Investment Rating - The investment rating for the company is "Outperform the Market" [6][14]. Core Views - The company reported a revenue of 6.08 billion yuan for 2024, representing a year-on-year growth of 8.49%, while the net profit attributable to shareholders increased by 2.64% to 934 million yuan. The non-recurring profit also showed a significant increase of 11.39% [1][3]. - The company is actively pursuing strategic acquisitions, including a 51% stake in Changzhou Microtech and a 70% stake in Changzhou Honghai, which are expected to enhance its capabilities in the electronic materials and electric bicycle testing sectors [2]. - The company has initiated a share buyback program aimed at employee stock ownership plans, having repurchased 1.2 million shares, which is 0.0713% of the total share capital, to strengthen its long-term development [3]. Financial Performance Summary - For 2024, the company achieved a revenue of 6.08 billion yuan, with a year-on-year growth of 8.49%. The net profit attributable to shareholders was 934 million yuan, reflecting a growth of 2.64%. The non-recurring profit was 873 million yuan, up by 11.39% [1][5]. - The projected net profits for 2024, 2025, and 2026 are 934 million yuan, 1.05 billion yuan, and 1.20 billion yuan, respectively, with corresponding PE ratios of 22, 20, and 17 [3][5]. - The company maintains a gross margin of approximately 49.47% and a net profit margin of 15.36% for the year [1].

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's performance in 2024 is stable with steady growth in revenue and net profit [2] - The company's gross margin has improved slightly, and the efficiency of lean management is significant [3] - The company's forward-looking emerging business layout and internationalization strategy support long-term growth [4] Financial Performance - 2024 revenue is expected to reach 6,081 million yuan, a year-on-year increase of 8.5% [2] - 2024 net profit attributable to the parent company is expected to be 934.25 million yuan, a year-on-year increase of 2.6% [1] - 2024 Q4 revenue is 1.7 billion yuan, a year-on-year increase of 10.6%, and net profit attributable to the parent company is 190 million yuan, a year-on-year increase of 10.8% [2] - 2024 gross margin is 49.5%, an increase of 1.4 percentage points year-on-year [3] - 2024 Q4 gross margin is 45.8%, an increase of 4.0 percentage points year-on-year [3] Business Strategy - The company maintains a competitive advantage in traditional fields such as life sciences and trade assurance, while actively exploring emerging market demands such as pet food and new energy [2] - The company is strategically investing in semiconductor testing and low-altitude economy sectors to create a second growth curve [4] - The company is expanding its international presence through acquisitions, such as Maritec in Singapore and Yima in Germany, to enhance its global influence [4] Market and Industry Outlook - The domestic demand for third-party testing services is under pressure, but the company's leading position and alpha attributes are evident [2] - With the adjustment of macroeconomic policies and the introduction of incremental policies, the demand for testing services is expected to recover, supporting the company's performance growth in 2025 [2] Financial Forecasts - 2025 revenue is expected to reach 6,687 million yuan, a year-on-year increase of 9.97% [1] - 2025 net profit attributable to the parent company is expected to be 1,097.26 million yuan, a year-on-year increase of 17.45% [1] - 2026 revenue is expected to reach 7,463 million yuan, a year-on-year increase of 11.61% [1] - 2026 net profit attributable to the parent company is expected to be 1,280.65 million yuan, a year-on-year increase of 16.71% [1] Valuation Metrics - Current P/E ratio is 21.82x for 2023, expected to decrease to 15.51x by 2026 [1] - Current P/B ratio is 3.20x, expected to decrease to 2.09x by 2026 [10]

Financial Performance - Total revenue for 2024 reached ¥608,052.55 million, an increase of 8.49% compared to ¥560,462.45 million in the previous year[4] - Net profit attributable to shareholders of the parent company was ¥93,425.31 million, up 2.64% from ¥91,020.35 million year-on-year[4] - The net profit after deducting non-recurring gains and losses increased by 11.39% to ¥87,299.69 million from ¥78,372.92 million[4] - In Q4 2024, total revenue was ¥168,452.71 million, reflecting a year-on-year growth of 10.59%[5] - The net profit attributable to shareholders of the parent company in Q4 was ¥18,755.35 million, a 10.75% increase from ¥16,935.31 million in the same period last year[5] Profitability Metrics - The comprehensive gross profit margin improved by 1.41% compared to the previous year, with a notable increase of 3.95% in Q4[6] - Non-recurring gains and losses impacted net profit by approximately ¥61.26 million, a decrease from ¥126 million in the previous year due to reduced government subsidies[6] - The weighted average return on net assets decreased by 1.29 percentage points to 14.26% from 15.55%[4] Strategic Focus - The company is focusing on sustainable growth and operational efficiency through innovation and strategic acquisitions to enhance its core competitiveness[6] Asset Management - Total assets at the end of the reporting period were ¥941,129.19 million, up 7.57% from ¥874,911.41 million at the beginning of the period[4]

