Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, attributed to fluctuations in downstream industry demand and rising operational costs during capacity expansion [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.03 billion, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 229 million, down 27% [1]. - The company's gross profit margin was 44.5%, a decline of 1.1 percentage points year-on-year [1]. Downstream Industry Analysis - The top three industries contributing to the company's revenue are electronics and electrical appliances (40.3%), scientific research and testing institutions (18.0%), and aerospace (14.7%) [2]. - Revenue and gross margin in the top three industries showed declines: electronics and electrical appliances revenue decreased by 7.1% and gross margin by 4.2 percentage points; scientific research and testing institutions saw a revenue drop of 11.5% and a gross margin increase of 7.2 percentage points; aerospace experienced a revenue increase of 10.9% but a gross margin decline of 5.7 percentage points [2]. Product Performance - Revenue from testing equipment in 2024 was 620 million, down 17.3%, with a gross margin of 29.4%, a decrease of 2.7 percentage points [2]. - Environmental reliability testing services generated revenue of 1.01 billion, a slight increase of 0.6%, with a gross margin of 57.0%, down 1.8 percentage points [2]. - Integrated circuit verification and analysis services achieved revenue of 290 million, up 12.3%, with a gross margin of 40.0%, down 3.6 percentage points [2]. Strategic Focus - The company is deepening its focus in niche areas such as new energy, energy storage, aerospace, mobile communication, power equipment, and medical devices, enhancing its laboratory testing capabilities [3]. - The company is actively building sales channels through promotional events and technical seminars to better match customer needs and improve service quality [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 2.1 billion, 2.2 billion, and 2.3 billion respectively, with net profits of 300 million, 370 million, and 420 million, corresponding to price-to-earnings ratios of 28, 23, and 20 times [3]. - The company maintains a "buy" rating, anticipating that special industry orders will gradually materialize in 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.47 CNY, based on a 33x PE ratio for comparable companies in 2025 [2][4]. Core Views - The company's profitability is under pressure in 2024, with a projected revenue decline of 4.3% to 2.026 billion CNY and a net profit drop of 27% to 229 million CNY. However, there is an expectation for demand recovery in 2025, which could lead to gradual performance improvement [2][8]. - The company is focusing on dual drivers for growth, emphasizing technological advancements and expanding service capabilities, particularly in emerging industries [8]. Financial Summary - **Revenue Forecast**: - 2023: 2,117 million CNY - 2024: 2,026 million CNY (down 4.3%) - 2025: 2,455 million CNY (up 21.2%) - 2026: 2,883 million CNY (up 17.4%) - 2027: 3,476 million CNY (up 20.6%) [3][11] - **Net Profit Forecast**: - 2023: 314 million CNY - 2024: 229 million CNY (down 27.0%) - 2025: 298 million CNY (up 30.1%) - 2026: 372 million CNY (up 24.5%) - 2027: 497 million CNY (up 33.6%) [3][11] - **Earnings Per Share (EPS)**: - 2023: 0.62 CNY - 2024: 0.45 CNY - 2025: 0.59 CNY - 2026: 0.73 CNY - 2027: 0.98 CNY [3][11] - **Profitability Ratios**: - Gross Margin: - 2023: 45.6% - 2024: 44.5% - 2025: 44.2% - 2026: 44.2% - 2027: 44.4% [3][11] - Net Margin: - 2023: 14.8% - 2024: 11.3% - 2025: 12.2% - 2026: 12.9% - 2027: 14.3% [3][11] - **Valuation Ratios**: - Price-to-Earnings (PE) Ratio: - 2023: 26.8 - 2024: 36.7 - 2025: 28.2 - 2026: 22.7 - 2027: 17.0 [3][11] - Price-to-Book (PB) Ratio: - 2023: 3.3 - 2024: 3.2 - 2025: 2.8 - 2026: 2.6 - 2027: 2.3 [3][11]

事件：公司发布 2024 年年报，2024 年公司实现营业收入 20.26 亿元，同比 下降 4.31%；实现归母净利润 2.29 亿元，同比下降 27.00%。 利润率阶段性波动，试验设备业务短期承压 华福证券 公 司 研 究 苏试试验（300416.SZ） 业务短期承压，加大新兴领域探索力度 投资要点： 公 司 财 报 点 评 2024 年公司毛利率、净利率分别为 44.54%、13.40%，分别同比下 降 1.06pct、4.02pct。受市场竞争加剧、公司前期产能快速扩充、实验 室人员增长等影响，同时需求端价格呈现下滑趋势，公司成本费用端 快速上升，但新增产能仍处于爬坡期，利润率出现阶段性波动。分季 度来看，2024 年 Q4 公司实现营业收入 6.19 亿元（YoY+4.93%），归母 净 利 润 8302 万 元 （ YoY-11.64% ）； 扣 非 归 母 净 利 润 7640 万 元 （YoY+2.22%）。公司前三季度业绩承压，第四季度业绩边际好转。 分业务来看，2024 年试验设备收入 6.23 亿元（YoY-17.25%），环 境与可靠性试验服务收入 10.09 亿元（YoY+0.64 ...

