Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Viewpoints - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to shareholders of 352 million yuan, up 76.59% year-on-year [1][11]. - The revenue growth is primarily driven by the company's rapid expansion into strategic industries such as satellite internet and the acquisition of strategic clients in its advantageous technology sectors [1][3]. - The company is focusing on high-tech fields such as artificial intelligence, low-altitude economy, digital economy, satellite internet, and high-end equipment, enhancing its technological research and layout [3]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 3.207 billion yuan, a growth of 11.01% year-on-year, and a net profit of 352 million yuan, which is a 76.59% increase year-on-year [1][5]. - The fourth quarter alone saw a revenue of 1.047 billion yuan, marking a 13.11% increase, and a net profit of 163 million yuan, up 145.18% year-on-year [1]. Business Segments - The revenue from reliability and environmental testing reached 779 million yuan, growing 17.48% year-on-year, benefiting from national technology independence strategies [2]. - Integrated circuit testing and analysis generated 256 million yuan, with a year-on-year increase of 26.28%, due to the successful development of advanced chip dissection technology [2]. - Electromagnetic compatibility testing brought in 362 million yuan, up 10.18% year-on-year, with new testing capabilities established [2]. - Data science analysis and evaluation revenue was 120 million yuan, reflecting a growth of 28.86% year-on-year, focusing on network security testing needs [2]. Future Outlook - The company is expected to benefit from the trends of technological innovation and domestic substitution, with profit forecasts for 2025-2027 set at 400 million, 459 million, and 535 million yuan respectively [3][5]. - The projected price-to-earnings ratios for 2025-2027 are 31, 27, and 23 times [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 3.207 billion yuan for 2024, representing a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 352 million yuan, up 76.6% year-on-year, with actual performance close to the upper limit of the forecast range [2][6] - The revenue growth rate improved quarterly throughout 2024, with new industry revenue accounting for over 80%, and core business orders experiencing rapid growth [2][6] - The net profit margin for the year was approximately 11.0%, an increase of 4.1 percentage points year-on-year, indicating initial effects of cost reduction and efficiency enhancement [2][6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.047 billion yuan, a year-on-year increase of 13.1%, and a net profit of 163 million yuan, up 145.2% year-on-year [6] - The company has established over 30 comprehensive testing bases and has a laboratory area of over 300,000 square meters, completing a nationwide layout [13] - The revenue growth rates for each quarter in 2024 were 7.8%, 10.2%, 11.4%, and 13.1% respectively, showing a consistent upward trend [13] Business Segments - Revenue from reliability and environmental testing reached 779 million yuan, up 17.5% year-on-year; electromagnetic compatibility revenue was 362 million yuan, up 10.2%; integrated circuit testing and analysis revenue was 256 million yuan, up 26.3%; and data science analysis and evaluation revenue was 120 million yuan, up 28.9% [13] - Other business segments showed slight pressure, with calibration revenue at 745 million yuan, up 3.8%; life sciences revenue at 498 million yuan, up 2.7%; and EHS evaluation service revenue at 181 million yuan, up 2.6% [13] Profitability and Management - The company’s profitability improved significantly in 2024 due to business structure optimization and strict cost control measures [13] - A new management team was established at the end of 2023, focusing on refined management and profit assessment [13] - The company completed a share repurchase of approximately 390 million yuan and distributed a total cash dividend of about 224 million yuan, marking the largest dividend since its listing [13] Future Outlook - Revenue forecasts for 2025-2027 are 3.583 billion yuan, 4.017 billion yuan, and 4.463 billion yuan, with year-on-year growth rates of 11.7%, 12.1%, and 11.1% respectively [13] - Expected net profits for the same period are 440 million yuan, 549 million yuan, and 656 million yuan, with corresponding growth rates of 25.1%, 24.7%, and 19.5% [13]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance meets market expectations, with a focus on steady growth in strategic emerging industries. In 2024, the company achieved total revenue of 3.207 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 352.11 million yuan, a year-on-year increase of 76.59% [2][4] - The gross profit margin has significantly improved, with a sales gross margin of 47.2%, up 4.9 percentage points year-on-year. The net profit margin also increased to 11.2%, up 4.1 percentage points year-on-year [3] - The company is well-positioned for sustained performance growth due to robust downstream demand and improved operational efficiency. The strategic shift towards focusing on physical testing services aligned with national industrial strategies and technological innovation is expected to drive future growth [4] Financial Performance Summary - Total revenue for 2023 is projected at 2.889 billion yuan, with a year-on-year growth of 10.94%. The net profit attributable to shareholders is expected to be 199.39 million yuan, reflecting an 8.39% increase [1] - For 2024, total revenue is forecasted to reach 3.207 billion yuan, with a net profit of 352.11 million yuan, indicating a significant growth trajectory [2] - The company’s gross profit margins across various segments have shown improvement, with reliability and environmental testing, integrated circuit testing, and data science analysis experiencing notable growth rates [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue for 2024 is projected to be 3.2 billion, representing an 11% year-over-year increase, with a net profit of 350 million, reflecting a 77% increase [1]. - The significant improvement in gross margin, which increased by 4.9 percentage points to 47.21%, is attributed to refined management practices and cost reduction initiatives [2]. - The company is focusing on high-growth areas such as domestic substitution and emerging industries, including low-altitude economy and artificial intelligence [3]. Financial Performance - In 2024, the company achieved a quarterly revenue growth of 13% in Q4, with net profit growth of 145% in the same quarter [1]. - The annual net profit margin reached 11%, a substantial increase of 4 percentage points compared to the previous year [2]. - The company reported a net cash inflow from operating activities of 860 million, an increase of 200 million year-over-year [2]. Business Segments - The measurement services segment generated revenue of 745 million, up 3.8%, while other segments such as environmental testing and integrated circuit testing saw revenue increases of 10% and 26%, respectively [1]. - The company is actively optimizing its business structure by reducing losses in underperforming segments, particularly in food and environmental testing [2]. Dividend and Shareholder Returns - The company plans to distribute a total cash dividend of 224 million, with a dividend payout ratio of 64%, marking a significant increase of 20 percentage points from the previous year [4]. - The company has also repurchased 22.86 million shares, totaling 390 million, as part of its market value management strategy [4]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 390 million, 450 million, and 510 million, respectively, with year-over-year growth rates of 12%, 14%, and 14% [4]. - The projected earnings per share (EPS) for the same years are 0.68, 0.77, and 0.87 yuan, with corresponding price-to-earnings (P/E) ratios of 29, 25, and 22 [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue for 2024 is projected to be 3.2 billion, representing an 11% year-over-year increase, with a net profit of 350 million, reflecting a 77% increase [1]. - The significant improvement in gross margin, which increased by 4.9 percentage points to 47.21%, is a key driver of the company's performance [2]. - The company is focusing on high-growth areas such as domestic substitution and emerging industries, including low-altitude economy and artificial intelligence [3]. Financial Performance - The company achieved a quarterly revenue growth of 8% in Q1, 10% in Q2, 11% in Q3, and 13% in Q4 of 2024 [1]. - The net profit margin for the year reached 11%, a substantial increase of 4 percentage points compared to the previous year [2]. - The company plans to distribute a total cash dividend of 224 million, with a dividend payout ratio of 64%, which is a 20 percentage point increase from the previous year [4]. Business Segments - The measurement services segment generated revenue of 745 million, up 3.8%, while other segments such as environmental testing and integrated circuits saw revenue increases of 10% and 26%, respectively [1]. - The company is actively optimizing its business structure by reducing losses in underperforming segments, particularly in food and environmental testing [2]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 390 million, 450 million, and 510 million, respectively, with year-over-year growth rates of 12%, 14%, and 14% [4]. - Earnings per share (EPS) are projected to be 0.68, 0.77, and 0.87 yuan for the years 2025, 2026, and 2027 [4].

