华测检测（300012.SZ）2024 年中报点评 Q2 业绩超预期，基本面见底回升 2024 年 08 月 13 日 ➢ 公司发布 2024 年中报。2024H1，公司实现营收 27.91 亿元，yoy+9.20%， 归母净利润 4.37 亿元，yoy+1.97%，毛利率 49.52%，yoy+0.15pct，净利率 15.68%，yoy-1.49pct；2024Q2，公司实现营收 15.99 亿元，yoy+11.14%， 归母净利润 3.04 亿元，yoy+7.09%，毛利率 52.68%，yoy+1.59pct，净利率 19.17%，yoy-1.03pct。 ➢ 生命科学及工业测试实现双位数增长。2024 年上半年，公司生命科学、工 业测试及贸易保障实现稳健增长，医药及医学服务下滑较多，消费品测试略有下 滑。生命科学业务：实现营收 12.59 亿元，yoy+21.68%，毛利率 49.42%， yoy+1.36pct。2024H1，受益于土壤三普顺利实施及细分产品线的优秀表现， 公司环境检测业务实现较快增长；此外，公司通过精益管理持续提升实验室的运 营效率，挖掘更多的细分领域加大投资，充分发挥综合服务优 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -53% -42% -32% -21% -10% 0% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 华测检测 深证成指 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 11.60 Q2 利润增速转正，生命科学检测稳增长 华测检测(300012) [Table_Industry] 资本货物/工业 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 14.14 | | | 上次预测: | 14.14 | | --- | --- | --- | ...

——华测检测 2024 半年报点评 股 票 研 究 股票研究 /[Table_Date] 2024.08.12 证 券 研 究 报 告 Q2 利润增速转正，生命科学检测稳增长 华测检测(300012) [Table_Industry] 资本货物/工业 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 14.14 | | | 上次预测: | 14.14 | | [当前价格： Table_CurPrice] | | 11.60 | | --- | --- | --- | |----------|---------------------------|--------------------------| | | 徐乔威(分析师) | 张越(分析师) | | | 021-38676779 | 0755-23976385 | | | xuqiaowei023970@gtjas.c ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to China International Capital Corporation (CICC) and its international cooperation committee [1] Core Points and Arguments - The meeting was a closed session, indicating a focus on confidential discussions and strategic planning [1] - Only invited guests were allowed to attend, emphasizing the exclusivity and importance of the information shared [1] - There are legal rights reserved by the company regarding any unauthorized dissemination of information, highlighting the sensitivity of the content discussed [1] Other Important but Possibly Overlooked Content - The mention of potential legal actions against unauthorized behaviors suggests a proactive approach to information security and corporate governance [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a gradual recovery in demand, with Q2 revenue increasing by 11.1% year-on-year, indicating a positive trend in performance [5][6] - The company is expected to see further improvement in profitability in the second half of the year due to low base effects and operational efficiency enhancements [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.791 billion yuan, a year-on-year increase of 9.20%, and a net profit attributable to shareholders of 437 million yuan, up 1.97% year-on-year [5] - Q2 alone saw revenue of 1.599 billion yuan, a year-on-year increase of 11.1%, and a net profit of 304 million yuan, up 7.09% year-on-year [5][6] Business Segments - Life Sciences segment revenue grew by 21.7% in H1, driven by new growth points in marine environment and environmental monitoring [5] - Industrial Testing segment revenue increased by 13.8%, with a recovery in construction testing and stable growth in carbon neutrality and ESG fields [5] - Consumer Products Testing segment saw a decline of 3.9% in revenue, primarily due to reclassification of medical device product lines [5] - Trade Assurance segment maintained a revenue increase of 9.3%, while the Pharmaceutical and Medical segment experienced a significant decline of 34.2% due to regulatory impacts [5] Profitability and Margins - The overall gross margin improved by 0.15 percentage points year-on-year, with notable increases in the Life Sciences, Industrial Testing, and Trade Assurance segments [6] - The net profit margin for Q2 was 19.2%, slightly down by 1.03 percentage points year-on-year, attributed to increased credit impairment losses [6] Cash Flow and Capital Management - The cash collection ratio reached 90%, significantly higher than the previous years, indicating improved cash flow management [6] - The company announced a share repurchase plan, demonstrating confidence in its future growth prospects [6] Earnings Forecast and Valuation - The company is projected to achieve