Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a steady revenue growth in Q3 2024, with a year-on-year increase of 5.2%, and a total revenue of 16.05 billion yuan for the quarter [2][3]. - The gross profit margin improved by 1.16 percentage points to 53.2% in Q3 2024, indicating effective cost management despite rising operational expenses [4]. - The company is expected to become a Chinese version of SGS, with revenue projections for 2024-2026 at 61.6 billion yuan, 66.6 billion yuan, and 72.0 billion yuan respectively, reflecting a compound annual growth rate of approximately 9.9% [5]. Summary by Sections Revenue Performance - For the first three quarters of 2024, the company achieved a revenue of 43.96 billion yuan, a 7.7% increase year-on-year, with a net profit of 7.47 billion yuan, up 0.8% [2]. - The revenue growth across different business segments showed varied performance, with life sciences and industrial testing segments growing significantly [3]. Profitability Metrics - The company’s comprehensive gross profit margin increased to 53.2%, with a slight rise in R&D expenses indicating a focus on high-tech sectors [4]. - Operating cash flow has shown continuous improvement, with net cash flow of 2.51 billion yuan in Q3 2024 [4]. Future Outlook - The company is actively pursuing an external acquisition strategy to enhance its comprehensive testing capabilities, with several acquisitions already completed or in progress [7]. - Earnings forecasts suggest a gradual recovery in profitability, with net profits projected to reach 9.72 billion yuan in 2024, reflecting a growth rate of 6.8% [5].

证券研究报告 非金融公司|公司点评|华测检测（300012） Q3 营收稳健增长，净利润小幅下滑 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月27日 证券研究报告 |报告要点 2024 年宏观环境景气度仍相对较低，公司整体下游需求减弱，我们认为 2024 年医疗检测板块 整体仍可能承压，但土壤三普、航空检测等相关检测有望为公司带来增量。我们预计公司 2024- 2026 年营收分别为 64.31/72.46/81.87 亿元，归母净利润分别为 10.34/12.31/14.42 亿元， CAGR 为 16.57%。EPS 分别为 0.61/0.73/0.86 元/股,考虑到公司为检测行业龙头企业，经营把 控能力强，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月27日 华测检测(300012) Q3 营收稳健增长，净利润小幅下滑 | --- | --- | |----------------------------|----------- ...

Key Points Company Overview - **Industry**: Testing and inspection services - **Company**: Huatai Inspection & Testing - **Timeframe**: 2024 Q3 and Q3 YTD Financial Highlights - **Revenue**: 43.96 billion CNY (7.71% YoY) - **Operating Profit**: 7.47 billion CNY (0.79% YoY) - **Net Profit**: 7.01 billion CNY (3.18% YoY) - **Gross Margin**: 50.88% (up 0.5ppt YoY) - **Q3 Revenue**: 16.05 billion CNY (5.21% YoY) - **Q3 Operating Profit**: 3.1 billion CNY (down 0.82% YoY) - **Q3 Net Profit**: 2.98 billion CNY (1.14% YoY) - **Q3 Gross Margin**: 53.24% (up 1.16ppt YoY) Business Segments - **Life Sciences**: Revenue over 20 billion CNY (double-digit growth), gross margin over 50% - **Industrial Testing**: Revenue over 8 billion CNY (close to 10% growth), gross margin improved - **Trade Assurance**: Revenue close to 5 billion CNY (high single-digit growth), gross margin improved - **Consumer Products Testing**: Revenue over 7 billion CNY (slightly down), gross margin improved - **Medical & Health Services**: Revenue over 2 billion CNY (slightly down), growth trend positive Key Initiatives - **Acquisitions**: Successful acquisition of Taiwan General, Hefei Heavy Light Physical Examination, and Greece NAS Laboratory - **Strategic Focus**: High-quality development, team building, digitalization, and operational efficiency improvement Growth Drivers - **Life Sciences**: Growth driven by environmental and food testing, expansion into new areas like seed testing and marine monitoring - **Industrial Testing**: Growth driven by digital services, construction testing, and double carbon and ESG sectors - **Trade Assurance**: Growth driven by electronic materials, reliability products, and inspection and testing products - **Consumer Products Testing**: Growth driven by automotive testing, electronic EMC, and light industry toys and textiles - **Medical & Health Services**: Growth driven by medical device and pharmaceutical testing Challenges - **Reduced government spending**: Impact on environmental and food testing segments - **Economic uncertainty**: Potential impact on overall business performance Future Outlook - **Revenue growth**: Expected to continue with focus on high-quality growth and new market opportunities - **Profitability**: Expected to improve through cost control, operational efficiency, and strategic investments - **Market share**: Expected to increase through organic growth and strategic acquisitions Other Key Points - **Operational cash flow**: Improved from Q2 to Q3, up 5.8% - **Employee efficiency**: Focus on improving employee efficiency to enhance profitability - **Digitalization**: Investing in digitalization to improve operational efficiency and customer experience

