华测检测认证集团股份有限公司（以下简称"公司"）第六届董事会第十七次 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《2024 年半年度报告全文 及摘要》 证券代码：300012 证券简称：华测检测 公告编号：2024-041 华测检测认证集团股份有限公司 第六届董事会第十七次会议决议公告 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。 三、会议以 7 票同意、0 票反对、0 票弃权，审议通过《关于向商业银行申请综合 授信额度的议案》 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，公司及子公司拟向合作银行申请综合授信额度，总额 不超过人民币 16.72 亿元。 ...

| | | 占用方与上 | 上市公司核 | 2024 年期初 | 2024 半年度 | 2024 半年 | 2024 半年 | 2024 年半年度 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 | 资金占用方名称 | 市公司 | 算的会计科 | 占用资金余 | 占用累计发 | 度占用资 | 度偿还累 | 期末占用资金 | 占用形成 | 占用性质 | | 资金占用 | | | | | 生金额（不 | 金的利息 | 计发生金 | | 原因 | | | | | 的关联关系 | 目 | 额 | 含利息） | （如有） | 额 | 余额 | | | | 控股股 | | | | | | | | | | | | 东、实际 | | | | | | | | | | | | 控制人及 | | | | | | | | | | | | 其附属企 | | | | | | | | | | | | 业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股 | | | ...

Investment Rating - Strong Buy (First Coverage) with a target price of 15.75 RMB, compared to the current price of 11.71 RMB [1] Core Views - The testing and inspection industry is a long-term growth sector with a broad market space, driven by its GDP+ attributes and cyclical/anti-cyclical nature [1] - The company is a leading domestic third-party testing and inspection provider, with diversified business across five major segments: Life Science Testing, Industrial Testing, Consumer Product Testing, Trade Assurance Testing, and Pharmaceutical & Medical Services [1] - The company has transitioned from rapid expansion to refined management, focusing on profitability and operational efficiency since 2018 [1] - The company's decentralized business layout and strong management capabilities support steady growth, with significant room for market share expansion and revenue growth compared to international peers [1] Industry Overview - The Chinese testing and inspection market reached 467 billion RMB in 2023, with a CAGR of 12.8% from 2013 to 2023, outpacing GDP growth [16] - Third-party testing institutions are gaining market share due to their professionalism and independence, with enterprise-based testing institutions accounting for 77.3% of the market in 2023 [20] - The industry is highly fragmented, with the top 10 companies holding less than 10% of the market share, indicating significant consolidation potential [1] Company Development Phases Phase 1 (2009-2013): Expansion and Regional Diversification - The company expanded its laboratory network and market share, with revenue growth driven by regional expansion and business line diversification [47] - Revenue from the East China region grew rapidly, while the North China region saw significant growth due to increased market share in life science testing [48] Phase 2 (2014-2017): Revenue-Driven Growth and Accelerated M&A - The company focused on revenue growth, accelerating both organic and inorganic expansion, leading to rapid revenue growth but weaker profit performance [1] - The company increased its laboratory count and expanded its service offerings through acquisitions [43] Phase 3 (2018-Present): Profit-Oriented Refinement - The company shifted its focus to profitability, optimizing its workforce, controlling costs, and improving operational efficiency [1] - The company adopted a more cautious approach to M&A, focusing on strategic acquisitions that align with its long-term goals [1] Financial Performance - The company achieved a revenue CAGR of 25% and a net profit CAGR of 22% from 2008 to 2023 [41] - In 2023, the company reported revenue of 5.605 billion RMB, with a net profit of 910 million RMB, and an ROE of 16% [1][2] - The company is expected to achieve net profits of 1.056 billion RMB, 1.221 billion RMB, and 1.420 billion RMB in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16%, 15.7%, and 16.3% [1][2] Business Segments Life Science Testing (45% of Revenue) - The segment includes environmental and food testing, with revenue of 2.5 billion RMB in 2023 and stable profitability [25][26] Industrial Testing (19% of Revenue) - The segment covers construction, industrial, and maritime services, with revenue of 1.09 billion RMB in 2023 and a gross margin of 44% [28][29] Consumer Product Testing (17% of Revenue) - The segment includes automotive, electronics, and consumer goods testing, with revenue of 980 million RMB in 2023 and a gross margin of 45% [31][32] Trade Assurance Testing (12% of Revenue) - The segment provides trade verification services, with revenue of 700 million RMB in 2023 and a gross margin of 64.6% [34][35] Pharmaceutical & Medical Services (6% of Revenue) - The segment offers pharmaceutical and medical testing services, with revenue of 336 million RMB in 2023 [37] Valuation and Peer Comparison - The company is valued at 25x PE for 2024, based on its strong management capabilities and leading position in the industry [1] - Comparable companies include广电计量, 西测测试, 中国汽研, 思科瑞, 信测标准, and 苏试试验 [1] Key Growth Drivers - The company's decentralized business layout across multiple industries provides resilience against cyclical fluctuations [1] - The company has significant room for market share expansion, currently holding only 1% of the domestic testing market [1] - The company's revenue growth potential is substantial compared to international peers, with further growth expected through both organic and inorganic strategies [1]

