这些款项我是有争议有一部分是有争议的那我可能就整一单都拖着那现在不能这样了就有争议的部分可以先不付但是没有争议的部分一定要给它付掉就是有这样的一个情况我们这边其实也了解到头部机构他们一度开始已经回款已经能感受到这个回款的一个加速了像央国企和财政支付这边都有比较明显的这样一个改善Q2的话应该就能 在报表上看到一些这样的一个效果这边是整体的一个情况我下面再简单讲一讲就是可以几个可以关注的这个细分下游就是在这些领域有布局的一个企业它的一个北派会比行业表现的更加好然后在此之前呢我还想再简单介绍一下这个检测服务里的大致分类因为这几个细分下游都是属于其中一个分类的 然后除了这个格局和增速来看如果我们从壁垒上面来看的话其实物理类检测它的整体的一个壁垒也更高因为它对资本和对人才的要求也更高那下面的话是有两个比较有代表性的一个赛道首先是这个低空经济就是之后可能就可能会催生这种低空飞行器带来的各种各样的这样的一个物理类的这样一个检测那这个主要是一个政策驱动型的这样一个赛道 我们国家头部的企业其实也基本上都有在低空领域有所布局其实可以把低空飞行器做的那些检测跟汽车做的那些检测可以去做一个大致的类比因为他们要做的很多一个新闻项目其实 ...

Summary of Conference Call Records Company Overview - **Companies Involved**: 华测检测 (HuaCe Testing) and 广电计量 (Guangdian Measurement) - **Industry**: Testing and Measurement Services Key Points from HuaCe Testing 1. **Overall Performance**: HuaCe Testing's 2024 performance is in line with expectations, showing steady growth, but with varied performance across business segments [1][2] 2. **Environmental Testing**: Significant impact from the national soil survey, leading to expected pressure in 2025, with recovery anticipated in 2026 [1][4] 3. **Food and Agricultural Testing**: Maintains steady growth; increased demand from pet food and cosmetics testing [1][4] 4. **Industrial Testing**: Growth linked to industrial value-added; expected low-speed growth in 2025 [1][4] 5. **Consumer Testing**: Benefiting from new energy vehicles and semiconductor testing; currently in a loss-reduction phase [1][4] 6. **Trade Assurance**: High market share and gross margin, maintaining about 10% steady growth over the years [1][4] 7. **Medical and Pharmaceutical Testing**: Facing significant pressure but showing signs of recovery due to increased investment in innovative drug development [1][4][6] 8. **Profitability**: Net profit margin peaked at 18.02% in 2022, expected to decline to 15.33% in 2024 due to various pressures [1][10] 9. **Strategic Development**: Implementing a "123" strategy for differentiated development across business segments, enhancing new business expansion and operational efficiency [1][5] 10. **International M&A**: Successful acquisitions in Southeast Asia, Southern Europe, and South Africa, enhancing service capabilities [1][8][9] Key Points from Guangdian Measurement 1. **Performance in 2025**: Expected revenue of 14.5 to 15 billion, with a year-on-year growth of 7.9% to 11.6% [3][12] 2. **Profitability**: Anticipated net profit of 0.95 to 1 billion, with a year-on-year growth of 19.2% to 25.5% [3][12] 3. **Business Segments**: Traditional business may decline, but advanced manufacturing sectors like new energy vehicles and semiconductors show significant order growth [3][13] 4. **R&D Investment**: R&D expense ratio maintained at around 10%, focusing on new production capabilities [3][13] 5. **Net Profit Margin**: Expected to reach 6.6% in the first half of 2025, with a potential increase to 15% in the next three to five years [3][14][15] 6. **Management Changes**: New management team implemented refined management practices, leading to improved performance and higher dividend payouts [3][17] 7. **Valuation**: Current PE ratio of 24-25, considered relatively low historically, indicating limited downside risk [3][18] Additional Insights - **Market Trends**: Both companies are adapting to market changes and focusing on high-growth sectors to mitigate risks from traditional business declines [1][3][19] - **Future Outlook**: Positive growth outlook for both companies, with HuaCe Testing focusing on operational efficiency and Guangdian Measurement leveraging new management strategies for enhanced profitability [1][3][19]

