证券代码：002967 证券简称：广电计量 公告编号：2025-037 广电计量检测集团股份有限公司 1.发行股票种类和面值 第五届监事会第十二次会议决议公告 本公司及监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、监事会会议召开情况 广电计量检测集团股份有限公司（以下简称"公司"）第五届监事会第十二 次会议于 2025 年 7 月 21 日以通讯方式召开。会议通知于 2025 年 7 月 18 日以书 面、电话、电子邮件等方式发出。会议应出席监事 3 名，实际出席监事 3 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、监事会会议审议情况 （一）审议通过《关于公司符合向特定对象发行 A 股股票条件 的议案》 根据《公司法》《证券法》《上市公司证券发行注册管理办法》等法律法规及 规范性文件的有关规定，经公司逐项自查，公司符合向特定对象发行 A 股股票 的有关规定，具备向特定对象发行 A 股股票的条件。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 （二）逐项审议通过《关于公司向特定对象发行 A 股股票方 ...

证券代码：002967 证券简称：广电计量 公告编号：2025-036 广电计量检测集团股份有限公司 第五届董事会第二十一次会议决议公告 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"）第五届董事会第二十 一次会议于 2025 年 7 月 21 日以通讯方式召开。会议通知于 2025 年 7 月 18 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《关于公司符合向特定对象发行 A 股股票条件 的议案》 根据《公司法》《证券法》《上市公司证券发行注册管理办法》等法律法规及 规范性文件的有关规定，经公司逐项自查，公司符合向特定对象发行 A 股股票 的有关规定，具备向特定对象发行 A 股股票的条件。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 （二）逐项审议通过《关于公司向特定对象发行 A 股股票方案 的议案》 1.发 ...

智通财经7月22日电，广电计量(002967.SZ)公告称，拟向特定对象发行股票的募集资金总额不超过人民 币13亿元，用于航空装备(含低空)测试平台项目、新一代人工智能芯片测试平台项目、卫星互联网质量 保障平台项目和数据智能质量安全检验检测平台项目等。 广电计量：拟定增募资不超过13亿元 用于新一代人工智能芯片测试平台项目等 ...

Group 1 - The domestic gold jewelry prices have slightly increased by 7 yuan per gram compared to the previous day, with many brands reporting a price of 1015 yuan per gram [1][4] - Various brands' prices for 999 gold jewelry are as follows: Zhou Dasheng at 1015 yuan per gram, Caibai at 996 yuan per gram, Chao Hong Ji at 1015 yuan per gram, TSL at 1015 yuan per gram, Jin Zun at 1015 yuan per gram, and Zhou Liu Fu at 995 yuan per gram [4]

Domestic Gold Market - The overall gold prices in domestic brand stores remained stable compared to last Friday, with Chow Sang Sang experiencing a two-day price increase, reaching 1012 CNY per gram, the highest among gold stores [1] - Shanghai China Gold quoted the lowest price at 969 CNY per gram, resulting in a price difference of 43 CNY per gram between the highest and lowest priced stores [1] - The latest gold prices from various brands are as follows: Lao Miao 1004 CNY, Liu Fu 1008 CNY, Chow Tai Fook 1008 CNY, and others, with no significant changes except for Chow Sang Sang [1] Platinum Prices - Platinum prices rebounded after a significant drop on Saturday, with Chow Sang Sang's platinum jewelry price increasing by 3 CNY to 581 CNY per gram [1] Gold Recycling Prices - The gold recycling price saw a slight increase of 3.3 CNY per gram, with significant price differences among brands: the average recycling price is 765.20 CNY per gram, while Lao Feng Xiang offers the highest at 778.20 CNY [2] International Gold Market - Last Friday, spot gold prices rose, peaking at 3361.05 USD per ounce before closing at 3349.42 USD, marking a 0.31% increase [4] - As of the latest update, spot gold is trading at 3367.69 USD per ounce, reflecting a 0.55% increase [4] - The rise in gold prices is attributed to increased demand for safe-haven assets due to U.S. tariff policies and geopolitical tensions in the Middle East and Ukraine [4] - Concerns over the expanding U.S. debt and potential tariff escalations are expected to continue driving the gold market [4] - Recent U.S. inflation expectations and consumer confidence data have influenced market sentiment, with inflation expectations dropping to 4.4% from a previous 5.0% [4]

