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 ...

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]

Core Viewpoint - Xince Standard is a comprehensive testing organization that provides various testing services across multiple sectors, including automotive, electronics, consumer goods, industrial products, food, agriculture, and environmental sectors [1] Company Overview - Xince Standard specializes in reliability testing, physical and chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing [1] - The company has established a joint venture, Xince Standard (Suzhou) Robotics Technology Co., Ltd., in collaboration with Walli Technology, which has been completed but has not yet generated business revenue [1] Investment Considerations - The company has advised investors to be cautious regarding investment risks associated with its operations and the joint venture [1]

Group 1 - The core viewpoint of the article is that Xince Standard (300938.SZ) has clarified its business operations and the status of its joint venture in response to investor inquiries [2] - Xince Standard is a comprehensive testing organization engaged in reliability testing, physical and chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing [2] - The company has established a joint venture, Xince Standard (Suzhou) Robotics Technology Co., Ltd., with Wali Technology, which has been set up but has not yet generated any business revenue [2]

Core Viewpoint - Xince Standard (300938) is a comprehensive testing organization that provides various testing services across multiple sectors, including automotive, electronics, consumer goods, industrial products, food, agriculture, and environmental sectors [1] Group 1: Company Overview - Xince Standard specializes in reliability testing, physical and chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing services [1] - The company is located in Wuhan and has officially launched its military-civilian integration project, with the experimental building completed [1] - Xince Standard possesses qualifications to conduct military-related business, including reliability tests and EMC testing for military products [1]

每经AI快讯，有投资者在投资者互动平台提问：据说贵公司在设立信测标准机器人技术公司，请问是 否属实？ 信测标准（300938.SZ）8月20日在投资者互动平台表示，信测标准是一家综合性检测机构，主要从事可 靠性检测、理化检测、电磁兼容检测、产品安全检测和生命健康等检测服务，为汽车、电子电气产品、 日用消费品、工业品、食品农产品与环境等领域的客户提供检测报告或证书。公司与瓦力科技合资设立 的信测标准（苏州）机器人技术有限公司已设立完成，目前尚未产生业务收入，提请投资者注意投资风 险。 （文章来源：每日经济新闻） ...

Core Viewpoint - Xince Standard (300938.SZ) is a comprehensive testing organization that provides various testing services across multiple sectors, including automotive, electronics, consumer goods, industrial products, food, agriculture, and environmental fields [1] Company Overview - Xince Standard specializes in reliability testing, physical and chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing services [1] - The company has capabilities and qualifications in areas such as robot EMC testing, safety testing, and environmental reliability testing, allowing it to provide testing services specifically for robots [1]

Core Viewpoint - The company, Guangdian Measurement, is planning to raise funds through a private placement to enhance its strategic capacity in various high-tech sectors, aiming to solidify its position as a leading testing enterprise in China [1][4]. Group 1: Fundraising and Strategic Investment - Guangdian Measurement intends to issue shares to no more than 35 specific investors, raising up to 1.3 billion yuan for investments in satellite internet, aviation equipment, AI chips, and data intelligence [1][4]. - The funds will be allocated to six projects, including 300 million yuan for aviation equipment testing, 250 million yuan for AI chip testing, and 300 million yuan for satellite internet quality assurance [4]. - The company has a history of fundraising, having raised 614 million yuan during its IPO and 1.5 billion yuan in a previous private placement [5]. Group 2: Growth and Financial Performance - Guangdian Measurement has shown consistent revenue growth from 153 million yuan in 2012 to an expected 3.207 billion yuan in 2024 [8]. - The company forecasts a net profit of 95 million to 100 million yuan for the first half of 2025, reflecting a year-on-year growth of 19.20% to 25.48% [8]. - The gross profit margin has remained stable around 40% in recent years, indicating a solid financial performance [3][9]. Group 3: Research and Development - The company invests over 10% of its annual revenue into R&D, with projected R&D expenditures of 354 million yuan in 2024 [1][7]. - Since its establishment, Guangdian Measurement has participated in the development of 255 national and industry standards and has been awarded 539 patents, showcasing its strong innovation capabilities [7].