Investment Rating - The report assigns a "Buy-A" rating to the company, with a target price of 17.15 CNY for the next six months, indicating a potential upside from the current price of 12.55 CNY [4][3]. Core Insights - The company has shown steady growth in its mid-year performance, with a projected revenue of 13 to 14 billion CNY for H1 2024, and a net profit increase of 24.66% to 0.75-0.85 billion CNY [19]. - The company is expected to benefit from its strong brand presence in the South China region and the rapid development of special industries, new energy, rail transit, and integrated circuits, leading to a gradual increase in market share [3]. - The company has implemented a broad stock option and restricted stock incentive plan, covering 623 individuals, which is anticipated to enhance management vitality and market competitiveness [2][20]. Financial Performance Summary - The company’s revenue projections for 2024-2026 are 34.16 billion CNY, 39.58 billion CNY, and 45.60 billion CNY, representing year-on-year growth rates of 18.2%, 15.9%, and 15.2% respectively [3]. - Net profit forecasts for the same period are 2.82 billion CNY, 3.74 billion CNY, and 4.73 billion CNY, with growth rates of 41.2%, 32.8%, and 26.3% respectively [3]. - The company’s gross margin and net margin have improved due to cost control measures and operational efficiency enhancements [5]. Market Position and Strategy - The company is positioned as a one-stop service provider in the testing industry, with capabilities in measurement calibration, reliability testing, electromagnetic compatibility testing, and consumer product testing [3]. - The ongoing efforts to expand market reach and improve operational efficiency are expected to further solidify the company's competitive edge and profitability [5].

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 广电计量 20240708_原文 2024 年 07 月 09 日 00:44 发言人 00:00 将开始请。本次电话会议仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可， 任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转八引用本次会议相关内容， 否则，由此造成的一切后果及法律责任由该机构或个人承担。长江证券保留追究其法律责任的 权利。 发言人 00:32 各位投资者晚上好各位投资者晚上好，我是长江环保行业分析师贾少波。今天的话也我们长江 环保和长江机械团队举办了关于广电计量的中报业绩解读电话会议。今天的话主要是汇报一下 广电计量的核心的投资结论，还有最近的一些变化。 发言人 00:53 主要这个核心结论的话就是我们认为广电计量在前期的话已经是实现了产能端的一相对比较充 分的一个布局。那在 2024 年二三年底，公司也是更换了管理层，包括股权激励也是在今年的 7 月 1 号完成了一个授予。所以整个的管理的利益机制的话是做了一个理顺的那在今年的话，公 司是通过在一些经济化的管理上，采取了很多的一些措施。所以最后公司整体的净利率，而且 ...

半年报业绩预告点评：归母净利润同比增长 25%-41%，净利率 拐点有望到来 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-------------|-------------|----------------------------------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 2,604 | 2,889 | 3,312 | 3,756 | 4,229 | | (+/-%) | 15.9% | 10.9% | 14.6% | 13.4% | 12.6% | | 净利润(百万元) | 184 | 199 | 286 | 369 | 457 | | (+/-%) | 1.0% | 8.4% | 43.6% | 28.9% | 23.8% | | 每股收益（元） | 0.32 | 0.35 | 0.50 | 0.64 | 0.79 | | EBIT ...

2024 年上半年收入同比增长 6%-14%，归母净利润同比增长 25%-41%。公司 预计 2024 年上半年实现收入 13-14 亿元，同比增长 5.61%-13.74%，归母净 利润 0.75-0.85 亿元，同比增长 24.66%-41.29%，扣非归母利润 0.60-0.70 亿元，同比增长 37.99%-60.99%；单季度看，2024 年二季度预计实现收入 7.12-8.12 亿元，同比增长 3.86%-18.44%，归母净利润 0.74-0.84 亿元，同 比增 长 17.56%-33.49% ，扣 非归 母利润 0.66-0.76 亿元 ，同 比增长 23.97%-42.74%。业绩增长主要系：1）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；2）公司全面推行 精细化管理，大力促进经营降本增效，加快推动数字化转型，净利润同比较 快增长，毛利率和净利率均有所提升；3）食品检测、环境检测等薄弱业务 减亏工作取得成效，同时与化学分析实验室深度融合，加快业务结构转型。 领导层换届叠加公司首次股权激励落地，激发管理团队及员工积极性。2023 年 12 月 8 日公 ...

广电计量 (002967 CH) 华泰研究 公告点评 2024年7月08日│中国内地 检测及服务 7 月 7 日，广电计量发布公告：公司预计 1H24 归母净利 7500~8500 万元、 同比+24.66%~41.29%，高于华泰预期（预期 7000 万元），扣非净利 6000~7000 万元、同比+38%~61%。对应 2Q24 归母净利 7380~8380 万元、 同比+17.55%~33.48%， 扣非净利 6610~7610 万 元、同比+23.99%~ 42.76%。维持盈利预测，我们预计公司 2024-2026 年 EPS 分别为 0.51、 0.64、0.78 元。可比公司 2024 年 Wind 一致预期 PE 均值为 21.4 倍，考虑 广电计量在数字资产和低空经济赛道先发优势明显、2024 年业绩弹性较大， 给予 2024 年 25.7 倍 PE，目标价 13.11 元，维持"增持"评级。 2024 年上半年，公司克服市场困难，加大市场拓展，特珠行业、汽车、集 成电路、数据科学等重点领域的订单稳定增长；毛利率和净利率均有所提升， 主要得益于控制人员规模，加强各项费用管控力度，进一步收缩亏 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][10] - The target price is adjusted to 15.12, down from the previous forecast of 18.69 [3][10] Core Insights - The company's performance in H1 2024 meets expectations, with stable growth in special industries, automotive, and integrated circuits, while food and environmental testing sectors are reducing losses [3][10] - The company is implementing refined management practices, which are expected to enhance profitability [10] Financial Summary - Revenue for 2022 was 2,604 million, with projections of 2,889 million for 2023, and expected growth to 3,552 million in 2024, reflecting a year-on-year increase of 23.0% [5][12] - Net profit attributable to the parent company is forecasted to rise from 184 million in 2022 to 199 million in 2023, and further to 309 million in 2024, indicating a significant growth rate of 54.9% [5][12] - The company aims for an EPS of 0.54 in 2024, increasing to 0.70 in 2025 and 0.87 in 2026 [10][12] Market Data - The company's market capitalization is 6,834 million, with a current price of 11.88 [4][10] - The stock has traded within a range of 9.98 to 17.23 over the past 52 weeks [4][10] Business Development - The company is focusing on expanding its market presence in key sectors such as special industries, automotive, integrated circuits, and data science, leading to stable order growth [10] - Efforts to optimize organizational structure and cost management are underway, aiming to reduce losses in underperforming sectors [10]

