苏试试验20250909

Summary of the Conference Call for Su Shi Testing Company Overview - Su Shi Testing has transitioned from primarily equipment sales to a dual-driven model of equipment and testing services, with testing services now significantly surpassing equipment sales. In 2024, the revenue from environmental testing services is expected to account for approximately 50%, integrated circuit testing for 10%-20%, and equipment sales for about 30% [2][3][4]. Financial Performance and Stock Price Trends - Over the past five years, Su Shi Testing's stock price has experienced three main phases: a dual boost in valuation and performance (2021-2022), a dual decline (2023-2024), and a rebound since 2025, closely linked to the military industry’s development [2][5]. - In the first phase (2021-2022), the company saw revenue growth rates of 26.7% and 20.2%, with net profit growth of 54% and 42%. The environmental testing services revenue grew by 42% and 28%, while integrated circuit testing revenue also increased by 28% in 2021 [5][9]. - The second phase (2023-2024) was marked by a slowdown in performance due to personnel adjustments in the military sector and increased costs from expansion, leading to a 27% decline in profit in 2024 and a drop in PE valuation from over 40 times to around 20 times [2][10]. - Since 2025, the company has benefited from a recovery in downstream demand, with environmental testing services revenue growing by 5.75% year-on-year in the first half of the year and integrated circuit testing revenue increasing by 21% [2][13]. Revenue Structure and Key Markets - Military-related revenue constitutes approximately 45%-50% of the company's total revenue, followed by automotive testing and semiconductor testing [4][7]. - The company has a positive outlook for the military testing industry, expecting stable growth, and anticipates an increase in market share due to rising penetration rates in the third-party testing market [4][8]. Future Outlook - The military testing industry is expected to maintain stable growth, with the company actively expanding capacity and benefiting from strong downstream demand [8][14]. - The semiconductor testing sector is also projected to grow, with integrated circuit testing revenue expected to accelerate due to capacity expansion and a shift towards high-barrier areas like material analysis [18]. - Overall, the company is expected to continue its recovery and growth trajectory in the coming years, similar to the conditions seen in 2021-2022, with positive expectations for revenue and profit growth in the latter half of 2025 [19].