Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to achieve a year-on-year increase in net profit attributable to shareholders of 20% in the first half of 2025, driven by strategic transformation and policy support [3][4] - The company is focusing on sectors such as special industries, new energy vehicles, aerospace, and integrated circuits, benefiting from the release of downstream technological innovation demand [3] - Recent government policies are expected to enhance the measurement capabilities in the manufacturing sector, providing strategic development opportunities for the industry [4] Financial Performance Summary - For the first half of 2025, the company anticipates total revenue between 1.45 billion to 1.50 billion yuan, representing a year-on-year growth of 7.9% to 11.6% [3] - The net profit attributable to shareholders is projected to be between 95 million to 100 million yuan, reflecting a year-on-year increase of 19.2% to 25.5% [3] - The company’s revenue for Q2 2025 is expected to be between 830 million to 880 million yuan, with a year-on-year growth of 10.1% to 16.7% [3] Strategic Development - The company is transitioning from a comprehensive testing institution to focusing on physical testing services that support national industrial strategies and technological innovation [5] - A significant investment of 330 million yuan is planned for laboratory technology upgrades, indicating confidence in future growth [5] - The management has shifted its focus from revenue to profit-oriented assessments, enhancing operational efficiency and significantly increasing per capita profit [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve revenue of 1.45-1.50 billion yuan in the first half of 2025, representing a year-on-year increase of 7.91%-11.63%. The net profit attributable to the parent company is forecasted to be 95-100 million yuan, reflecting a year-on-year growth of 19.2%-25.5% [2][6]. - In Q2 2025, the company anticipates revenue of 832-882 million yuan, with a year-on-year increase of 10.1%-16.7%, and a net profit attributable to the parent company of 90-95 million yuan, showing a year-on-year growth of 14.9%-21.2% [2][6]. - The company has seen a significant increase in orders related to technological innovation, particularly in strategic sectors such as special industries, automotive, integrated circuits, and data science [12]. Summary by Sections Financial Performance - The company achieved a net profit margin of approximately 6.6% in the first half of 2025, an increase of about 0.7 percentage points year-on-year. For Q2, the net profit margin is estimated at around 10.8%, up by approximately 0.4 percentage points year-on-year [12]. - The company has maintained a research and development expense ratio of around 10% over the past few years, positioning itself favorably in various emerging industries [12]. Management Changes - A new management team was established at the end of 2023, focusing on a younger and more professional board. The company is implementing refined management practices and enhancing net profit assessments [12]. - The company has initiated a stock incentive plan and has conducted share buybacks amounting to approximately 390 million yuan, alongside a record cash dividend of about 224 million yuan [12]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 3.57 billion yuan, 3.98 billion yuan, and 4.45 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% [12]. - The net profit attributable to the parent company is expected to reach 423 million yuan, 512 million yuan, and 625 million yuan for the same years, with growth rates of 20.0%, 21.2%, and 22.1% respectively [12].

Performance Forecast - The company expects a net profit attributable to shareholders of between 95 million and 100 million yuan, representing a year-on-year growth of 19.20% to 25.48% compared to 79.6959 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 80 million and 85 million yuan, indicating a year-on-year increase of 21.13% to 28.70% from 66.0435 million yuan [1] - Basic earnings per share are estimated to be between 0.16 yuan and 0.18 yuan, compared to 0.14 yuan in the previous year [1] - The company's operating revenue is forecasted to be 1.3436944 billion yuan, reflecting a year-on-year growth of 7.91% to 11.63% from the previous year's revenue [1] Reasons for Performance Change - The company has focused on strategic industries such as special industries, automotive, integrated circuits, and data science, enhancing its one-stop service capability for technological innovation [1] - The company has benefited from the demand for technological innovation in special industries, new energy vehicles, aviation, and integrated circuits, leading to a rapid increase in orders for technology innovation-related services [1] - The continuous improvement in refined management has resulted in a net profit growth rate that exceeds the growth rate of operating revenue [1]

广电计量检测集团股份有限公司 2025 年半年度业绩预告 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、本期业绩预计情况 证券代码：002967 证券简称：广电计量 公告编号：2025-035 三、业绩变动原因说明 2025 年上半年，公司紧扣"向新突破，抢抓新兴赛道激发新动力；以质图 强，升级优势主业打造高标杆"的年度经营主题，聚焦特殊行业、汽车、集成电 路、数据科学等战略性行业，强化服务科技创新一站式服务能力。公司受益于特 1.业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日。 | □同向下降 | | --- | | 2.业绩预告情况：□扭亏为盈 同向上升 | | 项目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | 盈利：9,500 万元—10,000 万元 | 万元 | 盈利：7,969.59 | | | 比上年同期增长：19.20%—25.48% | | | | 扣除非经常性损益后的净利润 | 盈利：8,000 万元—8,500 万元 | ...

Core Viewpoint - Domestic gold jewelry prices remain stable, with several brands reporting prices around 998 CNY per gram for 24K gold jewelry [1][4]. Price Summary - Zhou Dasheng 24K gold jewelry is priced at 998 CNY per gram [4]. - Caibai Jewelry's 24K gold products are priced at 982 CNY per gram [4]. - Chao Hong Ji's 24K gold items are also priced at 998 CNY per gram [4]. - TSL's 24K gold jewelry is listed at 998 CNY per gram [4]. - Jin Zun's 24K gold jewelry is priced at 998 CNY per gram [4]. - Zhou Liu Fu's 24K gold products are priced at 978 CNY per gram [4].

