研报掘金丨中邮证券：维持华测检测“买入”评级，内生外延有望持续贡献增量

Core Viewpoint - China Postal Securities report indicates that Huace Testing is expected to achieve a net profit attributable to shareholders of 1.013-1.021 billion yuan in 2025, representing a year-on-year growth of 10-11% [1] Financial Performance - For Q4, the company is projected to achieve a net profit attributable to shareholders of 201-209 million yuan, with a year-on-year growth of 15-20% [1] - The profit growth rate shows a trend of quarterly acceleration, with Q4 experiencing a significant increase [1] Cash Flow and Operational Quality - The company has demonstrated significant effectiveness in operational cash collection, indicating excellent operational quality [1] - Throughout the year, the company's operating net cash flow has experienced rapid growth, reflecting the stability of its main business profitability and continuous improvement in cash collection quality [1] Growth Strategy - The company is strategically focusing on multiple new productivity sectors, which opens up growth opportunities [1] - External mergers and acquisitions are expected to continue contributing to incremental growth [1]