According to the Dongwu Securities Research Report, the net profit of the Soviet Test Q2 was +12% year-on-year, and emerging industries such as aerospace and integrated circuits led the growth. In the first half of 2026, the company achieved net profit of 130 million yuan, an increase of 10% over the previous year, and a single Q2 company achieved net profit of 90 million yuan to mother, an increase of 12% over the previous year. The gross margin of the integrated circuit sector was quickly repaired, and the cost ratio remained stable during the period. Optimistic about the company's development prospects as a leader in environmental and reliability testing: According to the Municipal Supervision Bureau, in 2024, China's inspection and testing industry will achieve annual revenue of about 487.6 billion yuan, an increase of 4% over the previous year, and there is plenty of space. The company's high-barrier testing track covers the three major sectors of special industries, semiconductors, and new energy sources. At the same time, it is actively expanding high-end fields such as aerospace and 5G to create a new growth engine. 2026 is the beginning of the 15th Five-Year Plan. Demand for special industries will continue to recover, and chip localization and specialization will become a major trend. The aerospace boom is on the rise, and demand for supporting testing will continue to rise. The company's laboratories in Suzhou, Xi'an, Qingdao, and Chengdu, where production was expanded in the early stages, and Yite released production capacity, and growth space and profit flexibility can be expected. Maintain the 2026-2028 net profit of the company at 3.2/3.9/480 million yuan, respectively. The current market value corresponds to PE22/18/14X, maintaining the “increase in holdings” rating.
Zhitongcaijing · 2d ago
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According to the Dongwu Securities Research Report, the net profit of the Soviet Test Q2 was +12% year-on-year, and emerging industries such as aerospace and integrated circuits led the growth. In the first half of 2026, the company achieved net profit of 130 million yuan, an increase of 10% over the previous year, and a single Q2 company achieved net profit of 90 million yuan to mother, an increase of 12% over the previous year. The gross margin of the integrated circuit sector was quickly repaired, and the cost ratio remained stable during the period. Optimistic about the company's development prospects as a leader in environmental and reliability testing: According to the Municipal Supervision Bureau, in 2024, China's inspection and testing industry will achieve annual revenue of about 487.6 billion yuan, an increase of 4% over the previous year, and there is plenty of space. The company's high-barrier testing track covers the three major sectors of special industries, semiconductors, and new energy sources. At the same time, it is actively expanding high-end fields such as aerospace and 5G to create a new growth engine. 2026 is the beginning of the 15th Five-Year Plan. Demand for special industries will continue to recover, and chip localization and specialization will become a major trend. The aerospace boom is on the rise, and demand for supporting testing will continue to rise. The company's laboratories in Suzhou, Xi'an, Qingdao, and Chengdu, where production was expanded in the early stages, and Yite released production capacity, and growth space and profit flexibility can be expected. Maintain the 2026-2028 net profit of the company at 3.2/3.9/480 million yuan, respectively. The current market value corresponds to PE22/18/14X, maintaining the “increase in holdings” rating.
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