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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance for H1 2024 is in line with expectations, with steady growth anticipated in the life sciences and industrial testing segments, while the pharmaceutical and medical segment faces short-term pressure. Long-term development remains positive [3] - The report projects 2024-2026 EPS at 0.62, 0.71, and 0.80 yuan, respectively, with a target price of 14.14 yuan [3] - The company expects H1 2024 revenue to be between 2.76 billion and 2.82 billion yuan, representing a year-on-year growth of 8% to 10%, and a net profit attributable to shareholders of 433 million to 440 million yuan, reflecting a growth of 1% to 3% [3] Summary by Sections Performance Expectations - The company anticipates steady growth in the life sciences segment, benefiting from strong performance in environmental testing and a gradual recovery in demand for food testing from enterprises. The industrial testing segment continues to show good growth, particularly in construction and industrial equipment testing [3] - The pharmaceutical and medical segment is expected to face short-term challenges but is projected to grow steadily in the medium to long term [3] Financial Projections - Revenue is forecasted to grow from 5.131 billion yuan in 2022 to 8.282 billion yuan in 2026, with annual growth rates of 18.5%, 9.2%, 14.2%, 14.1%, and 13.4% respectively [4] - Net profit attributable to shareholders is expected to increase from 903 million yuan in 2022 to 1.353 billion yuan in 2026, with growth rates of 21.0%, 0.8%, 14.3%, 14.8%, and 13.3% respectively [4] Management and Efficiency - The company is focused on enhancing its lean management capabilities and improving internal processes to boost efficiency and profitability [3]

一、股份回购进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关法律、法规和规范性文件的规定，公司应当在首次回 购股份事实发生的次日予以披露。现将公司首次回购股份的情况公告如下：2024 年 7 月 4 日，公司首次通过回购专用证券账户以集中竞价交易方式实施股份回购， 回购股份数量为 300,000 股，占公司目前总股本的 0.0178%，最高成交价为 10.44 元/股，最低成交价为 10.28 元/股，成交均价 10.37 元/股，成交总金额为 311.04 万元（不含交易费用）。本次回购符合《回购公司股份方案》及相关法律法规的 规定。 二、其他说明 公司首次回购股份的时间、回购股份数量及集中竞价交易的委托时间均符合 《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》第十七条、第 十八条的相关规定。具体如下： 证券代码：300012 证券简称：华测检测 公告编号：2024-039 华测检测认证集团股份有限公司 关于首次回购公司股份的公告 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 ...

关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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 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》，本 次回购事项属于董事会审批权限范围内，无需提交股东大会审议。具体内容详见 公司于 2024 年 7 月 3 日在中国证监会指定的创业板信息披露网站巨潮资讯网《关 于回购公司股份方案的公告》（公告编号：2024-035）。 证券代码：300012 证券简称：华测检测 公告编号：2024-036 华测检测认证集团股份有限公司 特此公告！ 华测检测认证集团股份有限公司 根据《上市公司回购股份实施细则》《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份》等相关规定，现将公司董事会公告回购股份决议的前一 个交易日登记在册的前十名股东和前十名无限售条件股东持股情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股本 | | --- | --- | --- | --- | | | | ...