[Table_Page] 中报点评|专业服务 证券研究报告 [Table_Title] 华测检测（300012.SZ） 24Q2 超预期，看好三普持续释放增量 [Table_Summary] 核心观点： 24Q2 业绩超预期，收入端再回双位数增长。公司发布半年报，24H1 实 现营业收入 27.91 亿元，同比+9.2%；归母净利润 4.37 亿元，同比 +1.97%。其中 24Q2 实现营业收入 15.99 亿元，同比+11.14%；归母 净利润 3.04 亿元，同 比+7.09%，利润重回正向增长通道。 主要板块营收规模稳定增长，医药板块短期承压。分板块来看，24H1 生命科学板块营收 12.59 亿元，同比+21.68%；工业测试板块营收 5.59 亿元，同比+13.8%；消费品测试板块营收 4.62 亿元，同比-3.88%；贸 易保障板块营收 3.75 亿元，同比+9.3%；医疗及医学服务板块营收 1.36 亿元，同比-34.21%。医药及医学服务板块受感染类业务需求下滑、医 疗行业整治以及 CRO 下行等多因素叠加影响，营业收入仍处负增长趋 势；下半年伴随医疗反腐影响逐步消弭，叠加公司医疗器械、CM ...

证券所究报告 辛测检测 (300012 CH) 35 V 7.7/0 A wangweijia@htsc.com +(86) 21 2897 2079 所究员 SAC No. S0570517050002 SFC No. BEB090 取消費服務 ( 美术 ) : 耳茶作 (人民所) : 件款研究 2024 年 8 月 11 日 | 中国内地 中报点评 检测及服务 1H24 归泰冷利同比+2%，小幅下调量利预测 华澳检测发布半年报, 1H24 实现竞技 27.91 亿元(yoy+9%), 归苹净利 4.37 亿元(yoy+2%), 标非净利 4.03 亿元(yoy+5%)。其中 2Q24 实现竞收 15.99 亿元 (yoy+11%, qoq+34%)，归寻净利 3.04 亿元 (yoy+7%, qoq+129%)。 参考 1H24 经营数据，下调医药医学板块收入与毛利率，上调所得税率。小 档下调盈利预测,我们预计公司 24-26 年归非净利为 10.0/11.8/13.1 亿元(前 值 10.5/12.4/13.9 亿元)，对应 EPS 为 0.59/0.70/0.78 元。可比公司 24 年 Wind 一 ...

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 ...

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].