\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
The company is the leader of China’s test service and equipment: the laboratory network layout is perfect, the business qualification is complete, the test service layout is continuously improved, the service capacity is further strengthened, and the company’s performance is accelerated. In the future, the scale of IC Verification and analysis services will continue to expand and thicken the company’s performance.
The proportion of experimental services increased, and the profitability of the company was enhanced: as of Q3, 2021, the gross profit margin of the company was 45.31%, 0.98pct higher than that at the end of 2020, the net profit margin was 14.32%, 2.25pct higher than that at the end of 2020, and the profitability was steadily improved. The main reason is that the company’s comprehensive environmental test equipment and environmental reliability test service business grew rapidly in 2021, the proportion of test service business in main business income further increased, and the gross profit margin of test service was high, which is expected to drive the continuous improvement of the company’s profitability.
Endogenous + extension promotes the rapid development of the company’s business and lays the foundation for high-quality customers in the industry: the company has established a laboratory network covering the whole country. While expanding the electromagnetic compatibility testing business, the company has acquired Shanghai Yite to enter the field of chip verification, and has the testing service ability of the whole industrial chain of “materials – components – Parts – terminal products”; Downstream traditional customers include high-quality enterprises such as China Aerospace Group, China Electronics Technology Group, CSIC and Huawei. Customers in the field of integrated circuits include integrated circuit design customers such as Huawei Hisilicon, Dajiang, Cambricon Technologies Corporation Limited(688256) , apple, Semiconductor Manufacturing International Corporation(688981) , Huahong, China Resources Microelectronics Limited(688396) and other wafer manufacturing customers, as well as integrated circuit packaging customers such as Jcet Group Co.Ltd(600584) , silicon products technology. The advantages of customers are obvious, further consolidating the position of the industry.
Gradually release the production capacity and increase the fixed code integrated circuit industry chain and aerospace product testing: the company was approved in August 2021, which is mainly used for the expansion of integrated circuit testing and aerospace product testing laboratory. It will focus on promoting the expansion and capacity improvement of Suzhou and Beijing laboratories, and strongly support the growth of test service business in the future.
Investment suggestions: the proportion of the company’s experimental services has increased year by year, the gross profit of experimental services is high, and the profitability has been further enhanced; Shanghai Yite integrated circuit testing business has expanded smoothly and opened up growth space. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 176 million yuan, 248 million yuan and 316 million yuan respectively, corresponding to 47, 33 and 26 times of PE respectively, and will be rated as “overweight”.
Risk warning: downstream demand is less than expected; Industry competition intensifies.
