Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Viewpoints - The company reported a revenue of 19.35 billion yuan in the first half of 2025, a year-on-year increase of 0.6%. The net profit attributable to shareholders was 0.24 billion yuan, reflecting a significant year-on-year growth of 48.57% [5]. - The company is focusing on business expansion and cost control, which has positively impacted its net profit. However, the non-recurring gains have led to a decline in the net profit after deducting non-recurring items [5]. - The company has made significant improvements in its qualifications and capabilities in the inspection and testing certification field, covering various sectors such as construction, transportation, and environment [5]. - The company is actively planning an equity incentive program and has completed a share buyback, acquiring 6,124,910 shares at an average price of 16.36 yuan per share [5]. - The acquisition of 100% equity in Shanghai Investment Consulting Group is expected to enhance the company's consulting service capabilities and market reach [5]. Financial Forecasts - The company forecasts revenues of 41.52 billion yuan, 43.00 billion yuan, 45.00 billion yuan, and 48.00 billion yuan for the years 2024, 2025, 2026, and 2027 respectively, with corresponding revenue growth rates of 3.54%, 3.58%, 4.65%, and 6.67% [6][7]. - The net profit attributable to shareholders is projected to be 3.43 billion yuan, 3.58 billion yuan, 3.77 billion yuan, and 4.00 billion yuan for the same years, with growth rates of 8.49%, 4.36%, 5.43%, and 6.19% respectively [6][7]. - The report indicates a diluted EPS of 0.84 yuan, 0.87 yuan, 0.92 yuan, and 0.98 yuan for the years 2024 to 2027, with corresponding P/E ratios of 23.63, 22.64, 21.48, and 20.22 [6][7].
上海建科（603153）：营收稳健提升，检测业务发展潜力大