\u3000\u3 China Vanke Co.Ltd(000002) 967 Guangzhou Grg Metrology&Test Co.Ltd(002967) )
Events
Annual report of the company in 2021: the operating revenue was 2.247 billion yuan, a year-on-year increase of 22.1%; The net profit attributable to the parent company was 182 million yuan, a year-on-year decrease of 22.6%.
Key investment points
The performance increased slightly, and the performance of traditional testing business was relatively excellent
In 2021, the company achieved an operating revenue of 2.247 billion yuan, a year-on-year increase of + 22.1%, and a net profit attributable to the parent company of 182 million yuan, a year-on-year increase of – 22.6%. Among them, the revenue of measurement business was 504 million yuan, a year-on-year increase of + 0.41%, mainly due to the change of order purchase mode in special industries; The traditional detection business grew rapidly, and the reliability and environmental experiment and electromagnetic compatibility business achieved revenue of 651 / 243 million yuan respectively, a year-on-year increase of + 20.3% / + 33.1%; In the cultivation sector, the revenue of food testing / environmental protection testing was 159 / 173 million yuan respectively, with a year-on-year increase of + 3.7% / + 10.6%, which was mainly affected by the optimization and adjustment of customer structure. In 2021, the company’s gross profit margin was 41.4%, with a year-on-year increase of -1.89pct, of which the direct labor cost in the operating cost increased by 30.3% and the depreciation cost increased by 73.1% year-on-year. In the segment business, the profitability of EMC testing business is excellent, with a gross profit margin of 53.7%, a year-on-year increase of + 5.02pct, mainly relying on the company’s early technology accumulation and early laboratory capacity release. In 2021, the net interest rate of the company was 8.57%, with a year-on-year increase of -4.64pct, of which the management expense was + 37.4% year-on-year. On the one hand, the management expense increased by 21.1% year-on-year after excluding the merger in the consolidated statement, which was slightly lower than the growth rate of revenue; On the other hand, the laboratory and base expansion did not achieve the expected benefits, and the rapid growth of fixed costs such as depreciation and amortization also had a certain impact on profits. It is expected that the expense rate will decrease after the increase of income.
“One stop” comprehensive business pattern, endogenous extension and collaborative development
Endogenous, The company provides “measurement + detection + scientific research / consultation / certification” The company plans to increase the proportion of high value-added services such as scientific research / consulting of key customers, improve customer stickiness, continuously optimize the business structure and promote the overall echelon development of business. In the traditional business field, with technical advantages and laboratory layout, the company is expected to fully grasp the opportunities of special industries and automobile industry, continue to break through high-end key customers, add the company’s innovative business model and vigorously expand small and medium-sized customers , which helps to further enhance market influence and maintain performance growth momentum; In the field of cultivating business, with the optimization and adjustment of customer structure, the proportion of enterprise customers increases, which is expected to contribute to the performance increment. In terms of extension, in 2021, the company acquired Jiangxi Fukang to quickly obtain resources, fill the shortcomings of the original business sector and further expand the business layout.
Technological transformation and fixed value-added are gradually promoted, and the profitability is expected to be repaired
In 2021, the company will raise 1.5 billion yuan for the construction of regional measurement and testing laboratories, Guangzhou Grg Metrology&Test Co.Ltd(002967) East China testing base and supplement working capital to continuously promote the layout of national laboratory production capacity. In 2022, the company plans to invest 302 million yuan in technical transformation funds to consolidate technical capacity and promote the construction of laboratory base at the same time. It is expected that with the release of laboratory capacity, the scale effect will be gradually reflected, the cost rate is expected to decline during the period, and the profit side will be repaired.
Profit forecast
It is estimated that the company’s revenue from 2022 to 2024 will be 2.84 billion yuan, 3.6 billion yuan and 4.5 billion yuan respectively; The net profit attributable to the parent company is RMB 273 million, RMB 357 million and RMB 472 million respectively, and the corresponding dynamic PE of the current stock price is 39, 30 and 22 times respectively. Give a “recommended” rating.
Risk tips
The risk of adverse events affecting the company’s credibility, brand and reputation; Risk of changes in policies and industry standards; The risk of intensified market competition; Risk of loss of key employees; Management risks caused by the rapid expansion of business scale;
