Core Viewpoint - The acquisition of Beijing Zhongke Zhiyi Technology Co., Ltd. by Guangdian Measurement and Testing Group Co., Ltd. is aimed at enhancing capabilities in defense-related testing and evaluation, thereby improving market competitiveness [1][3][6] Group 1: Acquisition Details - On May 9, 2025, Guangdian Measurement signed a share investment intention letter with Zhongke Zhiyi, indicating a strategic move to gain control over the company [1][3] - Following the acquisition, Guangdian Measurement will appoint three directors to Zhongke Zhiyi's board, including the chairman, and will have the authority to manage operations, enhancing business synergy [3][4] Group 2: Company Focus and Strategy - Zhongke Zhiyi specializes in providing high-tech services to military units, focusing on weapon equipment testing and evaluation, with a goal to become a benchmark enterprise in the digitalization of equipment [3][4] - The company utilizes artificial intelligence and advanced modeling techniques to enhance testing and evaluation processes, supporting military training and operational management [4] Group 3: Financial Performance - Zhongke Zhiyi's revenue from 2022 to 2024 was reported as 0.56 billion, 0.60 billion, and 0.59 billion respectively, with year-on-year changes of +33.29%, +7.27%, and -2.75% [4] - The net profit for the same period was 0.11 billion, 0.10 billion, and 0.08 billion, with year-on-year changes of +6.99%, -4.78%, and -26.82% [4] Group 4: Industry Position and Outlook - Guangdian Measurement is positioned as a leading third-party measurement and testing company, focusing on strategic industries and aiming to benefit from technological innovation and domestic substitution trends [1][6] - The company maintains a profit forecast for 2025-2027, estimating net profits of 4.00 billion, 4.59 billion, and 5.35 billion, with corresponding P/E ratios of 26, 23, and 20 [1][6]

Summary of the Conference Call for Guangdian Measurement Industry and Company Overview - Guangdian Measurement focuses on high-end, high-tech downstream industries such as special industries, automotive, telecommunications, and aerospace, with this segment accounting for over 60% of revenue since 2021, maintaining an annual revenue growth rate of 15%-25% and a net profit margin of 15%-20% [2][3][4] - The company anticipates a revenue growth rate of over 15% for the full year of 2025, driven primarily by the technology innovation segment [2][3] Core Insights and Arguments - **Measurement Standards Business**: This segment is affected by macroeconomic conditions, with a projected price drop of over 15% in 2024 and a revenue growth rate of only 3.56%. A further price decline of about 10% is expected in 2025, but stabilization may lead to low growth [2][3] - **Traditional Business Performance**: The traditional business (food, environmental protection, EHS) has seen zero or negative compound growth over the past four years, negatively impacting overall performance. However, EHS has shown order growth after adjustments, while environmental protection may face increased losses due to project impacts [2][4] - **Management Changes**: The former chairman, Huang, plans to reduce his stake by 1% after leaving the company in March 2025, but this is not expected to impact the secondary market significantly. The new management team has made strategic adjustments since 2024, leading to improved operational performance [2][5][6] Additional Important Points - **Acquisition of Zhongke Zhiyi**: The acquisition aims to expand into special industries, particularly in equipment testing and certification markets. The company has signed an investment intention agreement and is in the due diligence phase, with some uncertainties remaining [3][10] - **Cost Structure and Profitability**: The company has a rigid cost structure, but as revenue increases, profits are expected to grow rapidly, with a goal of improving profitability through higher contributions from technology innovation and reduced depreciation costs [3][12][14] - **Market Expansion Efforts**: The company plans to enhance market share in measurement calibration and increase the proportion of technology innovation business to drive growth [4][11] - **2025 Financial Projections**: The company expects overall revenue growth in the double digits and profit growth of 15%-20% for 2025, supported by effective management of depreciation, space utilization, and labor costs [15][16] Conclusion Guangdian Measurement is strategically positioned in high-tech industries with a focus on innovation and market expansion. Despite challenges in traditional business segments and external economic factors, the company is optimistic about its growth trajectory and profitability in the coming years.

