STI(SZ:300416)2022-12-06 11:28Group 1: Market Growth and Demand - The rapid growth of testing services is driven by increased R&D investment in China, rising quality and reliability demands, and heightened emphasis on impartial third-party testing reports [2] - The market capacity for environmental and reliability testing continues to expand [2] Group 2: Market Share and Competition - Domestic products have a high localization rate in the electromagnetic vibration testing system, effectively replacing imports; however, hydraulic products still rely heavily on imports due to high costs [3] - The company has obtained multiple certifications (CNAS, DILAC, CMA) for its laboratories, indicating strong competitive capabilities [3] Group 3: Product Development and Customization - The company is transitioning from single environmental testing equipment to multi-axis and multi-point vibration testing systems, as well as comprehensive environmental testing systems [3] - Products are characterized by high technical intensity, variety, and small batch production, with a high degree of customization for each order [4] Group 4: Financial Aspects and Future Plans - The time to reach breakeven for new laboratories is approximately 2 years, with a payback period of about 4-5 years [4] - The company plans to establish 1-2 new laboratories annually and expand existing ones based on market conditions [4] - Long accounts receivable cycles are attributed to lengthy production and debugging periods, as well as strict client funding approval processes [3]