截至发稿，尤国梁累计任职时间6年35天，现任基金资产总规模42.62亿元，任职期间最佳基金回报 123.38%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，长城基金旗下1只基金位居西测测试十大流通股东。长城久嘉创新成长混合A（004666）三 季度新进十大流通股东，持有股数120万股，占流通股的比例为2.06%。根据测算，今日浮盈赚取约336 万元。 长城久嘉创新成长混合A（004666）成立日期2017年7月5日，最新规模19.74亿。今年以来收益 31.36%，同类排名1915/8136；近一年收益35.35%，同类排名1553/8058；成立以来收益113.27%。 长城久嘉创新成长混合A（004666）基金经理为尤国梁。 11月25日，西测测试涨5.14%，截至发稿，报57.30元/股，成交1.68亿元，换手率5.14%，总市值48.36亿 元。 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 ...

11月24日，西测测试涨5.58%，截至发稿，报53.70元/股，成交9164.76万元，换手率3.01%，总市值 45.32亿元。 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10.81%，电子元器件检测筛选8.18%，检测设备销售1.88%，其他0.26%。 从西测测试十大流通股东角度 数据显示，长城基金旗下1只基金位居西测测试十大流通股东。长城久嘉创新成长混合A（004666）三 季度新进十大流通股东，持有股数120万股，占流通股的比例为2.06%。根据测算，今日浮盈赚取约 340.8万元。 长城久嘉创新成长混合A（004666）成立日期2017年7月5日，最新规模19.74亿。今年以来收益 24.66%，同类排名2658/8209；近一年收益 ...

Core Points - Xian Xice Testing Technology Co., Ltd. experienced a stock price increase of 5.01%, reaching 59.56 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 8.48%, resulting in a total market capitalization of 5.027 billion CNY [1] - The company, established on June 1, 2010, and listed on July 26, 2022, specializes in inspection and testing services for military equipment and civil aircraft products, including environmental and reliability testing, electronic component testing, and electromagnetic compatibility testing [1] - The revenue composition of the company includes: environmental and reliability testing (49.49%), electronic assembly business (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), testing equipment sales (1.88%), and others (0.26%) [1] Shareholder Insights - Changcheng Fund has a fund, Changcheng Jiujia Innovation Growth Mixed A (004666), which entered the top ten circulating shareholders of Xice Testing, holding 1.2 million shares, representing 2.06% of the circulating shares, with an estimated floating profit of approximately 3.408 million CNY [2] - The fund was established on July 5, 2017, with a latest scale of 1.974 billion CNY, achieving a year-to-date return of 30.92% and a one-year return of 29.83%, ranking 3050 out of 8154 and 2985 out of 8046 respectively [2] Fund Management - The fund manager of Changcheng Jiujia Innovation Growth Mixed A is You Guoliang, who has been in the position for 6 years and 10 days, managing a total fund size of 4.262 billion CNY, with the best fund return during his tenure being 136.05% and the worst being -15.93% [3]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Xian Xice Testing Technology Co., Ltd., indicating a decline in stock price and significant changes in financing and stockholder dynamics [1][2][3] Group 2 - On October 10, Xice Testing's stock price fell by 2.05%, with a trading volume of 141 million yuan. The financing data shows a net financing buy of -697,000 yuan for the day, with a total financing and securities balance of 114 million yuan [1] - The company’s financing balance of 114 million yuan accounts for 2.45% of its circulating market value, which is above the 70th percentile of the past year, indicating a high level of financing activity [1] - As of June 30, the company reported a revenue of 148 million yuan for the first half of 2025, a year-on-year decrease of 33.43%, and a net profit attributable to shareholders of -60.41 million yuan, a decrease of 22.94% [2] - The company’s main business revenue composition includes environmental and reliability testing (49.49%), electronic assembly (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), and sales of testing equipment (1.88%) [2] - As of June 30, the number of shareholders increased by 66.47% to 16,900, while the average circulating shares per person decreased by 39.93% to 2,329 shares [2] - The company has distributed a total of 12.66 million yuan in dividends since its A-share listing [3] - Notably, new institutional shareholders include Guangfa Technology Innovation Mixed A and Guangfa Value Core Mixed A, while Bosera Military Industry Theme Stock A has exited the top ten circulating shareholders list [3]

Company Overview - Xi'an Xice Testing Technology Co., Ltd. was established on June 1, 2010, and went public on July 26, 2022. The company is located in the High-tech Zone of Xi'an, Shaanxi Province [2] - The main business involves inspection and testing of military equipment and civil aircraft products, providing services such as environmental and reliability testing, electronic component testing, and electromagnetic compatibility testing. The company also engages in the research, production, and sales of testing equipment [2] - The revenue composition includes: Environmental and reliability testing (49.49%), electronic assembly business (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), testing equipment sales (1.88%), and others (0.26%) [2] Financial Performance - As of June 30, 2025, the company reported a revenue of 148 million yuan, a year-on-year decrease of 33.43%. The net profit attributable to the parent company was -60.41 million yuan, a year-on-year decrease of 22.94% [2] - Since its A-share listing, the company has distributed a total of 12.66 million yuan in dividends [3] Stock Market Activity - On September 12, the stock price of Xi'an Xice Testing fell by 2.03%, trading at 53.98 yuan per share with a total market capitalization of 4.556 billion yuan [1] - The stock has seen a year-to-date increase of 44.45%, with a recent 5-day increase of 0.06%, a 20-day decrease of 18.19%, and a 60-day increase of 28.83% [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on July 4, where it recorded a net buy of -69.11 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 66.47% to 16,900, with an average of 2,329 circulating shares per person, a decrease of 39.93% [2] - Notable institutional shareholders include Guangfa Technology Innovation Mixed A and Guangfa Value Core Mixed A, both of which are new entrants among the top ten circulating shareholders [3]

Core Insights - Xian Xice Testing Technology Co., Ltd. has experienced a stock price increase of 49.59% year-to-date, but has seen a decline of 8.66% in the last five trading days and 20.70% in the last twenty days [1] - The company reported a revenue of 1.48 billion yuan for the first half of 2025, a year-on-year decrease of 33.43%, and a net profit attributable to shareholders of -604.06 million yuan, a decrease of 22.94% [2] Company Overview - Xian Xice Testing was established on June 1, 2010, and went public on July 26, 2022. The company specializes in inspection and testing services for military equipment and civil aircraft products [2] - The main business revenue breakdown includes: environmental and reliability testing (49.49%), electronic assembly business (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), testing equipment sales (1.88%), and others (0.26%) [2] - The company is categorized under the defense and military industry, specifically in military electronics [2] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 66.47% to 16,900, with an average of 2,329 circulating shares per person, a decrease of 39.93% [2] - The company has made cumulative cash distributions of 12.66 million yuan since its A-share listing [3] - Notable institutional shareholders include Guangfa Technology Innovation Mixed Fund and Guangfa Value Core Mixed Fund, both of which are new entrants among the top ten circulating shareholders [3]

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].