Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.42 CNY per share based on a 25x PE valuation for 2024 [3][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.038 billion CNY in 2024, with projections of 1.208 billion CNY in 2025 and 1.402 billion CNY in 2026 [2][6]. - The report highlights strong performance in the environmental testing segment, driven by the successful bidding and implementation of projects, particularly in the soil testing area [7][8]. - The company is actively expanding its product lines and diversifying its business, including acquisitions to enhance digital transformation capabilities across various industries [7][8]. Financial Summary - Revenue for 2024 is projected at 6.343 billion CNY, reflecting a growth rate of 13.2% [2][8]. - The company reported a revenue of 2.791 billion CNY for the first half of 2024, a year-on-year increase of 9.2%, with a net profit of 437 million CNY, up 1.97% [7][8]. - The EBITDA for 2024 is estimated to be 1.813 billion CNY, with a steady increase in subsequent years [2][8]. - The report indicates a stable growth in major business segments, with the life sciences segment showing a revenue increase of 21.68% year-on-year [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 17.7, slightly down from the previous target of RMB 18.6 [4]. Core Views - The company reported a revenue of RMB 27.91 billion for 1H24, representing a year-over-year increase of 9%, with a net profit of RMB 4.37 billion, up 2% year-over-year. The second quarter showed stronger growth, with revenue of RMB 15.99 billion, up 11% year-over-year and 34% quarter-over-quarter, and a net profit of RMB 3.04 billion, up 7% year-over-year and 129% quarter-over-quarter [1][3]. - The report anticipates a compound annual growth rate (CAGR) for net profit of no less than 13% from 2024 to 2026, supported by the company's diversified business layout and strong anti-cyclical capabilities [1][4]. Summary by Sections Financial Performance - For 1H24, the company achieved a revenue of RMB 27.91 billion and a net profit of RMB 4.37 billion, with a net profit margin of 15.7% [1]. - The second quarter saw a significant increase in revenue and net profit, indicating a strong recovery and operational efficiency [1][3]. Segment Analysis - Life Sciences: Revenue of RMB 12.59 billion (up 22% year-over-year), gross margin of 49.4% (up 1.4 percentage points) [2]. - Pharmaceutical and Medical Services: Revenue of RMB 1.36 billion (down 34% year-over-year), gross margin of 24.3% (down 25.2 percentage points) [2]. - Industrial Testing: Revenue of RMB 5.59 billion (up 13.8% year-over-year), gross margin of 45.5% (up 2.5 percentage points) [2]. - Trade Assurance: Revenue of RMB 3.75 billion (up 9.3% year-over-year), gross margin of 72.7% (up 3.1 percentage points) [2]. - Consumer Product Testing: Revenue of RMB 4.62 billion (down 3.9% year-over-year), gross margin of 43.2% (down 1.0 percentage point) [2]. Profitability and Valuation - The report projects a slight adjustment in profit forecasts, with expected net profits of RMB 10.0 billion, RMB 11.8 billion, and RMB 13.1 billion for 2024, 2025, and 2026 respectively [1][4]. - The company is valued at a PE ratio of 30x for 2024, with a target price reflecting a premium due to its market leadership and diversified business model [4][15].

Investment Rating - The report maintains a "Recommended" rating for the company, which is recognized as a leader in the testing industry in China [2]. Core Insights - The company reported a revenue of 2.791 billion yuan for H1 2024, representing a year-over-year increase of 9.20%. The net profit attributable to shareholders was 437 million yuan, with a year-over-year growth of 1.97%. The gross margin stood at 49.52%, up by 0.15 percentage points, while the net profit margin was 15.68%, down by 1.49 percentage points [2]. - The life sciences and industrial testing segments achieved double-digit growth, with life sciences revenue reaching 1.259 billion yuan, a year-over-year increase of 21.68%. The industrial testing segment generated 559 million yuan, reflecting a year-over-year growth of 13.80% [2]. - The company is expected to achieve net profits of 1.08 billion yuan, 1.335 billion yuan, and 1.56 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 19x, 15x, and 13x [2][3]. Financial Forecasts - For 2024, the company is projected to have total revenue of 6.427 billion yuan, with a growth rate of 14.7%. The net profit attributable to shareholders is expected to be 1.08 billion yuan, reflecting a growth rate of 18.7% [3]. - The earnings per share (EPS) is forecasted to be 0.64 yuan for 2024, with a price-to-earnings (PE) ratio of 19 [3][8]. - The gross margin is anticipated to improve slightly, reaching 49.04% in 2024, while the net profit margin is expected to be around 16.81% [8].

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 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][5]. Core Views - The company's H1 2024 performance met expectations, with rapid growth in the life sciences segment and a gradual recovery anticipated in the pharmaceutical and medical services segment. Continuous lean management initiatives are expected to support steady growth in performance [5]. - The report projects EPS for 2024-2026 to be 0.62, 0.71, and 0.80 yuan respectively, with a target price of 14.14 yuan [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.791 billion yuan (up 9.20% YoY) and a net profit attributable to shareholders of 437 million yuan (up 1.97% YoY). The adjusted net profit was 403 million yuan (up 4.74% YoY) [5]. - For Q2 2024, revenue reached 1.599 billion yuan (up 11.14% YoY) and net profit attributable to shareholders was 304 million yuan (up 7.09% YoY) [5]. Segment Performance - The life sciences segment reported revenue of 1.259 billion yuan (up 21.68% YoY), benefiting from strong bidding results in environmental testing and solid performance in food testing [5]. - The industrial testing segment generated revenue of 559 million yuan (up 13.80% YoY), focusing on new energy and new grid sectors [5]. - The consumer products testing segment saw revenue of 462 million yuan (down 3.88% YoY), primarily due to adjustments in medical device classifications [5]. - The pharmaceutical and medical services segment reported revenue of 136 million yuan (down 34.21% YoY), although some areas within this segment showed rapid growth [5]. Strategic Initiatives - The company is actively advancing its digital transformation strategy, optimizing laboratory processes and efficiency, and implementing lean management projects [5]. - In Q2 2024, the gross margin was 52.68% (up 1.59 percentage points YoY), while the net margin was 19.17% (down 1.03 percentage points YoY) [5].

——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 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]