资金流向方面，主力资金净流出327.18万元，特大单买入546.27万元，占比3.32%，卖出444.91万元，占 比2.70%；大单买入2883.63万元，占比17.52%，卖出3312.16万元，占比20.12%。 12月26日，苏试试验盘中上涨2.01%，截至09:51，报18.76元/股，成交1.65亿元，换手率1.78%，总市值 95.40亿元。 截至9月30日，苏试试验股东户数4.20万，较上期增加81.94%；人均流通股12034股，较上期减少 45.06%。2025年1月-9月，苏试试验实现营业收入15.32亿元，同比增长8.95%；归母净利润1.57亿元，同 比增长7.14%。 分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 机构持仓方面，截止2025年9月30日，苏试试验十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股431.63万股，相比上期减少442.41万股。南方中证1000ETF（512100）位居第八大流通股 东，持股325.27万股，为新进股东。富国稳健增长混合A（010624）位居第十大流通股东，持股280.01 万股，为新进股 ...

分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 资料显示，苏州苏试试验集团股份有限公司位于江苏省苏州工业园区中新科技城唯亭镇科峰路18号,苏 州工业园区方园街51号，成立日期2007年12月29日，上市日期2015年1月22日，公司主营业务涉及一家 工业产品环境与质量可靠性试验验证与综合分析服务解决方案提供商,致力于环境试验设备的研发和生 产,及为客户提供从芯片到部件到终端整机产品全面的、全产业链的环境与可靠性试验验证及分析服 务。主营业务收入构成为：环境可靠性试验服务49.19%，试验设备31.27%，集成电路验证与分析服务 15.63%，其他(补充)3.91%。 苏试试验所属申万行业为：社会服务-专业服务-检测服务。所属概念板块包括：商业航天（航天航 空）、军民融合、航天军工、专精特新、芯片概念等。 截至9月30日，苏试试验股东户数4.20万，较上期增加81.94%；人均流通股12034股，较上期减少 45.06%。2025年1月-9月，苏试试验实现营业收入15.32亿元，同比增长8.95%；归母净利润1.57亿元，同 比增长7.14%。 12月18日，苏试试验盘中上涨2 ...

Core Viewpoint - Suzhou Testing Group's stock has experienced a decline of 2.05% on November 12, with a current price of 15.29 CNY per share and a market capitalization of 7.776 billion CNY, despite a year-to-date increase of 31.70% [1] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.532 billion CNY, representing a year-on-year growth of 8.95%, and a net profit attributable to shareholders of 157 million CNY, up 7.14% year-on-year [2] - The company has distributed a total of 367 million CNY in dividends since its A-share listing, with 211 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 42,000, up 81.94% from the previous period, while the average circulating shares per person decreased by 45.06% to 12,034 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 442.41 million shares, and new entrants such as Southern CSI 1000 ETF and Fortune Steady Growth Mixed A [3] Business Overview - Suzhou Testing Group, established on December 29, 2007, and listed on January 22, 2015, specializes in environmental and quality reliability testing services, focusing on the development and production of environmental testing equipment [1] - The company's revenue composition includes 49.19% from environmental reliability testing services, 31.27% from testing equipment, 15.63% from integrated circuit verification and analysis services, and 3.91% from other services [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 18.87, down from the previous target of RMB 20.10 [4][7]. Core Insights - The company reported Q3 revenue of RMB 541 million, a year-over-year increase of 10.6%, but a quarter-over-quarter decrease of 3.6%. The net profit attributable to the parent company was RMB 39.55 million, down 9.4% year-over-year and down 48.2% quarter-over-quarter, primarily due to higher-than-expected credit impairment losses [4][5]. - The company expects that prior investments will drive revenue growth in the future, despite a decline in gross margin due to increased costs and credit impairment losses affecting net profit margin [6][4]. - The report forecasts a compound annual growth rate (CAGR) of 19.15% for net profit from 2025 to 2027, with projected net profits of RMB 2.52 billion, RMB 3.20 billion, and RMB 3.88 billion for the respective years [7][19]. Financial Projections - Revenue projections for the company are as follows: RMB 2,026 million for 2024, RMB 2,251 million for 2025 (up 11.13%), RMB 2,595 million for 2026 (up 15.30%), and RMB 2,977 million for 2027 (up 14.71%) [3][19]. - The net profit attributable to the parent company is projected to be RMB 229.41 million for 2024, RMB 251.63 million for 2025 (up 9.69%), RMB 320.37 million for 2026 (up 27.32%), and RMB 388.03 million for 2027 (up 21.12%) [3][19]. - The report indicates a decrease in gross margin to 38.68% in Q3, down 3.40 percentage points year-over-year, primarily due to declines in the gross margin of testing equipment and integrated circuit testing [5][6]. Cash Flow and Capital Expenditure - The company reported a 25% year-over-year decline in operating cash flow for Q1-Q3 2025, primarily due to an increase in accounts receivable, which stood at RMB 1.448 billion, up 14% year-over-year [6]. - Capital expenditures for Q1-Q3 2025 were RMB 228 million, a decrease of 25% compared to the previous period, indicating a reduction in equipment purchases [6].

