9月12日，西测测试盘中下跌2.03%，截至10:52，报53.98元/股，成交7749.33万元，换手率2.43%，总市 值45.56亿元。 资金流向方面，主力资金净流出682.33万元，特大单买入113.80万元，占比1.47%，卖出332.49万元，占 比4.29%；大单买入950.89万元，占比12.27%，卖出1414.53万元，占比18.25%。 西测测试所属申万行业为：国防军工-军工电子Ⅱ-军工电子Ⅲ。所属概念板块包括：军民融合、大飞 机、商业航天（航天航空）、航天军工、小盘等。 截至6月30日，西测测试股东户数1.69万，较上期增加66.47%；人均流通股2329股，较上期减少 39.93%。2025年1月-6月，西测测试实现营业收入1.48亿元，同比减少33.43%；归母净利润-6040.63万 元，同比减少22.94%。 分红方面，西测测试A股上市后累计派现1266.00万元。 机构持仓方面，截止2025年6月30日，西测测试十大流通股东中，广发科技创新混合A（008638）位居 第七大流通股东，持股81.01万股，为新进股东。广发价值核心混合A（010377）位居第十大流通股东， 持股2 ...

9月3日，西测测试盘中下跌2.08%，截至09:54，报55.90元/股，成交3006.96万元，换手率0.92%，总市 值47.18亿元。 资金流向方面，主力资金净流入282.94万元，大单买入660.58万元，占比21.97%，卖出377.64万元，占 比12.56%。 西测测试今年以来股价涨49.59%，近5个交易日跌8.66%，近20日跌20.70%，近60日涨9.74%。 今年以来西测测试已经4次登上龙虎榜，最近一次登上龙虎榜为7月4日，当日龙虎榜净买入-6910.72万 元；买入总计1.42亿元 ，占总成交额比13.84%；卖出总计2.11亿元 ，占总成交额比20.59%。 责任编辑：小浪快报 资料显示，西安西测测试技术股份有限公司位于陕西省西安市高新区丈八二路16号，成立日期2010年6 月1日，上市日期2022年7月26日，公司主营业务涉及从事军用装备和民用飞机产品检验检测,为客户提 供环境与可靠性试验、电子元器件检测筛选、电磁兼容性试验等检验检测服务,同时开展检测设备的研 发、生产和销售以及电装业务。主营业务收入构成为：环境与可靠性试验49.49%，电子装联业务 29.38%，电磁兼容性试验 ...

Core Viewpoint - The company, Xicetest, has shown significant improvement in cash flow despite reporting a net loss in the first half of 2025, indicating potential for future growth in the aerospace and military sectors driven by national strategies [1][2]. Financial Performance - In the first half of 2025, Xicetest achieved operating revenue of 148 million yuan, with a net profit attributable to shareholders of -61.24 million yuan. However, cash flow from operating activities improved by 114.07% compared to the same period last year [1]. Business Segments - Xicetest's revenue breakdown for the first half of the year includes: - Environmental and reliability testing: 73.19 million yuan - Electromagnetic compatibility testing: 15.98 million yuan - Electronic assembly services: 43.44 million yuan - Electronic component testing and selection: 12.09 million yuan - The business structure reflects a dual-driven model from military and commercial aerospace sectors [2]. Strategic Initiatives - The company has established a wholly-owned subsidiary in Wenchang, Hainan, to align with national commercial aerospace strategies and integrate into the Wenchang International Aerospace City industrial cluster [3]. - Xicetest has introduced the concept of "Equipment Hospital," extending testing services to the maintenance phase of military equipment, thereby enhancing reliability testing across the entire lifecycle of military and aerospace equipment [4]. Collaborations and Innovations - A strategic partnership has been formed with Xi'an Jiaotong University to establish a research institute focused on military and aerospace equipment reliability, addressing challenges under various environmental conditions [5]. - The company has recently obtained AS9100 certification, which is recognized as a prerequisite for entering the aerospace industry, thereby solidifying its position in the low-altitude economy and commercial aerospace sectors [4]. Long-term Vision - Xicetest is committed to supporting the "China Intelligent Manufacturing" initiative, aiming to enhance production quality and contribute to the development of new productive forces during the 14th Five-Year Plan [6][7]. - The company anticipates significant growth opportunities in the commercial aerospace market, projecting that the market will exceed one trillion yuan, with potential for multiple billion-yuan industry clusters to emerge [7][8].

