\u3000\u3000 Pony Testing International Group Co.Ltd(300887) (300887)
The company disclosed the 2021 performance express, which realized a revenue of 2.002 billion yuan (+ 40.35%) and a net profit attributable to the parent company of 218 million yuan (+ 33.28%) in 2021; It is calculated that the 2021q4 company achieved a revenue of 660 million yuan (+ 31.09%) and a net profit attributable to the parent company of 125 million yuan (+ 12.08%).
The performance grew steadily and new businesses continued to develop. In 2021, the company’s revenue was 2.002 billion yuan, with a year-on-year increase of 40.35%. The main reason for the increase is that the company has strengthened market development and laboratory coordination, and the company’s business segments such as food, Shenzhen Agricultural Products Group Co.Ltd(000061) , environment, medicine, medicine, cosmetics and automobile have achieved rapid growth in operating revenue. At the same time, the company has further strengthened laboratory capacity-building and improved the operation efficiency of various business processes, Integrate internal workflow and promote the rapid growth of the company’s net profit. The development trend of the company’s new business is good: 1) medical testing: the chairman of the board is professional, involving biomedicine, cancer, hypertension, infection and other drugs. Shanghai testing base frees up a large laboratory area for cro. Medical testing is mainly involved in special testing, clinical immunology, cases, gynecological diseases, pediatrics and Helicobacter pylori, At present, the company has a large-scale cro management team; 2) Automobile testing: the company has begun to cooperate with Tesla and other automobile enterprises. It is expected that the automobile testing business will achieve rapid growth in 2022; 3) Cosmetics testing: the supervision of the cosmetics industry is becoming more and more perfect, the testing demand of the industry has entered the rapid release stage, the company layout is earlier, and the company enjoys the industry dividend; 4) Military industry testing: the company started its layout in 2021, mainly focusing on environmental reliability testing services. At present, it has two testing bases in Xi’an and Beijing, both of which have obtained licenses to carry out business; 5) Food testing: relatively perfect, with stable growth rate; 6) Environmental testing: Recently, due to the impact of stricter supervision, there is a certain operating pressure in the industry, but recently, the demand for soil testing has begun to release, which may play a certain role in promoting the development of environmental testing business of subsequent companies.
The company’s profitability improvement verification is gradually entering the profitability improvement cycle. According to the information disclosed in the company’s interim report, the company has now established more than 100 branches and subsidiaries, nearly 30 large-scale testing and experimental bases and more than 150 professional laboratories in major large and medium-sized cities in China. Since 2020, the company’s gross profit margin began to bottom up, the cost rate began to improve, the net profit margin began to bottom up, and the per capita income is expected to increase, In addition, the company began to layout the medical testing field with higher per capita output value. It is expected that in the future, we will see the improvement of the company’s human efficiency + gross profit margin + net profit margin.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 220 (disclosed) / RMB 280 / 370 million respectively, and the corresponding PE will be 38x / 30x / 23x respectively. It will be covered for the first time and given a “recommended” rating.
Risk tips: 1 The profitability of the laboratory is difficult to improve the risk; 2. Risk that depreciation will continue to rise sharply due to continued large-scale capital expenditure.
