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 "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].

Financial Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between 30,000 and 36,000 thousand yuan, representing a year-on-year growth of 50.46% to 80.55% compared to 19,939.05 thousand yuan in the previous year[3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 29,000 and 33,000 thousand yuan, indicating a year-on-year increase of 66.52% to 89.49% from 17,414.87 thousand yuan last year[3]. - The estimated operating revenue for 2024 is projected to be between 310,000 and 330,000 thousand yuan, compared to 288,890.60 thousand yuan in the previous year[3]. - This earnings forecast is based on preliminary calculations by the company's finance department, with detailed financial data to be disclosed in the 2024 annual report[7]. Strategic Initiatives - The company aims to enhance innovation capabilities and implement regional collaboration and major customer strategies to drive growth in key sectors such as special industries, automotive, integrated circuits, data science, and aviation[5]. - The company is focusing on refined management and promoting cost reduction and efficiency improvement, leading to a significant increase in net profit and improvements in gross and net profit margins[6]. - The company is optimizing its organizational structure and enhancing expense control to ensure that the growth rate of costs remains lower than that of revenue[6]. - The company is expanding its capabilities in established businesses such as measurement, reliability, environmental testing, and electromagnetic compatibility testing, while also fostering the rapid development of emerging businesses[6]. - The company is restructuring and managing its food testing, ecological environment testing, and chemical analysis laboratories to reduce losses and accelerate business transformation[6]. Investment Advisory - Investors are advised to make cautious decisions and be aware of investment risks[7].

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses a company in the testing and inspection industry, specifically focusing on its recent management changes, financial performance, and strategic initiatives. The company has undergone significant restructuring and is actively pursuing digital transformation and operational efficiency improvements. Key Points and Arguments Management Changes and Strategic Initiatives - The company has replaced several key management positions, including the chairman and general manager, with a focus on enhancing operational leadership and strategic direction [3][16] - A stock buyback plan was initiated, with a budget of 200-400 million, reflecting the company's commitment to shareholder returns [6] - The company has implemented a mid-term dividend distribution plan, marking the largest dividend payout in its history, indicating a strong focus on shareholder value [6] Financial Performance - For the first three quarters of 2024, the company reported a revenue growth of 10% and a profit increase of over 40%, showcasing strong operational performance [1] - The gross profit margin and GDP growth rate have shown consistent improvement, with a reported increase of over 2 percentage points in GDP for the first three quarters of 2023 [17][22] Industry Trends and Market Position - The testing and inspection industry is experiencing structural growth, with advanced manufacturing sectors showing a revenue growth rate of 15.4%, outpacing the overall industry growth of 11.9% [8] - The company has established strong partnerships with leading firms in various sectors, including aerospace, automotive, and telecommunications, enhancing its market position [10][21] Operational Efficiency and Capacity Utilization - The company's capacity utilization is currently low, with an output ratio of 1.23 compared to an industry average of 2.0, indicating significant room for improvement [12][19] - The company is focusing on optimizing its business layout, particularly in strategic new industries such as renewable energy and high-end equipment [4][16] Research and Development - The company has invested heavily in R&D, with expenditures of approximately 293 million, maintaining a high R&D expense ratio of over 10% for the past six years, positioning it as a leader in innovation within the industry [9] Future Outlook - The company aims to maintain a revenue growth rate of over 25% in the coming years, with expectations of significant market capitalization growth from its current valuation of around 9 billion [22][23] - The management is optimistic about the company's ability to enhance operational efficiency and profitability, with a projected GDG (Gross Domestic Growth) of around 9% for 2024 [20][22] Additional Important Insights - The company is actively restructuring underperforming segments while focusing on high-potential areas, indicating a strategic shift towards more profitable operations [5][16] - The competitive landscape shows that the company is well-positioned against peers, with a strong emphasis on technological capabilities and customer service [10][21] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the testing and inspection industry.