华测检测（300012）：Q4扣非业绩高增53%，盈利质量持续提升

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, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 921 million, up 1.2% year-on-year [5][6] - The company is expected to continue its growth trajectory with projected net profits of 996 million, 1.08 billion, and 1.17 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.2%, 8.8%, and 8.1% [4][5] Revenue and Profitability - The company reported a significant increase in Q4 non-recurring profit, growing by 53%, driven by improved operational efficiency and reduced expense ratios [1] - The life sciences segment generated revenue of 2.84 billion, a 14% increase, with a gross margin of 50.4%, up 2.5 percentage points year-on-year [2] - The industrial testing segment achieved revenue of 1.2 billion, a 10% increase, with a gross margin of 45.3%, up 1.7 percentage points [2] - The trade assurance segment reported revenue of 760 million, a 9% increase, with a gross margin of 71.2%, up 6.6 percentage points [2] - The consumer products testing segment had revenue of 990 million, a 0.9% increase, with a gross margin of 43.5%, down 1.2 percentage points [2] - The medical segment faced a decline, with revenue of 290 million, down 15%, and a gross margin of 20.4%, down 19 percentage points [2] Cash Flow and Capital Expenditure - The company maintained strong operating cash flow with a net inflow of 1.06 billion in 2024, consistent with the previous year, and a net cash inflow of 790 million in Q4 [3] - Capital expenditure for the year was 690 million, representing 11% of revenue, with a focus on traditional business and new project investments [3] Strategic Initiatives - The company is accelerating its AI technology applications, with 15 pilot projects initiated by the end of 2024, focusing on defect detection and intelligent scheduling [4] - The company is actively pursuing strategic acquisitions in emerging sectors, including 100% stakes in companies in Greece and Hong Kong, enhancing its international presence [4]