\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
Event: the company released its annual report for 2021. In 2021, it realized an operating revenue of 1.502 billion yuan, a year-on-year increase of + 26.74%, and a net profit attributable to the parent company of 190 million yuan, a year-on-year increase of + 53.98%.
The net profit attributable to the parent company increased significantly and entered the endogenous development stage: the growth rate of the net profit attributable to the parent company exceeded the growth rate of revenue for the first time in 2021, mainly due to the increase in the proportion of test services with high gross profit margin: the revenue of environmental reliability test services in 2021 was 656 million, the gross profit margin was 57.11%, accounting for 43.71% of revenue, with a year-on-year increase of 4.61 PCT; The revenue of IC Verification segment is 219 million, with a gross profit margin of 54.27%, accounting for 14.56% of the revenue; The revenue of the test equipment segment was 532 million, accounting for 35.40% of the revenue, which decreased year by year, and the gross profit margin was 33.91%. In addition, the expense rate during the period was 29.61%, with a year-on-year rate of -1.42pct, and the expense was well controlled. We expect that the proportion of the test service sector will increase steadily in the future, and the company's profitability will be further enhanced due to its good cost control ability.
The test service network has been continuously improved. In the field of chip testing in Shanghai yitefa: the company has established a laboratory network covering the whole country and has the testing service ability of the whole industrial chain of "materials - components - Parts - terminal products". Shanghai Yite's net profit in 2021 was 55.37 million yuan, a year-on-year + 147.17%. At present, Shanghai Yite can provide aec-q vehicle gauge chip test service, 5nm process chip line modification service, chip failure analysis service, reliability design test technology and other services. China's IC design and wafer production capacity are growing rapidly, and there is a strong demand for testing. Under the background of domestic substitution of semiconductors, the demand for chip testing will continue to grow in the future, and Shanghai Yite will fully benefit.
It is proposed to launch the second phase of the employee stock ownership plan, and the company's future profits can be expected: on March 21, the company issued the draft of the second phase of the employee stock ownership plan, which plans to raise a total amount of no more than 58.05 million yuan, a scale of no more than 2.957 million shares, a transfer price of 19.63 yuan and no more than 300 participants. The assessment target is that the year-on-year growth rate of annual revenue and net profit in 2022 / 2023 is not less than 20%, so the lower limit of net profit in 2022 and 2023 is 228 million / 274 million. The launch of this ESOP will help improve the cohesion of employees and the competitiveness of the company, fully mobilize the enthusiasm and creativity of employees and enhance the competitiveness of the company.
Profit forecast: the proportion of experimental services with high gross profit margin has increased year by year, and the profitability has been further enhanced; Shanghai Yite IC testing business has expanded smoothly and opened up growth space. The raised investment project will improve the company's chip testing service capability. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 278 million, RMB 376 million and RMB 487 million respectively, corresponding to 31, 23 and 18 times of PE respectively, which is rated as "overweight".
Risk warning: downstream demand is less than expected; Industry competition intensifies.
