Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.55 CNY, compared to the current price of 17.11 CNY [1]. Core Views - The company's Q3 performance exceeded expectations, with significant improvements in profitability. For the first three quarters of 2024, the company achieved a revenue of 2.16 billion CNY, a year-on-year increase of 10.0%, and a net profit attributable to shareholders of 189 million CNY, up 42.18% year-on-year [1]. - The revenue growth rate has been increasing quarter by quarter, with Q3 showing a revenue of 816 million CNY and a net profit of 109 million CNY, representing year-on-year increases of 11.45% and 50.22%, respectively [1]. - The company's gross margin and net margin improved significantly in Q3 2024, reaching 48.9% and 13.5%, respectively, with year-on-year increases of 5.4 percentage points and 3.42 percentage points [1]. - The company has implemented a share incentive plan to motivate its core management team and business backbone, with profit targets set for the next three years [1]. - A strategic shift has been made to focus on profit-centered management and the development of strategic industries, including technology innovation to support national technological advancements [1]. Financial Summary - For 2023, the total revenue is projected at 2.889 billion CNY, with a year-on-year growth of 10.9%. The net profit attributable to shareholders is expected to be 199 million CNY, reflecting an 8.4% increase [2]. - The forecast for 2024 estimates total revenue of 3.272 billion CNY, a growth of 13.3%, and a net profit of 295 million CNY, indicating a substantial increase of 48.2% [2]. - The earnings per share (EPS) is projected to rise from 0.34 CNY in 2023 to 0.51 CNY in 2024, with a corresponding decrease in the price-to-earnings (P/E) ratio from 50 to 34 [2].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.26 ——广电计量 2024 年三季报点评 持续推进精细化管理，股份回购彰显长期信心 广电计量(002967) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------------|-------|-------|-------| | | | | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 张越 ( 分析师 ) | | | | | | 0755-23976830 | 0755-23976385 | | | | | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | ...