Core Insights - Suzhou Su Test Experiment Group Co., Ltd. has seen a significant increase in stock price, with a year-to-date rise of 55.64% and a recent 5-day increase of 2.85% [1] - The company specializes in environmental and reliability testing services, contributing to a diverse revenue stream from various segments [1][2] Company Overview - Founded on December 29, 2007, and listed on January 22, 2015, the company is located in Suzhou Industrial Park, Jiangsu Province [1] - Main business segments include environmental reliability testing services (49.19%), testing equipment (31.27%), integrated circuit verification and analysis services (15.63%), and other services (3.91%) [1] Financial Performance - For the first half of 2025, the company reported a revenue of 9.91 billion yuan, reflecting a year-on-year growth of 8.09%, and a net profit attributable to shareholders of 1.17 billion yuan, up 14.18% [2] - Cumulative cash dividends since the A-share listing amount to 3.67 billion yuan, with 2.11 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 12.49% to 23,100, while the average circulating shares per person increased by 14.27% to 21,903 shares [2] - Notable changes in major shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and Tianhong Yongli Bond A, while Xinyi Xinyi Two-Year Holding Mixed A has entered the top ten shareholders [3]

Company Overview - Suzhou Su Test Experiment Group Co., Ltd. is located in Suzhou Industrial Park, Jiangsu Province, and was established on December 29, 2007. The company was listed on January 22, 2015. It specializes in environmental and quality reliability testing and comprehensive analysis service solutions for industrial products [1][2]. - The company's main business revenue composition includes: environmental reliability testing services (49.19%), testing equipment (31.27%), integrated circuit verification and analysis services (15.63%), and others (3.91%) [1]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 999.1 million yuan, representing a year-on-year growth of 8.09%. The net profit attributable to the parent company was 117 million yuan, with a year-on-year increase of 14.18% [2]. - Since its A-share listing, the company has distributed a total of 367 million yuan in dividends, with 211 million yuan distributed in the last three years [3]. Stock Performance - As of September 23, the company's stock price decreased by 2.01%, trading at 17.10 yuan per share, with a total market capitalization of 8.696 billion yuan. The stock has increased by 47.29% year-to-date, but has seen a decline of 0.18% over the last five trading days and 8.21% over the last 20 days [1]. - The company experienced a net outflow of 12.2752 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders was 23,100, a decrease of 12.49% from the previous period. The average circulating shares per person increased by 14.27% to 21,903 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder, holding 8.7405 million shares, a decrease of 1.9285 million shares from the previous period [3].

Company Overview - Suzhou Su Test Experiment Group Co., Ltd. is located in Suzhou Industrial Park, Jiangsu Province, and was established on December 29, 2007, with its listing date on January 22, 2015 [1] - The company specializes in environmental and quality reliability testing and comprehensive analysis service solutions, focusing on the research and production of environmental testing equipment [1] - The main revenue composition includes: environmental reliability testing services (49.19%), testing equipment (31.27%), integrated circuit verification and analysis services (15.63%), and other services (3.91%) [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 999.1 million yuan, representing a year-on-year growth of 8.09%, and a net profit attributable to shareholders of 117 million yuan, with a year-on-year increase of 14.18% [2] - Since its A-share listing, the company has distributed a total of 367 million yuan in dividends, with 211 million yuan distributed in the last three years [3] Stock Performance - As of September 5, the stock price increased by 2.03% to 17.05 yuan per share, with a total market capitalization of 8.671 billion yuan [1] - Year-to-date, the stock price has risen by 46.86%, but it has decreased by 9.12% over the last five trading days [1] - The stock has a trading volume of 233 million yuan and a turnover rate of 2.74% [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 23,100, a decrease of 12.49% from the previous period, with an average of 21,903 circulating shares per person, an increase of 14.27% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 8.7405 million shares, a decrease of 1.9285 million shares from the previous period [3]