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：2024-035）、《回购报告书》（公告编号：2024-037）。 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。 一、股份回购进展情况 根据《上市公司股份回 ...

Group 1: Investor Relations Activities - A total of 138 participants attended various investor relations activities from June 13 to July 11, 2024, including site visits and conference calls [1][2][3][4][5][6][7][8]. - Notable participants included major funds and asset management companies such as 嘉实基金, 博时基金, and 高盛集团 [1][2][3][4][5][6][7][8]. Group 2: Business Performance and Revenue - In 2023, the revenue from the food safety sector exceeded 1 billion CNY, accounting for over 20% of the company's total revenue [5]. - The company has maintained a stable growth trend in its food business, which has become its largest revenue source [5]. - Cumulative cash dividends since the company's listing in 2009 amount to 1.028 billion CNY, with an average dividend payout ratio of 30.27% [6]. Group 3: Market Position and Competitive Advantage - 华测检测 has established itself as a leader in the third-party testing industry, leveraging its extensive laboratory network and operational efficiency to maintain a competitive edge [5][6]. - The company aims to expand its market presence in emerging fields such as pharmaceuticals and semiconductors through strategic acquisitions and differentiated service offerings [6][7]. - The testing industry is expected to grow at a rate 1.5 to 2 times that of GDP growth, driven by increasing product variety and technological advancements [8]. Group 4: Strategic Planning and Future Outlook - The company plans to maintain its capital expenditure budget over the next three years, focusing on strategic investments and equipment upgrades in traditional testing areas [7]. - Future mergers and acquisitions will prioritize sectors such as semiconductors, pharmaceuticals, and carbon emissions, with an emphasis on enhancing operational capabilities and market presence [7]. - The competitive landscape in the domestic testing industry is expected to evolve, with smaller firms potentially exiting the market, benefiting larger, more efficient companies [8].

Summary of Conference Call Company/Industry Involved - The conference call pertains to the company "华策检测机械" (Huace Testing Machinery) and its position in the value stock sector within the broader market context of deep value stocks [1] Core Points and Arguments - The call began with a welcome message and a statement regarding the participants being muted, indicating a formal structure to the meeting [1] - The host mentioned that the meeting would proceed directly after the introductory statements, suggesting a focus on delivering key information efficiently [1] Other Important but Possibly Overlooked Content - The mention of "智商深度白马文件价值股" (Intelligent Deep Value Blue Chip Stocks) indicates a focus on high-quality investment opportunities within the value stock category, which may attract investor interest [1] - The reference to "秋实两王华军" (Qiu Shi Liang Wang Hua Jun) could imply a discussion on leadership or key figures within the company or industry, although specific details were not provided in the excerpt [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company is expected to achieve revenue of 2.76-2.82 billion yuan in the first half of 2024, representing a year-on-year growth of 8% to 10%, with a midpoint of 2.79 billion yuan, which is a 9% increase year-on-year [4][6] - The net profit attributable to shareholders is forecasted to be 433-440 million yuan, reflecting a year-on-year increase of 1% to 3%, with a midpoint of 437 million yuan, indicating a 2% growth year-on-year [4][6] - The company has launched a share repurchase plan, demonstrating confidence in its development and aiming to implement employee stock ownership plans [5] Summary by Sections Financial Performance - The company forecasts a revenue of 6.4 billion yuan for 2024, with a year-on-year growth of 14.2%, and a net profit of 1.031 billion yuan, reflecting a 13.3% increase [7][9] - The projected earnings per share (EPS) for 2024 is 0.61 yuan, with a reasonable valuation range of 13.48-14.70 yuan per share based on a PE ratio of 22-24 times [8][9] Business Segments - **Nuclear Pollution Detection**: The company has initiated radiation element detection services following Japan's nuclear wastewater discharge plan, receiving inquiries and orders from clients [6] - **Low-altitude Economy**: The company is actively developing a full industrial chain for low-altitude economy testing, establishing laboratories in key regions [6] - **Semiconductor Testing**: The acquisition of a 100% stake in Weisi Bo and the establishment of a new chip testing base enhance the company's capabilities in semiconductor testing [6] - **Medical Device Testing**: The company has acquired an 80% stake in Guangdong Niuwai Quality Technology Service Co., further strengthening its position in the medical device testing market [6] Revenue Projections by Business Segment - **Trade Assurance**: Expected revenue growth of 8% annually from 2024 to 2026, with a gross margin of 64% [11] - **Consumer Product Testing**: Anticipated revenue growth of 15% annually from 2024 to 2026, with a gross margin increasing to 44.5% by 2026 [11] - **Industrial Testing**: Projected revenue growth of 20% annually from 2024 to 2026, with a gross margin of 41.5% by 2026 [11] - **Life Sciences**: Expected revenue growth of 17% in 2024, with a gross margin of 48% [11] - **Pharmaceutical and Medical Services**: Forecasted revenue decline of 15% in 2024, followed by a recovery of 10% in subsequent years, with a gross margin of 37% [10][11]

