证券代码：002967 证券简称：广电计量 公告编号：2025-007 广电计量检测集团股份有限公司 第五届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 广电计量检测集团股份有限公司（以下简称"公司"）第五届董事会第十七 次会议于 2025 年 1 月 23 日以通讯方式召开。会议通知于 2025 年 1 月 20 日以书 面及电子邮件、电话等方式发出。会议应出席董事 9 名，实际出席董事 9 名，符 合《公司法》等有关法律法规和公司章程的规定，合法有效。 二、董事会会议审议情况 （一）审议通过《关于 2025 年技术改造计划的议案》 同意公司 2025 年技术改造计划 32,748 万元，其中 10,822 万元计划属于 2020 年度非公开发行 A 股股票募集资金投资项目，通过 2020 年度非公开发行 A 股股 票募集资金实施，资金使用符合募集资金使用用途；其余资金计划通过其他自筹 资金实施。 公司授权总经理在上述年度技术改造项目资金计划额度内，根据实际经营情 况，对仪器设备购置、场地装修改造、信息化 ...

证券代码：002967 证券简称：广电计量 公告编号：2025-008 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。 一、技术改造项目概述 广电计量检测集团股份有限公司（以下简称"公司"）为提升和完善各业务 板块的技术能力，保障公司 2025 年度经营指标的达成，以及"十四五"发展规 划目标的实现，公司 2025 年进行技术改造计划投资 32,748 万元，其中 28,935 万元用于仪器设备购置，2,346 万元用于实验室场地装修和改造，1,467 万元用于 信息化建设。 公司第五届董事会第十七次会议以 9 票同意、0 票反对、0 票弃权审议通过 《关于 2025 年技术改造计划的议案》，本次技术改造计划在公司董事会的审批权 限内，无需提交股东大会审议，不构成关联交易，不构成《上市公司重大资产重 组管理办法》规定的重大资产重组。 二、技术改造计划的基本情况 本次技术改造计划由公司统一组织，根据实验室布局及能力规划由公司及各 子公司分别实施，具体如下： 单位：万元 | 序号 | 技术改造项目 | 拟投资金 | | | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 18.45 CNY and a fair value of 20.9 CNY [5]. Core Views - The company has exceeded performance expectations, with a projected revenue of 3.2 billion CNY for 2024, reflecting a year-on-year growth of 10.8% and a net profit of 330 million CNY, which is a 65.6% increase [9]. - The implementation of refined management practices has led to significant improvements in both gross and net profit margins, with gross margin increasing by 2.06 percentage points and net margin by 2.23 percentage points year-on-year as of Q3 2024 [9]. - The company is strategically targeting new detection fields such as semiconductors and low-altitude economy, which are expected to drive sustained revenue growth [9]. Financial Forecast - Revenue projections for the company are as follows: 3.2 billion CNY in 2024, 3.7 billion CNY in 2025, and 4.2 billion CNY in 2026, with respective growth rates of 10.8%, 15.2%, and 14.0% [4]. - The forecasted net profit for 2024 is 330 million CNY, with an expected increase to 406 million CNY in 2025 and 496 million CNY in 2026, indicating growth rates of 65.6%, 22.8%, and 22.2% respectively [4]. - Earnings per share (EPS) are projected to be 0.57 CNY in 2024, 0.70 CNY in 2025, and 0.85 CNY in 2026 [4]. Operational Efficiency - The company has successfully reduced losses in weaker business segments and optimized its business structure, leading to a stable and rapid growth in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [9]. - The net profit margin for Q2 to Q4 of 2024 is estimated to be 10.3%, 13.4%, and 13.7%, showcasing a continuous improvement in profitability [9].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Viewpoints - The company is positioned as a leading third-party measurement and testing service provider in China, with a comprehensive service capability across the entire industry chain, including measurement testing, research services, evaluation consulting, design analysis, and certification services [13][16]. - The company is expected to see a revenue turnaround in 2024, with projected revenues of 3.1 to 3.3 billion and a net profit of 300 to 360 million, representing a year-on-year growth of 50.46% to 80.55% [4][21]. Company Overview - The company is a high-tech listed enterprise under Guangzhou Digital Technology Group, with a national presence and a wide range of downstream applications, particularly in measurement calibration, reliability and environmental engineering, and electromagnetic compatibility testing [13][16]. - The company has over 30 comprehensive testing bases and more than 60 subsidiaries across major economic circles in China, providing one-stop technical services to various industry clients [3][16]. Industry Insights - The testing industry in China has shown a "GDP+" characteristic, with growth rates exceeding that of the domestic GDP. The market has become the fastest-growing and largest testing market globally over the past decade [2][34]. - The semiconductor testing sector is expected to grow steadily, supported by the stable development of the chip design industry, which will provide a stable market space for chip testing [2][59]. Financial Projections - The company forecasts net profits of 326 million, 410 million, and 498 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 63.54%, 25.61%, and 21.51% [4][21]. - The projected revenue for 2024 is estimated at 3.18 billion, with a growth rate of 10.14% [5][21]. Competitive Advantages - The company benefits from its state-owned enterprise background, which facilitates collaboration with state-owned enterprises and local governments, enhancing business development [3][4]. - The strategic shift towards profit-oriented management has led to improved margins in underperforming sectors, such as food and environmental testing, through the optimization of weak business units [3][4].