Key Points Company Overview - **Industry**: Testing and inspection services - **Company**: Huatai Inspection & Testing - **Timeframe**: 2024 Q3 and Q3 YTD Financial Highlights - **Revenue**: 43.96 billion CNY (7.71% YoY) - **Operating Profit**: 7.47 billion CNY (0.79% YoY) - **Net Profit**: 7.01 billion CNY (3.18% YoY) - **Gross Margin**: 50.88% (up 0.5ppt YoY) - **Q3 Revenue**: 16.05 billion CNY (5.21% YoY) - **Q3 Operating Profit**: 3.1 billion CNY (down 0.82% YoY) - **Q3 Net Profit**: 2.98 billion CNY (1.14% YoY) - **Q3 Gross Margin**: 53.24% (up 1.16ppt YoY) Business Segments - **Life Sciences**: Revenue over 20 billion CNY (double-digit growth), gross margin over 50% - **Industrial Testing**: Revenue over 8 billion CNY (close to 10% growth), gross margin improved - **Trade Assurance**: Revenue close to 5 billion CNY (high single-digit growth), gross margin improved - **Consumer Products Testing**: Revenue over 7 billion CNY (slightly down), gross margin improved - **Medical & Health Services**: Revenue over 2 billion CNY (slightly down), growth trend positive Key Growth Drivers - **Life Sciences**: Growth in environmental and food testing, driven by projects like the Third National Pollution Control and Prevention Action Plan (3P3A) - **Industrial Testing**: Strong performance in industrial materials, digitalization, and construction testing - **Trade Assurance**: Continued leadership in the field, with significant growth in chemical and reliability testing - **Consumer Products Testing**: Growth in light industry, toys, textiles, and automotive testing - **Medical & Health Services**: Strong growth in medical device and pharmaceutical testing Key Challenges - **Life Sciences**: Declining growth in medical testing, driven by regulatory changes and market competition - **Industrial Testing**: Potential impact from industry consolidation and price pressure - **Consumer Products Testing**: Impact from Wistron and IMA, with potential for improvement in 2025 - **Medical & Health Services**: Potential impact from regulatory changes and market competition Strategic Initiatives - **Acquisitions**: Successful acquisition of Taiwan General, Huazhong Heavy Industry Health Check, and NAS Laboratory in Greece - **International Expansion**: Focus on Southeast Asia and Europe, with potential for further expansion - **Operational Efficiency**: Focus on cost control, talent development, and digitalization Future Outlook - **Life Sciences**: Continued growth in environmental and food testing, with potential for new growth drivers in areas like seed testing and marine monitoring - **Industrial Testing**: Focus on digitalization and new technologies, with potential for growth in areas like green energy and ESG - **Trade Assurance**: Continued leadership in the field, with potential for further growth in chemical and reliability testing - **Consumer Products Testing**: Focus on automotive testing and new technologies, with potential for growth in areas like EMC and IoT - **Medical & Health Services**: Focus on medical device and pharmaceutical testing, with potential for growth in areas like functional medicine and health management

