Workflow
医药医学服务等
icon
Search documents
华测检测(300012):业绩符合预期,国际化加速推进
HTSC· 2025-08-22 03:56
Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 17.90 [1][5]. Core Insights - The company reported a revenue of RMB 2.96 billion for 1H25, representing a year-over-year increase of 6.1%, and a net profit attributable to shareholders of RMB 467 million, up 7.0% year-over-year [1]. - The growth was driven by the consumer goods testing and trade assurance segments, while the pharmaceutical and medical sectors are expected to recover [2]. - The company is accelerating its internationalization through acquisitions, which is expected to enhance its capabilities in ESG, food, and dual-carbon testing [4]. Revenue and Profitability - In 1H25, the company achieved a revenue of RMB 2.96 billion, with Q2 revenue reaching RMB 1.67 billion, a year-over-year increase of 4.6% and a quarter-over-quarter increase of 30% [1]. - The net profit margin for Q2 25 improved to 19.79%, benefiting from a reduction in credit impairment losses [3]. - The company is expected to maintain a compound annual growth rate (CAGR) of 11% in net profit from 2025 to 2027, with projected net profits of RMB 1.06 billion, RMB 1.16 billion, and RMB 1.26 billion for 2025, 2026, and 2027 respectively [5][11]. Segment Performance - The life sciences segment saw a revenue increase of 1.1% year-over-year to RMB 1.27 billion, while the industrial testing segment grew by 7.5% to RMB 600 million [2]. - The consumer goods testing segment reported a revenue increase of 13.2% to RMB 520 million, and the trade assurance segment grew by 13.5% to RMB 430 million [2]. - The pharmaceutical and medical segment's revenue increased by 1.3% to RMB 140 million, with expectations for recovery in demand [2]. International Expansion - The company completed the acquisition of Auspec Analysis and Testing, expanding into the geochemical testing field [4]. - Three additional acquisitions are anticipated in 2H25 to enhance international capabilities in social responsibility audits and food safety testing [4]. Valuation and Forecast - The company’s 2026 estimated PE ratio is projected at 26x, with a target price adjustment to RMB 17.90 based on this valuation [5][20]. - The company’s return on equity (ROE) is expected to remain significantly above the median of comparable companies [5].