revenues of 6.456 billion yuan, 7.012 billion yuan, and 7.766 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.010 billion yuan, 1.112 billion yuan, and 1.230 billion yuan [6] - The estimated PE ratios for the next three years are 19.3x, 17.6x, and 15.9x, indicating a favorable valuation outlook [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][5]. Core Insights - The life sciences sector showed impressive growth with a year-on-year revenue increase of 21.68%, contributing significantly to the company's overall performance [3]. - The company achieved a total revenue of 2.791 billion yuan in H1 2024, reflecting a 9.2% year-on-year growth, while the net profit attributable to shareholders reached 437 million yuan, up by 1.97% [2][5]. - The report highlights the company's strong management capabilities and anticipates a recovery in performance for Q2 2024, projecting revenues of 6.292 billion yuan, 7.039 billion yuan, and 7.855 billion yuan for 2024, 2025, and 2026 respectively [5][6]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 2.791 billion yuan, with a net profit of 437 million yuan, and a non-recurring net profit of 403 million yuan, showing growth rates of 9.2%, 1.97%, and 4.74% respectively [2]. - The overall gross margin for H1 2024 was 49.52%, a slight increase of 0.15 percentage points year-on-year [5]. Sector Performance - The life sciences segment generated 1.259 billion yuan in revenue for H1 2024, with a gross margin of 49.42%, marking a year-on-year growth of 21.68% [3]. - The industrial testing sector also performed well, with a revenue of 559 million yuan, reflecting a 13.8% year-on-year increase [3]. Future Projections - The company is expected to achieve revenues of 6.292 billion yuan in 2024, with net profits projected at 1.039 billion yuan, corresponding to a P/E ratio of 19 times [6][7]. - The report anticipates a consistent growth rate of 12% for revenue in the following years, with net profit growth rates of 14% and 13% for 2025 and 2026 respectively [6][7].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][5]. Core Insights - The life sciences segment showed impressive growth with a year-on-year revenue increase of 21.68%, contributing to the overall revenue growth of 9.2% in H1 2024 [2][3]. - The company achieved a net profit of 4.37 billion yuan in H1 2024, reflecting a year-on-year growth of 1.97% [2]. - The report highlights the company's strong management capabilities and anticipates a recovery in performance for Q2 2024 [5]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 27.91 billion yuan, with a net profit of 4.37 billion yuan and a non-recurring net profit of 4.03 billion yuan [2]. - Q2 2024 results showed revenue of 15.99 billion yuan, a year-on-year increase of 11.14%, and a net profit of 3.04 billion yuan, up 7.09% year-on-year [2]. Segment Performance - The life sciences segment generated 12.59 billion yuan in revenue in H1 2024, with a gross margin of 49.42% [3]. - The industrial testing segment achieved revenue of 5.59 billion yuan, growing 13.8% year-on-year, with a gross margin of 45.45% [3]. - The trade assurance segment exceeded expectations with a revenue of 3.75 billion yuan, up 9.3% year-on-year, and a gross margin of 72.73% [4]. Future Projections - The report forecasts revenues of 62.92 billion yuan, 70.39 billion yuan, and 78.55 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 10.39 billion yuan, 11.76 billion yuan, and 13.33 billion yuan [5][6]. - The projected P/E ratios for the next three years are 19, 17, and 15 times [5][6].

[Table_StockInfo] 2024 年 08 月 11 日 证券研究报告•2024 年半年报点评 持有 （维持） 当前价：11.60 元 华测检测（300012）社会服务 目标价：——元（6 个月） 24Q2 收入利润正增长，业绩符合预期 [Table_Summary] 事件：公司发布 2024年半年报，2024H1公司实现营收 27.9亿，同比+9.2%； 归母净利润 4.37亿，同比+2.0%，扣非归母净利润 4.03亿，同比+4.7%。2024Q2 实现营收 16.0亿，同比+11.1%，环比+34.2%；归母净利润 3.04亿，同比+7.1%， 环比+129.4%；扣非归母净利润 2.9亿，同比+8.5%，环比+157.7%。24Q2收 入利润正增长，业绩符合预期。 稳固深化既有优势业务，环境检测、工业测试、消费品检测板块拉动公司营收 增长。2024H1，受益于土壤三普顺利实施及细分产品线的优秀表现，生命科学 板块实现营收 12.6亿，同比+21.7%，毛利率为 49.2%，同比+1.36pp；工业测 试板块，公司对与房地产关联度较高的建筑和工程领域适时做出战略调整，瞄 准"新能源+新电网" ...

