\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
Core view
Revenue in 2021 / / year-on-year change in net profit attributable to parent company + 26.74% / 53.98%.. In 2021, the company realized an operating revenue of 1.502 billion yuan, a year-on-year increase of + 26.74%; The net profit attributable to the parent company was 190 million yuan, a year-on-year increase of + 53.98%; Deduct the net profit not attributable to the parent company of 169 million yuan, a year-on-year increase of + 66.64%. The high performance increase is mainly due to the strong demand for downstream military products, the increase in the proportion of high gross profit environmental test business, the rapid growth of chip detection business and the significant improvement of profitability.
The profitability was enhanced and the expenses decreased steadily during the period. The gross profit margin of Shanghai Teyi and Teyi increased significantly by 64.71% and 64.2% year-on-year respectively, which was mainly due to the significant increase of gross profit margin of Shanghai Teyi and Teyi in 2026. In terms of period expenses, the rates of sales / management / R & D / finance expenses were 6.42% / 12.37% / 7.78% / 3.04% respectively, with a year-on-year change of -0.21 / - 1.24 / - 0.12 / + 0.15 PCT, and the period expenses decreased steadily.
The business structure was optimized and Yite's profitability was significantly improved. In terms of business, the company's revenue from sales of environmental and reliability equipment / environmental and reliability test services / integrated circuit testing in 2021 was 532 / 656 / 218 million yuan respectively, with a year-on-year increase of + 23.45% / 41.69% / 28.37%. The overall high growth was mainly due to the strong demand for downstream military industry and chip testing and the continuous production of rolling fund-raising projects in the previous period. Among them, based on the advantages of equipment manufacturing technology and R & D technology, the revenue of test service has increased rapidly, and the CAGR has reached more than 34% in recent 6 years. With the fixed increase of 600 million yuan, the implementation of projects such as the expansion of semiconductor chip testing in Suzhou, and the expansion of laboratories in Chengdu, Xi'an and Nanjing, the new production capacity will strongly support the performance growth of the company. In terms of profitability, the gross profit margin of the three major businesses of equipment sales / test service / chip detection was 33.91% / 57.11% / 54.27% respectively, with a year-on-year change of - 3.54 / - 2.38 / + 10.44 PCT. due to the rise of raw materials, the gross profit margin of equipment sales decreased slightly, and the chip detection business benefited from the increase in the proportion of Shanghai Yite's main business and the adjustment of customer industry structure, resulting in a significant increase in profitability.
Risk warning: military business is not as expected; The development of chip detection business is less than expected; Industry competition intensifies.
Investment suggestion: the company is the leader of China's environmental and reliability test. Its main business is stable and good. Yite business is growing rapidly and its profitability is significantly improved. The equity incentive of Yite subsidiary shows the company's development confidence + the rolling fund-raising projects in the early stage have been completed and put into operation one after another, which strongly supports the accelerated growth of performance. We raised the net profit attributable to the parent company in 202224 to RMB 269 / 372 / 526 million (the value was RMB 256 / 342 million 22-23 years ago), corresponding to PE32 / 23 / 16 times and maintain the "buy" rating.
