业绩简评 2026 年1 月20 日，公司发布2025 年度业绩预告，经营业绩实现增长：25 年归母净利润2.45-2.65 亿元， 同比增长6.8%-15.51%；扣非净利润2.33-2.53 亿元，同比增长12.22%-21.86%。其中，25Q4 单季实现归 母净利润8816 万-1.08 亿，同比增长6.2%-30.3%，环比增长123%-173%；实现扣非净利润8351 万-1.04 亿，同比增长9.3%-35.5%，环比增长137%-194%。 经营分析 25Q4 单季业绩环比高增，或系下游景气修复所致：1）公司坚持"聚焦主业、双轮驱动、制造与服务融 合发展"战略，25 全年归母净利润2.45-2.65 亿元，同比增长6.8%-15.51%，实现稳健增长。2）25Q4 单 季实现归母净利润8816 万-1.08 亿，同比增长6.2-30.3%，环比增长123%-173%。3）我们认为，公司 25Q4 单季业绩环比高增，或系不利因素消除、下游景气修复，以及商业航天等新质新域业务增长所 致。 精准把握航空航天专业测试需求，有望受益商业航天新景气：1）持续推进试验设备技术创新，以热真 空、低气压、液压类 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][9]. Core Views - The company is expected to achieve steady growth in its performance, with a projected net profit of RMB 2.45-2.65 billion for 2025, representing a year-on-year increase of 6.8%-15.51% [2][4]. - The significant quarter-on-quarter growth in Q4 2025 is attributed to the recovery of downstream demand and the growth of new business areas such as commercial aerospace [2][3]. Summary by Sections Performance Overview - For the full year of 2025, the company anticipates a net profit of RMB 2.45-2.65 billion, with a year-on-year growth of 6.8%-15.51% [2]. - In Q4 2025, the company expects a net profit of RMB 88.16-108 million, showing a year-on-year increase of 6.2%-30.3% and a quarter-on-quarter increase of 123%-173% [2][4]. Business Strategy and Market Position - The company focuses on its core business and aims for a dual-driven strategy that integrates manufacturing and services [2]. - It is actively expanding into new sectors, including commercial aerospace, and has signed a project cooperation agreement with the Hangzhou Yunqi Town Management Committee, planning to invest at least RMB 300 million [3]. Financial Projections - The projected net profits for 2025-2027 are RMB 2.57 billion, RMB 3.31 billion, and RMB 3.99 billion, with respective year-on-year growth rates of 12.08%, 28.85%, and 20.56% [4]. - The company’s price-to-earnings (P/E) ratios are expected to be 35, 27, and 23 for the years 2025, 2026, and 2027, respectively [4]. Market Trends and Opportunities - The company is positioned to benefit from high-growth sectors such as military, semiconductor, new energy, and commercial aerospace [4]. - Continuous innovation in testing equipment and expanding laboratory qualifications are key strategies to enhance its market presence [3].