证券研究报告 | 2024年10月25日 广电计量（002967.SZ） 优于大市 三季报点评：归母净利润同比增长 50%，盈利能力进一步提升 单三季度收入同比增长 11.4%，业绩同比增长 50.22%。公司 2024 年前三季 度实现营业收入 21.60 亿元，同比增长 10.01%，归母净利润 1.89 亿元，同 比增长 42.18%，扣非归母净利润 1.65 亿元，同比增长 46.21%。单季度看， 三季度实现营业收入 8.16 亿元，同比增长 11.45%，归母净利润 1.09 亿元， 同比增长 50.22%，扣非归母净利润 0.99 亿元，同比增长 42.63%，业绩实现 较好增速主要系公司加大市场拓展，实现特殊行业、汽车、集成电路、数据 科学等重点领域的订单稳定增长。同期三季度毛利率/净利率分别为 44.54%/8.54%，同比提升 2.23/2.06 个百分点，盈利能力进一步提升，主要 系公司促进降本增效，提高设备利用率，推动成本增幅低于收入增幅。 获建设银行股票回购专项贷款，彰显未来发展信心。2024 年 10 月 20 日公司 公告，获建设银行授权为其提供不超过 2.99 亿元的贷款资金专 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported a Q3 revenue of 816 million yuan, a year-on-year increase of 11.4%, and a net profit attributable to shareholders of 109 million yuan, reflecting a year-on-year growth of 50.2% [2][3]. - For the first three quarters of 2024, the company achieved a revenue of 2.16 billion yuan, up 10.0% year-on-year, and a net profit of 189 million yuan, which is a 42.2% increase year-on-year [2][3]. - The company's gross profit margin improved by 2.23 percentage points to 44.5% in the first three quarters, attributed to effective cost control and management strategies [3]. Summary by Sections Financial Performance - Q3 revenue was 816 million yuan, with a net profit of 109 million yuan, marking a 50.2% increase year-on-year [2]. - For the first three quarters, revenue reached 2.16 billion yuan, with a net profit of 189 million yuan, reflecting a 42.2% increase year-on-year [2][3]. - The company’s operating cash flow net amount increased by 18.5% to 337 million yuan, indicating improved cash collection [3]. Market Position and Growth Potential - The company is recognized as a national high-end manufacturing testing enterprise, with stable growth in key sectors such as special industries, automotive, integrated circuits, and data science [3]. - The company plans to invest 298 million yuan in technological upgrades in 2024, a decrease of 21.9% year-on-year, indicating a strategic focus on efficiency [4]. Future Projections - Revenue projections for 2024-2026 are 3.28 billion yuan, 3.75 billion yuan, and 4.26 billion yuan, with year-on-year growth rates of 13.7%, 14.1%, and 13.7% respectively [4]. - Expected net profit for the same period is 292 million yuan, 380 million yuan, and 482 million yuan, with growth rates of 46.5%, 30.2%, and 26.7% respectively [4].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥816,037,323.07, an increase of 11.45% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥109,073,758.17, reflecting a significant growth of 50.22% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥98,525,694.45, up by 42.63% compared to the same period last year[2] - The basic and diluted earnings per share for Q3 2024 were both ¥0.19, representing a 46.15% increase year-on-year[2] - Total operating revenue for the current period reached ¥2,159,731,675.47, an increase of 10.0% compared to ¥1,963,131,627.34 in the previous period[12] - Net profit for the current period was ¥184,506,483.69, up 45.0% from ¥127,254,883.90 in the same period last year[13] - Earnings per share (EPS) for the current period was ¥0.33, compared to ¥0.23 in the previous period, reflecting a 43.5% increase[14] - The company reported a total comprehensive income of ¥180,779,403.69 for the current period, compared to ¥121,043,083.90 in the previous period, marking a significant increase[13] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥6,373,174,304.37, a growth of 4.98% from the end of the previous year[2] - The total assets of the company reached CNY 6,373,174,304.37 at the end of the quarter, an increase from CNY 6,070,858,089.84 at the beginning of the quarter, reflecting a growth of approximately 5.0%[9] - The total liabilities of the company amounted to CNY 2,605,607,307.58, up from CNY 2,398,264,042.14, indicating an increase of around 8.6%[10] - The company’s equity increased to CNY 3,767,566,996.79 from CNY 3,672,594,047.70, reflecting a growth of about 2.6%[10] - Total assets and equity at the end of the period were ¥6,373,174,304.37 and ¥3,767,566,996.79 respectively, showing growth from the beginning of the period[11] - The minority shareholders' equity decreased slightly from ¥76,938,914.94 to ¥70,126,523.34, indicating a shift in ownership dynamics[11] Cash Flow - The net cash flow from operating activities for the year-to-date period (January to September 2024) was ¥337,267,586.71, up by 18.49% year-on-year[2] - Operating cash flow for the current period was ¥337,267,586.71, an increase of 18.5% compared to ¥284,644,950.76 in the previous period[15] - Total cash inflow from operating activities was ¥2,101,008,661.24, slightly up from ¥2,061,740,598.40 in the previous period[15] - Cash outflow from operating activities decreased to ¥1,763,741,074.53 from ¥1,777,095,647.64, indicating improved cash management[15] - The ending balance of cash and cash equivalents decreased to ¥950,016,109.54 from ¥1,377,026,335.85, reflecting liquidity challenges[16] Investments and Expenditures - The company reported a total of ¥10,548,063.72 in non-recurring gains and losses for Q3 2024[3] - The company’s long-term equity investments slightly decreased to CNY 56,656,318.76 from CNY 56,799,902.14, a decline of about 0.3%[9] - The company’s fixed assets increased significantly to CNY 2,186,329,266.90 from CNY 1,354,609,876.46, representing a growth of approximately 61.3%[10] - The company’s development expenditures increased to CNY 3,225,358.56 from CNY 1,488,849.33, reflecting a growth of approximately 116.6%[10] - Investment cash outflow significantly increased to ¥862,796,341.57 from ¥457,326,138.46, reflecting a strategic push in investments[16] - Net cash flow from investment activities was -¥826,846,133.13, worsening from -¥456,041,679.12 in the previous period[16] Operational Efficiency - The company emphasized its focus on digital empowerment and high-quality development, leading to stable order growth in key sectors such as special industries, automotive, integrated circuits, and data science[5] - The company has implemented refined management practices to enhance operational efficiency and reduce costs, contributing to improved gross and net profit margins[5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company has announced a loan of 299 million yuan for stock repurchase, which is expected to enhance confidence and liquidity [2][3]. - The implementation of stock repurchase policies is supported by a new regulatory framework allowing for 300 billion yuan in repurchase loans, which is anticipated to stabilize valuations and boost market confidence [3]. - Management changes and the implementation of an employee stock incentive plan are expected to drive strategic transformation and improve operational efficiency [4]. Financial Forecasts and Valuation - The company’s total revenue is projected to grow from 2,889 million yuan in 2023 to 4,130 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 13.06% [1][10]. - The net profit attributable to the parent company is expected to increase from 199.39 million yuan in 2023 to 465.93 million yuan in 2026, with a significant growth rate of 35.48% in 2024 [1][10]. - The earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2023 to 0.80 yuan in 2026, indicating a positive trend in profitability [1][10]. - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 36, 27, and 21 for the years 2024, 2025, and 2026 respectively [4][11].