Meeting Overview - The fifth meeting of the Supervisory Board of the company was held on March 26, 2025, at 17:00, combining in-person and remote attendance, with all three supervisors present [1] Resolutions Passed - The Supervisory Board approved the 2024 Annual Work Report, which will be submitted to the shareholders' meeting for review, with a unanimous vote of 3 in favor [2] - The 2024 Annual Financial Settlement Report was also approved, pending submission to the shareholders' meeting, with a unanimous vote of 3 in favor [2] - The profit distribution plan for 2024 was approved, proposing a cash dividend of 1.50 yuan (including tax) for every 10 shares, with a unanimous vote of 3 in favor [2] - The 2024 Annual Report and its summary were approved, confirming compliance with legal and regulatory requirements, with a unanimous vote of 3 in favor [3] - The 2024 Internal Control Evaluation Report was approved, reflecting the company's internal control construction and operation, with a unanimous vote of 3 in favor [3] - The Special Report on the Use of Raised Funds for 2024 was approved, with a unanimous vote of 3 in favor [4] - The proposal to temporarily use 150 million yuan of idle raised funds to supplement working capital was approved, with a unanimous vote of 3 in favor [4] - The performance assessment and 2025 performance indicators for senior management were approved, with 2 votes in favor and 1 abstention [5] - The proposal for asset impairment provision was approved, confirming compliance with accounting standards, with a unanimous vote of 3 in favor [5] - The reappointment of the auditing firm for 2025 was approved, with a unanimous vote of 3 in favor [6]

