Q2 营收增速同比、环比均有提升，上半年签单情况良好。2024Q2 广电计量营收同比增3.9%-18.4%，中值11.1%，高于Q1 的7.8%，公司在收缩亏损实验室的情况下仍保持较稳健营收增长。上半年经营良好：1）订单拓展：上半年公司强化市场协同，加强市场开拓，实现特殊行业、汽车、集成电路、数据科学等重点领域的订单稳定增长；2）能力布局：公司持续完善计量、可靠性与环境试验、电磁兼容检测等成熟业务的区域覆盖和能力覆盖，构建细分领域特色能力优势；利用成熟板块的领先优势，赋能集成电路测试与分析、生命科学、数据科学、培训服务等培育业务的协同发展，为未来营收增长打下良好基础。Description of the event
Radio and Television Measurement released the 2024 mid-year report performance forecast. Revenue for the first half of the year was 1.3-1.4 billion yuan, up 5.6%-13.7% year on year; net profit to mother was 0.075-0.085 billion yuan, up 25%-41% year on year; net profit after deducted from mother was 0.06-0.07 billion yuan, up 38%-61% year on year; of these, Q2 revenue was 0.712-0.812 billion yuan, up 3.9% to 18.4% year on year; net profit to mother 0.074-0.084 billion yuan, up 18%-33% year on year; net profit without return to mother was 0.066-0.076 billion yuan, up 24%-43% year on year.
Incident comments
Q2 Revenue growth increased year-on-year and month-on-month, and orders were good in the first half of the year. 2024Q2 radio and television measurement revenue increased by 3.9%-18.4% year-on-year, with a median value of 11.1%, higher than 7.8% in Q1. The company maintained steady revenue growth despite shrinking loss-making laboratories. Good operation in the first half of the year: 1) Order expansion: In the first half of the year, the company strengthened market collaboration, and achieved steady growth in orders in key areas such as special industries, automobiles, integrated circuits, and data science; 2) Capacity layout: The company continued to improve the regional coverage and capacity coverage of mature businesses such as metrology, reliability and environmental testing, and electromagnetic compatibility testing to build characteristic capability advantages in segmented fields; using leading advantages in mature sectors to enable the collaborative development of integrated circuit testing and analysis, life science, and training services, etc., to cultivate a good foundation for future revenue growth.
High-quality development results were obvious, and the Q2 net margin increased 1.2 pct year over year. Since taking office at the end of 2023, the new leadership team of the company has promoted refined management in various aspects such as improving organizational structure, profit assessment orientation, high-end business development, improving financial management, technological cost reduction and efficiency. Food and environmental laboratories achieved initial results in reducing losses in the first half of 2024. Both gross profit and net interest rates increased; 2024Q1 turned net profit into profit; and the 2024Q2 net interest rate was 10.3%-10.4%, an increase of 1.2 pct over the previous year. High-quality development was gradually realized.
A national high-end manufacturing and testing enterprise, 2024 ushered in multiple highlights. 1) Good qualifications provide momentum for subsequent growth: the company is a national, comprehensive high-end manufacturing and inspection enterprise, with a total original value of 2.464 billion yuan of testing equipment at the end of 2023 (up 10.47% year on year), with abundant production capacity; 2) Demand improvement expectations for superior sectors: reliability and environmental testing/electromagnetic compatibility will slow to 8.2%/11.3% due to special events in the military industry in 2023. In addition, the 2024 military inspection order is expected to bottom out and repair. In addition, benefiting from the development potential of new automobile models, the company's automobile inspection business has grown The company's order situation has responded in the first half of the year; 3) Net interest rate increases are expected: ① Weak sector loss reduction: In 2024, the company adopted a contraction strategy for food and environmental loss laboratories, and deeply integrated management of food, environmental and chemical analysis laboratories, and adjusted the management team of Zhongan Guangyuan (EIA business); ② Personnel control: the number of employees in the company was 6304 by the end of 2023, a decrease of 11; ③ capital expenditure slowdown: The company plans to invest 0.298 billion yuan in technical reform capital in 2024, a decrease of 21.9% year on year.
The equity incentive plan was implemented, and growth was guided by profit & cash flow. On July 1, 2024, the company announced that with July 1, 2024 as the award date of the incentive plan, 8.625 million share stock options will be granted to 623 incentive recipients at an exercise price of 14.56 yuan/share, and 8.625 million restricted shares will be granted to 623 incentive recipients at a price of 8.68 yuan/share.
The equity incentive plan assesses net profit after deduction of non-return to mother, return on net assets, cash operating index, and R&D investment, and there is strong certainty about the company's long-term healthy development.
Profit forecast and valuation: Expected 2024-2026, the company's revenue is 3.299 billion yuan/3.76 billion yuan/4.29 billion yuan, up 14.2%/14.0%/14.1% year on year; realized net profit to mother 0.314 billion yuan/0.403 billion yuan/0.518 billion yuan, up 57.3%/28.6% year on year, corresponding to PE valuation of 21.8x/17.0x/13.2x; maintain” “Buy” rating.
Risk warning
1. Ecological environment and food testing losses fall short of the expected risk; 2. The net interest rate falls short of the expected risk due to insufficient capacity utilization.