Core Insights - The company reported a revenue of 9.52 billion yuan for H1 2025, representing a year-on-year increase of 8.16%, with a net profit attributable to shareholders of 1.17 billion yuan, up 14.18% year-on-year [1] - In Q2 2025, the company achieved a revenue of 5.61 billion yuan, reflecting a year-on-year growth of 18.39%, and a net profit of 0.76 billion yuan, which is a 26.14% increase year-on-year [1] - The integrated circuit verification and analysis service revenue grew by 21.01% year-on-year to 1.55 billion yuan, although the gross margin decreased by 6.38 percentage points to 36.49% [1] Business Expansion and R&D - The company has enhanced its laboratory infrastructure, completing the expansion of its Shenzhen laboratory, which will serve the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on consumer electronics and automotive electronics [1] - The company is actively exploring new fields such as commercial aerospace and intelligent robotics, expanding its testing capabilities in areas like space environment testing and automotive materials testing [2] - The aerospace business revenue surged by 46.24% year-on-year to 14.73 billion yuan [2] Financial Performance and Cost Management - The revenue from testing equipment was 3.10 billion yuan, up 6.32% year-on-year, while the gross margin decreased by 4.66 percentage points to 26.56% [2] - Revenue from environmental and reliability testing services reached 4.87 billion yuan, with a year-on-year increase of 5.75% and a gross margin of 54.95%, down 0.79 percentage points [2] - The company has implemented cost control measures, resulting in a decrease in sales expense ratio to 6.48% and management expense ratio to 10.75% in Q2 2025 [2] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 3.06 billion yuan, 3.72 billion yuan, and 4.54 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 27x, 22x, and 18x [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][47][48] Core Views - The company has shown robust growth in the first half of 2025, with revenue and net profit increasing by 8.09% and 14.18% respectively, driven by strong performance in integrated circuit testing and emerging field services [1][3] - The company is expected to benefit from the domestic high-end testing equipment localization trend and the rigid demand in sectors such as new energy vehicles, integrated circuits, and aerospace [3][47] - The estimated reasonable valuation range for the company is between 18.98 and 21.09 yuan, with projected net profits for 2025-2027 being 2.89, 3.58, and 4.34 billion yuan respectively [3][46][47] Financial Performance Summary - In the first half of 2025, the company's revenue and net profit were 991 million and 117 million yuan, with gross and net profit margins at 41.88% and 13.51% respectively [1] - For Q2 2025, revenue and net profit reached 561 million and 76 million yuan, reflecting year-on-year growth of 18.39% and 26.14% [1] - The company’s revenue from testing equipment, environmental and reliability testing services, and integrated circuit verification and analysis services for the first half of 2025 were 310 million, 487 million, and 155 million yuan, with respective year-on-year growth rates of 6.32%, 5.75%, and 21.01% [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 22.95 billion, 25.96 billion, and 29.24 billion yuan for 2025, 2026, and 2027, with corresponding growth rates of 13.34%, 13.11%, and 12.65% [21][30] - The forecasted net profits for the same period are 2.89 billion, 3.58 billion, and 4.34 billion yuan, with growth rates of 25.81%, 23.88%, and 21.42% [30][46] Valuation Metrics - The company’s estimated PE ratios for 2025, 2026, and 2027 are 29, 23, and 19 respectively [3][46] - The estimated PB ratio for 2025 is 2.9, which is below the average of comparable companies [40][48] - The company’s historical PE valuation has fluctuated, with a current level above 29, indicating potential for further valuation recovery [43][45]

Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Insights - The company reported a significant growth in Q2 2025, with a year-on-year increase in net profit of over 26%, indicating a turning point in performance [5]. - The revenue for H1 2025 reached 991 million yuan, a year-on-year increase of 8.09%, while the net profit attributable to shareholders was 117 million yuan, up 14.18% [4]. - The integrated circuit segment showed remarkable performance, with revenue growth of 21.01% [5]. Financial Performance - The company's gross margin decreased by 3.16 percentage points to 41.88% in H1 2025, with specific segments like testing equipment and integrated circuit services experiencing notable declines in gross margins [6]. - The company expects revenues for 2025-2027 to be 2.316 billion, 2.605 billion, and 2.898 billion yuan, with corresponding net profits of 290 million, 349 million, and 416 million yuan, reflecting growth rates of 14.33%, 12.49%, and 11.26% respectively [8][12]. Business Segments - The testing equipment segment generated 310 million yuan in revenue, a 6.32% increase, while environmental and reliability testing services brought in 487 million yuan, up 5.75% [5]. - The company is actively enhancing its technical capabilities and expanding into emerging fields such as new energy and commercial aerospace, which is expected to provide long-term growth opportunities [7].

