Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 performance met expectations, with revenue of 4.4 billion and a year-on-year growth of 7.7%. The net profit attributable to shareholders was 750 million, reflecting a 0.8% increase year-on-year. The company anticipates that the acquisition in Q4 will contribute to steady annual growth [1] - The gross margin for Q1-Q3 was 50.88%, showing a year-on-year increase of 0.5 percentage points, while the net profit margin decreased slightly due to rising expenses [1] - The company is optimizing its capital expenditure strategy and expanding into strategic emerging sectors, including acquisitions in health management and green energy technology services [1] Financial Performance Summary - Revenue for 2022 was 5,131 million, with a growth rate of 18.5%. For 2023, revenue is projected at 5,605 million, with a growth rate of 9.2% [2] - The net profit attributable to shareholders for 2022 was 903 million, with a growth rate of 21.0%. For 2023, it is expected to be 910 million, reflecting a growth rate of 0.8% [2] - The company’s EPS for 2024 is projected to be 0.56, with a corresponding P/E ratio of 26 [2][3] Cash Flow and Capital Expenditure - The operating cash flow for 2023 was 1,122 million, with a slight increase from 1,100 million in 2022. The company expects a cash flow of 1,083 million in 2024 [7] - Capital expenditures for Q1-Q3 were approximately 5.05 billion, maintaining a similar level to the previous year, representing about 11% of revenue [1] Strategic Direction - The company is focusing on expanding into new growth areas such as semiconductors, biomedicine, and electric vehicle testing, aligning with national strategic development directions [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in Q3 2024 met expectations, with steady growth in traditional testing sectors and an optimistic outlook for demand recovery [2][3] - The company is actively pursuing strategic acquisitions to enhance its presence in emerging testing fields, which is expected to contribute to steady revenue growth [3] Financial Summary - Revenue for 2022 was 5,131 million, projected to grow to 8,282 million by 2026, reflecting a CAGR of approximately 13.4% [1] - Net profit attributable to the parent company was 903 million in 2022, expected to reach 1,352 million by 2026, with a CAGR of about 13.3% [1] - Earnings per share (EPS) is projected to increase from 0.54 in 2022 to 0.80 by 2026 [1] - The return on equity (ROE) is expected to stabilize around 14.8% from 2024 to 2026 [1] Performance Expectations - The company achieved a revenue of 4,396 million in the first three quarters of 2024, a year-on-year increase of 7.71%, with a net profit of 747 million, up 0.79% year-on-year [3] - The traditional testing sector is expected to maintain stable growth, with significant projects in soil testing and marine environmental testing [3] - The company is expanding its capabilities in semiconductor testing and health management services through strategic acquisitions [3] Target Price - The target price has been raised to 17.75, based on a 25x PE ratio for 2025, compared to the previous target of 14.14 [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [1]. Core Insights - The company reported a revenue of 4.396 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.71%. The net profit attributable to shareholders was 747 million yuan, with a slight increase of 0.79% year-on-year. The gross margin stood at 50.88%, up by 0.50 percentage points, while the net margin decreased by 1.45 percentage points to 17.11% [1]. - In Q3 2024, the company achieved a revenue of 1.605 billion yuan, reflecting a year-on-year growth of 5.21%. However, the net profit attributable to shareholders declined by 0.82% year-on-year to 310 million yuan. The gross margin for Q3 was 53.24%, an increase of 1.17 percentage points, while the net margin was 19.59%, down by 1.35 percentage points [1]. - The company is expanding its business into maritime and electric vehicle testing through acquisitions, including the purchase of 100% of Naias and a 70% stake in Jiangsu Honghai Vehicle Testing Co., Ltd. This strategic move aims to enhance its service capabilities in the green energy sector and the electric bicycle testing market [1]. - The company is recognized as a leading player in China's testing industry, with a stable demand across various sectors, particularly in emerging fields such as electronics and electric vehicles. The traditional sectors are seeing a decline in revenue share, from 47.09% in 2016 to 38.32% in 2023 [1]. - The company has established over 160 laboratories and more than 260 service networks in over 90 cities globally, producing over 4 million credible testing and certification reports annually for more than 100,000 clients [1]. - The investment forecast for net profit attributable to shareholders for 2024-2026 is projected at 955 million, 1.184 billion, and 1.367 billion yuan, respectively, with corresponding price-to-earnings ratios of 26x, 21x, and 18x [2][4]. Financial Summary - For 2024, the expected total revenue is 6.026 billion yuan, with a growth rate of 7.5%. The net profit attributable to shareholders is projected at 955 million yuan, reflecting a growth rate of 4.9% [2][4]. - The company’s earnings per share for 2024 is estimated at 0.57 yuan, with a price-to-earnings ratio of 26 [2][4]. - The gross margin is expected to remain stable around 48.54% for the next few years, indicating consistent profitability [4].