证券代码：002967 证券简称：广电计量 公告编号：2024-066 广电计量检测集团股份有限公司 关于收到《股票回购专项贷款承诺函》暨 获得回购公司股份融资支持的自愿性信息披露公告 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。 特别提示： 近日广电计量检测集团股份有限公司（以下简称"公司"）收到中国建设银 行股份有限公司授权分支机构（以下简称"建设银行授权分支机构"）出具的《广 电计量检测集团股份有限公司股票回购专项贷款承诺函》，建设银行授权分支机 构承诺为公司提供不超过 2.99 亿元的贷款资金专项用于股票回购。 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 ...

证券代码：002967 证券简称：广电计量 公告编号：2024-065 广电计量检测集团股份有限公司 关于首次回购股份的公告 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》《证券日报》的《第五 ...

证券代码：002967 证券简称：广电计量 公告编号：2024-063 广电计量检测集团股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 9 | 中国工商银行股份有限公司－金鹰科技创新股票 | 3,370,020 | 0.58% | | | 型证券投资基金 | | | | 10 | 招商银行股份有限公司－南方中证 交易型 1000 | 3,245,131 | 0.56% | | | 开放式指数证券投资基金 | | | 二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件 流通股比例 | | --- | --- | --- | --- | | 1 | 广州数字科技集团有限公司 | 211,200,008 | 39.04% | | 2 | 广电运通集团股份有限公司 | 48,951,040 | 9.05% | | 3 | 黄敦 ...

证券代码：002967 证券简称：广电计量 公告编号：2024-064 广电计量检测集团股份有限公司 回购股份报告书 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。 本次回购股份的用途为用于转换公司计划未来发行的可转债。公司将在披露 回购股份结果暨股份变动公告后 3 年内用于转换公司计划发行的可转债，如未能 在上述期间内使用完毕回购股份，公司对未使用的回购股份予以注销，具体将依 据有关法律法规和政策规定执行。 本次回购股份的价格不超过 18 元/股，回购价格上限不高于董事会通过回购 股份决议前三十个交易日公司股票交易均价 150%，具体回购价格将结合公司股 票价格、公司财务状况和经营状况确定。如公司在回购股份期间发生派发现金红 利、送红股、资本公积转增股本等除权除息事项的，自股价除权除息之日起，按 照中国证监会和深圳证券交易所的相关规定相应调整回购股份价格上限。 本次回购股份的资金总额不低于 2 亿元，不超过 4 亿元。按照回购价格上限 18 元/股测算，当回购股份资金总额为 2 亿元时，回购股份数量约为 11,111,111 股，约占公司目前总股本的 1.9 ...