证券代码：002967 证券简称：广电计量 公告编号：2025-009 广电计量检测集团股份有限公司 关于投资收购曼哈格（上海）生物科技有限公司 51%股权的公告 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、交易概述 广电计量检测股份有限公司（以下简称"公司"或"广电计量"）为提升"一 站式"服务能力，巩固综合竞争优势，深化标准物质业务布局，落实同心多元化 发展战略，拟投资 43,518,683.77 元以增资和股权受让的方式收购曼哈格（上海） 生物科技有限公司（下称"曼哈格"或"标的公司"）51%股权，其中 22,186,737.27 元收购标的公司前实际控制人石磊、孙军 34.67%股份，21,331,946.50 元增资入 股标的公司。交易完成后，曼哈格将成为广电计量的控股子公司。 公司于 2025 年 1 月 23 日召开的第五届董事会第十七次会议以 9 票同意、0 票反对、0 票弃权审议通过了《关于投资收购曼哈格（上海）生物科技有限公司 51%股权的议案》。本次交易在董事会审批权限范围内，无须提交公司股东大会 审议。 本次收购不构成关联交易， ...

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 | | | --- | --- | --- | -- ...

[Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2604 | 2889 | 3200 | 3687 | 4205 | | 增长率（ % ） | 15.9% | 10.9% | 10.8% | 15.2% | 14.0% | | EBITDA（百万元） | 659 | 709 | 849 | 1015 | 1183 | | 归母净利润（百万元） | 184 | 199 | 330 | 406 | 496 | | 增长率（ % ） | 1.0% | 8.4% | 65.6% | 22.8% | 22.2% | | EPS（元/股） | 0.32 | 0.35 | 0.57 | 0.70 | 0.85 | | 市盈率（P/E） | 52.44 | 42.89 | 32.58 | 26.53 | 21.71 | | ROE（%） | 5.3% | 5.5% | 9.6% | 11.0% | ...

精细管理轻装上阵，积极投身新兴产业 公司简介： 公司是广州数字科技集团旗下高科技上市企业，构建了全产业链"计量检 测+科研服务+评价咨询+设计分析+认证服务"一站式综合技术服务能力。 公司全国布局，涉及下游广泛，其中计量校准、可靠性与环境工程、电磁 兼容检测业务、集成电路的经营规模和服务能力居行业前列。公司营收增 速近几年放缓，利润 2021-2023 年处于低迷期，24 年出现拐点。预计 2024 年实现营收 31~33 亿，实现归母净利润 3~3.6 亿，同比+50.46%~80.55%。 检测行业： 公司报告 | 首次覆盖报告 广电计量（002967） 证券研究报告 半导体检测：半导体实验室检测贯穿于半导体全产业链，芯片设计行业稳 定发展也将为芯片检测行业带来稳定的市场空间。综合性检测机构通过自 主投资、外延并购等方式积极布局集成电路检测。 四点优势筑成公司护城河： 全国化布局，一站式平台：公司坚持以客户为中心，进行全国化布局，在 全国主要经济圈设有 30 多个综合检测基地、60 多家分子公司。公司持续 构建综合服务能力，可向诸多行业客户，提供计量、可靠性与环境试验等 "一站式"技术服务。 检测行业具有 ...

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 "Buy" and is maintained [6]. Core Views - The company has released a 2024 earnings forecast, projecting revenue of 3.1-3.3 billion yuan, a year-on-year increase of 7.3%-14.2%, and a net profit attributable to shareholders of 300-360 million yuan, a year-on-year increase of 50.46%-80.55% [4][6]. - The company is implementing regional collaboration and major customer strategies, leading to stable and rapid growth in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [4][10]. - The company has adopted refined management practices, adjusting its profit-centered assessment model, which has resulted in significant reductions in losses in food and environmental testing, alongside improved control over various expenses, leading to increased gross and net profit margins [10][11]. Revenue Summary - The company expects to achieve revenue of 3.1-3.3 billion yuan in 2024, with a year-on-year growth of 7.3%-14.2%. The fourth quarter is projected to generate revenue of 940-1,140 million yuan, reflecting a year-on-year increase of 1.6%-23.2% [4][6]. - The net profit for 2024 is forecasted to be 300-360 million yuan, representing a year-on-year increase of 50.46%-80.55% [4][6]. Profitability Summary - The net profit margin for 2024 is estimated to be approximately 9.7%-10.9%, an increase of 2.8-4.0 percentage points compared to the previous year [10]. - The company has improved its profitability through business structure optimization and strict cost control, with a focus on digital transformation [10][11]. Management Changes - A new management team was established at the end of 2023, focusing on refined management and enhancing net profit assessments [10]. - The company has initiated a stock incentive plan and announced a share buyback of 200-400 million yuan, along with a mid-term dividend distribution of 140 million yuan, marking the largest dividend since its listing [10][11]. Financial Forecast and Valuation - The company is projected to achieve revenues of 3.201 billion yuan, 3.551 billion yuan, and 3.945 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.8%, 10.9%, and 11.1% [10]. - The net profit attributable to shareholders is expected to be 322 million yuan, 404 million yuan, and 499 million yuan for the same years, with corresponding year-on-year growth rates of 61.7%, 25.2%, and 23.8% [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]

证券研究报告 | 2025年01月15日 公司预计 2024 年实现收入 31.00-33.00 亿元，同比增长 7.31%-14.23%， 归母净利润 3.00-3.60 亿元，同比增长 50.46%-80.55%，扣非归母利润 2.90-3.30 亿元，同比增长 66.52%-89.49%。单季度看，2024 年四季度 预计实现收入 9.40-11.40 亿元，同比增长 1.57%-23.17%，归母净利润 1.11-1.71 亿元，同比增长 66.96%-157.02%，扣非归母利润 1.25-1.65 亿元，同比增长 103.65%-168.60%。业绩增长主要系：1）加快创新业务 能力建设，实施区域协同和大客户战略，特殊行业、汽车、集成电路、 数据科学、航空等重点领域订单实现较快增长；2）推行精细化管理， 调整以利润为核心的考核模式，推进食品检测、生态环境检测等薄弱业 务及时收缩亏损实验室，减亏工作取得成效，盈利能力有所提升。 大幅提升分红比例，积极回购彰显发展信心。公司自 2024 年 10 月获得回购 专项贷款以来，截至 2024 年 12 月 31 日累计回购股份数量占总股本 3.92%， 使 ...

证券研究报告 | 公司点评 gszqdatemark 2025 01 15 年 月 日 广电计量（002967.SZ） Q4 业绩增长超预期，净利率显著改善 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 专业服务 | | 前次评级 | 买入 | | 01 月 14 日收盘价（元） | 16.23 | | 总市值（百万元） | 9,466.08 | | 总股本（百万股） | 583.25 | | 其中自由流通股（%） | 92.76 | | 30 日日均成交量（百万股） | 5.00 | 股价走势 -30% -16% -2% 12% 26% 40% 2024-01 2024-05 2024-09 2025-01 广电计量 沪深300 作者 分析师 何亚轩 Q4 业绩超预期高增，收入维持稳健增长。公司预告 2024 全年实现营业 收入 31-33 亿，同增 7%-14%（中值约 11%）；按中值测算 Q4 单季实现 营收 10.4 亿，同增 12%，维持稳健增长。全年预告实现归母净利润 3-3.6 亿，同增 50.5%-80.6%（中值约 66%）；扣非归母净利润 2. ...