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].

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a revenue of 2.79 billion yuan for H1 2024, representing a year-on-year increase of 9.2%. The net profit attributable to shareholders was 437 million yuan, up 2.0% year-on-year, while the net profit excluding non-recurring items was 403 million yuan, an increase of 4.7% year-on-year [2] - In Q2 2024, the company achieved a revenue of 1.60 billion yuan, which is a 11.1% increase year-on-year and a 34.2% increase quarter-on-quarter. The net profit attributable to shareholders for Q2 was 304 million yuan, up 7.1% year-on-year and 129.4% quarter-on-quarter [2] - The company is focusing on strengthening its existing advantageous businesses, with significant contributions from environmental testing, industrial testing, and consumer product testing segments [2] - The company is actively investing in strategic sectors such as life sciences, new energy, and semiconductor testing, which are expected to drive long-term growth [2] Summary by Relevant Sections Financial Performance - For H1 2024, the life sciences segment generated 1.26 billion yuan in revenue, a 21.7% increase year-on-year, with a gross margin of 49.2%. The industrial testing segment achieved 560 million yuan in revenue, up 13.8% year-on-year, with a gross margin of 45.5% [2] - The trade assurance segment reported 380 million yuan in revenue, a 9.3% increase year-on-year, with a gross margin of 72.7%. The medical and pharmaceutical segment faced challenges, generating 140 million yuan in revenue, down 34.2% year-on-year [2] - The overall gross margin for H1 2024 was 49.5%, a slight increase of 0.15 percentage points year-on-year, while the net margin was 15.7%, down 1.48 percentage points year-on-year [2] Market Outlook - The company is well-positioned in the TIC industry, which has seen growth from 31,000 institutions in 2015 to 54,000 in 2023, with the market size expanding from 180 billion yuan to 467 billion yuan [2] - The domestic inspection and testing certification service industry is projected to reach a total revenue of 500 billion yuan by 2025, indicating significant growth potential [2] - The company maintains a competitive edge in traditional sectors while expanding into new growth areas, which is expected to support stable revenue growth [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 1.02 billion, 1.17 billion, and 1.34 billion yuan, respectively, with corresponding EPS of 0.61, 0.70, and 0.80 yuan. The projected PE ratios are 19, 17, and 15 times for the respective years [3]

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（ ...

Investment Rating - The report assigns a 12-month rating of "Buy" for Centre Testing International (CTI) with a price target of Rmb16.60, while the current price is Rmb11.60 [5][17]. Core Insights - Centre Testing International reported a revenue increase of 9% year-over-year (YoY) to Rmb2.79 billion and a recurring net profit (NP) increase of 5% YoY to Rmb0.4 billion in H124, aligning with market expectations [2][4]. - The gross profit margin (GPM) improved by 1.6 percentage points YoY to 52.7% in Q224, attributed to a low base in Q124 and improvements in specific segments [2][3]. - The life science segment contributed 45% to H1 revenue, growing 22% YoY, driven by the third soil census, while the industrial product testing segment grew 14% YoY, contributing 20% to H1 revenue [3]. - The company did not provide new guidance, and investor reaction is expected to be neutral [4]. Financial Performance - H1 revenue contributions by segment include: - Life Science: 45% with a 22% YoY increase - Industrial Product Testing: 20% with a 14% YoY increase - Trade Assurance: 13% with a 9% YoY increase - Consumer Goods Testing: 17% with a 4% YoY decline - Pharma and Clinical Services: 5% with a 34% YoY decline [3]. - Forecasted revenues are projected to grow from Rmb5.571 billion in 2023 to Rmb6.319 billion in 2024, with net earnings expected to rise from Rmb787 million in 2023 to Rmb908 million in 2024 [6]. Valuation Metrics - The report indicates a forecast price appreciation of 43.1% and a forecast dividend yield of 0.9%, leading to a total forecast stock return of 44.0% [7]. - The company's market capitalization is Rmb19.5 billion (approximately US$2.72 billion) with an average daily trading volume of 16,783,000 shares [5][6]. Company Overview - Established in 2003 and headquartered in Shenzhen, China, Centre Testing International is a leader in third-party testing, inspection, and certification (TIC) services, operating over 150 labs in more than 90 cities worldwide [8].

