联合研究丨行业点评 [Table_Title] "反内卷"政策下，检测服务公司盈利性走势如 何？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 请阅读最后评级说明和重要声明 2 / 10 %% %% %% %% research.95579.com 2 [Table_Title "反内卷"政策下，检测服务公司盈利性走势如 2] 何？ [Table_Summary] 检测服务从高速增长阶段过渡到中低增速的稳健增长阶段；2024 年我国检测检验市场规模达 到约 4876 亿元，同比仅增长 4.4%；机构数量 53057 家，同比减少 1.4%，为历年来首次出现 机构数量下降。"反内卷"政策下，检测机构的毛利率有望趋稳。当前时点，重点推荐两条线索： 1）内部经营拐点明确的综合性检测机构；2）重点布局需求复苏方向明确板块的优质龙头。 分析师及联系人 [Table_Author] 徐科 赵智勇 贾少波 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520070003 SFC：BUV415 SFC：BRP550 曹小敏 SAC ...

Core Viewpoint - The company plans to transfer a 40% stake in its subsidiary Hubei Jiansheng Engineering Technology Consulting Co., Ltd. through a public listing, with uncertainties regarding the buyer and transaction price, which may impact the company's financial status positively after the completion of the transaction [1][2]. Group 1: Transaction Details - The company previously attempted to transfer the same stake based on an evaluation report dated August 31, 2023, but the transaction did not succeed [2]. - The recent evaluation indicates a 31% decrease in the total equity value of Hubei Jiansheng, primarily due to the decline in the value of its properties and the net assets of its wholly-owned subsidiaries [2]. - The total asset value of Hubei Jiansheng is reported at 31.83 million, with total liabilities of 3.29 million, resulting in a net asset value of 28.54 million [2]. Group 2: Financial Impact - The evaluation report shows that the total equity value of Hubei Jiansheng is estimated at 49.99 million, reflecting a 75.15% appreciation compared to its net asset value [2]. - The company anticipates that the completion of this transaction will lead to a positive impact on its financial condition and operational results [3]. Group 3: Business Focus - The company's main business focuses on urban green development and green living public trust, enhancing its comprehensive service capabilities through technology and project services [3]. - In 2024, the company reported a revenue of 372 million, a year-on-year decrease of 11.83%, attributed to the delay in revenue recognition from newly developed businesses and a slowdown in revenue release from existing contracts [3]. - The revenue is primarily concentrated in the South and North China regions, accounting for 87.6% of the total, with urban planning, architectural design, and public trust services contributing 86.28% of the revenue [3].