华测检测：2024年三季报点评：业绩符合预期，内生外延持续推进

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company's performance in Q1-Q3 2024 met expectations, with revenue of 4.4 billion yuan, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 750 million yuan, up 0.8% year-on-year [1] - The company continues to enhance its operational efficiency through lean management, resulting in a stable increase in gross margin, which reached 50.9% for Q1-Q3 2024, up 0.5 percentage points year-on-year [1] - The traditional testing sector remains robust, with significant growth in various segments, including life sciences, industrial testing, and consumer goods testing [1] - The company is actively expanding into emerging testing fields through strategic acquisitions, enhancing its business layout and demonstrating strong resilience in growth [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.6 billion yuan, a year-on-year increase of 5.2% and a quarter-on-quarter increase of 0.4% [1] - The net profit for Q3 2024 was 310 million yuan, down 0.8% year-on-year but up 2.0% quarter-on-quarter [1] - The comprehensive gross margin for Q1-Q3 2024 was 50.9%, while the net profit margin was 17.1%, reflecting a slight decrease due to increased R&D and financial expenses [1] Business Segments - The life sciences segment is expanding with projects in environmental testing and food safety, while the industrial testing segment is seeing a successful transformation with improved margins [1] - The company is also focusing on enhancing its capabilities in medical and pharmaceutical services, with rapid growth in laboratory expansions [1] Future Outlook - The company forecasts net profits of 980 million yuan, 1.1 billion yuan, and 1.25 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 11% [1][2] - The current stock price corresponds to a price-to-earnings ratio of 24, 21, and 19 for the next three years [1]