Core Viewpoint - The successful completion of the equity transfer of 70% stake in Jiangsu Honghai Vehicle Testing Co., Ltd. marks a strategic collaboration aimed at enhancing professional testing services for the electric bicycle market in China [1] Company Summary - The equity transfer ceremony took place in Changzhou, Jiangsu, on January 6 [1] - The collaboration will leverage resource advantages to support the healthy development of the electric bicycle market [1] Industry Summary - China is a major producer and consumer of electric bicycles, with a total ownership of 350 million units [1] - In 2023, large-scale enterprises produced a cumulative total of 42.28 million electric bicycles, highlighting the significance of electric bicycles as an important mode of transportation for short-distance travel [1]

证券代码：300012 证券简称：华测检测 公告编号：2024-059 华测检测认证集团股份有限公司 华测检测认证集团股份有限公司 董 事 会 第六届董事会第二十次会议决议公告 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。 华测检测认证集团股份有限公司（以下简称"公司"）第六届董事会第二十次 会议于 2024 年 12 月 13 日发出会议通知，2024 年 12 月 16 日以现场结合通讯方式 召开。本次会议应参与董事 7 名，实际参与董事 7 名，分别为：万峰、申屠献忠、 钱峰、戚观成、程海晋、曾繁礼、刘志权。会议由董事长万峰主持，董事会会议 的举行和召开符合国家有关法律、法规及《公司章程》的规定。经充分讨论和审 议，会议形成决议如下： 一、会议以 7 票同意、0 票反对、0 票弃权，审议通过《关于第二期员工持股 计划延期的议案》 基于目前证券市场的情况，综合考虑公司实际发展状况，切实发挥员工持股 计划实施的目的和激励作用，同意将公司第二期员工持股计划存续期延长至 2026 年 12 月 31 日。本次员工持股计划可以在延长期内出售股票，在存续期内，若员 ...

华测检测认证集团股份有限公司（以下简称"公司"）于 2018 年 7 月 23 日 召开了第四届董事会第十七次会议、第四届监事会第十三次会议，于 2018 年 8 月 8 日召开了 2018 年第一次临时股东大会，审议通过了《华测检测认证集团股份有 限公司第二期员工持股计划（草案）及摘要》及《华测检测认证集团股份有限公 司第二期员工持股计划管理办法》等相关议案。 2018 年 10 月 9 日公司召开第四届董事会第十九次会议、第四届监事会第十五 次会议审议通过《关于修订<华测检测认证集团股份有限公司第二期员工持股计划 （草案）及其摘要>的议案》、《关于修订＜华测检测认证集团股份有限公司第二 期员工持股计划管理办法＞的议案》等议案。 2018 年 10 月，公司作为委托人代表第二期员工持股计划与管理人国信证券股 份有限公司（以下简称"国信证券"）、托管人中信银行股份有限公司深圳分行 （以下简称"中信银行"）签署了《国信证券华测检测员工持股 1 号单一资产管 理计划资产管理合同》。 证券代码：300012 证券简称：华测检测 公告编号：2024-060 华测检测认证集团股份有限公司 关于第二期员工持股计划延期的公 ...