Group 1: Company Overview and Financial Performance - The company's revenue from technology innovation-related businesses accounted for over 60% of total revenue in 2024 [3] - Measurement services contributed to over 20% of total revenue in 2024 [3] - Traditional businesses, including food and environmental testing, are undergoing adjustments [3] Group 2: Management and Strategic Focus - The management team consists of 8 members, including 3 PhDs and 3 Master's degree holders, with a focus on both technical and management backgrounds [8] - The company is shifting its strategic focus from being a comprehensive testing institution to providing one-stop services for national industrial strategies and technological innovation [10] - The company aims to enhance operational efficiency through cost reduction and resource optimization [11] Group 3: Investor Relations and Market Communication - The company emphasizes investor communication through various channels, including performance briefings and interactive platforms [11] - A plan for share reduction by former general manager Huang Dunpeng involves selling up to 5,603,800 shares, not exceeding 1% of the total share capital [4] - The company is committed to enhancing investor confidence and sharing development results with stakeholders [4] Group 4: Strategic Partnerships and Acquisitions - The company is in the process of acquiring Zhongke Zhiyi, which specializes in high-tech services for military units, to enhance its capabilities in defense-related testing [5][6] - The acquisition project is currently in the intention stage and requires due diligence and board approval [7]

Group 1 - The major shareholder, Mr. Huang Dunpeng, plans to reduce his holdings by 5,603,800 shares, which represents 0.96% of the total share capital of the company [1][2] - Mr. Huang currently holds 34,560,000 shares, accounting for 5.93% of the total share capital and 6.17% of the total share capital excluding repurchased shares [1][2] - The reduction will occur within three months after a 15 trading day period following the announcement, excluding the legal window period from May 31, 2025, to August 30, 2025 [1][2] Group 2 - The reduction plan is consistent with Mr. Huang's previous commitments regarding share reduction, which limits annual reductions to no more than 20% of his holdings after the lock-up period [2][3] - Mr. Huang has not violated any share reduction commitments since the company's listing [3] - The share reduction plan is not expected to significantly impact the company's governance structure, ownership structure, or future operations [3]

证券代码：002967 证券简称：广电计量 公告编号：2025-033 广电计量检测集团股份有限公司 关于持股 5%以上股东减持股份预披露公告 大股东黄敦鹏先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有本公司股份 34,560,000 股（占本公司总股本 583,245,846 股的 5.93%，占 本公司剔除回购股份 22,858,144 股后总股本 560,387,702 股的 6.17%）的大股东黄 敦鹏先生计划在本减持预披露公告发布之日起 15 个交易日后的 3 个月内（相关法 律法规禁止减持的窗口期除外，即 2025 年 5 月 31 日至 2025 年 8 月 30 日）以集 中竞价方式减持本公司股份 5,603,800 股（占本公司总股本 583,245,846 股的 0.96%， 占本公司剔除回购股份 22,858,144 股后总股本 560,387,702 股的 1%）。 一、减持股东的基本情况 （一）减持股东名称：黄敦鹏 （二）减持股东持股情况：黄敦鹏先生持有公司股 ...

Group 1 - The core point of the announcement is that Huang Dunpeng, a shareholder holding 5.93% of the shares, plans to reduce his stake by up to 560 million shares, which represents 1% of the company's total share capital [1] Group 2 - The reduction will take place between May 31, 2025, and August 30, 2025, through a centralized bidding method [1]