根据披露的机构调研信息2025年4月15日，泉果基金对上市公司苏试试验进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为160.40亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果思源三年持有期混合A （018329），近一年收益录得11.19%。 截至2025年4月14日，泉果基金近1年回报前6非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理018329泉果思源三年持有期混合A11.192023年6月2日刚 登峰 018330泉果思源三年持有期混合C10.742023年6月2日刚登峰 016709泉果旭源三年持有期混合 A8.612022年10月18日赵诣 016710泉果旭源三年持有期混合C8.172022年10月18日赵诣 019624泉果嘉源 三年持有期混合A7.632023年12月5日钱思佳 019625泉果嘉源三年持有期混合C7.202023年12月5日钱思 佳 附调研内容：互动交流主要内容：Q：公司需求端情况如何？A：公司试验设备和试验服务需求端均有 所恢复，目前主要下游新能源汽车、集成电路、航空航 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 苏试试验（300416.SZ） 24 年业绩符合预期，静待下游需求持续恢复 公司发布 2024 年年报，Q4业绩好转。公司 2024 全年实现营业收入 20.26 亿元，同比下降 4.31%；实现归母净利润 2.29 亿元，同比下降 27%；实 现扣非归母净利润 2.08 亿元，同比下降 25.89%。单 4 季度来看，公司 Q4 实现营业收入 6.19 亿元，同比上升 4.93%；实现归母净利润 0.83 亿 元，同比下降 11.64%；实现扣非归母净利润 0.76 亿元，同比上升 2.22%。 受制于下游客户资本开支需求减弱、下游产业链终端市场的竞争加剧，公 司业绩短期承压，但我们认为公司已渡过低谷期，看好未来公司需求恢复。 公司费率整体略有提升，阶段性盈利能力受到一定影响。公司 2024 年期 间费用率 28.94%，同比上行 2.57pct；其中，销售费用率为 7.46%，同比 增长 1.06pct；管理费用率为 11.88%，同比增长 0.94pct；财务费用率为 1.48%，同比增长 0.32pct；研发费 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company reported a 2024 annual revenue of 2.026 billion yuan, a decrease of 4.31% year-on-year, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year. However, Q4 showed signs of recovery with a revenue increase of 4.93% year-on-year [1]. - The company has a comprehensive testing capability across the entire industry chain, with both equipment and services driving growth. The report highlights the company's resilience and long-term development potential in the testing industry [3]. - The company is expected to see a gradual recovery in downstream demand starting this year, with projected revenues for 2025-2027 of 2.358 billion, 2.711 billion, and 3.077 billion yuan, respectively, reflecting growth rates of 16.4%, 15.0%, and 13.5% [4]. Financial Summary - The company's 2024 expense ratio increased to 28.94%, up 2.57 percentage points year-on-year, with a gross margin of 44.54%, down 1.06 percentage points year-on-year. This indicates a slight decline in profitability amid intensified market competition [2]. - The projected earnings per share (EPS) for 2025-2027 are 0.61, 0.75, and 0.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.3, 22.1, and 18.6 [5][4]. - The company’s net asset return (ROE) is expected to improve from 8.7% in 2024 to 12.6% in 2027, indicating a positive trend in profitability [5].