证券代码：002967 证券简称：广电计量 公告编号：2025-004 广电计量检测集团股份有限公司 第五届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 广电计量检测集团股份有限公司（以下简称"公司"）第五届董事会第十六 次会议于 2025 年 1 月 16 日以通讯方式召开。会议通知于 2025 年 1 月 13 日以书 面及电子邮件、电话等方式发出。会议应出席董事 9 名，实际出席董事 9 名，符 合《公司法》等有关法律法规和公司章程的规定，合法有效。 二、董事会会议审议情况 审议通过《关于聘任公司副总经理的议案》 同意聘任黄英龄先生、于莉莉女士为公司副总经理，任期自本次董事会会议 决议之日起至第五届董事会届满之日止。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 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《关于高级管理人员辞职及聘任高级管理人员的 公告》（公告编号：2025-005）。 三、备查文件 经与会董事签字并 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's net profit for 2024 is expected to grow by 50%-81%, exceeding expectations, with projected revenue of 3.1-3.3 billion yuan, a year-on-year increase of 7%-14% [2] - The management team has undergone a renewal, focusing on strategic emerging sectors and enhancing operational efficiency through refined management practices [3] - The implementation of an employee stock incentive plan aims to bind core employees and reflects confidence in future growth [4] Financial Forecasts - The company’s total revenue is projected to increase from 2.889 billion yuan in 2023 to 3.181 billion yuan in 2024, representing a year-on-year growth of 10.10% [10] - The net profit attributable to the parent company is forecasted to rise from 199.39 million yuan in 2023 to 329.91 million yuan in 2024, indicating a significant year-on-year growth of 65.46% [10] - The earnings per share (EPS) is expected to increase from 0.34 yuan in 2023 to 0.57 yuan in 2024 [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has released a 2024 earnings forecast, projecting revenue of 3.1-3.3 billion yuan, a year-on-year increase of 7.3%-14.2%, and a net profit attributable to shareholders of 300-360 million yuan, a year-on-year increase of 50.46%-80.55% [4][6]. - The company is implementing regional collaboration and major customer strategies, leading to stable and rapid growth in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [4][10]. - The company has adopted refined management practices, adjusting its profit-centered assessment model, which has resulted in significant reductions in losses in food and environmental testing, alongside improved control over various expenses, leading to increased gross and net profit margins [10][11]. Revenue Summary - The company expects to achieve revenue of 3.1-3.3 billion yuan in 2024, with a year-on-year growth of 7.3%-14.2%. The fourth quarter is projected to generate revenue of 940-1,140 million yuan, reflecting a year-on-year increase of 1.6%-23.2% [4][6]. - The net profit for 2024 is forecasted to be 300-360 million yuan, representing a year-on-year increase of 50.46%-80.55% [4][6]. Profitability Summary - The net profit margin for 2024 is estimated to be approximately 9.7%-10.9%, an increase of 2.8-4.0 percentage points compared to the previous year [10]. - The company has improved its profitability through business structure optimization and strict cost control, with a focus on digital transformation [10][11]. Management Changes - A new management team was established at the end of 2023, focusing on refined management and enhancing net profit assessments [10]. - The company has initiated a stock incentive plan and announced a share buyback of 200-400 million yuan, along with a mid-term dividend distribution of 140 million yuan, marking the largest dividend since its listing [10][11]. Financial Forecast and Valuation - The company is projected to achieve revenues of 3.201 billion yuan, 3.551 billion yuan, and 3.945 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.8%, 10.9%, and 11.1% [10]. - The net profit attributable to shareholders is expected to be 322 million yuan, 404 million yuan, and 499 million yuan for the same years, with corresponding year-on-year growth rates of 61.7%, 25.2%, and 23.8% [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve a revenue of 3.1 to 3.3 billion yuan in 2024, representing a year-on-year growth of 7.31% to 14.23%, and a net profit attributable to shareholders of 300 to 360 million yuan, indicating a growth of 50.46% to 80.55% [1] - The growth in performance is attributed to accelerated innovation in business capabilities, implementation of regional collaboration, and a focus on major clients in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [1] - The company has significantly increased its dividend payout, with a total dividend of 140 million yuan, which is 175% of the net profit for the first half of the year, reflecting confidence in future