Investment Rating - The industry investment rating is "Overweight" indicating a strong expectation for the industry index to outperform the CSI 300 index by 10% or more over the next six months [27]. Core Insights - The report highlights the ongoing trend of domestic substitution in the automation equipment sector, with significant developments in the robotics industry, particularly the demonstration of the A2-W general-purpose robot by Zhiyuan Robotics, which showcased its operational capabilities in an industrial setting [1][7]. - The report also notes the strategic acquisitions and performance forecasts of companies like Huace Testing and Juxing Technology, indicating a positive outlook for their growth and market positioning [10][17]. Summary by Sections 1. Robotics Industry Dynamics - Zhiyuan Robotics successfully conducted a live demonstration of its A2-W robot, which autonomously handled over 800 turnover boxes, showcasing its efficiency and adaptability in industrial operations [1][7]. - Shanghai Zhiyuan Hengyue Technology Partnership is acquiring shares in Upwind New Materials, which specializes in environmentally friendly materials, indicating a strategic move towards sustainable product offerings [1][7]. 2. Testing Industry Dynamics - Huace Testing anticipates a 6.06-7.80% year-on-year increase in net profit for the first half of the year, driven by its "123 strategy" focusing on traditional markets, fast-growing sectors, and new business incubation [10][12]. - The testing industry is undergoing structural adjustments, shifting from scale expansion to quality and efficiency, which is reshaping the competitive landscape [10]. 3. Tools Industry Dynamics - Juxing Technology projects a 5-15% increase in net profit for the first half of the year, despite challenges from U.S. tariff policies affecting production capacity [17][21]. - The company has established 23 production bases globally, enhancing its ability to navigate trade policy fluctuations [17]. 4. Rail Transit Equipment Industry Dynamics - National railway fixed asset investment reached 355.9 billion yuan in the first half of the year, a 5.5% increase year-on-year, with China National Railway reporting significant profit growth expectations [23]. 5. Market Review - The CSI 300 index increased by 0.82%, while the machinery equipment sector outperformed with a 1.87% rise, indicating a positive market sentiment towards the industry [24].

Summary of Huace Testing Conference Call Company Overview - **Company**: Huace Testing - **Industry**: Testing and Inspection Services Key Points Financial Performance - In Q2 2025, Huace Testing achieved a significant single-digit growth in revenue despite a high base effect from the previous year, with net profit growth between 7% and 9.6% compared to market expectations of 0% to 5% [2][3] - The company’s revenue for the food segment is expected to grow by 10% to 15%, driven by new product lines in pet food and agricultural products, as well as increased domestic food safety concerns [2][4] - The medical and pharmaceutical segment showed slight growth, entering a phase of reduced losses, with a recovery in CRO orders and accelerated development of new medical device businesses [2][5] - The environmental segment faced revenue pressure due to a high base from the previous year but is expected to recover in the second half of the year [2][5] - The consumer products segment, particularly automotive testing, exceeded expectations, and chip testing is anticipated to improve after previous profit drag [2][5] Segment Performance - **Food Segment**: Expected to maintain high growth due to increased food safety awareness and contributions from the South African acquisition [2][4] - **Medical and Pharmaceutical Segment**: Anticipated to achieve double-digit growth in the second half of 2025, benefiting from reduced base pressure and positive developments in other businesses [2][4][6] - **Environmental Segment**: Revenue is expected to recover as base pressure eases [2][6] - **Consumer Products and Industrial Segment**: Continuous recovery and accelerated development are expected, with ship oil testing projected to grow by 20% to 30% due to new regulations [2][5] Profitability and Cash Flow - The overall profit level showed significant recovery in Q2 2025, with improved gross margins and good cash flow performance, expecting to recover approximately 10 million yuan [2][7] - The company is transitioning from a state of no cash recovery in the previous year to normal cash recovery in the current year [2][7] Future Outlook - For the second half of 2025, Huace Testing is expected to continue its recovery and accelerate growth across all major business segments [2][6] - The company aims for a minimum performance of 1.02 billion yuan, with potential to exceed 1.05 billion yuan [2][8] - The past three years of valuation adjustments were influenced by economic downturns, unmet internationalization expectations, and foreign capital withdrawal, but improvements are now evident [2][9][10] - The company is positioned for a turning point in performance and cash flow, with a projected growth rate of 15% to 20% as it expands into international markets [2][11] Strategic Initiatives - Huace Testing is focusing on international expansion, particularly in South Africa, Southeast Asia, and Europe, with an emphasis on acquisitions in consumer, food, ESG, and transportation sectors [2][4][8][11] - The company is expected to benefit from a more favorable foreign capital structure and improved market conditions [2][9][11]