Financial Performance - The company's revenue for Q3 2024 reached ¥1,604,872,614.87, an increase of 5.21% compared to the same period last year[2] - Net profit attributable to shareholders was ¥310,104,884.07, a decrease of 0.82% year-on-year[2] - The net profit excluding non-recurring gains and losses was ¥298,298,425.84, up by 1.14% compared to the previous year[2] - Total operating revenue for the current period reached ¥4,395,998,421.67, an increase of 7.7% compared to ¥4,081,457,016.38 in the previous period[17] - Net profit for the current period was ¥752,081,506.44, a slight decrease of 0.5% from ¥758,169,179.39 in the previous period[18] - The company reported a total profit of ¥834,144,042.05, down 1.4% from ¥842,355,598.52 in the previous period[18] - The company’s total comprehensive income for the current period was ¥752,234,310.52, compared to ¥756,026,046.70 in the previous period, reflecting a decrease of 0.5%[18] Cash Flow - The net cash flow from operating activities was ¥251,404,364.33, reflecting a 5.80% increase year-on-year[2] - The cash flow from operating activities for the first nine months of 2024 was ¥273,617,689.83, down 32.41% from the same period in 2023[8] - Operating cash inflow for the current period was $4,076,871,342.23, an increase from $4,025,968,979.25 in the previous period, reflecting a growth of approximately 1.1%[20] - Net cash flow from operating activities decreased to $273,617,689.83 from $404,838,368.03, representing a decline of about 32.4%[20] - Cash inflow from investment activities totaled $296,458,658.32, down from $494,431,795.20, indicating a decrease of approximately 40%[20] - The ending balance of cash and cash equivalents decreased to $826,084,170.83 from $1,094,025,498.22, a decline of approximately 24.5%[21] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥8,931,685,523.36, representing a 2.09% increase from the end of the previous year[2] - The total liabilities decreased to CNY 1,957,960,546.29 from CNY 2,329,917,898.09, a reduction of about 16%[15] - The company's total equity increased to CNY 6,973,724,977.07 from CNY 6,419,196,196.41, reflecting a growth of approximately 8.6%[16] - The total liabilities to total assets ratio improved to approximately 21.9% from 26.6%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 49,606, with the largest shareholder, Wan Feng, holding 14.94% of shares, equating to 251,335,874 shares[9] - Hong Kong Central Clearing Limited is the second-largest shareholder, holding 13.27% of shares, which amounts to 223,335,322 shares[9] - The company plans to repurchase between 2 million to 3 million shares at a maximum price of RMB 16.83 per share, with an estimated total repurchase amount not exceeding RMB 50.49 million[13] - As of September 30, 2024, the company has repurchased 1,000,000 shares, representing 0.0594% of the total share capital, with an average transaction price of RMB 10.32 per share[13] - The top ten shareholders include various institutional and individual investors, with significant stakes held by foreign entities such as Morgan Stanley and UBS AG[10] Investment Activities - The company has signed an investment agreement to invest RMB 9 million in Jiangsu Honghai Vehicle Testing Co., acquiring a 70% stake, aimed at expanding into the electric bicycle testing sector[13] - The company has completed the signing of a share purchase agreement to acquire 100% of Naias, enhancing its strategic layout in the global shipping green energy sector[13] Financial Ratios and Expenses - The company's weighted average return on equity decreased by 0.49 percentage points to 4.75%[2] - The company's financial expenses increased by 243.29% due to reduced foreign exchange gains compared to the previous year[6] - Research and development expenses increased to ¥385,869,505.34, up 15.9% from ¥332,435,386.28 in the previous period, indicating a focus on innovation[17] - The company reported a financial expense of ¥13,450,763.60, compared to a financial income of -¥9,386,990.15 in the previous period, indicating a shift in financial performance[17]