Summary of Conference Call Transcript Industry Overview - The discussion revolves around the testing and inspection services industry, particularly focusing on physical and chemical testing methods [1][2]. Key Points and Arguments - **Testing Categories**: - Testing is categorized into physical and chemical types. Physical testing assesses physical properties and parameters, requiring higher capital investment and longer construction cycles [1]. - Chemical testing focuses on chemical indicators, with lower equipment dependency and a higher proportion of labor involvement, leading to shorter testing cycles and lower costs [2]. - **Market Dynamics**: - The physical testing sector has higher barriers to entry due to capital and talent requirements. The low-altitude economy is highlighted as a policy-driven sector that may spur demand for physical testing services [3]. - The semiconductor industry is experiencing rapid growth, driven by domestic substitution trends and the division of labor within the semiconductor supply chain [4]. - **Company Performance**: - 华策检测 (Huace Testing) is identified as the largest private third-party testing institution in China, with a significant focus on life sciences and environmental testing, contributing to 50% of its revenue [7]. - 广电计量 (Guangdian Measurement) achieved a 77% profit growth last year, benefiting from its involvement in high-demand sectors like new energy vehicles and semiconductors [9]. - 苏氏事业 (Sushi Industry) is expected to recover from previous downturns, with increasing capacity utilization and a forecast for double-digit growth this year [10]. Additional Important Insights - **Profitability Trends**: - The overall profitability of physical testing is expected to improve due to structural optimization and the development of emerging industries, which will contribute to profit margins [6]. - 华策检测 is projected to maintain stable revenue growth of 5% to 10% and a profit increase of around 10% this year, excluding government subsidies [9]. - **Future Outlook**: - The industry anticipates potential stimulus policies to boost domestic demand and the impact of local government debt on economic recovery [11]. - Recommendations for investment focus on four companies, including 华特检测 (Huate Testing), 广联计量 (Guanglian Measurement), and 苏日试验 (Suri Testing) [11]. This summary encapsulates the key insights from the conference call, highlighting the dynamics of the testing services industry, company performances, and future expectations.

Summary of Conference Call Records Company Overview - **Companies Involved**: 华测检测 (HuaCe Testing) and 广电计量 (Guangdian Measurement) - **Industry**: Testing and Measurement Services Key Points from HuaCe Testing 1. **Overall Performance**: HuaCe Testing's 2024 performance is in line with expectations, showing steady growth, but with varied performance across business segments [1][2] 2. **Environmental Testing**: Significant impact from the national soil survey, leading to expected pressure in 2025, with recovery anticipated in 2026 [1][4] 3. **Food and Agricultural Testing**: Maintains steady growth; increased demand from pet food and cosmetics testing [1][4] 4. **Industrial Testing**: Growth linked to industrial value-added; expected low-speed growth in 2025 [1][4] 5. **Consumer Testing**: Benefiting from new energy vehicles and semiconductor testing; currently in a loss-reduction phase [1][4] 6. **Trade Assurance**: High market share and gross margin, maintaining about 10% steady growth over the years [1][4] 7. **Medical and Pharmaceutical Testing**: Facing significant pressure but showing signs of recovery due to increased investment in innovative drug development [1][4][6] 8. **Profitability**: Net profit margin peaked at 18.02% in 2022, expected to decline to 15.33% in 2024 due to various pressures [1][10] 9. **Strategic Development**: Implementing a "123" strategy for differentiated development across business segments, enhancing new business expansion and operational efficiency [1][5] 10. **International M&A**: Successful acquisitions in Southeast Asia, Southern Europe, and South Africa, enhancing service capabilities [1][8][9] Key Points from Guangdian Measurement 1. **Performance in 2025**: Expected revenue of 14.5 to 15 billion, with a year-on-year growth of 7.9% to 11.6% [3][12] 2. **Profitability**: Anticipated net profit of 0.95 to 1 billion, with a year-on-year growth of 19.2% to 25.5% [3][12] 3. **Business Segments**: Traditional business may decline, but advanced manufacturing sectors like new energy vehicles and semiconductors show significant order growth [3][13] 4. **R&D Investment**: R&D expense ratio maintained at around 10%, focusing on new production capabilities [3][13] 5. **Net Profit Margin**: Expected to reach 6.6% in the first half of 2025, with a potential increase to 15% in the next three to five years [3][14][15] 6. **Management Changes**: New management team implemented refined management practices, leading to improved performance and higher dividend payouts [3][17] 7. **Valuation**: Current PE ratio of 24-25, considered relatively low historically, indicating limited downside risk [3][18] Additional Insights - **Market Trends**: Both companies are adapting to market changes and focusing on high-growth sectors to mitigate risks from traditional business declines [1][3][19] - **Future Outlook**: Positive growth outlook for both companies, with HuaCe Testing focusing on operational efficiency and Guangdian Measurement leveraging new management strategies for enhanced profitability [1][3][19]