Meeting Overview - The company will hold its 2024 Annual General Meeting (AGM) on April 17, 2025 [1] - The meeting is convened by the company's board of directors, following a decision made on March 26, 2025 [1] - The meeting complies with relevant laws, regulations, and the company's articles of association [1] Voting Details - Voting will be conducted through a combination of on-site and online methods [2] - The specific time for online voting via the Shenzhen Stock Exchange system is April 17, 2025 [2] - The record date for shareholders to attend the AGM is April 14, 2025 [2] Attendance and Proxy - All registered ordinary shareholders have the right to attend the AGM and may appoint a proxy to attend and vote on their behalf [2] - The proxy does not need to be a shareholder of the company [2] Agenda Items - The AGM will review various proposals, including the profit distribution plan for 2024 [3] - Independent directors will present their reports during the AGM [3] - Special attention will be given to significant matters affecting minority investors, with separate vote counting for these items [4] Registration and Contact Information - Shareholders must complete registration procedures by providing necessary identification documents [4] - Contact details for inquiries include phone numbers and email addresses for the company's securities department [4] Online Voting Process - Detailed procedures for participating in online voting are provided, ensuring that the first valid vote is counted in case of duplicate voting [5] - Shareholders must complete identity verification to participate in online voting [5]

Core Viewpoint - The company has approved a profit distribution plan for the fiscal year 2024, proposing a cash dividend of 1.50 yuan per 10 shares, based on a net profit of approximately 221 million yuan [1][2]. Group 1: Profit Distribution Plan - The board of directors approved the profit distribution plan with a unanimous vote of 9 in favor [1]. - The company achieved a net profit of 221,078,921.14 yuan for the fiscal year 2024, after allocating 22,107,892.11 yuan to statutory surplus reserves [1]. - The total distributable profit available for shareholders at the end of 2024 is 498,203,019.90 yuan [1]. Group 2: Cash Dividend Details - The proposed cash dividend is 1.50 yuan per 10 shares, which includes tax, with no stock dividends or capital reserve transfers [1]. - The estimated total cash dividend payout is 84,058,155.30 yuan, based on the number of shares entitled to profit distribution [2]. - The company has a total share capital of 583,245,846 shares, with 22,858,144 shares already repurchased, leaving 560,387,702 shares eligible for profit distribution [2]. Group 3: Historical Dividend Comparison - The total cash dividend for the current year is projected to be 224,155,080.80 yuan, compared to 86,283,876.90 yuan in the previous two years [3]. - The cumulative cash dividends over the last three fiscal years amount to 396,722,834.60 yuan [3]. - The net profit attributable to the parent company for the current year is 352,109,923.29 yuan, representing a 174.46% increase [2].

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。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所（特殊普通合伙）（以下简称"容诚"）由原华普天健会计 师事务所（特殊普通合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是国内最早获准从事证券服务业务的会计师事 务所之一，长期从事证券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26，首席合伙人刘维。 证券代码：002967 证券简称：广电计量 公告编号：2025-025 拟续聘会计师事务所的公告 2.人员信息 截至 2024 年 12 月 31 日，容诚共有合伙人 212 人，共有注册会计师 1,552 人，其中 781 人签署过证券服务业务审计报告。 3.业务规模 容诚经审计的 2023 ...

容诚会计师事务所（特殊普通合伙）（以下简称"容诚所"） 由原华普天健会计师事务所（特殊普通合伙）更名而来，初始成 立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业， 是国内最早获准从事证券服务业务的会计师事务所之一，长期从 事证券服务业务，注册地址为北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26，首席合伙人刘维。 截至 2024 年 12 月 31 日，容诚会计师事务所共有合伙人 212 人，共有注册会计师 1552 人，其中 781 人签署过证券服务业务审 计报告。 容诚会计师事务所经审计的 2023年度收入总额为 287,244.60 万元，其中审计业务收入 274,873.42 万元，证券期货业务收入 149,856.80 万元。 容诚会计师事务所共承担 394 家上市公司 2023 年年报审计 业务，审计收费总额 48,840.19 万元，客户主要集中在制造业（包 括但不限于计算机、通信和其他电子设备制造业、专用设备制造 业、电气机械和器材制造业、化学原料和化学制品制造业、汽车 制造业、医药制造业、橡胶和塑料制品业、有色金属冶炼 ...