Core Viewpoint - The report from Dongwu Securities highlights that Su Shi Testing's Q2 net profit attributable to shareholders increased by 26% year-on-year, exceeding expectations, driven by strong growth in the integrated circuit sector [1] Group 1: Company Performance - Su Shi Testing is expected to benefit from the demand surge in special industries as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, alongside the domestic production of the semiconductor industry and the release of new laboratory capacities [1] - The company is positioned as a leader in environmental and reliability testing, with a focus on high-barrier testing sectors [1] Group 2: Market Potential - According to data from the State Administration for Market Regulation, the inspection and testing industry in China is projected to achieve an annual revenue of approximately 470 billion yuan in 2023, reflecting a year-on-year growth of over 9%, indicating a broad market space [1] - The company covers three major sectors: special industries, semiconductors, and new energy vehicles, while actively expanding into high-end fields such as 5G, creating new growth engines [1] Group 3: Future Outlook - As the demand in special industries recovers and chip localization and specialization in division of labor continue, the demand for testing services is expected to rise [1] - The previously expanded laboratories in Suzhou, Xi'an, Qingdao, and Chengdu, along with the release of capacity from Yite, are anticipated to provide growth potential and profit elasticity [1] - The company maintains an "overweight" rating, reflecting confidence in its future performance [1]

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，公司试验设备、 环境与可靠性试验服务、集成电路验证与分析服务三个板块毛利率均面临一定压力，主要系市场竞争加 剧，价格端承压，同时部分实验室前期产能扩充，成本端亦存在相应压力。 ...

Core Viewpoint - Suzhou Su Test Experiment Group Co., Ltd. (referred to as Su Test) reported a steady growth in its performance for the first half of 2025, with revenue reaching 991 million yuan and net profit at 117 million yuan, driven primarily by the significant growth in integrated circuit verification and analysis services, which increased by 21.01% [1][2]. Revenue and Profit Growth - For the first half of 2025, Su Test achieved operating revenue of 991 million yuan, representing a year-on-year increase of 8.09%, while the net profit attributable to shareholders rose to 117 million yuan, marking a 14.18% increase [3]. - The revenue breakdown by business segments shows: - Testing equipment business revenue of 310 million yuan, up 6.32% - Environmental and reliability testing services revenue of 487 million yuan, up 5.75% - Integrated circuit verification and analysis services revenue of 155 million yuan, up 21.01%, making it the fastest-growing segment [3]. Strategic Focus and Development - The company emphasizes a strategy of "focusing on core business, dual-wheel drive, and integration of manufacturing and services," which has led to steady performance improvement through enhanced technology research and market expansion [3]. - In the testing equipment segment, Su Test is focusing on high-end equipment development, particularly in thermal vacuum, low-pressure, and hydraulic categories, while also enhancing technical reserves for emerging industries such as new energy and commercial aerospace [4]. - The environmental and reliability testing services are expanding capabilities in space environment testing and online detection for aviation, alongside deepening collaborations with universities for technology transfer [4]. - The integrated circuit verification and analysis services have seen significant developments, including the completion of the Shenzhen laboratory expansion and the establishment of an automotive electronics reliability verification center, enhancing service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Company Overview - The company is a third-party inspection and testing service provider for military equipment and civil aircraft products, offering a "one-stop" service capability that includes component screening, assembly, environmental and reliability testing, and electromagnetic compatibility testing [2][3]. Domestic Layout - The company has established two laboratories in Xi'an and additional labs in Chengdu, Beijing, and Wuhan, achieving preliminary coverage in the Northwest, Southwest, North China, and Central China regions [4]. Growth Drivers - The company has significantly enhanced its capabilities in environmental and reliability testing, particularly for aerospace and military products, and is increasing its investment in electromagnetic compatibility testing [5]. - The company is focusing on expanding its capabilities in component testing, including DPA, chip testing, and domestic verification, to improve its technical level [5]. Financial Performance - In 2024, the company faced losses due to a time lag in capacity release and ongoing investments in testing capabilities, which have not yet resulted in scale effects [6][7]. - The establishment of new subsidiaries in Beijing and Wuhan is still in the ramp-up phase, and the synergistic effects have not yet fully materialized [7]. Market Expectations - The company is actively positioning itself in the commercial aircraft and low-altitude economy sectors, which are expected to benefit from government initiatives and rapid market growth in aerospace [8]. - The commercial aerospace sector is anticipated to be one of the fastest-growing segments globally, driven by national encouragement for satellite and low-altitude industries [8]. Future Outlook - The company expects that as its revenue scale increases, capacity utilization will improve, leading to enhanced income and profitability [8]. - The electrical assembly business is a crucial part of the company's "one-stop" service chain, aimed at addressing core customer pain points related to quality, efficiency, and pricing [8].