\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 54 Donghua Testing Technology Co.Ltd(300354) )
Events
Donghua Testing Technology Co.Ltd(300354) released the annual report for 2021: the company achieved an operating revenue of 257 million yuan in 2021, with a year-on-year increase of 25.22%, and a net profit attributable to the parent company of 800239 million yuan, with a year-on-year increase of 58.91%.
Key investment points
The profit level continued to grow, and the expense rate during the period was significantly optimized
According to the annual report of the company in 2021, the operating revenue of the company in Q4 in 2021 was 92 million yuan, with a year-on-year increase of 0.18%. The net profit attributable to the parent company in a single quarter was 404642 million yuan, with a year-on-year decrease of 2.73%, which was slightly lower than expected. We judged that the epidemic affected the delivery of some orders. In 2021, the company's overall business plan was carried out in an orderly manner, seizing the opportunity of accelerating the domestic substitution process in China's structural mechanical property testing industry, insisting on increasing R & D investment, continuously optimizing product structure, promoting the development of the core cornerstone business of structural mechanical property testing, and relying on the wholly-owned subsidiary to develop new business fields such as PHM and electrochemical workstation, so as to gradually expand new performance growth points.
In terms of products, the dynamic information test and analysis system achieved a revenue of 149 million, a year-on-year increase of 28.96%, sales accounting for 58.05%, gross profit margin of 69.07% (year-on-year + 0.59pct), and the static strain test and analysis system achieved a revenue of 35 million, a year-on-year increase of 14.39%, sales accounting for 13.51%, and gross profit rate of 64.98% (year-on-year + 0.95pct). During the period, the expense rate decreased significantly, including sales expense rate of 13.56% (year-on-year -2.85pct), management expense rate of 24.04% (year-on-year -2.16pct) and financial expense rate of -0.16% (year-on-year -0.05pct). The company's net operating cash flow inflow was 274815 million yuan, an increase of 30.1% year-on-year. The main reason for the increase was that the company increased its revenue and profitability by optimizing its product structure, strengthening cost control and timely raising the product price. In addition, in 2021, the company's R & D expenses were 27.1 million yuan, a year-on-year increase of 34.09%, and the R & D expenses increased year by year.
The main business of structural mechanics grew rapidly, and electrochemistry + PHM became the second growth point of the company
The company is the leader of local structural mechanics testing performance, and further consolidate the company's market leading position in the field of structural mechanics testing. Among them, the core technology of structural mechanics testing system "small signal amplification anti-interference system solution" is the company's traditional advantage. It has completed a number of testing tasks under serious interference environment and made important contributions to the facilities of major scientific research projects in China. In terms of products, in order to cope with the complex international situation and realize domestic substitution, the company has completed the qualitative of dh5907g test and analysis system through the research and development of user-defined measurement and control system, and achieved a breakthrough in ultra-low frequency 0.05Hz technology. Dh5902g centralized purchase system and dh2004 wireless detection system are trial produced in small quantities and supplied to the market in batches to meet the applications of aerospace, communication weapons and automobile industry. The company has also completed the design and R & D of dh130611 handheld vibration calibrator and dh5859a charge amplifier, and has produced in small scale. Some products have been used by customers. In the sensor part, the company optimized and transformed the production line, improved the production and supply capacity, increased R & D investment, and developed a large number of products in line with the market demand. Force sensor, broadband temperature vibration sensor and RS-485 digital transmission sensor have entered mass production. High pressure sensor, micro vibration sensor and optical fiber sensor are in the trial production stage. In the software part, the company has completed the research and development of Donghua Testing Technology Co.Ltd(300354) new data acquisition and analysis software platform, modular design, new human-computer interaction interface, etc. at present, it has been introduced to the market, and began to develop special large-scale experimental software to continue to optimize Donghua Testing Technology Co.Ltd(300354) dhdas software platform. The subsidiary Donghao test has launched CMA3 based on B / S architecture 0 rotating machinery condition monitoring software and equipment operation and maintenance software platform to escort industrial safety production.
Based on the original core technology, the company has launched two new products: PHM equipment intelligent management platform and electrochemical workstation. The customer groups of PHM equipment intelligent management platform are divided into military users and enterprise users. The equipment intelligent maintenance management platform based on PHM is mainly for enterprise users such as water affairs, chemical industry and steel, and will be one of the key expansion fields of the company in the future. The electrochemical workstation analyzes the electrical characteristics generated by the solution of the object to be tested of the electrochemical battery, which is mainly used in electrochemical analysis, anti-corrosion analysis and performance analysis of new energy battery. At present, dh7000, dh7003, dh7006, dh7007 and other product series for different markets have been formed. The development of PHM business in the civil market and the development of electrochemical workstation will bring the driving force of continuous growth to the company in the future.
Profit forecast
Donghua Testing Technology Co.Ltd(300354) is the leader in the subdivided field of scientific instruments. Benefiting from the development opportunities of new energy, industrial intelligence and new infrastructure, the launch of new products PHM system and electrochemical workstation is expected to bring the second growth point to the company. It is predicted that the revenue of the company from 2022 to 2024 will be 442 million yuan, 626 million yuan and 849 million yuan respectively, and the EPS will be 0.99, 1.41 and 2.0 yuan respectively. The corresponding PE of the current stock price will be 32, 23 and 16 times respectively, giving the "recommended" investment rating.
Risk tips
Downside risk of industry prosperity, risk of product R & D progress falling short of expectations, risk of intensified industry competition, risk of overseas policy changes, etc.