证券代码：300012 证券简称：华测检测 公告编号：2024-057 华测检测认证集团股份有限公司 关于回购股份的进展公告 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。 华测检测认证集团股份有限公司（以下简称"公司"）于 2024 年 7 月 2 日 召开第六届董事会第十六次会议审议通过了《关于回购公司股份方案的议案》， 公司计划使用自有资金以集中竞价方式回购公司股份，回购的公司股份用于员工 持股计划或股权激励。本次拟回购股份数量为 200 万股-300 万股，回购股份价格 不超过人民币 16.83 元/股，按照回购数量上限 300 万股和回购价格上限 16.83 元/ 股的条件下测算，预计回购金额不超过 5,049 万元，具体回购股份的数量以回购 结束时实际回购的股份数量为准。本次回购实施期限为自公司董事会审议通过本 次回购股份方案之日起不超过 12 个月。具体内容详见公司 2024 年 7 月 3 日、2024 年 7 月 5 日在巨潮资讯网（http://www.cninfo.com.cn）上披露的《关于回购公 司股份方案的公告》（公告编号：2024 ...

证券代码：300012 证券简称：华测检测 公告编号：2024-058 华测检测认证集团股份有限公司 关于购买土地使用权暨投资建设项目进展的公告 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、对外投资概述 华测检测认证集团股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开第六届董事会第十八次会议审议通过了《关于拟购买土地使用权并投资建 设项目的议案》。根据公司发展战略规划，董事会同意公司通过参与重点产业项 目遴选方式挂牌受让位于深圳市宝安区新桥街道新桥东 A324-0173 号地块的国 有建设用地使用权（以实际出让文件为准）并在该地块建设宝安综合检测服务基 地。具体内容详见公司 2024 年 10 月 25 日披露于巨潮资讯网的《关于公司拟购 买土地使用权并投资建设项目的公告》（公告编号：2024-051） 。 二、项目进展情况 近日，公司按照法定程序参与了深圳交易集团有限公司土地矿业权业务分公 司举办的宝安区新桥街道宗地号为A324-0173的国有建设用地使用权挂牌出让活 动，以人民币1,930万元竞得该地块使用权，并签署了《成交 ...

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities from October 10 to November 28, 2024, including on-site and online meetings with various financial institutions and investors [1][2][3][4][5][6][7][8][9]. - A total of 46 participants attended the third strategy meeting on November 22, 2024, indicating strong interest from the investment community [5]. Group 2: Business Development and Strategy - The company has established a strong presence in the low-altitude equipment inspection and testing sector, with a comprehensive service capability across various locations in China [6]. - The company aims to enhance its international presence, with overseas revenue reaching CNY 34.5 million, accounting for 6.15% of total revenue in 2023 [7]. - The company is actively pursuing mergers and acquisitions to strengthen its market position, focusing on sectors such as consumer goods and green energy [8]. Group 3: Future Outlook and Growth - The company anticipates a stable growth trajectory in 2025, driven by its "123 strategy," which includes maintaining traditional business strengths, investing in new projects, and exploring new technologies [6][7]. - The company is focusing on over 20 new projects to ensure effective research and development, which are expected to become future growth points [7]. Group 4: Competitive Landscape - The current market for testing and certification services remains fragmented, characterized by a low concentration of firms, which presents opportunities for companies with scale advantages [8][9]. - The company emphasizes the importance of talent as a core competitive advantage, investing significantly in talent development and training programs [9].

证券代码：300012 证券简称：华测检测 公告编号：2024-055 华测检测认证集团股份有限公司 公司于 2023 年 12 月 12 日召开第六届董事会第十一次会议审议通过《关于 为子公司开具履约保函的议案》，为全资子公司华测工程检测有限公司（以下简 称"华测工程"）广州市轨道交通十号线工程质量检测服务项目及广州市轨道交 通工程三号线东延段工程质量检测服务项目向银行申请履约保函。上述保函将于 2024 年 12 月 31 日到期。目前项目尚未实施完毕，华测工程与广州地铁集团有 限公司签署了《广州市轨道交通十号线工程质量检测服务项目合同（三）补充协 议》及《广州市轨道交通工程三号线东延段工程质量检测服务项目合同（三）补 充协议》，增加了服务内容，合同金额相应增加。为缓解华测工程保函保证金占 用资金的情况，提高流动资金的使用效率，公司拟继续为华测工程向银行申请开 具保函，本次履约保函金额合计为 1,141,981.06 元，期限为银行开立之日起至 2025 年 12 月 31 日止。华测工程 2024 年 10 月 31 日的资产负债率为 53.26%，无 需提交股东大会审议。 二、被担保人基本情况 1、公 ...