Financial Performance - The net profit attributable to shareholders for the first half of 2024 is estimated to be 75 million yuan, representing a year-on-year increase of 24.66% compared to 60.16 million yuan in the same period last year[4]. - The net profit after deducting non-recurring gains and losses is projected to be 60 million yuan, up from 43.48 million yuan, indicating significant growth[4]. - The operating revenue for the first half of 2024 is expected to be 1.3 billion yuan, compared to 1.2309 billion yuan in the previous year, reflecting a stable revenue growth[4]. - The basic earnings per share are anticipated to be 0.12 yuan, an increase from 0.10 yuan in the same period last year[4]. Strategic Focus and Development - The company has focused on high-quality development, overcoming market difficulties, and achieving stable order growth in key sectors such as special measurement, automotive, integrated circuits, and data science[6]. - There is a strategic focus on enhancing capabilities in established businesses while fostering the rapid development of emerging sectors like integrated circuit testing and life sciences[7]. Management and Operational Efficiency - The implementation of refined management and digital transformation has led to improved gross and net profit margins[6]. - The company is optimizing its organizational structure and cost control measures to ensure that the growth in costs remains below the growth in revenue[7]. - The company is consolidating its food and environmental testing laboratories to improve operational efficiency and reduce losses[7]. Investor Guidance - The specific financial data for the first half of 2024 will be disclosed in the company's detailed report, urging investors to make cautious decisions[8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [18]. Core Views - The company has launched an equity incentive plan aimed at profit-oriented growth, which is expected to enhance the motivation of the core management team and support long-term healthy development [6][33]. - The company anticipates a turning point in net profit margin in 2024, driven by improved performance in calibration and integrated circuit development, alongside a reduction in losses from food and environmental testing [2][16]. Summary by Sections Equity Incentive Plan - The equity incentive plan involves granting stock options and restricted stocks to 623 employees, including senior management, with a total of 8.625 million shares [6][32]. - The plan is designed to align with profit growth targets, requiring a net profit growth rate of no less than 82%/128%/175% for 2024-2026 [33]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 3.325 billion, 3.806 billion, and 4.363 billion yuan, representing year-on-year growth of 15.1%, 14.5%, and 14.6% respectively [7]. - The company expects to achieve net profit attributable to shareholders of 323 million, 423 million, and 538 million yuan for the same period, with growth rates of 61.9%, 31.0%, and 27.1% respectively [7]. Business Outlook - The company is positioned as a national high-end manufacturing testing enterprise, with a strong asset base of 2.464 billion yuan in testing equipment as of the end of 2023, reflecting a year-on-year increase of 10.47% [16]. - There is an anticipated recovery in demand for reliability and environmental testing, particularly in the military sector, which is expected to drive growth in 2024 [16].

广电计量检测集团股份有限公司 关于向 2023 年股票期权与限制性股票激励计划 激励对象授予权益的公告 证券代码：002967 证券简称：广电计量 公告编号：2024-043 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。 重要内容提示： 1.授予日：2024 年 7 月 1 日 2.授予数量：股票期权 862.50 万份，限制性股票 862.50 万股 3.价格：股票期权行权价格 14.56 元/份，限制性股票授予价格 8.68 元/股 广电计量检测集团股份有限公司（以下简称"公司"）《2023 年股票期权与 限制性股票激励计划（草案修订稿）》（以下简称"本激励计划"）规定的股票期 权与限制性股票授予条件已经成就，根据公司 2024 年第一次临时股东大会的授 权，公司于 2024 年 7 月 1 日召开第五届董事会第八次会议、第五届监事会第六 次会议审议通过了《关于向 2023 年股票期权与限制性股票激励计划激励对象授 予权益的议案》，同意公司以 2024 年 7 月 1 日为本激励计划的授予日，以 14.56 元/份的行权价格向 623 位激励对象授予 8 ...

证券代码：002967 证券简称：广电计量 公告编号：2024-042 广电计量检测集团股份有限公司 第五届监事会第六次会议决议公告 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"）第五届监事会第六次 会议于 2024 年 7 月 1 日以通讯方式召开。会议通知于 2024 年 6 月 28 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 会议审议通过《关于向 2023 年股票期权与限制性股票激励计划 激励对象授予权益的议案》 监事会同意公司以 2024 年 7 月 1 日为 2023 年股票期权与限制性股票激励计 划的授予日，以 14.56 元/份的行权价格向 623 位激励对象授予 862.50 万份股票 期权，以 8.68 元/股的价格向 623 位激励对象授予 862.50 万股限制性股票。 监 事 会 表决结果：同意 3 票，反对 0 票，弃权 0 票。 1 详 ...