\u3000\u3000 Pony Testing International Group Co.Ltd(300887) (300887)
Event description:
The company issued a performance express: in 2021, the company achieved an operating revenue of 2.002 billion yuan, a year-on-year increase of 40.35%; The net profit attributable to the parent company was 218 million yuan, a year-on-year increase of 33.28%, and the performance exceeded expectations.
Event comments:
The business structure has been continuously optimized and new areas have been accelerated. In 2021, the company’s traditional fields such as food testing and environmental testing remained strong; Automobile (becoming a supplier of Tesla), military industry (achieving a breakthrough of 0 to 1), medicine (deeply participating in large-scale nucleic acid screening in many places), medicine (the Shanghai base is put into use, and the production capacity is greatly improved), cosmetics and other fields have accelerated their expansion and jointly promoted the high growth of performance.
The process of M & A is accelerated, which helps the development of the company drive into the fast lane. In 2021, the company completed 6 mergers and acquisitions (Guizhou Pony Testing International Group Co.Ltd(300887) technology, Zhengzhou Xieli Runhua medical laboratory, Changchun Jiuhe medical laboratory, Xi’an chuangni Information Technology Co., Ltd., Xi’an Chadwick radiation technology and Sanhe Hekang Technology Co., Ltd.), which significantly accelerated the merger and acquisition process and helped the development of the company into the fast lane.
Revenue growth in the fourth quarter of 2021 exceeded 31%. In the fourth quarter of 2021, the company achieved an operating revenue of 660 million yuan, a year-on-year increase of 31%; The net profit attributable to the parent company was 125 million yuan, a year-on-year increase of 12%; The growth rate of revenue in a single quarter was high. We infer that the growth rate of net profit is lower than that of revenue, which is mainly due to the decline of gross profit margin of nucleic acid detection business, higher accounts receivable and equity incentive expenses.
Profit forecast and investment rating we believe that the company has been deeply engaged in the testing industry for many years and has established a good brand reputation; At present, the business structure is continuously optimized and the M & a process is accelerated. It is estimated that the net profit attributable to the parent company in 2021, 2022 and 2023 will be 218 / 308 / 407 million yuan respectively, corresponding to 35 / 25 / 19 times of PE (without considering the impact of additional Issuance on the company’s share capital and performance). It is covered for the first time and given a “buy” rating.
Risk tips: the growth rate of traditional business orders is lower than expected; The progress of new business development is less than expected; The pace of M & A is less than expected; The growth rate of the company’s performance is lower than expected; The release rate of laboratory capacity is lower than expected; The schedule of fixed increase is less than expected.
