北京市天元（广州）律师事务所 关于广电计量检测集团股份有限公司 2024 年度股东大会之 法律意见 二零二五年四月 地址：广东省广州市天河区珠江新城珠江东路 6 号周大福金融中心 33 层 邮编（P.C）：510623 电话（Tel）：020-88835385 传真（Fax）：0862-88835385 北京市天元（广州）律师事务所 关于广电计量检测集团股份有限公司 穗天股字（2025）第002号 致：广电计量检测集团股份有限公司 广电计量检测集团股份有限公司（以下简称"公司"或"广电计量"）2024 年度股东大会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方 式，现场会议于 2025 年 4 月 17 日 16 时 00 分在广东省广州市番禺区石碁镇创运 路 8 号广电计量科技产业园科研创新楼 24 楼会议室召开。北京市天元（广州） 律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股东大会 现场会议，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》" ）、《上市公司股东会规则》 （以下简称"《股东会规则》"）以及《广电计 ...

根据披露的机构调研信息2025年4月1日，淳厚基金对上市公司广电计量进行了调研。 附调研内容：一、情况介绍史宗飞和习星平对公司 2024 年度主要经营情况进行说明。二、问答环节 1.2024 年公司净利润率提升的原因？答：2024 年，公司发布了"质量回报双提升"行动方案，较好执行 了年初制定的发展战略和经营管理措施，建立以利润为导向的考核模式，公司营收和利润均实现两位数 增长且利润增幅大于收入增幅，净利润率从 2023 年的 7.14%提升至2024 年的 11.21%，盈利能力大幅改 善。公司聚焦科研活动相对活跃、研发景气度较高的下游行业，包括特殊行业、汽车、新能源、集成电 路、通信、商业航天和低空经济等领域，带动公司的收入增长。公司通过持续的技术创新，使得代表公 司服务能力和服务范围的 CNAS、CMA等资质参数持续快速增长，以创新的服务能力促进了公司的收 入增长。公司实施精细化管理，通过有效的人效管控、设备投入的精准管控，产能利用率有所提高，实 现各专业的毛利率的改善。公司实施内部业务结构优化，生命科学业务实现扭亏为盈。2.公司未来经营 计划？答：2025 年，公司坚持服务国家战略性产业，除加强特殊行 ...

天眼查资料显示，广电计量检测（南宁）有限公司，成立于2016年，位于南宁市，是一家以从事专业技 术服务业为主的企业。企业注册资本5000万人民币，实缴资本5000万人民币。通过天眼查大数据分析， 广电计量检测（南宁）有限公司参与招投标项目527次，专利信息24条，此外企业还拥有行政许可5个。 专利摘要显示，本发明涉及化学修饰电极技术领域，公开了一种电极修饰材料及其制备方法和应用。所 述电极修饰材料包括氧化石墨烯掺杂的聚丙烯腈基碳纳米纤维和 UIO 66 NH 所述 UIO 66‑NH2 负载于 所述氧化石墨烯掺杂的聚丙烯腈基碳纳米纤维表面。本发明提供的电极修饰材料，为表面均匀分散有 UIO‑66‑NH2 的氧化石墨烯掺杂的聚丙烯腈基碳纳米纤维，UIO‑66‑NH2 在水溶中稳定性好、比表面积 大、孔隙率高，氧化石墨烯提升了碳纳米纤维的强度、硬度和导电性，UIO‑66‑NH2 与氧化石墨烯掺杂 的聚丙烯腈基碳纳米纤维相结合后，电导率和电化学活性改善，所得电极修饰材料比表面积大，活性位 点多，电催化活性高。 金融界2025年4月5日消息，国家知识产权局信息显示，广电计量检测（南宁）有限公司申请一项名 为"一种电极 ...