Macro Strategy - The impact of real estate on China's economy has significantly weakened, with a projected GDP contribution from the real estate sector of approximately 13 trillion yuan in 2024, accounting for 9.6% of total GDP, down from 16.9% in 2016 [8][9] - Despite negative growth in real estate investment and sales, there is an expectation of stabilization in the market, driven by policies such as special bonds for purchasing existing properties [8][9] Fixed Income - The expected listing price range for the China General Nuclear Power Corporation's convertible bond is between 126.83 and 140.94 yuan, with a subscription rate of 0.0140% [10][11] - The bond has a total issuance scale of 4.9 billion yuan, with a credit rating of AAA and a yield to maturity of 1.66% [10][11] Industry Analysis Jerry Holdings - Jerry Holdings has secured a contract for a natural gas booster station project in Algeria worth approximately 8.5 billion USD, enhancing its presence in the North African oil and gas market [12][14] - The company maintains a profit forecast of 3.03 billion yuan for 2025, with a price-to-earnings ratio of 12, 10, and 9 for 2025-2027 [12][14] Ascentage Pharma - Ascentage Pharma's APG-2575 has received conditional approval in China, marking it as the first domestic Bcl-2 inhibitor, with revenue forecasts of 519 million, 3.215 billion, and 2.095 billion yuan for 2025-2027 [15][16] - The drug is expected to provide a new treatment option for patients with chronic lymphocytic leukemia/small lymphocytic lymphoma [15][16] Chongqing Department Store - The company reported a 9% year-on-year increase in net profit for H1 2025, despite a 10.45% decline in revenue, primarily due to a shift towards new energy vehicles [5][16] - The profit forecast for 2025-2027 is maintained at 1.41 billion, 1.50 billion, and 1.58 billion yuan, with a price-to-earnings ratio of 9, 8, and 8 [5][16] Huace Testing - Huace Testing anticipates a year-on-year net profit growth of 8% to 10% for Q2 2025, driven by traditional business innovations and expansion into new markets [17][18] - The profit forecast for 2025-2027 is set at 1.06 billion, 1.17 billion, and 1.31 billion yuan, with a price-to-earnings ratio of 20, 18, and 16 [17][18] Changjiang Power - The company aims to achieve a power generation target of 300 billion kilowatt-hours in 2025, with profit forecasts of 35.028 billion, 36.715 billion, and 37.087 billion yuan for 2025-2027 [19][20] - The current price-to-earnings ratio is 20.9, 19.9, and 19.7, with a projected dividend yield of 3.35% [19][20]