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"或"华测检测"）根据 发展战略规划，拟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）。 公司取得上述国有土地使用权后，拟投资 28,000 万元(含购置土地款、建筑工程、 装修、设备费等)在该地块建设宝安综合检测服务基地，具体项目投资总金额以 项目实际投资方案为准。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等相关规定，本次事项在董事会的审议权限范围内，无需提交股东大会 审议。本次对外投资不构成关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组，公司将按照相关法律法规规定办理具体事项和履行信息 披露义务。 二、拟购买土地使用权基本情况 公司拟购买的国有土地使用权基本情况如下： 1、土地位置：深圳市宝安区新桥街道新桥东 A324-0173 宗地 2、土地用途：新型产业用地（M0） 3、土地面积：10,143 ...

第六届董事会第十八次会议决议公告 证券代码：300012 证券简称：华测检测 公告编号：2024-048 华测检测认证集团股份有限公司 一、会议以 7 票同意、0 票反对、0 票弃权，审议通过《2024 年第三季度报 告全文》 华测检测认证集团股份有限公司 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。 董 事 会 华测检测认证集团股份有限公司（以下简称"公司"）第六届董事会第十八次 会议于 2024 年 10 月 14 日发出会议通知，2024 年 10 月 24 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： 二○二四年十月二十五日 本议案已经审计委员会审议通过，公司《2024 年第三季度报告全文》（公告 编号：2024-050）具体内容详见在巨潮资讯网的相关公告。 二、会议以 7 票同意、0 票反对、0 票弃权，审议通过《关于拟购买土 ...

第六届监事会第十三次会议决议公告 公司《2024 年第三季度报告全文》具体内容详见巨潮资讯网的相关公告。 特此公告！ 华测检测认证集团股份有限公司 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"）第六届监事会第十三 次会议于 2024 年 10 月 14 日发出会议通知，2024 年 10 月 24 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 年第三季度报告全 文》 监事会认为，公司董事会编制和审核的《2024 年第三季度报告全文》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。 证券代码：300012 证券简称：华测检测 公告编号：2024-049 华测 ...

[Table_MainInfo] 公司研究/机械工业/仪器仪表 证券研究报告 华测检测（300012）公司信息点评 2024 年 10 月 15 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------------------------------| | 股票数据 | | 10 [ Table_StockInfo 月 14 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | | | [Table_ReportInfo] 《 24Q2 毛利率同环比改善，期待医药医学板 块修复》 2024.08.13 | | 《预告 归母净利润同比增速转正，经营向 | | Q2 好》 | | 2024.07.10 《业绩短期承压，新领域布局加速，长期成长 | | 可期》 2024.05.09 市场表现 | -41.48% -29. ...

证券代码：300012 证券简称：华测检测 公告编号：2024-047 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 ...

Group 1: Investor Relations Activities - The company conducted multiple investor relations activities from August 19 to September 27, 2024, including on-site research and conference calls, involving a total of 10 to 39 participants per event [1][2][3][4][5][6][7][8][9]. - Notable participants included major investment firms such as Point72, Temasek, and Goldman Sachs, indicating strong interest from institutional investors [2][5][6][7]. Group 2: Financial Performance and Strategy - The company reported a significant improvement in gross margin, with a year-on-year increase of 66.67% in cash dividend per share and a cash dividend rate (including buybacks) of 27.61%, totaling over 1 billion CNY in cumulative cash dividends [6][7]. - The management emphasized a focus on strategic investments in emerging sectors such as "dual carbon" services, biopharmaceuticals, and new energy vehicles, despite a slowing macroeconomic environment [6][7][8]. Group 3: Market Position and Competition - The company operates in a fragmented market with low concentration, where the top four global testing institutions hold a combined market share of only 9.2% [8][9]. - The competitive landscape remains challenging, but the company aims to leverage its operational efficiency and scale to capture a larger market share as smaller firms exit the market due to increased competition and regulatory pressures [8][9]. Group 4: Talent Development and Corporate Culture - The company places a strong emphasis on talent development, implementing various leadership training programs to enhance management capabilities across different levels [9]. - A transparent corporate culture and a commitment to integrity and innovation are highlighted as core competitive advantages that help the company build brand recognition and trust in the market [8][9].