\u3000\u3 China Vanke Co.Ltd(000002) 967 Guangzhou Grg Metrology&Test Co.Ltd(002967) )
Event: the company issued the 2021 Annual Report
In 2021, the company realized an operating revenue of 2.247 billion yuan, yoy + 22.09%, and a net profit attributable to the parent company of 182 million yuan, yoy-22.60%, mainly due to covid-19 pneumonia and other factors. The growth rate of operating revenue was low, but the costs and expenses such as employee compensation, depreciation expenses and house rent increased rapidly. Deduct the net profit not attributable to the parent company of 139million yuan, yoy-5.69%, and the growth rate of the company slows down.
21q4 performance: in 21 years, Q4 company achieved revenue of 853 million yuan, yoy + 5.83%; The net profit attributable to the parent company was 139 million yuan, yoy-11.02%. Cash flow: the net cash flow from the company’s operating activities in 2021 was 499 million yuan, yoy + 18.82%; The net cash flow from investment activities was – 472 million yuan, mainly due to the cash outflow from investment activities caused by the purchase of structured deposits; The net cash flow from financing activities was 1.207 billion yuan, which turned positive from the negative value in 2020, mainly due to the increase in cash received from non-public offering of shares and bank loans.
Profitability: the gross profit margin is 41.86%, yoy-1.17pct, which is mainly due to the decrease of gross profit margin of measurement services (yoy-7.50 PCT), chemical analysis (yoy-10.64 PCT), evaluation and consultation (yoy-6.91 PCT) and other products month on month. The period cost rate is 31.93%, and the period cost is 717 million yuan, yoy + 18.83pct. The sales expense is 290 million yuan, yoy + 23.42 PCT; Management fee: 162 million yuan, yoy + 37.37 PCT; The R & D cost is 223 million yuan, you + 10.57 PCT; Financial expenses are 43 million yuan, yoy-13.19 PCT.
“Industry + capital” two wheel drive new model, create a new ecology externally and strengthen subsidiaries internally
1) Foreign Investment: the company increased the registered capital of Hainan Guangzhou Grg Metrology&Test Co.Ltd(002967) by 4 million yuan and obtained 80% equity of Hainan Guangzhou Grg Metrology&Test Co.Ltd(002967) with 4 million yuan. Hainan Guangzhou Grg Metrology&Test Co.Ltd(002967) became the holding subsidiary of the company; The company acquired 100% equity of Jiangxi Fukang at a consideration of 12 million yuan, and Jiangxi Fukang became a wholly-owned subsidiary of the company. 2) Internal capital increase: the company increased the total capital of 10 wholly-owned subsidiaries by 535 million yuan to improve the capital strength of wholly-owned subsidiaries, improve the technical support ability and improve the breakthrough level of key business.
Profit forecast: the company’s net profit attributable to the parent company in 22-24 years is expected to be 248 / 340 / 447 million yuan respectively (the net profit in the previous 22-23 years was 432 / 567 million, mainly considering the impact of the epidemic on measurement services, testing services and equipment). The corresponding PE is 43 / 32 / 24x respectively, maintaining the overweight rating!
Risk tip: a large amount of foreign investment may lead to tight cash flow supply; Acquisition integration risk; Performance growth did not meet expectations