证券研究报告 | 公司点评 | 专业服务 华测检测(300012) 报告日期:2024 年 07 月 10 日 检测龙头业绩拐点向上,内生外延稳健增长 ——华测检测点评报告 投资要点 一、 一句话逻辑 国内综合性检测龙头,业绩拐点向上,内生外延,中长期保持稳健增长。 二、超预期逻辑 市场预期:检测行业竞争加剧,医疗改革对公司医药医学业务的影响持续,公司 业绩增速较难修复。 我们预测:随着医药医学外部影响减弱、环境、食品、工业测试等领域快速增 长,公司业绩有望逐季改善。2023 年下半年,受阶段性外部环境变化、医学感染 类业务需求下降、第三次土壤普查推进慢于预期等因素影响,四季度业绩下滑 29%。2024 年 Q1,下滑幅度收窄至 8%。2024 年 Q2 业绩超预期,利润中枢增长 7%,重回增长通道。我们预计下半年增速有望逐季提升,主要系: 1、截至 2023年报,医药医学营收占比下降至 6%,公司积极作出调结构、控费用 等应对措施,且医疗反腐的影响或将减弱,该业务对公司整体经营影响有限。 2、生命科学:2023 年营收占比 45%。其中,环境检测领域,2024 年为最后一个 执行年,第三次土壤普查有望放量贡 ...

华测检测 原文 20240707_ 2024年07月08日00:24 发言人 00:00 Art,pleaseremainontheline.本次电话会议仅服务于长江证券研究所白名单客户。未经长江证 券事先书面许可，任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用 本次会议相关内容，否则，由此造成的一切后果及法律责任由该机构或个人人承担。长江证券 保留追究其法律责任的权利。好的，各位投资者下午好，我是长江环保行业分析师贾少波。欢 迎参加由长江环保和长江机械团队联合举报的电话会议。 发言人 00:48 今天的话给各位投资者汇报一下华测检测的中报业绩预告。华策的话在上周四发布了2024年 的中报业绩预告，整体来看的话业绩是略微超预期的。前期对公司业绩拖累相对比较严重的板 块，尤其是医学和药学本身也有点企稳的迹象。然后再考虑到整个公司的下半年同比的基数是 越来越低的，所以整体的增速的话应该是可以继续保持一个相对比较不错的一个水平。大概率 的话同比增速还是会高于二季度的那同时的话公司的股价在前期跌到了跌幅也比较大，整体的 PE估值的话都是回落到了20倍以内。所以现在整体的估值的话是处在一个相对比较低 ...

2024 年 7 月 4 日 买入|维持 个股表现 华测检测 社会服务 -50% -44% -38% -32% -26% -20% -14% -8% -2% 4% 2023-07 2023-09 2023-11 2024-02 2024-04 2024-07 资料来源:聚源,中邮证券研究所 公司基本情况 | 最新收盘价(元) | 10.40 | |-------------------------|---------------| | 总股本 / 流通股本(亿股) | 16.83 / 14.32 | | 总市值 / 流通市值(亿元) | 175 / 149 | | 52 周内最高 / 最低价 | 20.76 / 9.54 | | 资产负债率 (%) | 26.6% | | 市盈率 | 19.00 | 第一大股东 万峰 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 研究助理:陈基赟 SAC 登记编号:S1340123010003 Email:chenjiyun@cnpsec.com 华测检测(300012) Q2 营收、利润均转正,经营韧 ...