Core Viewpoint - The company reported a decline in revenue and net profit for the year, but there are signs of recovery in demand for 2025, with a unique business model that integrates testing equipment and services [1][2][3]. Financial Performance - The company achieved revenue of 2.026 billion yuan for the year, a decrease of 4.31% year-on-year; net profit attributable to shareholders was 229 million yuan, down 27% year-on-year [1]. - In Q1 2025, revenue was 429 million yuan, a year-on-year decrease of 2.96% and a quarter-on-quarter decrease of 30.69%; net profit attributable to shareholders was 41 million yuan, down 2.99% year-on-year and 50.72% quarter-on-quarter [2]. - For Q4 2024, the company reported revenue of 620 million yuan, an increase of 4.9% year-on-year and 26.6% quarter-on-quarter; net profit attributable to shareholders was 83 million yuan, down 11.6% year-on-year but up 90% quarter-on-quarter [1]. Profitability Metrics - The overall gross margin and net margin for 2024 were 44.54% and 13.4%, respectively, with year-on-year declines of 1.06 and 4.02 percentage points [1]. - In Q1 2025, the gross margin and net margin were 40.44% and 10.53%, showing year-on-year declines of 2.03 and an increase of 0.32 percentage points [2]. Business Segments - In 2024, revenue from testing services, equipment, and integrated circuits was 1.009 billion, 623 million, and 288 million yuan, respectively, with year-on-year changes of +0.64%, -17.25%, and +12.33% [2]. - The company has developed a unique business model that promotes the integration of testing equipment and services, enhancing both technical and business synergies [2]. Market Outlook - Despite facing short-term pressure due to weakened capital expenditure from downstream customers and intensified competition, there are signs of recovery in demand for testing equipment and services in 2025 [3]. - The company has adjusted its profit forecast, expecting net profits of 315 million, 375 million, and 441 million yuan for 2025 to 2027, representing year-on-year growth of 38%, 19%, and 18%, respectively [3].

公司报告 | 年报点评报告 苏试试验（300416） 证券研究报告 2024Q4 业绩回暖，需求端逐步修复 事件：公司发布年报，实现营收 20.26 亿元,同比减少 4.31%；实现归母净 利润 2.29 亿元,同比减少 27%。2025 年一季度营业收入 4.29 亿元；归母净 利润 4091.18 万元。 点评： 2024 年全年毛利率/净利率分别为 44.54%/13.4%，同比-1.06/-4.02pct。全 年销售/管理/研发/财务费用率分别为 7.46%/11.88%/8.12%/1.48% ，同比 +1.06/+0.94/+0.25/+0.32pct。 24Q4：公司实现营收 6.2 亿元，同比+4.9%，环比+26.6%；实现归母净利润 0.83 亿元，同比 -11.6% ，环比+90% 。 实现 毛 利 率 / 净利 率 分 别 为 45.76%/16.06%，同比-1.18/-2.73pct，环比+3.68/+5.71pct。24Q4 公司收入 及归母净利润环比出现较大提升，营收创公司上市以来单季度新高。 25Q1：实现营收 4.29 亿元，同比-2.96%，环比-30.69%；实现归母净 ...

事件描述 苏试试验发布2025 年一季报，2025Q1 实现营收4.29 亿元，同比降3.0%；归母净利润0.41亿元，同比降 3.0%；扣非归母净利润0.40 亿元，同比降1.4%。 事件评论 2025Q1 营收同比略降推测主要受设备销售业务拖累，环试服务和集成电路测试预计向好。2024Q1-4 营 收同比增速分别为+1.0%/-11.0%/-11.9%/+4.9%，Q4 营收边际改善；2024 年年分业务板块来看：1）试 验设备：营收6.23 亿元，同比降17.25%，推测下游第三方检测机构客户资本开支放缓带来设备采购需 求下降；考虑到设备业务从订单到营收转化需要一定时间，2025Q1 营收确认较少，后续预计逐渐向 好。2）环试服务：营收10.1亿元，同比增0.64%，军工检测订单逐渐回暖，但执行速度放缓导致营收确 认较少，Q4已有改善；2025 年为军工十四五规划收官之年，3 月初的全国人大解放军和武警部队代表 团会议上，习近平主席提出要"坚定信心、直面挑战，落实高质量发展要求，如期完成既定目标任务"， 预计2025 年将迎来军工检测订单的快速释放；3）集成电路测试：营收2.88 亿元，同比增12.33 ...

联合研究丨公司点评丨苏试试验（300416.SZ） [Table_Title] 苏试试验 2025Q1 点评：业绩降幅收窄，看好全 年军工检测订单复苏 报告要点 [Table_Summary] 苏试试验发布 2025 年一季报，2025Q1 实现营收 4.29 亿元，同比降 3.0%；归母净利润 0.41 亿元，同比降 3.0%；扣非归母净利润 0.40 亿元，同比降 1.4%。2025Q1 营收同比略降推测主 要受设备销售业务拖累，环试服务和集成电路测试预计向好。2025 年预计军工检测订单加速释 放，半导体检测需求景气，带动业绩修复。 分析师及联系人 丨证券研究报告丨 [Table_Author] 徐科 赵智勇 王贺嘉 贾少波 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490520070003 SFC：BUV415 SFC：BRP550 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 2025-04-27 苏试试验（300416.SZ） cjzqdt11 ...