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 2,791,125,806.80, representing a 9.20% increase compared to RMB 2,556,051,746.99 in the same period last year[18]. - Net profit attributable to shareholders was RMB 436,594,715.48, a 1.97% increase from RMB 428,171,523.45 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was RMB 402,810,542.55, reflecting a 4.74% increase from RMB 384,585,126.58 in the previous year[18]. - The company reported a basic earnings per share of RMB 0.2606, up 2.28% from RMB 0.2548 in the previous year[18]. - The company's total assets at the end of the reporting period were RMB 8,590,214,115.06, a decrease of 1.82% from RMB 8,749,114,094.50 at the end of the previous year[18]. - The weighted average return on equity decreased to 6.84%, down 0.73 percentage points from 7.57% in the previous year[18]. - The company's net cash flow from operating activities decreased significantly by 86.72%, amounting to RMB 22,213,325.50 compared to RMB 167,225,704.58 in the same period last year[18]. Investments and Growth Strategy - Significant investments have been made in sectors such as pharmaceuticals, new materials, semiconductor chips, rail transportation, and new energy vehicles, positioning the company for future growth[9]. - The company plans to maintain a budget management control for capital expenditures, ensuring thorough investment return analysis and reasonable investment pacing[9]. - The company has established a dedicated department to monitor policy changes and manage potential risks associated with regulatory uncertainties in the testing industry[6]. - The company has developed a detailed investment return analysis framework to evaluate the rationality and necessity of capital expenditures beyond mergers and acquisitions[72]. - The company is committed to enhancing the operational efficiency of newly built laboratories to achieve breakeven and maximize scale effects over time[9]. Quality Control and Compliance - The company emphasizes the importance of maintaining credibility and brand integrity, implementing comprehensive quality control systems to ensure the accuracy and reliability of testing reports[4]. - The company has developed a series of management procedures to uphold independence, fairness, and integrity in its certification services[5]. - The company has implemented a quality management framework in compliance with international standards to mitigate quality risks in its operations[4]. - The company has established a maintenance committee to oversee the impartiality of certification services, ensuring independence and objectivity in reporting[69]. - The company has implemented strict anti-corruption measures in line with international conventions to uphold its brand values and credibility[69]. Operational Efficiency and Innovation - The company is focused on enhancing its core competitiveness through continuous innovation and development in the testing and certification industry[74]. - The company has implemented lean management projects across various laboratories, improving efficiency and fostering a culture of continuous improvement[49]. - The company has established a postdoctoral innovation practice base, currently hosting 9 postdoctoral researchers focusing on various fields including biomedicine and chip testing[76]. - The company is advancing its digital transformation strategy, incorporating generative AI technology to enhance customer service and operational efficiency, which has significantly reduced customer wait times and improved service experience[48]. - The company launched its first employee stock ownership plan in 2024, covering 333 key management and business personnel, and completed a share repurchase plan totaling 5 million shares[50]. Environmental and Social Responsibility - The company has established a comprehensive ESG governance system and was included in the S&P Global Sustainability Yearbook for the second consecutive year[100]. - The company has implemented green office practices, including promoting paperless processes and energy-saving measures, to reduce carbon emissions[96]. - The company has prioritized green travel by encouraging employees to use public transportation and reducing business travel distances[97]. - The company maintains a green building standard with a 20% greening rate and energy-efficient materials to lower carbon emissions[98]. - The company paid an environmental protection tax of CNY 40,466.61 during the reporting period[96]. Market Position and Industry Trends - The company operates in five major business segments, providing services across various industries including food safety, environmental testing, and medical services, with over 160 laboratories and 260 service networks globally[25]. - The company is recognized as an independent third-party certification body focusing on green low-carbon and ESG services, providing a range of sustainability services[30]. - The company has established a comprehensive laboratory service network covering food, agriculture, special foods, and health products, providing full technical services for the food supply chain[26]. - The environmental division has completed over 5,000 testing projects and has more than 3,500 certified testing methods, actively developing new monitoring technologies[27]. - The company has expanded its service capabilities in the cosmetics efficacy evaluation sector, achieving notable success in emerging fields[43]. Shareholder and Financial Management - The company does not plan to distribute cash dividends or issue bonus shares, focusing instead on reinvestment strategies[9]. - The company has established a talent development system, offering various training programs to ensure sustainable growth and attract skilled professionals[39]. - The company aims to maintain a high-quality management team and has implemented performance evaluation and stock incentive plans to motivate employees[39]. - The company has set up a postdoctoral innovation practice base, recruiting 9 postdoctoral researchers to enhance its technological innovation capabilities[41]. - The company has established several new subsidiaries during the reporting period, including Shenzhen Huace Fengxue Testing Technology Co., Ltd. and Shanghai Huace Fengxue Testing Technology Co., Ltd.[67].

快评 华测检测 H124扣非净利润同比增长5%，落在此前业绩 预告中端 问：相对于预期，业绩表现如何？ 答：H124公司收入/扣非净利同比增9%/5%至27.9亿元/4.0亿元。Q224收入 同比增11%至16亿元，扣非净利同比增9%至2.9亿元，落在此前业绩预告 中端（此前业绩预告：H1扣非净利同比+4%~+6%），大致符合我们和市场 预期。Q224毛利率同比/环比提升1.6ppt/7.4ppt至52.7%，我们认为主要由 于：1）Q124基数较低；2）第三次土壤普查毛利率较普通环境检测略高； 和3）双碳、ESG、建工等板块毛利率有所提升。Q224扣非净利率同比下 降0.4ppt/环比提升8.7ppt至18.2%，我们认为环比大幅提升主要由于Q124 基数低。 问：业绩中最值得关注的是什么？ 答：分板块来看，生命科学（H1收入占比45%）：H1收入同比增长22%、 主要得益于第三次全国土壤普查的开展，毛利率同比改善1.4ppt至49.4%。 工业测试（H1收入占比20%）：H1收入同比增长14%，主要来自建工板 块、计量校准和认证（含双碳）业务的高速增长，毛利率同比提升2.5ppt 至45.5%。贸易保障（ ...