\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
Event: the company released its 2021 annual report. In 2021, it 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%, which depended on the upper limit of performance forecast. In a single quarter, 21q4 achieved a revenue of 445 million yuan, a year-on-year increase of + 20.7%; The net profit attributable to the parent company of 21q4 was 58.57 million yuan, a year-on-year increase of + 26.4%.
Key investment points
The three main businesses grew rapidly, and the proportion of experimental services increased
The company carried out test services with equipment advantages, and each section achieved rapid development in 2021: ① the test equipment section achieved a revenue of 532 million yuan, a year-on-year increase of + 23.45%, accounting for 35.40% of the total revenue; ② The revenue of environmental reliability test service was 656 million yuan, a year-on-year increase of + 41.69%, accounting for 43.71% of the total revenue; ③ IC Verification and analysis services achieved a revenue of 219 million yuan, a year-on-year increase of + 28.37%, accounting for 14.56% of the total revenue. With the construction and operation of the company’s testing laboratory projects in Qingdao and Wuhan, the production capacity is gradually released, the application end of downstream customers is expanded, and the test service sector is expected to maintain high-speed growth.
Product structure optimization + diversified Yite customers, and the turning point of profit margin is upward
In 2021, the company’s comprehensive gross profit margin / net sales profit margin were 46.06% / 14.71% respectively, with a year-on-year increase of + 1.73pct / + 2.64pct. The profitability was significantly improved, mainly due to the increase in the proportion of high gross profit test services and the diversification of Yite customer structure. By product in 2021: the gross profit margin of the company’s test equipment / environmental reliability test service / integrated circuit verification and analysis service was 33.91% / 57.11% / 54.27% respectively, with a year-on-year increase of -3.54pct / – 2.38pct / + 10.44pct. The gross profit margin of test service was higher than the comprehensive gross profit margin of 11.05pct, and the gross profit margin of integrated circuit verification increased significantly. In the future, with the expansion of the company’s high gross profit margin in aerospace, integrated circuits and automotive electronics, the profitability is expected to be further improved.
Military industry + chip detection double high boom downstream, creating a one-stop environment and reliability test platform
The company’s main business environmental test equipment and services are widely used in military and civilian fields. The downstream demand during the 14th Five Year Plan period laid the foundation for the rapid growth of the company’s performance. In 2019, through the acquisition of Shanghai Yite, the company gave priority to the third-party chip testing service field and expanded the testing scope to electronic components and materials. In 2021, Shanghai Yite achieved a net profit of 55 million yuan, a year-on-year increase of + 147.17%. It will further expand its automotive electronics business in the future. With the further expansion of the company to integrated circuits, new energy vehicles, aerospace and other fields, it is expected to realize the layout of the whole industrial chain from components, raw materials, parts to terminal products, and create a one-stop platform for environmental and reliability testing. The expansion of high-end testing field is expected to contribute to the new growth point of the company.
Profit forecast and investment rating: we predict that the net profit attributable to the parent company from 2022 to 2024 will be RMB 248 / 332 / 422 million respectively, and the current market value corresponds to PE of 35.12/26.28/20.64 times, which will be rated as “overweight” for the first time.
Risk warning: macroeconomic downturn; Intensified market competition; The benefits of the new project are less than expected.
