Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's net profit for 2024 is expected to grow by 50%-81%, exceeding expectations, with projected revenue of 3.1-3.3 billion yuan, a year-on-year increase of 7%-14% [2] - The management team has undergone a renewal, focusing on strategic emerging sectors and enhancing operational efficiency through refined management practices [3] - The implementation of an employee stock incentive plan aims to bind core employees and reflects confidence in future growth [4] Financial Forecasts - The company’s total revenue is projected to increase from 2.889 billion yuan in 2023 to 3.181 billion yuan in 2024, representing a year-on-year growth of 10.10% [10] - The net profit attributable to the parent company is forecasted to rise from 199.39 million yuan in 2023 to 329.91 million yuan in 2024, indicating a significant year-on-year growth of 65.46% [10] - The earnings per share (EPS) is expected to increase from 0.34 yuan in 2023 to 0.57 yuan in 2024 [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has released a 2024 earnings forecast, projecting revenue of 3.1-3.3 billion yuan, a year-on-year increase of 7.3%-14.2%, and a net profit attributable to shareholders of 300-360 million yuan, a year-on-year increase of 50.46%-80.55% [4][6]. - The company is implementing regional collaboration and major customer strategies, leading to stable and rapid growth in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [4][10]. - The company has adopted refined management practices, adjusting its profit-centered assessment model, which has resulted in significant reductions in losses in food and environmental testing, alongside improved control over various expenses, leading to increased gross and net profit margins [10][11]. Revenue Summary - The company expects to achieve revenue of 3.1-3.3 billion yuan in 2024, with a year-on-year growth of 7.3%-14.2%. The fourth quarter is projected to generate revenue of 940-1,140 million yuan, reflecting a year-on-year increase of 1.6%-23.2% [4][6]. - The net profit for 2024 is forecasted to be 300-360 million yuan, representing a year-on-year increase of 50.46%-80.55% [4][6]. Profitability Summary - The net profit margin for 2024 is estimated to be approximately 9.7%-10.9%, an increase of 2.8-4.0 percentage points compared to the previous year [10]. - The company has improved its profitability through business structure optimization and strict cost control, with a focus on digital transformation [10][11]. Management Changes - A new management team was established at the end of 2023, focusing on refined management and enhancing net profit assessments [10]. - The company has initiated a stock incentive plan and announced a share buyback of 200-400 million yuan, along with a mid-term dividend distribution of 140 million yuan, marking the largest dividend since its listing [10][11]. Financial Forecast and Valuation - The company is projected to achieve revenues of 3.201 billion yuan, 3.551 billion yuan, and 3.945 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.8%, 10.9%, and 11.1% [10]. - The net profit attributable to shareholders is expected to be 322 million yuan, 404 million yuan, and 499 million yuan for the same years, with corresponding year-on-year growth rates of 61.7%, 25.2%, and 23.8% [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve a revenue of 3.1 to 3.3 billion yuan in 2024, representing a year-on-year growth of 7.31% to 14.23%, and a net profit attributable to shareholders of 300 to 360 million yuan, indicating a growth of 50.46% to 80.55% [1] - The growth in performance is attributed to accelerated innovation in business capabilities, implementation of regional collaboration, and a focus on major clients in key sectors such as special industries, automotive, integrated circuits, data science, and aviation [1] - The company has significantly increased its dividend payout, with a total dividend of 140 million yuan, which is 175% of the net profit for the first half of the year, reflecting confidence in future growth [2] - Leadership changes and the introduction of the first stock incentive plan are expected to enhance the motivation of the management team and employees [3] Summary by Sections Financial Performance - The company forecasts a net profit of 3.28 billion yuan for 2024, 4.02 billion yuan for 2025, and 5.02 billion yuan for 2026, with corresponding PE ratios of 29, 23, and 19 [4][5] - Revenue for 2024 is projected at 3.21 billion yuan, with a growth rate of 11.2% [5] - The company has maintained a stable EBIT margin, with expectations of 13% in 2024 and 15.2% by 2026 [5] Shareholder Returns - The company has repurchased shares amounting to 3.9 billion yuan, representing 3.92% of the total share capital, demonstrating a commitment to shareholder value [2] - The increase in dividend payout from 86 million yuan in previous years to 140 million yuan indicates a strong focus on returning value to shareholders [2] Management and Strategy - The leadership transition in December 2023 and the stock incentive plan are designed to boost employee engagement and align interests with shareholders [3] - The performance targets set for the incentive plan aim for a net profit growth rate of no less than 82%, 128%, and 175% over the next three years [3]

