华测检测：Q3毛利率提升较快，新业务持续布局

Investment Rating - The investment rating for the company is "Outperform the Market" [1][7][9] Core Insights - The company reported a revenue of 4.396 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 7.71%. The net profit attributable to the parent company was 747 million yuan, up 0.79% year-on-year [4][5] - The gross margin for Q1-Q3 2024 was 50.88%, with a net margin of 17.11%. In Q3 2024, the gross margin was 53.24%, reflecting a year-on-year increase of 1.16 percentage points [5] - The company has made strategic acquisitions to enhance its business layout, including the acquisition of a laboratory in Greece to strengthen its global shipping green energy technology service strategy [6][9] Financial Performance Summary - For Q1-Q3 2024, the company achieved a single-quarter revenue of 1.605 billion yuan, a year-on-year increase of 5.21%, while the net profit for the same period was 310 million yuan, down 0.82% year-on-year [4] - The company’s operating cash flow for Q1-Q3 2024 was 274 million yuan, a decrease of 32.41% year-on-year [6] - The company expects to achieve revenues of 6.124 billion yuan, 6.592 billion yuan, and 7.067 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.3%, 7.6%, and 7.2% [7][9] Business Segmentation - The company’s revenue from the Life Sciences segment is projected to grow by 15.00%, 8.00%, and 6.00% for 2024, 2025, and 2026, respectively, with a gross margin of 50.00%, 49.00%, and 48.00% [9][10] - The Industrial Testing segment is expected to see revenue growth of 12.00%, 10.00%, and 10.00% over the same period, maintaining a gross margin of 43.00% [9] - The Consumer Testing segment is forecasted to grow by 3.00%, 5.00%, and 8.00% for the next three years, with a gross margin of 43.00% in 2024 [9][11] - The Trade Assurance segment is anticipated to grow by 5.00% annually, maintaining a high gross margin of 67.00% [9][11] - The Pharmaceutical and Medical Services segment is expected to decline by 15.00% in 2024 but recover with growth of 10.00% in the following years, with a gross margin of 24.00% in 2024 [10][11]