山东首张欧盟MID证书落地 全国计量器具主产区产品出口欧盟更便利 当天，山东省计量科学研究院还与法国国家计量院在相关领域达成MID合作意向。法国国家计量院仪器 仪表认证部部长埃默里克·莫雷尔表示，未来将与山东省计量科学研究院在OIML（国际法制计量组织） 认证证书、OIML测试实验室等领域展开深入合作，助力山东乃至全国计量器具对接国际标准，打通走 向国际市场的绿色通道。（记者 王鹤颖） MID认证，是欧盟针对计量仪表设立的强制准入制度，覆盖了水表、电能表等10大类产品，是这些产品 进入欧盟市场的"通行证"。"为进入欧盟市场，长期以来，企业把产品送到境外机构检验拿证，沟通 难、成本高、周期长，不仅耗费大量人力和资金，还承受着订单延迟、客户流失的压力。"山东省计量 科学研究院副院长郭波说。 记者了解到，山东拥有流量仪表、电能表等生产企业400余家，总数占全国四分之一。企业生产的水 表、电能表等产品从国外取得MID证书，周期普遍在1年左右，需花费40万—80万元，影响了企业的国 际竞争力。为解决这一难题，去年山东省计量科学研究院与德国莱茵TÜV集团达成MID认证合作，在热 量表、水表等领域建立合作实验室，让企业在家 ...

转自：中国质量报 攥指成拳 协同创新 河南省郑州市流量计量仪表产业技术联盟成立 本报讯 （孙中杰 宋晓霞）近日，河南省郑州市流量计量仪表产业技术联盟成立大会在郑州市产品质量 检验检测中心举行。此举标志着郑州市在构建计量仪表产业创新生态方面迈出关键一步。 据了解，流量计量仪表作为工业生产的关键感知设备和民生保障的重要技术载体，广泛应用于能源管 理、智能制造、智慧城市、供水供气供热等公共服务领域，是城市运行和产业数字化转型的"神经末 梢"。 "联盟的成立只是一个起点。"段祥生表示，未来联盟将以开放、协同、务实的运作机制，推动郑州乃至 全国流量仪表产业从"单打独斗"走向"集团作战"，从"制造高地"迈向"创新策源地"，为中国制造向中国 创造转型注入新动能。 据介绍，郑州市作为全国流量计量仪表产业的重要基地，已形成从传感器研发、智能仪表制造到数据服 务应用的完整产业链。尤其是高新区集聚相关企业50余家，其中规模以上企业10余家，上市公司3家， 产品覆盖水表、燃气表、加油机等核心领域，在国内市场占据重要份额。然而，面对全球产业链重构与 技术竞争加剧的挑战，企业创新资源分散、产学研衔接不畅、行业标准体系不完善等问题日益凸显 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a record high revenue in Q3 2025, with a significant increase in gross margin [1] - For the first three quarters of 2025, revenue and net profit (excluding non-recurring items) grew by 22% year-on-year, with a gross margin increase of 0.7 percentage points to 41.4% [1] - The company is expanding into new business areas, including water meters and automotive parts, to create additional growth curves [2][3] Financial Performance Summary - In Q3 2025, the company achieved revenue of 480 million yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 10%, marking a new quarterly high [1] - The gross margin for Q3 2025 was 42.8%, up 2.0 percentage points year-on-year and 2.6 percentage points quarter-on-quarter [1] - The net profit margin for Q3 2025 was 21.9%, down 3.0 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [1] Business Expansion and Strategy - The company has a solid competitive advantage in the gas meter market due to its full industry chain model and self-developed ultrasonic gas meters [2] - The company is leveraging the "Zhenlan" brand to penetrate the domestic water meter market, with contracts signed with multiple water service clients [2] - The automotive parts manufacturing project in Zhuzhou is expected to rapidly scale up, serving major automotive clients [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.84 billion yuan, 2.23 billion yuan, and 2.66 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.7%, 20.8%, and 19.3% [7] - The forecasted net profit for 2025 is 353 million yuan, with a year-on-year growth of 10.1% [9]