证券代码：300416 证券简称：苏试试验 苏州苏试试验集团股份有限公司 投资者关系活动记录表 编号：2025-002 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 动类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 （请文字说明其他活动内容） | | | 国金证券、财通基金、兴银基金、友邦保险、国信资管、浙商 | | 投资者单位名 | 资管、上海信托、泉果基金、盤厚动量基金、君榕资产共 10 | | 称及人员姓名 | 位参会人员 | | 时间 | 2025 年 4 月 15 日（星期二）14:00-15:30 | | 地点 | 公司一楼会议室 | | 上市公司 | 副总经理兼董事会秘书 骆星烁 | | 接待人员姓名 | 证券事务代表 汪雨欣 | | | 互动交流主要内容： | | | Q：公司需求端情况如何？ | | 投资者关系活 | A：公司试验设备和试验服务需求端均有所恢复，目前主要下 | | 动主要内容介 绍 | 游新能源汽车、集成电路、航空航天、特殊行业等领域需求端 | | | 呈现良好趋势 ...

东吴证券股份有限公司 关于苏州苏试试验集团股份有限公司 向特定对象发行股票持续督导之保荐总结报告书 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为苏州 苏试试验集团股份有限公司（以下简称"苏试试验"、"公司"、"发行人"） 向特定对象发行股票的保荐机构，持续督导期至 2024 年 12 月 31 日。目前，持 续督导期限已满。保荐机构现根据《证券发行上市保荐业务管理办法》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》的相关规定，出具本保 荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构名称 | 东吴证券股份有限公司 | | --- | --- | | 注册地址 | 苏州市工业园区星阳街 5 号 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The worst demand period has passed, and profit margins are expected to recover [8] - The company reported a revenue of 2.026 billion, a year-on-year decline of 4.31%, and a net profit of 229 million, down 27.00% year-on-year [5][8] - The fourth quarter showed a revenue of 619 million, a year-on-year increase of 4.93%, with a net profit of 83 million, down 11.64% year-on-year [5][8] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are 2.282 billion, 2.541 billion, and 2.834 billion respectively, with growth rates of 12.7%, 11.3%, and 11.5% [7] - Net profit forecasts for the same period are 312 million, 379 million, and 461 million, with growth rates of 35.9%, 21.7%, and 21.4% respectively [7] - The company's gross margin for 2024 is projected at 44.5%, with a slight decrease from the previous year [8] Revenue and Profitability Analysis - The fourth quarter showed significant improvement in revenue growth, particularly in the aerospace and automotive sectors [8] - The company experienced a decline in profitability due to a combination of weak market demand and increased costs from capacity expansion [8] - The net profit margin for 2024 is expected to be 13.40%, down 4.02 percentage points year-on-year [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's 2024 total revenue is expected to be 2.03 billion yuan, a year-on-year decrease of 4.3%, while the net profit attributable to shareholders is projected at 229.41 million yuan, down 27% year-on-year, which is in line with expectations [2] - In Q4 2024, the company achieved revenue of 620 million yuan, a year-on-year increase of 5%, with a net profit of 80 million yuan, down 12% year-on-year [2] - The decline in revenue growth is attributed to high base effects from the previous year and a slowdown in capital expenditures from clients in the testing equipment sector [2] - The company is positioned in high-barrier testing sectors, covering special industries, semiconductors, and new energy vehicles, with plans to expand into high-end fields like 5G [4] Financial Performance Summary - The company's gross profit margin for 2024 is 44.5%, a decrease of 1.1 percentage points year-on-year, while the net profit margin is 13.4%, down 4.0 percentage points year-on-year [3] - The gross profit margin for testing equipment is 29.4%, down 2.7 percentage points, while the margin for environmental testing services is 57.0%, down 1.8 percentage points [3] - The company’s operating expenses ratio is 28.9%, an increase of 2.6 percentage points year-on-year, with sales, management, R&D, and financial expense ratios increasing [3] - The forecast for net profit attributable to shareholders is 299 million yuan for 2025, 377 million yuan for 2026, and 451 million yuan for 2027, with corresponding P/E ratios of 28.52, 22.63, and 18.91 [4]