检测服务行业跟踪分析：华测与广电Q2业绩超预期的启示

Industry Rating - The industry is rated as Buy [1] Core Views - CTI and GRG's Q2 performance exceeded expectations: CTI's Q2 revenue was 1.568-1.628 billion CNY, up 8.97%-13.14% YoY, with a central growth rate of 11%. Net profit was 300-307 million CNY, up 5.83%-8.29% YoY, with a central growth rate of 7%. GRG's Q2 revenue was 710-810 million CNY, up 3.85%-18.44% YoY, with a central growth rate of 11%. Net profit was 74-84 million CNY, up 17.56%-33.48% YoY, with a central growth rate of 26% [2] - Lean management improved operational efficiency: Both companies benefited from stable order growth in key sectors such as special industries, automotive, integrated circuits, and data science. GRG also reduced losses by cutting unprofitable businesses and promoting cost efficiency. CTI improved its gross margin through high-quality growth and lean management [2] - The testing industry is expanding overseas: CTI has been accelerating its overseas laboratory and testing capabilities, leading to rapid growth in overseas revenue [2] - The testing industry reflects macroeconomic trends: The industry's downstream demand is fragmented, covering various sectors such as construction, environmental protection, healthcare, and agriculture. The performance of testing companies like CTI and GRG can indicate macroeconomic turning points [3] Company Performance and Outlook - CTI and GRG's H1 performance: CTI's H1 revenue was 2.76-2.82 billion CNY, up 8%-10% YoY, with net profit of 433-440 million CNY, up 1%-3% YoY. GRG's H1 revenue was 1.3-1.4 billion CNY, with net profit of 75-85 million CNY, up 24.66%-41.29% YoY [9] - CTI's overseas expansion: CTI has been actively expanding overseas, with overseas revenue growing from 68 million CNY in 2018 to 345 million CNY in 2023, a CAGR of 38.38%. This expansion is expected to reduce the impact of domestic economic fluctuations [12] - GRG's diversified business: GRG has a wide range of downstream applications, with physical testing being its main revenue driver. It has established influence in industries such as automotive, aerospace, and telecommunications [18] Investment Recommendations - CTI and GRG are recommended for investment: CTI's valuation is lower than that of overseas peers, and its valuation is expected to recover as macroeconomic conditions improve. GRG's valuation is also at a historical low, with significant potential for net profit improvement [23] - Overseas testing companies' valuation: Overseas testing giants like SGS, BV, and Intertek have stable valuations, typically in the 20x-30x PE range. CTI and GRG, being in the growth phase, have significant expansion potential [23]