证券研究报告 | 2025年01月15日 公司预计 2024 年实现收入 31.00-33.00 亿元，同比增长 7.31%-14.23%， 归母净利润 3.00-3.60 亿元，同比增长 50.46%-80.55%，扣非归母利润 2.90-3.30 亿元，同比增长 66.52%-89.49%。单季度看，2024 年四季度 预计实现收入 9.40-11.40 亿元，同比增长 1.57%-23.17%，归母净利润 1.11-1.71 亿元，同比增长 66.96%-157.02%，扣非归母利润 1.25-1.65 亿元，同比增长 103.65%-168.60%。业绩增长主要系：1）加快创新业务 能力建设，实施区域协同和大客户战略，特殊行业、汽车、集成电路、 数据科学、航空等重点领域订单实现较快增长；2）推行精细化管理， 调整以利润为核心的考核模式，推进食品检测、生态环境检测等薄弱业 务及时收缩亏损实验室，减亏工作取得成效，盈利能力有所提升。 大幅提升分红比例，积极回购彰显发展信心。公司自 2024 年 10 月获得回购 专项贷款以来，截至 2024 年 12 月 31 日累计回购股份数量占总股本 3.92%， 使 ...

证券研究报告 | 公司点评 gszqdatemark 2025 01 15 年 月 日 广电计量（002967.SZ） Q4 业绩增长超预期，净利率显著改善 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 专业服务 | | 前次评级 | 买入 | | 01 月 14 日收盘价（元） | 16.23 | | 总市值（百万元） | 9,466.08 | | 总股本（百万股） | 583.25 | | 其中自由流通股（%） | 92.76 | | 30 日日均成交量（百万股） | 5.00 | 股价走势 -30% -16% -2% 12% 26% 40% 2024-01 2024-05 2024-09 2025-01 广电计量 沪深300 作者 分析师 何亚轩 Q4 业绩超预期高增，收入维持稳健增长。公司预告 2024 全年实现营业 收入 31-33 亿，同增 7%-14%（中值约 11%）；按中值测算 Q4 单季实现 营收 10.4 亿，同增 12%，维持稳健增长。全年预告实现归母净利润 3-3.6 亿，同增 50.5%-80.6%（中值约 66%）；扣非归母净利润 2. ...

证券代码：002967 证券简称：广电计量 公告编号：2025-003 广电计量检测集团股份有限公司 2024 年年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2024 年 1 月 1 日至 2024 年 12 月 31 日。 2.业绩预告情况：□扭亏为盈 同向上升 □同向下降 特此公告。 本次业绩预告未经注册会计师审计。 三、业绩变动原因说明 1.2024 年公司紧扣"坚持守正创新，强化数字赋能，开启高质量发展新征 程"年度经营主题，加快创新业务能力建设，实施区域协同和大客户战略，开展 行业深耕和区域市场深耕，深化数智转型升级，全面推动变革创新，纵深推进降 本增效，实现特殊行业、汽车、集成电路、数据科学、航空等重点领域的订单稳 1 定较快增长。 2.公司全面推行精细化管理，大力促进经营降本增效，加快推动数字化转型， 净利润同比较快增长，毛利率和净利率均有所提升。公司通过优化组织架构和经 营责任考核体系，调整以利润为核心的考核模式，加强各项费用管控力度，大力 推进亏损业务板块调整与转型，推动成本增幅低于收 ...