Macro Strategy - The "Great Beautiful Act" has been quickly implemented, but its distribution effects and the tightening fiscal impact from excluding extended and expanded tax cuts limit its growth stimulus for the US economy [1][24] - The act's characteristic of "increasing deficits first, reducing deficits later" implies a risk of a "fiscal cliff" around 2028 [1][24] - In the short term, concerns about the impact of US Treasury issuance on market liquidity and yield premiums are not excessive; however, the long-term path dependency of unsustainable US government debt makes it difficult for Treasury yield premiums to decrease [1][24] Fixed Income - The "stock-bond seesaw" effect is evident as the stock market stabilizes, influencing bond yields; the 10-year government bond yield rose from 1.641% to 1.666% during the week [3][5] - The bond market's reaction to Trump's threats of additional tariffs on BRICS countries was muted, indicating a limited impact on bond yields [3][5] - The bond yield's upward trend is expected to continue, influenced by stock market performance, but the extent of the increase is likely to be limited [5] Industry Insights - Wanda Film's diversified layout in esports and concert live streaming is expected to create new growth points, with net profit forecasts for 2025-2027 at 1.0 billion, 1.24 billion, and 1.44 billion yuan, respectively [8] - Lianlian Digital is projected to achieve a reasonable P/S valuation of 8.0x and 7.0x for 2025 and 2026, respectively, as it continues to expand its business [10] - Youyou Foods has revised its profit forecast upwards, expecting net profits of 232 million, 285 million, and 329 million yuan for 2025-2027, reflecting a growth rate of 47.2%, 23.2%, and 15.3% [11] - Siyi Electric's net profit for the first half of 2025 is expected to be 1.293 billion yuan, a year-on-year increase of 46%, driven by strong overseas orders [14][15] - The energy sector, represented by Furan Energy, anticipates stable growth in natural gas supply and a steady increase in new energy business, with net profit forecasts of 872 million, 922 million, and 976 million yuan for 2025-2027 [12] - The lithium battery sector, represented by Weilan Lithium Core, has revised its profit expectations upwards, forecasting net profits of 750 million, 1 billion, and 1.31 billion yuan for 2025-2027, reflecting significant growth [13] - The pharmaceutical sector, represented by Lianbang Pharmaceutical, is expected to see revenue growth driven by innovative drug development, with net profits projected at 3.11 billion, 3.10 billion, and 3.38 billion yuan for 2025-2027 [21]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.5 yuan [2][8]. Core Insights - The company is expected to achieve revenue of 14.5-15.0 billion yuan in the first half of 2025, representing a year-on-year growth of 7.91-11.63%. The net profit attributable to the parent company is projected to be 950-1000 million yuan, reflecting a year-on-year increase of 19.2-25.48% [2][4]. - The second quarter of 2025 saw revenue growth exceeding expectations, with a year-on-year increase of 10.05%-16.67%, and net profit growth of 14.88%-21.25% [2][8]. - The company benefits from demand in special industries, including new energy vehicles, aerospace, and integrated circuits, leading to rapid growth in technology innovation-related business orders [8]. Financial Performance Summary - The company is projected to achieve total revenue of 36.24 billion yuan in 2025, with a net profit of 4.08 billion yuan, representing a year-on-year growth of 15.9% [8]. - The financial indicators show a steady increase in revenue and net profit over the next few years, with expected revenue of 40.10 billion yuan in 2026 and 44.30 billion yuan in 2027 [4][8]. - The company’s earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.97 yuan in 2027, indicating a positive growth trajectory [4][8]. Strategic Focus - The company is focusing on high-growth sectors such as reliability and environmental testing, integrated circuits, and data science analysis, positioning itself as a leader in these fields [8]. - The management reform and shift towards a profit-centered strategy are expected to enhance profitability, with profit growth anticipated to outpace revenue growth [8].

Core Viewpoints - The mechanical industry is expected to outperform the market, with a focus on high-quality leading companies and structural growth opportunities [15][5][24] - The industry is undergoing a transformation driven by domestic upgrades, self-sufficiency, and accelerated overseas development [15][20] Industry Overview and Outlook - The core equipment localization is fundamental for the rise of the industry, breaking through bottlenecks in high-end equipment is essential for true autonomy and industrialization [15] - The trend of industrial upgrading is inevitable, with advancements in digitalization and energy transformation enhancing social efficiency and reducing costs [15] - The development of exports is transitioning from point to surface, with competitive manufacturing enterprises moving from import substitution to export substitution [15] Investment Strategy - The report recommends focusing on emerging growth sectors and export-driven leading companies, particularly in areas such as humanoid robots, AI infrastructure, and coal chemical equipment [25][26] - Key recommended stocks include Huace Testing, Guodian Measurement, and Yizhiming, among others [24][2] Key Recommendations - The report highlights specific companies for investment, including: - Humanoid Robots: Hengli Hydraulic, Huichuan Technology, and Zhenyu Technology [26] - AI Infrastructure: Yingliu Technology and Haomai Technology [28] - Engineering Machinery: Hengli Hydraulic, XCMG, and Sany Heavy Industry [29] - Nuclear Power Equipment: Jiadian Co., Zhongmi Holdings, and Jiangsu Shentong [29] - General Equipment: Huichuan Technology, Green Harmonic, and Baichu Electronics [29] Performance Tracking - In June, the mechanical industry index rose by 2.82%, outperforming the CSI 300 index by 0.32 percentage points, with stable valuation levels [6][11] - The manufacturing PMI index for June was reported at 49.70%, indicating a slight improvement [6][12] Financial Projections - The report provides forecasts for key companies, indicating resilience in operations, with expected revenue and profit growth across various sectors [31] - For example, Hengli Hydraulic is projected to achieve a revenue of 27.68 billion yuan in Q2 2025, with a net profit of 7.96 billion yuan [31]