Core Viewpoints - The mechanical industry is expected to outperform the market, with a focus on high-quality leading companies and structural growth opportunities [15][5][24] - The industry is undergoing a transformation driven by domestic upgrades, self-sufficiency, and accelerated overseas development [15][20] Industry Overview and Outlook - The core equipment localization is fundamental for the rise of the industry, breaking through bottlenecks in high-end equipment is essential for true autonomy and industrialization [15] - The trend of industrial upgrading is inevitable, with advancements in digitalization and energy transformation enhancing social efficiency and reducing costs [15] - The development of exports is transitioning from point to surface, with competitive manufacturing enterprises moving from import substitution to export substitution [15] Investment Strategy - The report recommends focusing on emerging growth sectors and export-driven leading companies, particularly in areas such as humanoid robots, AI infrastructure, and coal chemical equipment [25][26] - Key recommended stocks include Huace Testing, Guodian Measurement, and Yizhiming, among others [24][2] Key Recommendations - The report highlights specific companies for investment, including: - Humanoid Robots: Hengli Hydraulic, Huichuan Technology, and Zhenyu Technology [26] - AI Infrastructure: Yingliu Technology and Haomai Technology [28] - Engineering Machinery: Hengli Hydraulic, XCMG, and Sany Heavy Industry [29] - Nuclear Power Equipment: Jiadian Co., Zhongmi Holdings, and Jiangsu Shentong [29] - General Equipment: Huichuan Technology, Green Harmonic, and Baichu Electronics [29] Performance Tracking - In June, the mechanical industry index rose by 2.82%, outperforming the CSI 300 index by 0.32 percentage points, with stable valuation levels [6][11] - The manufacturing PMI index for June was reported at 49.70%, indicating a slight improvement [6][12] Financial Projections - The report provides forecasts for key companies, indicating resilience in operations, with expected revenue and profit growth across various sectors [31] - For example, Hengli Hydraulic is projected to achieve a revenue of 27.68 billion yuan in Q2 2025, with a net profit of 7.96 billion yuan [31]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company, HuaCe Testing, forecasts a net profit attributable to shareholders of 463-471 million yuan for the first half of 2025, representing a year-on-year increase of 6.06%-7.80%. For Q2, the net profit is expected to be 327-334 million yuan, reflecting a year-on-year growth of 7.5%-10.0%. This performance demonstrates the resilience of the company as a comprehensive national testing institution amidst macroeconomic pressures [2][6][7]. Summary by Sections Revenue Performance - In 2024, the environmental testing sector experienced high growth due to the third national soil survey, but this is expected to decline in 2025, creating revenue growth pressure. The company is countering this by enhancing marine environmental monitoring and other emerging demands. The food and agricultural testing sector is driven by innovation, while industrial product testing is seeing improvements in gross margins due to upgrades in construction testing services [7]. Profitability - The company is advancing lean management practices and exploring AI, digitalization, and automation to enhance operational efficiency. The implementation of a "Talent Refinement Plan" aims to continuously improve organizational capabilities and innovation vitality, contributing to steady net profit growth [7]. International Expansion - The company is actively pursuing international acquisitions, including a planned acquisition of South Africa's Safety SA, which is expected to enhance its service capabilities in Africa. This acquisition is part of the company's broader internationalization strategy [7][13]. Financial Forecast - Revenue projections for 2025-2027 are 6.521 billion yuan, 7.191 billion yuan, and 7.921 billion yuan, with year-on-year growth rates of 7.18%, 10.28%, and 10.15%, respectively. Net profit attributable to shareholders is forecasted to be 1.014 billion yuan, 1.143 billion yuan, and 1.287 billion yuan for the same period, with corresponding growth rates of 10.1%, 12.6%, and 12.7%. The price-to-earnings (PE) ratios are estimated at 20.0x, 17.8x, and 15.8x [7][13].

业绩略超预期，积极推进国际化战略 华测检测(300012) ——华测检测 2025 年半年度业绩预告点评 | [table_Authors] 肖群稀(分析师) | 赵玥炜(分析师) | 张越(分析师) | [Table_Target] 目标价格： | 15.75 | | --- | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号 S0880522120001 | S0880525040040 | S0880522090004 | | | 本报告导读： 华测检测 2025 年半年度业绩略超预期，医药医学板块逐步复苏，传统检测业务稳步 增长；同时拟收购南非 Safety SA 公司，国际化战略布局加速。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 5,605 | 6,084 | 6,469 | 6, ...

证券研究报告·公司点评报告·专业服务 华测检测（300012） 2025Q2 预告快评：Q2 归母净利润同比 +8%~10%，检测龙头经营持续稳健 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,605 | 6,084 | 6,535 | 7,118 | 7,760 | | 同比（%） | 9.24 | 8.55 | 7.42 | 8.92 | 9.01 | | 归母净利润（百万元） | 910.20 | 921.07 | 1,055.55 | 1,172.53 | 1,311.79 | | 同比（%） | 0.83 | 1.19 | 14.60 | 11.08 | 11.88 | | EPS-最新摊薄（元/股） | 0.54 | 0.55 | 0.63 | 0.70 | 0.78 | | P/E（现价&最新摊薄） | 22.61 | 22.34 | 19.50 | 17.55 | 15.69 | [Tabl ...

公司研究 证 券 研 究 报 告 Q2 经营韧性持续，国际化扩张打开成长空间 事项： 公司发布 2025 年半年度业绩预告：2025H1 公司实现归母净利润 4.63-4.71 亿 元，同比+6.06-7.80%，实现扣非归母净利润 4.36-4.43 亿元，同比+8.13%- 10.01%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,084 | 6,710 | 7,396 | 8,158 | | 同比增速(%) | 8.6% | 10.3% | 10.2% | 10.3% | | 归母净利润(百万) | 921 | 1,036 | 1,149 | 1,274 | | 同比增速(%) | 1.2% | 12.5% | 10.9% | 10.9% | | 每股盈利(元) | 0.55 | 0.62 | 0.68 | 0.76 | | 市盈率(倍) | 22 | 20 | 18 | 16 | | 市净率(倍) | 2.9 ...