Group 1: Sanxin Medical - Sanxin Medical has obtained the registration certificate for its self-developed disposable blood dialysis machine, becoming the first domestic brand to achieve this milestone, actively promoting the domestic substitution process [1] - The company's gross profit margin has increased year-on-year due to capacity release and cost reduction, while the net profit margin has decreased due to increased expenses and asset impairment [1] - Sanxin Medical has expanded its production capacity with new bases in Sichuan and Jiangxi to meet market demand, and has completed registrations in Indonesia, Peru, and Mexico, with significant growth in export revenue [1] - The company sees a broad domestic substitution space for blood dialysis machines and equipment, with continuous market demand growth supported by centralized procurement policies [1] - Sanxin Medical is collaborating with upstream and downstream manufacturers to develop polyethersulfone materials to enhance the competitiveness of its dialysis machines [1] Group 2: Guangdian Measurement - Guangdian Measurement has achieved double-digit growth in revenue and profit through its "Quality Report Double Improvement" action plan, with net profit margin increasing from 7.14% to 11.21% [2] - The company focuses on downstream industries with active research activities, such as special industries, automotive, new energy, and integrated circuits, driving revenue growth [2] - Guangdian Measurement has implemented refined management to improve capacity utilization and gross profit margin, with its life sciences business turning profitable [2] - In 2025, the company plans to strengthen its expansion in high-growth areas such as aerospace and digital economy, while continuing to increase R&D investment [2] - The company maintains an optimistic outlook on the prosperity of key downstream industries, particularly in special industries, automotive, communication, and integrated circuits [2] - The data science business has a growth rate of approximately 29%, with future plans to enhance technical security capabilities around data, information, and network security [2] - Guangdian Measurement is leveraging digital production, management, and marketing to improve work efficiency and per capita output [2] - The company has business layouts in low-altitude economy, civil aviation, and commercial aerospace, aiming to create performance growth points during the 14th Five-Year Plan period [2] - The integrated circuit business achieved revenue of 255.704 million yuan, a year-on-year increase of 26.28%, successfully developing advanced 4nm chip dissection technology [2]

Group 1 - The company aims to achieve double-digit growth in revenue and profit through the "Quality Report Double Improvement" action plan in 2024, with net profit margin increasing from 7.14% to 11.21% [1] - The company focuses on active downstream industries such as special industries, automotive, new energy, and integrated circuits, driving revenue growth [1] - The life sciences business has turned profitable, and the company plans to expand into high-growth areas like aerospace and digital economy by increasing R&D investment [1] Group 2 - The integrated circuit business achieved revenue of 255.704 million yuan, a year-on-year increase of 26.28%, successfully developing 4nm advanced process chip dissection technology [1] - The data science business has a growth rate of approximately 29%, with future plans to enhance capabilities in data security, information security, and network security [1] - The company is implementing digital production, management, and marketing to improve work efficiency and per capita output, while controlling personnel scale in 2024 and adjusting talent structure in 2025 [1]

证券代码：002967 证券简称：广电计量 公告编号：2025-029 广电计量检测集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广电计量检测集团股份有限公司（以下简称"公司"）根据《中华人民共和 国公司法》《中华人民共和国证券法》《关于支持上市公司回购股份的意见》《上 市公司股份回购规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市 公司自律监管指引第 9 号——回购股份》等规定，于 2024 年 10 月 8 日召开第五 届董事会第十三次会议审议通过了《关于回购股份方案的议案》，同意公司使用 自有资金或自筹资金以集中竞价交易方式回购公司部分 A 股社会公众股份，用 于转换公司计划未来发行的可转换为股票的公司债券，回购股份的资金总额不低 于 2 亿元，不超过 4 亿元，回购股份的价格不超过 18 元/股，回购股份的实施期 限为自公司董事会审议通过回购方案之日起 6 个月内。 上述具体内容详见公司刊登于巨潮资讯网 www.cninfo.com.cn 及《证券时报》 《中国证券报》《上海证券报》《证券日报》的《第五届董事会第十三次会议决 ...

