].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue reaching 991 million yuan, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million yuan, up 14.18% year-on-year [2][3]. - The report highlights the foundation for long-term growth established by new technologies and industries, particularly in the integrated circuit sector, which saw a revenue increase of 21.01% year-on-year [8]. - The company is expanding its product offerings in thermal vacuum testing equipment and is actively exploring opportunities in commercial aerospace and integrated circuits, which are expected to drive future revenue growth [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 2.271 billion yuan, with a year-on-year growth rate of 12.1%. The net profit attributable to shareholders is expected to be 308 million yuan, reflecting a growth rate of 34.2% [4][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit through 2027, with projected revenues of 2.601 billion yuan and 2.984 billion yuan for 2026 and 2027, respectively [4][9]. - The company's earnings per share (EPS) is expected to grow from 0.45 yuan in 2024 to 0.91 yuan in 2027, indicating strong profitability potential [4][9]. Market Performance - The company's stock price as of July 30, 2025, was 16.50 yuan, with a target price set at 24.22 yuan, suggesting significant upside potential [4][5]. - The report notes a decline in gross margin to 41.88% in H1 2025, attributed to increased capacity investments, but net profit margin improved to 13.51% due to reduced expense ratios [8].