Core Viewpoint - The company reported strong performance in its 2025 H1 financial results, with significant growth in revenue and net profit, driven by advancements in the integrated circuit analysis sector [1][3]. Financial Performance - In 2025 H1, the company achieved a revenue of 991 million yuan, representing a year-on-year growth of 8.09% [1]. - The revenue breakdown includes: - Testing equipment: 310 million yuan, up 6.32% - Environmental reliability testing services: 487 million yuan, up 5.75% - Integrated circuit verification and analysis services: 155 million yuan, up 21.01% [1]. - The net profit attributable to shareholders reached 117 million yuan, with a year-on-year increase of 14.18% [1]. - The net profit after deducting non-recurring items was 114 million yuan, reflecting a growth of 20.72% [1]. - In Q2, the company reported a revenue of 561 million yuan, a year-on-year increase of 18.39%, and a net profit of 76 million yuan, up 26.14% [1]. Cost Management and Profitability - The overall expense ratio for 2025 H1 was 28.57%, a decrease of 1.76 percentage points year-on-year [2]. - The breakdown of expense ratios includes: - Sales expense ratio: 7.35%, down 0.12 percentage points - Management expense ratio: 11.49%, down 1.08 percentage points - Financial expense ratio: 1.55%, down 0.33 percentage points - R&D expense ratio: 8.18%, down 0.23 percentage points [2]. - The gross profit margins for the main business segments showed a decline, attributed to increased competition in the downstream market [2]. Business Model and Future Outlook - The company has established a unique business model that integrates testing equipment and services, creating a high technical barrier [2]. - It has developed a comprehensive one-stop testing service platform catering to industries such as new energy, commercial aerospace, drones, and integrated circuits [2]. - The company is focused on R&D of new products and technologies to meet diverse customer needs and drive future growth [2]. - The company is optimistic about its future development potential, especially with the rapid advancement of technologies like 5G and IoT [2]. Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 2.335 billion yuan, 2.659 billion yuan, and 2.992 billion yuan for 2025-2027, with year-on-year growth rates of 15.3%, 13.8%, and 12.5% respectively [3]. - The net profit attributable to shareholders is expected to be 306 million yuan, 377 million yuan, and 445 million yuan for the same period, with growth rates of 33.5%, 23.0%, and 18.3% respectively [3]. - The current stock price corresponds to a PE ratio of 27.2, 22.1, and 18.7 for 2025-2027, indicating a favorable long-term trend in downstream demand [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [3][5]. Core Views - The company reported strong performance in its 2025 H1 results, with revenue reaching 999.1 million yuan, a year-on-year growth of 8.09%. The net profit attributable to shareholders was 117 million yuan, reflecting a growth of 14.18% [1]. - The integrated circuit analysis segment showed significant growth, with a revenue increase of 21.01%, driven by the rising demand in downstream industries [1]. - The company has demonstrated excellent cost control, with a decrease in expense ratios across various categories, contributing to its profitability [2]. Financial Performance Summary - For 2025-2027, the company is projected to achieve revenues of 2.335 billion yuan, 2.659 billion yuan, and 2.992 billion yuan, with year-on-year growth rates of 15.3%, 13.8%, and 12.5% respectively [3][4]. - The net profit attributable to shareholders is expected to be 306 million yuan, 377 million yuan, and 445 million yuan for the same period, with growth rates of 33.5%, 23.0%, and 18.3% respectively [3][4]. - The company's current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 27.2, 22.1, and 18.7 times [3][4]. Business Model and Market Position - The company has established a unique business model that integrates testing equipment and services, creating a high technical barrier and a comprehensive one-stop testing service platform [2]. - The company is well-positioned to benefit from the rapid development of new technologies such as 5G and the Internet of Things, which are expected to drive future growth [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [6]. Core Insights - The company reported strong performance in Q2 2025, with a revenue of 9.91 billion yuan for H1 2025, representing an 8.09% year-on-year increase, and a net profit of 1.17 billion yuan, up 14.18% year-on-year [1]. - The company is expected to benefit from improving orders in special industries and new growth driven by emerging industries in the second half of 2025 [3]. - The operating cash flow has shown continuous improvement, with a net inflow of 98.84 million yuan in H1 2025, a 29.32% increase year-on-year [4]. Revenue and Profitability - In H1 2025, revenue from the electronics and electrical sector, aerospace, and research and testing institutions was 3.85 billion, 1.47 billion, and 2.19 billion yuan, respectively, with year-on-year growth rates of 2.86%, 46.24%, and 1.84% [2]. - The company achieved a gross margin of 41.88% and a net margin of 13.51% in H1 2025, despite a decline in gross margins due to reduced expense ratios and the reversal of credit impairment losses [2]. Business Segments - Revenue from testing equipment, environmental reliability testing services, and integrated circuit verification and analysis services in H1 2025 was 3.10 billion, 4.87 billion, and 1.55 billion yuan, with year-on-year growth rates of 6.32%, 5.75%, and 21.01% respectively [2]. - The company is focusing on R&D for new products and technologies in sectors such as new energy, commercial aerospace, and integrated circuits, which is expected to drive further growth [3]. Financial Projections - The company forecasts net profits of 3.04 billion, 3.81 billion, and 4.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.60, 0.75, and 0.91 yuan [4][5]. - The current stock price corresponds to a P/E ratio of 28x for 2025, 22x for 2026, and 18x for 2027, indicating potential for future growth [4].