证券代码：002967 证券简称：广电计量 公告编号：2025-029 广电计量检测集团股份有限公司 关于回购股份实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广电计量检测集团股份有限公司（以下简称"公司"）根据《中华人民共和 国公司法》《中华人民共和国证券法》《关于支持上市公司回购股份的意见》《上 市公司股份回购规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市 公司自律监管指引第 9 号——回购股份》等规定，于 2024 年 10 月 8 日召开第五 届董事会第十三次会议审议通过了《关于回购股份方案的议案》，同意公司使用 自有资金或自筹资金以集中竞价交易方式回购公司部分 A 股社会公众股份，用 于转换公司计划未来发行的可转换为股票的公司债券，回购股份的资金总额不低 于 2 亿元，不超过 4 亿元，回购股份的价格不超过 18 元/股，回购股份的实施期 限为自公司董事会审议通过回购方案之日起 6 个月内。 上述具体内容详见公司刊登于巨潮资讯网 www.cninfo.com.cn 及《证券时报》 《中国证券报》《上海证券报》《证 ...

Group 1: Financial Performance - The company's net profit margin improved from 7.14% in 2023 to 11.21% in 2024, indicating a significant enhancement in profitability [3][4] - Revenue and profit both achieved double-digit growth, with profit growth outpacing revenue growth [3][4] Group 2: Future Business Plans - In 2025, the company aims to expand in high-growth sectors such as aerospace, digital economy, and emerging fields like deep-sea equipment and artificial intelligence [5][6] - The company will continue to enhance its R&D investment, focusing on "unmanned + intelligent + network + data + energy" directions [5] Group 3: Industry Outlook - The company maintains an optimistic outlook for its main downstream industries, including special industries, automotive, and new energy sectors [6][7] - The automotive sector is transitioning from price competition to quality and technology competition, with a strong focus on electric vehicles [6][7] Group 4: Data Science and Digitalization - The data science business is projected to grow by approximately 29% in 2024, driven by increasing demand for data security and digital economy services [7][8] - The company is enhancing its digital production and management systems to improve operational efficiency and reduce costs [8][9] Group 5: Workforce Management - The company plans to maintain a stable workforce while optimizing personnel structure to enhance operational efficiency [9] - Future recruitment will focus on emerging industries and innovation capabilities, with a goal of keeping personnel cost growth below revenue growth [9] Group 6: Aerospace Sector Development - The company is developing a comprehensive service platform for low-altitude economy, civil aviation, and commercial aerospace, aiming to enhance quality assurance in these sectors [10][11] - It is involved in various projects related to the C919 aircraft and satellite communication systems, ensuring quality control throughout the lifecycle [10][11] Group 7: Integrated Circuit Business - The integrated circuit testing and analysis business achieved revenue of 255.70 million in 2024, with a year-on-year growth of 26.28% [11] - The company is focusing on advanced semiconductor testing capabilities and developing technologies for high-performance chips [11]

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative performance above the market benchmark [9][14][20]. Core Insights - The company has demonstrated significant improvements in lean management, leading to accelerated performance in emerging sectors such as low-altitude economy and artificial intelligence [6][7]. - The financial forecasts predict a steady growth in revenue and net profit over the next few years, with a projected revenue of 36.09 billion yuan in 2025, representing a year-on-year growth of 12.5% [9][14]. - The report highlights the company's strategic initiatives in various emerging industries, aiming to establish a new industrial ecosystem through technological breakthroughs and standard-setting [7][8]. Financial Performance and Forecast - **Revenue and Profit Forecasts**: - 2023: Revenue of 28.89 billion yuan, net profit of 199 million yuan - 2024: Revenue of 32.07 billion yuan, net profit of 352 million yuan, YoY growth of 11.01% and 76.59% respectively - 2025E: Revenue of 36.09 billion yuan, net profit of 408 million yuan, YoY growth of 12.5% and 15.9% respectively - 2026E: Revenue of 40.43 billion yuan, net profit of 477 million yuan, YoY growth of 12.0% and 16.8% respectively - 2027E: Revenue of 44.81 billion yuan, net profit of 554 million yuan, YoY growth of 10.8% and 16.2% respectively [6][9][14]. - **Key Financial Ratios**: - Gross margin is expected to improve from 42.3% in 2023 to 47.6% in 2027 - Net asset return is projected to increase from 5.5% in 2023 to 14.5% in 2027 [6][9][14]. Business Segments and Growth Drivers - **Measurement Services**: Revenue growth of 5.0% annually, with a gross margin of 50.5% [9][10]. - **Integrated Circuit Testing and Analysis**: Expected revenue growth of 30.0% in 2025, with a gross margin of 45.5% [10][11]. - **Electromagnetic Compatibility Testing**: Anticipated revenue growth of 12.0% in 2025, with a gross margin of 55.0% [11][12]. - **Life Sciences**: Revenue growth of 4.0% in 2025, with a gross margin of 40.0% [12][13]. - **Data Science Analysis and Evaluation**: Projected revenue growth of 23.0% in 2025, with a gross margin of 56.0% [13][14]. Valuation and Market Comparison - The report estimates a reasonable valuation range for the company at 23.10-24.50 yuan per share based on a PE ratio of 33-35 times for 2025, considering the company's higher growth rate compared to peers [9][14][15]. - The average PE ratio for comparable companies is noted to be 25.52 times for 2025, indicating the company's growth potential justifies a premium valuation [9][15].