Core Viewpoint - The article highlights the importance of measurement services in ensuring product quality for industrial production, specifically focusing on the support provided to Tashkent Nov Cultural Relics Technology Co., Ltd. in their water meter production process [1][2]. Group 1: Measurement Services - The measurement services are described as the "eyes" of industrial production, essential for guaranteeing the quality of measuring instruments [1]. - Experts provided targeted guidance on production qualifications, production line layout, and measurement equipment configuration for the water meter production [1]. Group 2: Expert Guidance - The expert team offered specific recommendations on building a traceability system for measurement values, setting key measurement control points, and establishing product inspection procedures [1]. - They addressed the company's questions regarding measurement equipment selection and laboratory construction [1]. Group 3: Legal and Management Support - The experts educated the company on mandatory measurement instrument verification laws and regulations, advising them to establish a sound measurement management system [1]. - This support aims to help the company control product quality from the source and prepare for a swift market entry post-production [1]. Group 4: Future Plans - The Tashkent Market Supervision Administration plans to enhance measurement service functions, tracking the production progress of enterprises and shifting from passive to proactive measurement technical services [2]. - The goal is to provide precise and efficient measurement support to facilitate high-quality development of local enterprises [2].

Core Viewpoint - The company reported a mixed performance in Q3 2025, with revenue growth but a decline in net profit, highlighting the impact of international expansion and strategic investments on its long-term growth potential [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of approximately 131 million yuan, representing a year-on-year increase of 7.22%, while the net profit attributable to shareholders was about 28 million yuan, down 16.9% year-on-year [1]. - For the first three quarters of 2025, the company reported revenue of 345 million yuan, up 30.98% year-on-year, and a net profit of 70 million yuan, an increase of 27.98% year-on-year [1]. - The net cash flow from operating activities reached 121 million yuan, a significant increase of 551.01% year-on-year, primarily due to increased sales receipts [1]. International Expansion - The company has been deepening its overseas market presence, with export sales becoming a crucial growth driver. In August 2024, it secured a contract worth over 130 million yuan for a water meter project in Australia [2]. - The establishment of a wholly-owned subsidiary in Australia, announced on September 2, 2025, with an investment of up to 20 million yuan, is expected to enhance brand recognition and service capabilities in the region, positively impacting long-term strategic development [1][2]. Investment Outlook - The company is projected to achieve revenues of 459 million yuan, 546 million yuan, and 604 million yuan for the years 2025 to 2027, with growth rates of 19%, 18.9%, and 10.8% respectively. Net profits are expected to be 88 million yuan, 113 million yuan, and 130 million yuan, with growth rates of 52.2%, 28.3%, and 15% respectively [3].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company has shown significant improvement in operational capabilities, driven by exports, particularly in the Australian market [1][2]. - The establishment of a wholly-owned subsidiary in Australia is expected to enhance brand recognition and operational capacity in the region, contributing positively to long-term strategic development [3]. Financial Performance Summary - In Q3 2025, the company achieved revenue of approximately 131 million yuan, a year-on-year increase of 7.22%, while the net profit attributable to shareholders was about 28 million yuan, a decrease of 16.9% [1]. - For the first three quarters of 2025, the company reported revenue of 345 million yuan, up 30.98% year-on-year, and a net profit of 70 million yuan, an increase of 27.98% [2]. - The net cash flow from operating activities reached 121 million yuan, reflecting a substantial year-on-year growth of 551.01%, primarily due to increased sales collections [2]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 459 million, 546 million, and 604 million yuan, with growth rates of 19%, 18.9%, and 10.8% respectively. Net profits are expected to be 88 million, 113 million, and 130 million yuan, with growth rates of 52.2%, 28.3%, and 15% respectively [4][9]. Market Data - As of October 29, 2025, the company's stock price was 12.95 yuan, with a target price set at 13.96 yuan for the next six months [6]. - The total market capitalization is approximately 2.61 billion yuan, with a circulating market capitalization of about 1.74 billion yuan [6]. Stock Performance - The company's stock has shown a relative return of -4.3% over the past month and -15.2% over the past three months, while the absolute return over the last 12 months is 27.7% [7].