Group 1 - Domestic gold jewelry prices have decreased, with several brands reporting a drop of 7 yuan per gram, bringing prices below 1,000 yuan per gram, specifically to 998 yuan per gram [1][5] - Various brands have set their gold jewelry prices as follows: Zhou Dazai at 998 yuan per gram, Cai Bai at 982 yuan per gram, and Zhou Liufu at 978 yuan per gram [5]

Group 1 - Domestic gold prices are rising, with Chow Sang Sang leading the increase by 8 CNY to 1007 CNY per gram, reclaiming the highest price position [1][3] - The price difference between the highest and lowest gold stores has expanded to 38 CNY per gram, with Shanghai China Gold maintaining the lowest price at 969 CNY per gram [1] - Other major brands' gold prices include Lao Miao at 1000 CNY per gram, Liufuk at 1005 CNY per gram, and Zhou Dafu at 1005 CNY per gram, all showing minimal changes [1][3] Group 2 - The gold recovery price has seen a slight increase of 4.3 CNY per gram, with significant price differences among brands [4] - The recovery prices for various brands are as follows: Cai Bai at 762 CNY, Zhou Sang Sang at 766.1 CNY, Zhou Dafu at 769.5 CNY, and Lao Feng Xiang at 775 CNY [4] - International gold prices experienced a V-shaped movement, with the lowest at 3296.09 USD per ounce and closing at 3336.35 USD per ounce, reflecting a 0.04% increase [6] Group 3 - The market is currently influenced by U.S. tariff announcements and geopolitical tensions, which are affecting investor sentiment towards gold [6] - China's central bank reported an increase in gold reserves to 7390 million ounces (approximately 2298.55 tons), marking the eighth consecutive month of accumulation, which strengthens confidence in gold's long-term value [6] - The overall expectation is for gold prices to remain volatile as the market observes developments regarding U.S. tariffs and Middle Eastern tensions [6]

Overview - The electrical testing market in China is rapidly growing, with a projected market size of 4.144 billion yuan in 2024, representing a year-on-year growth of 7.94% [1][10] - High-voltage electrical testing accounts for approximately 66.07% of the market, while low-voltage testing makes up about 33.93% [10] - The increasing consumer demand for quality, safety, and performance in electrical products is driving companies to prioritize product testing [10] - The Belt and Road Initiative is accelerating the overseas expansion of Chinese electrical companies, increasing the demand for electrical testing results in international markets [1][10] Market Policies - China has implemented stricter regulations on the quality, safety, and environmental standards of electrical products, creating a favorable policy environment for the electrical testing industry [4] - A series of policies have been introduced, including the "Action Plan for the Development of Intelligent Testing Equipment Industry (2023-2025)" and "Guidance on Promoting the Green Development of Manufacturing Industry" [4][6] Industry Chain - The upstream of the electrical testing industry includes suppliers of testing equipment, testing consumables, and software [8] - The midstream consists of demand markets covering various sectors such as power distribution, household appliances, and automotive electronics [8] Market Demand Structure - The largest demand for electrical testing comes from the power distribution sector, accounting for over 30%, followed by household appliances and machine tools at approximately 21.57% and 11.87%, respectively [8] - The total investment in China's power sector is projected to reach 1.777 trillion yuan in 2024, with a year-on-year growth of 14.63% [8] Competitive Landscape - The electrical testing market is divided into high-voltage and low-voltage testing, with the low-voltage segment being highly fragmented and dominated by numerous small enterprises [12] - High-voltage testing is characterized by higher technical requirements and fewer leading companies, with notable players including the Electric Power Research Institute and Xi'an High Voltage Electrical Research Institute [12][14][17] Representative Companies - Suzhou Electrical Science Research Institute Co., Ltd. is a leading third-party testing organization with a revenue of 619 million yuan in 2024, where high-voltage testing accounted for 76.91% of its income [14] - Xi'an High Voltage Electrical Research Institute Co., Ltd. reported a total revenue of 798 million yuan in 2024, with testing service income making up 92.47% of its total revenue [17] Development Trends - The application of technologies such as artificial intelligence, big data, and cloud computing in the electrical testing industry is expected to increase, enhancing testing efficiency and accuracy [19] - There is a growing demand for customized testing services as the market becomes more segmented, with a shift towards comprehensive services including equipment status assessment and predictive maintenance [19]

Group 1 - Domestic gold jewelry prices remain stable compared to last Friday, with multiple brands reporting a price of 1005 CNY per gram for 24K gold jewelry [1][3] - Specific brands and their prices include: Zhou Dasheng at 1005 CNY per gram, Caibai Jewelry at 982 CNY per gram, and Chao Hong Ji at 1005 CNY per gram [3] - Other brands such as TSL, Jin Zun, and Zhou Liu Fu also report prices of 1005 CNY and 985 CNY per gram for their gold jewelry [3]

Core Viewpoint - Domestic gold jewelry prices remain stable, with several brands reporting a price of 1005 CNY per gram for 24K gold jewelry [1] Price Summary - Zhou Dasheng 24K gold jewelry: 1005 CNY/gram [5] - Caibai Jewelry 24K gold jewelry: 982 CNY/gram [5] - Chao Hongji 24K gold (jewelry ornaments): 1005 CNY/gram [5] - TSL 24K gold jewelry: 1005 CNY/gram [5] - Jin Zun 24K gold jewelry: 1005 CNY/gram [5] - Zhou Liufu 24K gold jewelry: 985 CNY/gram [5]