广电计量：归母净利润同比增长50%-81%，经营情况持续改善

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve a revenue of 3.1 to 3.3 billion yuan in 2024, representing a year-on-year growth of 7.31% to 14.23%. The net profit attributable to the parent company is projected to be between 300 to 360 million yuan, indicating a significant year-on-year increase of 50.46% to 80.55% [1]. - The growth in performance is attributed to accelerated innovation in business capabilities, implementation of regional collaboration, and a focus on major clients in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [1]. - The company has increased its dividend payout significantly, with a total dividend of 140 million yuan, which is 175% of the net profit for the first half of the year, showcasing confidence in its future development [2]. - A leadership change and the introduction of the first stock incentive plan are expected to enhance the motivation of the management team and employees, with performance targets set for net profit growth over the next three years [3]. Summary by Sections Financial Performance - The company forecasts a revenue increase to 3.21 billion yuan in 2024, with a net profit of 328 million yuan, reflecting a growth rate of 64.3% [5]. - The earnings per share (EPS) is expected to rise to 0.57 yuan in 2024, with a projected PE ratio of 28.5 [5]. Management and Strategy - The leadership transition occurred on December 8, 2023, with new appointments for the chairman and general manager, alongside the implementation of a stock incentive plan for 623 employees [3]. - The incentive plan aims for a net profit growth rate of no less than 82%, 128%, and 175% for the years 2024 to 2026, respectively [3]. Market Position and Outlook - The company is positioned as a leading third-party measurement and testing service provider, benefiting from technological innovation and domestic substitution trends that are expected to drive demand growth across various industries [4]. - The company has adjusted its profit-centered assessment model and implemented refined management practices, leading to improved profitability [1].