Summary of the Conference Call for 聚华科技 Company Overview - The conference call discusses 聚华科技's performance in the third quarter of 2025, highlighting a 20% year-over-year decline in revenue and a nearly 50% decrease in operating cash flow due to structural changes in domestic power grid bidding rules [2][3]. Key Industry Insights - The State Grid's third batch of 2025 electric meter tenders will adopt new standards, resulting in a cost increase of 15% to 30% for new meters [2][5][6]. - The price adjustment for new meters will reflect the increased costs, along with company pricing strategies and profit margins [7]. - The expected growth in electric meter tenders for 2026 is approximately 10%, with potential for greater increases in 2027 [2][9]. Financial Performance - The company's gross profit margin is expected to hit a low point in the first quarter of 2026, with recovery dependent on the stability of bidding prices [19]. - The overall industry gross margin is projected to rebound in the first quarter of the following year, but the extent of recovery will depend on the outcomes of the current and upcoming tenders [11][19]. Strategic Focus - 聚华科技 is cautious about the gas meter market due to high market homogeneity but remains optimistic about the water meter market, planning to adjust strategies accordingly [2][13]. - The company aims to maintain revenue between 100 million to 200 million yuan, focusing on product quality and reasonable growth rather than aggressive expansion [14]. International Expansion Plans - 聚华科技 plans to significantly increase investments in overseas markets, potentially establishing subsidiaries or factories, particularly in South America and Southeast Asia [2][15][16]. - The North American market for charging stations has seen limited progress, with revenue contribution being negligible [17]. Market Dynamics - The competitive landscape in the distribution network sector has intensified, and new business expansions will depend on market opportunities [18]. - The company is observing significant investment demands in regions like Europe, the Middle East, and Africa, driven by the global upgrade of power grids and increasing electricity consumption [23][24]. Conclusion - The conference call highlights the challenges and opportunities facing 聚华科技 in the current market environment, emphasizing the need for strategic adjustments and careful monitoring of industry trends to navigate future growth effectively.

Market Outlook - Small caps are expected to enter a favorable period after underperforming for the last couple of years, with revenue acceleration being a significant benefit [2] - The capital markets for both equity and debt are open, and M&A activity is robust, providing a positive environment for small caps [4] - The current cycle of rate cutting is anticipated to lead to increased liquidity in small caps as money market rates drop [6] Tariff Impact - Tariff concerns have been absorbed to some extent, but they still impact many companies, particularly smaller ones [3][4] - The China tariff remains a significant concern for many companies, highlighting the need for more certainty in the market [4] Investment Opportunities - Companies like Generac, Badger Meter, and Adran are highlighted as potential investment opportunities, with Generac's demand for backup generation in data centers being particularly notable [9][10] - Badger Meter is positioned well due to the ongoing infrastructure buildout, while Adran is expected to benefit from rural broadband investments [10] Market Dynamics - The outperformance of small caps is anticipated as liquidity tightens, leading to increased demand for shares in this segment [7] - Historical false starts in small caps have been noted, but recent market conditions suggest a potential shift [5]

Core Viewpoint - Rural water supply is a crucial public welfare initiative that directly impacts the well-being of citizens, yet the marketization of household water supply facilities remains low, leading to reliance on local water management units for maintenance and replacement [1] Group 1: Issues in Rural Water Supply - The installation fees for water meters vary significantly, causing public dissatisfaction due to inconsistent charging standards [1] - There is a need for clear accounting of water meter installation costs to ensure transparency and fairness in pricing [1] Group 2: Regulatory Measures - The city’s disciplinary inspection and supervision agencies will enhance collaboration with relevant industry departments to broaden channels for public and media supervision [1] - Proactive measures will be taken to address early signs of issues and to combat corruption and misconduct vigorously [1] - The aim is to ensure that all charges related to public welfare operate transparently, thereby reducing opportunities for financial leakage [1]

Group 1 - The event themed "Strengthening Comprehensive Quality Management to Promote Quality Power Construction" was held in Tashkent, focusing on quality knowledge dissemination and consumer protection [1] - Various departments and invited enterprises set up professional consultation booths to educate the public on measurement knowledge and maintenance techniques for water, electricity, and gas meters [1] - Over 300 materials were distributed to promote quality knowledge, including manuals on product quality law and safety brochures [1] Group 2 - The multi-department and multi-enterprise collaborative event received positive feedback and aimed to enhance public awareness of quality and rights protection [2] - The Tashkent Market Supervision Administration plans to continue working with relevant units and enterprises to deepen quality promotion and strengthen quality supervision [2] - The initiative is expected to inject momentum into the high-quality development of Tashkent's economy and society [2]