Summary of the Conference Call for Guangdian Measurement Company Overview - **Company**: Guangdian Measurement - **Year**: 2024 - **Revenue**: 3.207 billion CNY, up 11% YoY - **Net Profit**: 352 million CNY, up 76.59% YoY - **Gross Margin**: 47%, restored to pre-pandemic levels Key Points and Arguments Financial Performance - **Revenue Growth**: Achieved 32.07 billion CNY in revenue, driven by emerging industries and cost reduction measures [3][6] - **Net Profit Surge**: Net profit increased significantly due to effective management and focus on R&D [3][6] - **Segment Performance**: Calibration, reliability testing, and integrated circuit testing segments reported revenues of 745 million CNY, 779 million CNY, and 256 million CNY respectively, with growth rates of 3.79%, 17.48%, and 26.28% [5][6] Industry Focus and Trends - **Emerging Industries**: Increased focus on sectors like military, automotive, and aerospace, with military client revenue growing by approximately 18% [3][7] - **Market Dynamics**: The low-altitude economy, satellite internet, and data science are rapidly developing, while traditional sectors face challenges [3][25] - **Client Expansion**: Significant growth in large clients, with contracts over 1 million CNY increasing by 21% [3][7] Strategic Plans for 2025 - **Focus on High-Tech**: Plans to concentrate on high-end technology sectors and improve operational efficiency [3][8] - **Revenue and Profit Goals**: Targeting double-digit revenue growth and profit growth exceeding revenue growth [3][10] - **Cost Management**: Continued emphasis on cost control through workforce optimization and asset management [3][11] Operational Efficiency - **Cost Reduction Measures**: Reduction in employee count by approximately 6.57% and improved energy efficiency [3][11] - **Cash Flow Management**: Operating cash flow net amount reached 850 million CNY, up 32% YoY [3][22] Market Challenges - **Traditional Sector Struggles**: Traditional industries like food and environmental sectors are experiencing slow growth due to increased competition [4][25] - **Environmental Business Pressure**: Environmental business growth is under pressure due to previous impacts from market conditions [3][10] Future Outlook - **Emerging Market Potential**: Anticipated growth in sectors like commercial aerospace and semiconductor testing, with a focus on maintaining competitive advantages [3][28][27] - **AI Integration**: Exploring AI applications in testing processes to enhance efficiency and reduce reliance on manual labor [3][30][32] Additional Insights - **Client Structure Changes**: Shift from government clients to enterprise clients in certain segments [3][17] - **Geographic Expansion**: Development of new bases in Wuhan and Xi'an, with plans for future site construction [3][19][20] Conclusion Guangdian Measurement is positioned for growth in high-tech sectors while managing challenges in traditional industries. The company aims to leverage emerging market opportunities and enhance operational efficiency to drive profitability in 2025 and beyond.