growth [2] - Leadership changes and the introduction of the first stock incentive plan are expected to enhance the motivation of the management team and employees [3] Summary by Sections Financial Performance - The company forecasts a net profit of 3.28 billion yuan for 2024, 4.02 billion yuan for 2025, and 5.02 billion yuan for 2026, with corresponding PE ratios of 29, 23, and 19 [4][5] - Revenue for 2024 is projected at 3.21 billion yuan, with a growth rate of 11.2% [5] - The company has maintained a stable EBIT margin, with expectations of 13% in 2024 and 15.2% by 2026 [5] Shareholder Returns - The company has repurchased shares amounting to 3.9 billion yuan, representing 3.92% of the total share capital, demonstrating a commitment to shareholder value [2] - The increase in dividend payout from 86 million yuan in previous years to 140 million yuan indicates a strong focus on returning value to shareholders [2] Management and Strategy - The leadership transition in December 2023 and the stock incentive plan are designed to boost employee engagement and align interests with shareholders [3] - The performance targets set for the incentive plan aim for a net profit growth rate of no less than 82%, 128%, and 175% over the next three years [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve a revenue of 3.1 to 3.3 billion yuan in 2024, representing a year-on-year growth of 7.31% to 14.23%. The net profit attributable to the parent company is projected to be between 300 to 360 million yuan, indicating a significant year-on-year increase of 50.46% to 80.55% [1]. - The growth in performance is attributed to accelerated innovation in business capabilities, implementation of regional collaboration, and a focus on major clients in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [1]. - The company has increased its dividend payout significantly, with a total dividend of 140 million yuan, which is 175% of the net profit for the first half of the year, showcasing confidence in its future development [2]. - A leadership change and the introduction of the first stock incentive plan are expected to enhance the motivation of the management team and employees, with performance targets set for net profit growth over the next three years [3]. Summary by Sections Financial Performance - The company forecasts a revenue increase to 3.21 billion yuan in 2024, with a net profit of 328 million yuan, reflecting a growth rate of 64.3% [5]. - The earnings per share (EPS) is expected to rise to 0.57 yuan in 2024, with a projected PE ratio of 28.5 [5]. Management and Strategy - The leadership transition occurred on December 8, 2023, with new appointments for the chairman and general manager, alongside the implementation of a stock incentive plan for 623 employees [3]. - The incentive plan aims for a net profit growth rate of no less than 82%, 128%, and 175% for the years 2024 to 2026, respectively [3]. Market Position and Outlook - The company is positioned as a leading third-party measurement and testing service provider, benefiting from technological innovation and domestic substitution trends that are expected to drive demand growth across various industries [4]. - The company has adjusted its profit-centered assessment model and implemented refined management practices, leading to improved profitability [1].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to achieve a revenue of 3.1-3.3 billion in 2024, representing a year-on-year growth of 7%-14% [1]. - The forecasted net profit for 2024 is between 300-360 million, indicating a significant year-on-year increase of 50.5%-80.6% [1]. - The company's net profit margin is projected to improve to approximately 10.3% in 2024, up by 3.4 percentage points year-on-year [2]. - The management has implemented a profit-oriented strategy, focusing on high-margin sectors such as aerospace and integrated circuits while reducing losses in less efficient areas [2]. - The company has shown confidence in its growth by initiating a share buyback plan and increasing dividend payouts to shareholders [3]. Financial Performance Summary - The company reported a revenue of 2.889 billion in 2023, with a year-on-year growth of 10.9% [5]. - The net profit for 2023 was 199 million, reflecting an 8.4% increase compared to the previous year [5]. - The earnings per share (EPS) for 2024 is expected to be 0.57, with a projected P/E ratio of 28.4 [4][5]. - The company aims for a compound annual growth rate of 26% in performance from 2023 to 2026 [3].