证券研究报告 | 2025年09月01日 广电计量（002967.SZ） 优于大市 上半年归母净利润同比增长 22%，新质生产力业务加速驱动 2024 年收入同比增长 10.01%，归母净利润同比增长 22.11%。公司 2025 年 上半年实现收入 14.78 亿元，同比增长 10.01%，归母净利润 0.97 亿元，同 比增长 22.11%，扣非归母利润 0.83 亿元，同比增长 26.35%，其中二季度收 入 8.60 亿元，同比增长 13.79%，归母净利润 0.92 亿元，同比增长 17.83%， 扣非归母净利润 0.85 亿元，同比增长 17.95%，受益新质生产力业务实现较 好增长，利润增速快于收入增速。另上半年毛利率/净利率 43.36%/6.25%， 同比提升 1.47/0.70 个百分点，结构优化、降本增效明显。 核心观点 公司研究·财报点评 机械设备·通用设备 | 证券分析师：吴双 | 证券分析师：王鼎 | | --- | --- | | 0755-81981362 | 0755-81981000 | | wushuang2@guosen.com.cn | wangding1@guose ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit growth exceeding expectations, driven by technological innovation and strategic focus on emerging industries [1][2][4]. Revenue Summary - The company achieved revenue of 1.478 billion yuan in the first half of 2025, a year-on-year increase of 10.0% [1]. - Q2 revenue reached 860 million yuan, reflecting a year-on-year growth of 13.8% [1]. - Revenue growth was supported by various business segments, with notable increases in reliability and environmental testing (17.7%), integrated circuit testing (17.6%), and data science analysis (47.1%) [2]. Profit Summary - The net profit for the first half of 2025 was 97 million yuan, up 22.1% year-on-year, with a net profit margin of 6.2%, an improvement of 0.7 percentage points [1][3]. - The gross profit margin was 43.4%, an increase of 1.47 percentage points year-on-year [3]. - The company is focused on enhancing the proportion of high-margin strategic emerging industries, which is expected to further improve profitability [3]. Cash Flow and Dividend Summary - The company generated a net operating cash flow of 79 million yuan in the first half, with Q2 cash flow at 185 million yuan, a year-on-year increase of 18.7% [3]. - A cash dividend of approximately 84 million yuan was proposed, with a dividend payout ratio of 86.4%, up from 63.7% the previous year [3]. Capital Raising and Investment Plans - The company plans to conduct a private placement of up to 1.3 billion yuan, primarily for investments in emerging industries [4]. - The funds will be allocated to various projects, including 300 million yuan for aviation equipment testing and 250 million yuan for AI chip testing [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 3.57 billion yuan, 3.98 billion yuan, and 4.45 billion yuan, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% respectively [4]. - Expected net profits for the same period are 423 million yuan, 512 million yuan, and 625 million yuan, with corresponding growth rates of 20.0%, 21.2%, and 22.1% [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 1.478 billion yuan for the first half of 2025, representing a year-on-year increase of 10.0%. The net profit attributable to shareholders was 97 million yuan, up 22.1% year-on-year, aligning with previous forecasts [2][6] - The company focuses on special industries, new energy vehicles, aerospace, and integrated circuits, maintaining a good level of prosperity with rapid growth in orders and revenue. It continues to prioritize economic efficiency, resulting in an improvement in net profit margin [2][6] Summary by Sections Revenue Performance - In the first half of 2025, the company achieved a revenue of 1.478 billion yuan, a 10.0% increase year-on-year. The second quarter revenue was 860 million yuan, up 13.8% year-on-year. The company’s performance was in line with its prior guidance [6][12] - Revenue by business segment for the first half of 2025 includes: - Measurement services: 348 million yuan, up 1.1% - Reliability and environmental testing: 374 million yuan, up 17.7% - Integrated circuit testing: 130 million yuan, up 17.6% - Electromagnetic compatibility testing: 166 million yuan, up 11.7% - Data science analysis and evaluation: 65 million yuan, up 47.1% - Life sciences: 210 million yuan, down 8.5% - EHS evaluation services: 41 million yuan, down 13.8% [12] Profitability - The company’s net profit margin for the first half of 2025 was 6.2%, an increase of 0.7 percentage points year-on-year. The gross profit margin was 43.4%, up 1.47 percentage points. The expense ratio was 37.8%, up 1.68 percentage points [12][12] Cash Flow and Dividends - The company generated a net operating cash flow of 79 million yuan in the first half of 2025, with the second quarter alone contributing 185 million yuan, an increase of 18.7% year-on-year. The company plans to distribute a cash dividend of approximately 84 million yuan, with a dividend payout ratio of 86.4% [12] Future Outlook - The company plans to raise up to 1.3 billion yuan through a private placement to enhance its capabilities in emerging industries. The funds will be allocated to various projects, including testing platforms for aerospace equipment and artificial intelligence chips [12] - Revenue projections for 2025-2027 are 3.57 billion yuan, 3.98 billion yuan, and 4.45 billion yuan, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% respectively. The net profit attributable to shareholders is expected to reach 423 million yuan, 512 million yuan, and 625 million yuan during the same period, with corresponding growth rates of 20.0%, 21.2%, and 22.1% [12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company is increasing its investment in special industries, aiming to enhance its core competitiveness through a planned fundraising of up to 1.3 billion yuan for various projects, including aviation equipment testing platforms and AI chip testing platforms [1][2] - The company is aligning with national industrial strategies and increasing R&D efforts in sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [2] - The company has seen rapid growth in orders within special industries, focusing on R&D stages in key areas such as measurement calibration reliability, environmental testing, and integrated circuit testing, where it holds a leading position domestically [2][3] Financial Performance - For the first half of 2025, the company expects revenue between 1.45 billion and 1.5 billion yuan, representing a year-on-year growth of 7.91% to 11.63%. The net profit attributable to the parent company is projected to be between 95 million and 100 million yuan, with a growth of 19.20% to 25.48% [4] - The company's net profit forecasts for 2025 to 2027 are 420 million, 510 million, and 600 million yuan respectively, with year-on-year growth rates of +20%, +20%, and +18% [4] - The company’s revenue is projected to grow from 2.89 billion yuan in 2023 to nearly 5 billion yuan by 2027, with corresponding growth rates of 10.94%, 11.01%, 17.16%, 16.33%, and 14.33% [4][10] Strategic Developments - The company plans to upgrade its Xi'an measurement testing laboratory to become a key technical support base for military and civilian vehicle and large component inspection in the northwest region of China, complementing its Chengdu testing base [3] - In the AI chip sector, the company is establishing a quality testing and evaluation platform in Guangzhou to develop reliability assessment standards for domestic GPU/FPGA chips, addressing a significant gap in high-end chip testing standards [3] - The company is also building performance testing and evaluation platforms for satellite internet in Guangzhou and Chengdu to meet the certification needs of over 50,000 satellite applicants in China [3]