我们在公司深度报告报告的标题呢叫做新团队新策略科技研发检测龙头企业首先呢在介绍这篇报告之前给各位领导分终一点重点汇报一下核心的结论管制机场本身呢是国内综合性全国性的服务机构之一主要的在广军工汽车半导体通信等高端制造业检测领域当中拥有非常强的竞争力然后在2019年上市到2023年这几年之间呢公司整体的意义表现其实不太如人意在2023年之后呢公司发生了相对比较大的变化 重点就是更换了一些管理层同时在2024年也推出了股权接力计划完成了股票的回购也实施了大额的中期分红在业务结构上做了一些调整同时也积极实行价格增速的措施最后的结果的话就是2024年的前三季度公司整体的收入增长10%但是利润其实增长超过了40%整体的接力率提升了有两个多点的水平成绩的营业性还是在持续的向上的 那我们觉得未来的话公司营利性提升的趋势应该还会继续延续下去同时也会带来公司利润保持一个未来两年25%左右的一个负荷增速还是一个相对比较不错的经营观点出息比较明显的一家公司所以还是在重点推荐接下来从几个方面来汇报一下公司的重点情况包括了公司股价的回顾第二个是公司管理上具体发生了什么样的变化第三就是从营收区市场来看公司后面大概能做到什么样的质量第四就是 ...

证券代码：002967 证券简称：广电计量 公告编号：2025-002 广电计量检测集团股份有限公司 2024 年中期权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 截至本公告披露日，广电计量检测集团股份有限公司（以下简称"公司"） 回购专用证券账户持有的回购股份 22,858,144 股不参与公司 2024 年中期权益分派， 本次实际分红的总金额为 140,096,925.50 元，以公司总股本 583,245,846 股折算的 每 10 股现金红利（即分红总额/总股本）为 2.402021 元；本次权益分派实施后的 除权除息参考价=股权登记日收盘价-0.2402021。 公司 2024 年中期权益分派方案已获 2024 年 12 月 25 日召开的 2024 年第三次 临时股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 1.公司 2024 年中期权益分派方案已获 2024 年 12 月 25 日召开的 2024 年第三 次临时股东大会审议通过，公司 2024 年中期权益分派方案为：以分配方 ...

证券代码：002967 证券简称：广电计量 公告编号：2025-001 广电计量检测集团股份有限公司 关于回购股份进展情况的公告 4.使用资金总额：390,134,208.12 元（不含交易费用）。 1 公司回购股份符合既定的回购股份方案。 公司未在下列期间以集中竞价交易方式回购股份： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广电计量检测集团股份有限公司（以下简称"公司"）根据《中华人民共和 国公司法》《中华人民共和国证券法》《关于支持上市公司回购股份的意见》《上 市公司股份回购规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 9 号——回购股份》等规定，于 2024 年 10 月 8 日召开第五届 董事会第十三次会议审议通过了《关于回购股份方案的议案》，同意公司使用自 有资金或自筹资金以集中竞价交易方式回购公司部分 A 股社会公众股份，用于 转换公司计划未来发行的可转换为股票的公司债券，回购股份的资金总额不低于 2 亿元，不超过 4 亿元，回购股份的价格不超过 18 元/股，回购股份的实施期限 为自公司董事会审议通过回购方 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [16]. Core Viewpoints - The company is positioned as a leader in high-end manufacturing testing, focusing on special industries such as automotive, aerospace, integrated circuits, and communications. The management change at the end of 2023 and strategic adjustments in 2024 are expected to gradually realize profit releases [42][45]. - The company has significant potential for revenue growth, driven by the necessity of testing in manufacturing upgrades and structural opportunities in the market [45]. - The report highlights the company's efforts in cost reduction and efficiency improvement, suggesting that there is still room for profit margin enhancement [43]. Financial Performance Summary - The company's revenue for 2023 was 17.701 billion, with a net profit of 0.510 billion. The revenue is projected to grow to 32.84 billion in 2024, with a net profit of 3.05 billion, reflecting a year-on-year growth of 13.7% and 52.9% respectively [2][16]. - The company’s net profit margin is expected to improve, with projections indicating a net profit margin of approximately 9.0% in 2024, which is lower than the historical peak of 13.2% in 2020, suggesting substantial room for improvement [5][37]. - The report forecasts a compound annual growth rate (CAGR) of 33.9% for net profit from 2024 to 2026, with net profits expected to reach 4.78 billion by 2026 [16]. Business Strategy and Market Position - The company is focusing on enhancing operational efficiency and reducing costs, with a strategy that includes learning from industry leaders like Huace Testing, which has successfully improved its return on equity (ROE) through refined management practices [46]. - The report emphasizes the importance of the company's strategic shift towards high-end manufacturing testing and the anticipated benefits from this focus [42][45]. - The company has been actively working on improving its operational metrics, such as per capita output and investment efficiency, to align more closely with international benchmarks [35].