Core Viewpoint - The company reported a revenue of 3.207 billion yuan for 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to shareholders of 352 million yuan, up 76.59% year-on-year [1] Financial Performance - For the entire year of 2024, the gross margin and net margin were 47.21% and 11.21%, respectively, showing an increase of 4.93 percentage points and 4.07 percentage points year-on-year [2] - In Q4 2024, the company achieved a revenue of 1.047 billion yuan, a year-on-year increase of 13.11% and a quarter-on-quarter increase of 28.32%, with a net profit of 163 million yuan, up 145.18% year-on-year and 49.75% quarter-on-quarter [2] - The gross margin and net margin for Q4 2024 were 52.73% and 16.7%, respectively, reflecting a year-on-year increase of 10.52 and 8.17 percentage points [2] - For Q1 2025, the company reported a revenue of 618 million yuan, a year-on-year increase of 5.16% but a quarter-on-quarter decrease of 40.98%, with a net profit of 5 million yuan, up 302.86% year-on-year but down 97.05% quarter-on-quarter [2] Business Segmentation - The company generated revenue from various segments in 2024: measurement (750 million yuan), reliability (780 million yuan), life sciences (500 million yuan), electromagnetic compatibility (360 million yuan), integrated circuits (260 million yuan), and EHS evaluation (180 million yuan), with year-on-year growth rates of +3.8%, +17.5%, +2.7%, +10.2%, +26.3%, and +2.6%, respectively [3] - The gross margins for these segments were 50.5%, 50.9%, 39.8%, 54.9%, 45.2%, and 38.0%, with year-on-year changes of +2.4, +7.4, +8.8, +4.0, +4.3, and -6.49 percentage points [3] - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3] Shareholder Returns - The company conducted active market value management, distributing a total dividend of 224 million yuan for the year, with a mid-year dividend of 140 million yuan and a total of 614 million yuan in dividends and share buybacks, representing 174% of the annual net profit attributable to shareholders [4] - The projected net profits for 2025 to 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, reflecting year-on-year growth rates of +20%, +20%, and +18%, respectively [4]

公司报告 | 年报点评报告 广电计量（002967） 证券研究报告 24 年全年业绩高增，25Q1 订单双位数增长 事件：公司公布 2024 年年报，实现营收 32.07 亿元，同比增长 11.01%； 归母净利润 3.52 亿元，同比增长 76.59%。 点评： 2024 年 全 年 ： 毛利率 / 净 利 率 分 别 为 47.21%/11.21% ，同比 +4.93pct/+4.07pct 。 全 年 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 14.16%/6.88%/10.8%/0.7%，同比-0.07/-0.46/+0.67/+0.11pct。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,888.91 | 3,206.84 | 3,757.04 | 4,370.45 | 4,996.94 | | 增长率(%) | 10.94 | 11.01 | 17.16 | 16.33 | 14.33 | | EBITDA(百 ...

公司报告 | 年报点评报告 广电计量（002967） 证券研究报告 24 年全年业绩高增，25Q1 订单双位数增长 公司聚焦新兴产业。公司在特殊行业、汽车、新能源、集成电路、商业航 天、通信、低空经济、人工智能等行业形成了一定竞争优势。2024 年公 司业务来自于新兴行业的占比超过 80%。对于传统行业实施内部业务整 合，及时收缩食品检测、生态环境检测亏损实验室，调整食品检测业务结 构，毛利率改善明显。 一季度订单实现增长。一季度营业收入和净利润占全年的财务指标占比较 低，公司核心下游特殊行业、汽车、集成电路等行业的订单招标和验收主 要集中在下半年。从业务订单来看，公司 2025 年第一季度整体订单金额 实现两位数增长。 积极进行市值管理工作。2024 年年度分红 0.84 亿元，中期分红 1.4 亿元， 全年共分红 2.24 亿元。此外，截止 2024 年年末，公司累计回购 3.9 亿元 股份。全年分红+回购金额达 6.14 亿元，占全年归母净利润比例达 174%。 事件：公司公布 2024 年年报，实现营收 32.07 亿元，同比增长 11.01%； 归母净利润 3.52 亿元，同比增长 76.59%。 ...

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