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 ...

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]