\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 87 Pony Testing International Group Co.Ltd(300887) )
Event overview
On April 23, 2022, the company released its annual report for 2021, which realized a revenue of 2.007 billion yuan in 2021, with a year-on-year increase of 40.70%; The net profit attributable to the parent company was 220 million yuan, a year-on-year increase of 34.54%; Net profit deducted from non parent company was 190 million yuan, with a year-on-year increase of 38.87%. Among them, Q4’s single quarter revenue was 665 million yuan, a year-on-year increase of 32.21%; The net profit attributable to the parent company was 127 million yuan, a year-on-year increase of 13.39%.
The company issued a profit distribution plan for 2021, which plans to distribute cash dividends of 4.00 yuan (including tax) for every 10 shares based on 137020570 shares, and increase 8 shares for every 10 shares with capital reserve.
The traditional business is basically solid, and the new track contributes to the increment of performance. The company has achieved high profit and good performance in the past 21 years. The main reason for the growth is that the company has increased market development. On the basis of continuously consolidating traditional fields such as food and environmental testing, it has closely followed the development trend of the industry and continuously expanded its business margin to cro / cdmo, medical testing, high-end equipment, new energy vehicles (becoming Tesla suppliers), carbon peak / carbon Zhonghe, cosmetics and other emerging fields. As a result, the business segment of life science, health and environmental protection achieved a revenue of 1.724 billion yuan, A year-on-year increase of 45.83%; The automobile and other consumer goods business segment achieved a revenue of 188 million yuan, a year-on-year increase of 18.35%.
Fine management continued to advance, and the cost rate decreased steadily during the period. The company continued to deepen internal fine management, improved the utilization rate of automation equipment through system construction and information construction, effectively improved the operation efficiency of the whole business process, and realized cost reduction and efficiency increase. During the 21 years, the expense ratio of the company decreased by 2.93 PCT to 26.43%, of which the expense ratios of sales, management and finance were 15.73% / 10.67% / – 0.02%, year-on-year -1.87 PCT / – 0.91 PCT / + 0.10 PCT, and the net profit margin of sales was 10.98%, which remained stable.
Endogenous + M & a two wheel drive to expand channels and product lines. In 2021, the company mainly completed five M & A projects and increased horizontal M & A and vertical integration of the industry. The acquisition of Zhengzhou Xieli Runhua medical laboratory and Changchun Jiuhe medical laboratory is in line with the group’s strategic development in the field of medical laboratory; Acquisition of Xi’an Chadwick Radiation Technology Co., Ltd. (with class a qualification for radiation health technical services) to further expand the medical radiation health business. Acquire Xi’an chuangni Information Technology Co., Ltd. to enrich the company’s customer resources in special industries. At the same time, the company has set up a number of laboratories in Tianjin, Xi’an and Taiyuan, and the business coverage has been further expanded.
Fixed value-added projects were implemented and new businesses continued to be added. In February 2022, the company’s fixed increase plan was successfully passed and officially implemented in March, with an additional issuance and fund-raising of 1.24 billion yuan, which is mainly used for the construction of Shandong headquarters building and R & D and testing center project and puni northwest headquarters building (Xi’an). The fixed increase project will further consolidate the company’s traditional business detection ability, and through the construction of new new energy vehicles, medicine, medical device inspection, pharmaceutical cro / cdmo and other laboratories, Further increase the expansion of emerging business areas.
Investment advice
Maintain the “buy” rating. As the company is in a period of rapid development and expansion, with the in-depth expansion of cro / cdmo, new energy vehicles and other emerging fields, revenue and profit are expected to maintain high growth and strong long-term growth certainty, we raised our profit expectation. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 290, 378 and 493 million yuan respectively, with a year-on-year growth rate of 31.7%, 30.4% and 30.2%, corresponding to EPS of 1.82, 2.37 and 3.09 yuan respectively, and the corresponding P / E of the current stock price is 36.32, 27.84 and 21.38 times.
Risk tips
Industrial policy change risk, new business expansion risk, brain drain and shortage risk, etc.