活 系 麻 麻 # # 华测检测（ 300012 ）2024 牛半年报点评 业绩超预期，下简介恢叠加强管理能力增强 全司抗周期推 享项： :: 公司发布 2024 年半年报：24H1 公司实现校入 27.9 亿元，同比+9.2%；实现归 母净利润 4.37 亿元, 阿比+1.97%；实现标非归母净利润 4.03 亿元, 阿比+4.74%。 评论: :: � 上半年利润同比增选特正越市场预期，Q2 环比 Q1 增速改善。24H1 公司 实现 收入 27.9 亿元，同比+9.2%； 实现归母净利润 4.37 亿元，同比+1.97%； 实现 杂非归母净利润 4.03 亿元，同比+4.74%，上半年利润同比增速转正，越市场 预期；24Q2 公司实现校入 16 亿元，同比+11.1%，实现归母 3.04 亿元，同比 +7.09%；实现指非归母 2.90 亿元，同比+8.45%，Q2 收入及业绩增速环比 Q1 改善，Q2 归母净利率修复至 19.0%，回归历史优异水平。 � 24 年上半年毛利率同比小幅增长，費用準基本稳定. 24H1 公司毛利率 49.5%, 阿比+0.15pct; 销售/管理/研发/财务费用率分别为 ...

证券代码：300012 证券简称：华测检测 公告编号：2024-043 华测检测认证集团股份有限公司 关于为子公司开具履约保函的公告 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。 华测检测认证集团股份有限公司（以下简称"公司"）于2024年8月9日召开 第六届董事会第十七次会议及第六届监事会第十二次会议，审议通过了《关于为 子公司开具履约保函的议案》，现将有关事项公告如下： 一、开具履约保函的概述 公司全资子公司华测工程检测有限公司（以下简称"华测工程"）与广州安 茂铁路建设管理有限公司签署了《南大干线（钟三路至东新高速）工程（涉铁部 分）第三方检测服务合同》及《南大干线（钟三路至东新高速）工程（涉铁部分） 第三方检测服务合同-补充合同》，按照合同约定需提供履约保函。为了缓解华 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，经公司第六届董 事会第七次会议审议通过，公司为华测工程向浦发银行申请开具保函，保函金额 537,355.60 元。该保函将于 2024 年 8 月 17 日到期，由于该项目尚未完工，需 对保函进行续期。华测工程 2024 年 6 ...

证券代码：300012 证券简称：华测检测 公告编号：2024-042 华测检测认证集团股份有限公司 第六届监事会第十二次会议决议公告 本公司及监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"）第六届监事会第十二 次会议于 2024 年 7 月 30 日发出会议通知，2024 年 8 月 9 日以现场结合通讯方式 召开。本次会议应参加监事 3 人，实际参加监事 3 人，分别为：陈炜明、杜学志、 张渝民。本次会议召开符合《公司法》和《公司章程》的有关规定。会议由公司 监事会主席陈炜明先生主持，经与会监事认真审议，形成如下决议： 一、会议以 3 票同意、0 票反对、0 票弃权，审议通过《2024 年半年度报告全文 及摘要》 监事会认为，公司董事会编制和审核的《2024 年半年度报告全文及其摘要》 的程序符合法律、行政法规、中国证监会和深交所的规定，报告的内容真实、准 确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大 遗漏。 公司《2024 年半年度报告全文及摘要》具体内容详见巨潮资讯网的相关公告。 二、会 ...

证券代码：300012 证券简称：华测检测 公告编号：2024-044 华测检测认证集团股份有限公司 关于向银行申请综合授信额度的公告 为满足公司生产经营活动的需要，保证正常生产经营活动中的流动资金需求， 进一步拓宽公司融资渠道，公司及子公司拟向以下合作银行申请综合授信额度， 总额不超过人民币 16.72 亿元。具体信息如下： 华测检测认证集团股份有限公司 董 事 会 二○二四年八月十二日 | 序号 | 银行名称 | | 授信额度（亿元） 授信期限 | | --- | --- | --- | --- | | 1 | 招商银行股份有限公司 | 3 | 一年 | | 2 | 广发银行股份有限公司 | 3 | 一年 | | 3 | 浦发银行股份有限公司 | 3 | 三年 | | 4 | 农业银行股份有限公司 | 2 | 一年 | | 5 | 汇丰银行（中国）有限公司 | 1.22 | 三年 | | 6 | 中国银行股份有限公司 | 1.5 | 一年 | | 7 | 华润银行股份有限公司 | 1 | 一年 | | 8 | 工商银行股份有限公司 | 1 | 一年 | | 9 | 交通银行股份有限公司 | 1 | 一年 ...