华测检测：Q4扣非业绩高增53%，盈利质量持续提升-20250419

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 6.08 billion in 2024, representing an 8.6% year-on-year growth, with a net profit attributable to shareholders of 921 million, up 1.2% year-on-year [5][6] - The company is focusing on digital transformation and AI technology applications, with 15 AI application pilot projects initiated by the end of 2024 [4] - The company is actively pursuing strategic acquisitions in emerging sectors, including 100% stakes in NAIAS in Greece and Dahu Asia Pacific in Hong Kong [4] Summary by Sections Financial Performance - In Q4, the company reported a significant increase in non-recurring profit, growing by 53%, driven by improved operational efficiency and reduced expense ratios [1] - The company’s revenue for 2024 was 60.8 billion, with a quarterly breakdown of 12 billion in Q1, 16 billion in Q2, 16 billion in Q3, and 17 billion in Q4 [1] - The overall gross margin for 2024 improved to 49.5%, a 1.4 percentage point increase year-on-year [2] Business Segments - Life Sciences segment revenue reached 2.84 billion, up 14%, with a gross margin of 50.4% [2] - Industrial Testing segment revenue was 1.2 billion, up 10%, with a gross margin of 45.3% [2] - Trade Assurance segment revenue was 760 million, up 9%, with a gross margin of 71.2% [2] - Consumer Products Testing segment revenue was 990 million, up 0.9%, with a gross margin of 43.5% [2] - Pharmaceutical segment revenue was 290 million, down 15%, with a gross margin of 20.4% [2] Cash Flow and Capital Expenditure - The company reported a net cash inflow of 1.06 billion from operating activities in 2024, maintaining a net cash ratio of 115% [3] - Capital expenditure for the year was 690 million, accounting for 11% of revenue, with a focus on traditional and new projects [3] Future Outlook - The company forecasts net profits of 996 million, 1.084 billion, and 1.171 billion for 2025, 2026, and 2027 respectively, with expected growth rates of 8.2%, 8.8%, and 8.1% [4][5]