\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
Event:
The company’s 2021 revenue and net profit attributable to the parent company reached 1.501 billion yuan and 190 million yuan respectively year-on-year, with a year-on-year increase of 26.74% and 53.98%. The performance exceeded expectations, and the business of test equipment and test services grew rapidly.
Key investment points:
The net profit attributable to the parent company in 2021 increased by 53.98% year-on-year, and the performance exceeded expectations
Benefiting from the rapid growth of downstream military industry, semiconductor and automotive electronics demand, the company achieved a revenue of 1.502 billion yuan in 2021, 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%. Among them, the revenue from experimental services was 656 million yuan, a year-on-year increase of 41.7%, and the revenue from equipment sales was 532 million yuan, a year-on-year increase of 23.4%.
The equity incentive agreement of the subsidiary Shanghai Yite has been signed, and the proportion of automotive electronics has continuously increased. The company has transferred 10% of the equity of Shanghai Yite for equity incentive, and the relevant procedures have been completed. In 21 years, the company’s IC service revenue was 219 million yuan, a year-on-year increase of 28.37%. Benefiting from the increase in the proportion of automotive electronics business and the continuous improvement of profitability, Shanghai Yite had an operating revenue of 263 million, a year-on-year increase of 1.12%, a net profit of 55 million yuan, a year-on-year increase of 147.17%, and its revenue and profit exceeded the target.
The company completed the additional issuance, and the net interest rate increased significantly
In 2021, the company issued 20840569 ordinary shares to specific objects at 28.79 yuan per share, raising a total of 600 million yuan. After deducting the issuance expenses, the net amount raised was 581 million yuan. The gross profit margin and net profit margin of the company in 21 years were 46.06% and 14.71% respectively, an increase of 1.73% and 2.64% respectively compared with 20 years.
Maintain the “buy” rating of the company and raise the target price to 37.20 yuan
The company’s revenue increased steadily and its profitability improved. Therefore, the company raised its profit forecast for 20222024, corresponding to EPS of 0.93 (+ 0.11, 13.4%), 1.26 (+ 0.44, 53.7%) and 1.68 yuan respectively. The target price was raised to 37.20 (+ 7.3, 24.41%) yuan, corresponding to PE of 40, 32 and 22 times respectively, maintaining the “buy” rating.
Risk tips
The competition for experimental services intensified, the income of raised investment projects was poor, and the M & A did not meet expectations
