\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 87 Pony Testing International Group Co.Ltd(300887) )
Event description:
The company released the performance forecast for the first quarter of 2022: in the first quarter of 2022, the company is expected to realize the net profit attributable to the parent company of 4-5 million yuan, with a loss of 425674 million yuan in the same period last year; It is expected to realize the deduction of non net profit of 10 million yuan to 11 million yuan, with a loss of 496727 million yuan in the same period last year; The performance in the first quarter of 2022 exceeded expectations.
Event comments:
The rapid growth of multi sector revenue drives the improvement of performance. In the first quarter of 2022, the company expects the overall revenue to increase by 65% – 75% year-on-year; The performance of food and environmental testing (benefiting from soil survey) in traditional fields is strong; Rapid expansion of new fields such as medicine, cosmetics and automobiles; Jointly contribute to the substantial growth of the company’s revenue.
Acquire two medical measurement companies and continue to promote mergers and acquisitions. In March 2022, the company acquired 100% equity of Shenzhen miyao and Chengdu miyao medical measurement companies; M & A projects continued to land. On the one hand, the above acquisition expands the service scope in the field of measurement and inspection of medical devices; On the other hand, it enriches the company’s product line in the field of medical testing and measurement, and helps the company’s medical sector work together. The company completed 6 mergers and acquisitions in 2021, and the M & a process has been significantly accelerated. If the above M & a rhythm can be continued in 2022, it is expected to maintain high-speed development.
The management efficiency of the company is expected to be further improved. In 2022, the company will improve the operation efficiency of various business processes and further improve the management efficiency and profitability of the company by optimizing the management system, equity incentive and strengthening sector coordination.
Based on the principle of prudence, the profit forecast and investment rating do not consider the impact of this acquisition on the company’s performance. It is estimated that the net profit attributable to the parent company in 2021, 2022 and 2023 will be 218 / 285 / 403 million yuan respectively, corresponding to 39 / 30 / 21 times of PE, maintaining the “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 was lower than expected.