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 18.36 CNY, compared to the current price of 14.76 CNY [1][2]. Core Insights - The company's Q3 2024 performance met expectations, with a revenue of 16.05 million CNY and a net profit of 3.10 million CNY, reflecting a year-on-year growth of 5.21% in revenue but a slight decline of 0.82% in net profit [2]. - The gross margin and net margin for Q3 were reported at 53.24% and 19.59%, respectively, showing a year-on-year increase in gross margin by 1.17 percentage points but a decrease in net margin by 1.35 percentage points [2]. - The company has increased its R&D investment, which is expected to support future business expansion [2]. - The report highlights a steady internal growth, with the life sciences and industrial testing sectors showing significant revenue increases of 21.7% and 13.8%, respectively, while the pharmaceutical sector is expected to see marginal improvements [2]. - The company is actively pursuing external growth opportunities, including the acquisition of the Greek NAIAS laboratory to enhance its strategic positioning in the global shipping green energy sector [2]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 43.96 billion CNY, representing a year-on-year increase of 7.71%, and a net profit attributable to the parent company of 7.47 billion CNY, up 0.79% year-on-year [1][2]. - The projected net profits for 2024, 2025, and 2026 are 9.75 billion CNY, 11.04 billion CNY, and 12.43 billion CNY, respectively, with year-on-year growth rates of 7.2%, 13.2%, and 12.6% [2][3]. - The company’s total revenue is expected to reach 6.094 billion CNY in 2024, with a growth rate of 8.7% [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue growth of 8% year-on-year in the first three quarters of 2024, with total revenue reaching 4.4 billion yuan and a net profit attributable to shareholders of 750 million yuan, reflecting a 1% increase year-on-year [2] - The gross profit margin for Q3 2024 was 53.2%, showing an increase of 1.2 percentage points year-on-year, supported by lean management practices [3] - The company is strategically positioning itself in emerging sectors and pursuing international expansion, which is expected to support long-term growth [4] Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 5,131 in 2022 to 7,664 in 2026, with year-on-year growth rates of 18.52%, 9.24%, 8.08%, 12.33%, and 12.64% respectively [1] - Net profit attributable to shareholders (in million yuan) is forecasted to increase from 902.73 in 2022 to 1,339.84 in 2026, with year-on-year growth rates of 20.98%, 0.83%, 5.87%, 18.27%, and 17.57% respectively [1] - The latest diluted EPS is expected to rise from 0.54 in 2022 to 0.80 in 2026, with corresponding P/E ratios decreasing from 22.22 to 14.97 [1] Operational Insights - The company’s Q3 2024 sales net profit margin was 19.6%, with a slight decrease of 1.4 percentage points year-on-year, while the operating expense ratio increased to 31.0% due to higher R&D spending and reduced foreign exchange gains [3] - The company is in the early stages of implementing lean management, which is anticipated to enhance profitability as operational efficiencies improve [3]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 performance met expectations, with revenue of 4.4 billion and a year-on-year growth of 7.7%. The net profit attributable to shareholders was 750 million, reflecting a 0.8% increase year-on-year. The company anticipates that the acquisition in Q4 will contribute to steady annual growth [1] - The gross margin for Q1-Q3 was 50.88%, showing a year-on-year increase of 0.5 percentage points, while the net profit margin decreased slightly due to rising expenses [1] - The company is optimizing its capital expenditure strategy and expanding into strategic emerging sectors, including acquisitions in health management and green energy technology services [1] Financial Performance Summary - Revenue for 2022 was 5,131 million, with a growth rate of 18.5%. For 2023, revenue is projected at 5,605 million, with a growth rate of 9.2% [2] - The net profit attributable to shareholders for 2022 was 903 million, with a growth rate of 21.0%. For 2023, it is expected to be 910 million, reflecting a growth rate of 0.8% [2] - The company’s EPS for 2024 is projected to be 0.56, with a corresponding P/E ratio of 26 [2][3] Cash Flow and Capital Expenditure - The operating cash flow for 2023 was 1,122 million, with a slight increase from 1,100 million in 2022. The company expects a cash flow of 1,083 million in 2024 [7] - Capital expenditures for Q1-Q3 were approximately 5.05 billion, maintaining a similar level to the previous year, representing about 11% of revenue [1] Strategic Direction - The company is focusing on expanding into new growth areas such as semiconductors, biomedicine, and electric vehicle testing, aligning with national strategic development directions [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in Q3 2024 met expectations, with steady growth in traditional testing sectors and an optimistic outlook for demand recovery [2][3] - The company is actively pursuing strategic acquisitions to enhance its presence in emerging testing fields, which is expected to contribute to steady revenue growth [3] Financial Summary - Revenue for 2022 was 5,131 million, projected to grow to 8,282 million by 2026, reflecting a CAGR of approximately 13.4% [1] - Net profit attributable to the parent company was 903 million in 2022, expected to reach 1,352 million by 2026, with a CAGR of about 13.3% [1] - Earnings per share (EPS) is projected to increase from 0.54 in 2022 to 0.80 by 2026 [1] - The return on equity (ROE) is expected to stabilize around 14.8% from 2024 to 2026 [1] Performance Expectations - The company achieved a revenue of 4,396 million in the first three quarters of 2024, a year-on-year increase of 7.71%, with a net profit of 747 million, up 0.79% year-on-year [3] - The traditional testing sector is expected to maintain stable growth, with significant projects in soil testing and marine environmental testing [3] - The company is expanding its capabilities in semiconductor testing and health management services through strategic acquisitions [3] Target Price - The target price has been raised to 17.75, based on a 25x PE ratio for 2025, compared to the previous target of 14.14 [4]

华测检测（300012.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 业绩符合预期，并购拓展海事等新领域 2024 年 10 月 24 日 ➢ 公司发布 2024 年三季报。2024Q1-Q3，公司实现营收 43.96 亿元， yoy+7.71% ，归母净利润 7.47 亿元， yoy+0.79% ，毛利率 50.88% ， yoy+0.50pct，净利率 17.11%，yoy-1.45pct；2024Q3，公司实现营收 16.05 亿元，yoy+5.21%，实现归母净利润 3.10 亿元，yoy-0.82%，毛利率为 53.24%， yoy+1.17pct；净利率为 19.59%，yoy-1.35pct。 ➢ 2024Q3 公司营收稳健增长，研发与财务费用增加较多短期影响利润增速。 2024Q3，公司营收同比增 5.21%，但归母净利润同比下滑 0.82%，主要与研发 费用和财务费用同比分别增加 0.35/0.15 亿元有关，其中，研发费用增加较多预 计与公司加大新业务布局有关，而财务费用有一定增加，预计与汇兑收益同比有 一定下滑有关。 ➢ 通过收购加大在海事及电动 ...

华测检测认证集团股份有限公司 2024 年第三季度报告 1 证券代码：300012 证券简称：华测检测 公告编号：2024-050 华测检测认证集团股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 华测检测认证集团股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--- ...