\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
Events
The company released the annual report of 2021, with outstanding performance, operating revenue increased by 26.74%, and net profit attributable to parent company increased by 53.98%: 1) in 2021, the company achieved revenue of 1.502 billion yuan, a year-on-year increase of + 26.74%, Q4 achieved revenue of 445 million yuan, a year-on-year increase of + 20.73%; 2) In the whole year, the net profit attributable to the parent company was 190 million yuan, a year-on-year increase of 53.98%, higher than that of the notice center of 185 million yuan, and the net profit attributable to the parent company in Q4 was 59 million yuan, a year-on-year increase of 26.43%; 3) In the whole year, the non net profit deducted was 169 million yuan, a year-on-year increase of + 66.64%, and the non net profit deducted in Q4 was 49 million yuan, a year-on-year increase of + 34.58%. 4) In the whole year, the net operating cash flow of the company was 250 million yuan, a year-on-year increase of + 0.63%, the net cash ratio was 131.50%, and the operation quality was high.
Comments
In terms of splitting the company’s business, the product echelons are bigger and stronger: the three product lines of test equipment, environmental reliability test service and integrated circuit verification and analysis service achieved sales revenue of 532 / 656 / 219 million yuan respectively, with a year-on-year increase of 23.45% / 41.69% / 28.37% and gross profit margin of 33.91% / 57.11% / 54.27% respectively, with a year-on-year increase of -3.54pct / – 2.38pct / + 10.44pct.
The overall profitability was improved and the endogenous rapid development was realized: the annual gross profit margin of the company was 46.06%, year-on-year + 1.73pct, and the gross profit margin of Q4 was 47.84%, year-on-year -1.94pct; The annual net interest rate was 14.71%, year-on-year + 2.64pct, and Q4 net interest rate was 15.64%, year-on-year + 0.29pct; The improvement of profitability is due to the continuous optimization of expense ratio. The annual expense ratio of the company was 29.63%, with a year-on-year decrease of 1.42pct, and the Q4 expense ratio was 29.33%, with a year-on-year decrease of 1.16pct. Among them, the annual sales / management / R & D / financial expense ratio was 6.39% / 12.38% / 7.79% / 3.06%, with a year-on-year change of -0.28pct / – 1.20pct / – 0.14pct / + 0.19pct respectively.
The capital expenditure of the laboratory has increased significantly and the expansion of production has made steady progress: in 2021, the company’s capital expenditure (except cash capital expenditure) was 382 million yuan, yoy + 44.2%, and the capital expenditure / revenue was 25.43%, with a year-on-year increase of + 3.07pct, an increase of 4.05pct compared with the first three quarters. Under the increase of capital expenditure, the company’s expansion rate of multiple laboratories has increased significantly. The company has established 16 laboratories above Designated Size in 14 cities across the country, Gradually completed the construction of key regional central laboratories nationwide; In addition, the new plant of Nanjing Guangbo has been put into use, and Qingdao haice, Chengdu Guangbo and Xi’an Guangbo will successively complete the construction of the new plant and gradually put into operation; Suzhou Guangbo, Suzhou test Yite, Beijing chuangbo, Chengdu Guangbo and Xi’an Guangbo achieved revenue of RMB 231 / 2.63/1.07/0.85/0.67 billion respectively in 2021, with a year-on-year increase of 45.42% / 1.12% / 50.81% / 48.84% / 84.37% respectively; The net profit was 0.55/0.55/0.13/0.29/0.17 billion yuan respectively, with a year-on-year increase of 24.21% / 147.17% / – 5.88% / 94.68% / 64.78% respectively; The net interest rates were 23.90% / 21.03% / 12.43% / 34.60% / 24.96% respectively, compared with the same period last year -4.08pct / + 12.43pct / – 7.49pct / + 8.15pct / – 2.97pct; Among them, the net interest rate of Suzhou test Yite in the second half of the year increased by 12.46 PCT compared with the first half of the year, 6.45 PCT higher than that of the whole year, and the profitability in the second half of the year was significant.
Profit forecast and investment rating: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 253, 342 and 446 million yuan respectively, and the corresponding PE will be 33.80, 24.98 and 19.17x respectively, maintaining the buy rating.
Risk tips: industry development policy risks; Market competition risk; Risk of rising raw material costs; Management risks caused by the continuous expansion of business scale, etc
