\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 87 Pony Testing International Group Co.Ltd(300887) )
The company disclosed in the annual report of 2021 that in 2021, the revenue was 2.01 billion yuan, yoy + 40.7%, and the net profit attributable to the parent company was 220 million yuan, yoy + 34.5%; In 2021q4, the company achieved a revenue of 660 million yuan, yoy + 32.1%, and a net profit attributable to the parent company of 130 million yuan, yoy + 13.9%.
The performance grew steadily and new businesses continued to develop. In 2021, the company’s revenue was 2.01 billion yuan, with a year-on-year increase of 40.7%. The main reason for the increase is that the company has strengthened market development and laboratory coordination, and the company’s business segments such as food, Shenzhen Agricultural Products Group Co.Ltd(000061) , environment, medicine, medicine, cosmetics and automobile have achieved rapid growth in operating revenue. At the same time, the company has further strengthened laboratory capacity-building, improved the operation efficiency of various business processes and integrated internal work processes, Promote the rapid growth of the company’s net profit. The development trend of the company’s new business is good: 1) life science, health and environmental protection: revenue of 1.72 billion, yoy + 45.8%, gross profit margin of 44.8%, yoy-2.69pct. The business includes biomedical one-stop service cro / cdmo, medical testing, medical device testing, food, Shenzhen Agricultural Products Group Co.Ltd(000061) and health product testing and environmental safety testing. The demand for such testing increases with the increasing attention of the whole society to life, health and environmental protection, At present, the company has set up medical laboratories in 14 cities; 2) Automobile and other consumer goods: revenue 188 million, yoy + 18.4%, mainly including vehicle / parts / new energy vehicles and fuel cell testing, cosmetics testing and human efficacy test, daily consumer goods / Textiles / toys / oil testing; In 2021, the company became a supplier of Tesla. The company reached strategic cooperation with KaVo New Energy Automobile Group Co., Ltd. and became a Byd Company Limited(002594) automobile recognized and authorized laboratory, winning the award of Anhui Jianghuai Automobile Group Corp.Ltd(600418) 2021 excellent third-party laboratory; 3) Electronic and electrical: revenue of 41 million, yoy + 2.1%, mainly physical and chemical testing for the safety and reliability of electronic products; 4) Security: the revenue is 45 million, yoy + 16.5%. The service field mainly involves the security of batteries, building materials and special industries.
Human efficiency continued to improve, and the gross profit margin fell year-on-year, which was mainly dragged down by the rapid increase of consumables and outsourcing costs. In 2021, the company’s per capita income reached 290000 yuan / year · person, yoy + 31.4%, significantly improving efficiency; The annual gross profit margin decreased slightly by 2.7pct on a year-on-year basis. From the perspective of cost, it is mainly due to the year-on-year increase of 150.7% in laboratory consumables (mainly due to the growth of the company’s business and the increase in consumables required for nucleic acid testing business), and the year-on-year increase of 48.7% in outsourced testing fees (mainly due to the increase in the company’s active expansion of automobile testing business this year). According to the information disclosed in the company’s annual report, at present, the company has established nearly 100 branches and subsidiaries, nearly 30 large-scale testing and experimental bases and more than 150 professional laboratories in major large and medium-sized cities in China. The company has increased the performance evaluation of personnel since 2020, and the human efficiency has entered the improvement channel. The improvement is more obvious in 2021. In 2021, the cost rate of the company decreased to 33.9%, yoy-2.4pct, and the sales cost rate and management cost rate have decreased, Related to the company’s efficiency improvement policy, driven by the company’s strategy of improving quality and efficiency, this trend is expected to continue.
Investment suggestion: considering the business development of the company, the net profit attributable to the parent company from 2022 to 2024 is expected to be RMB 290 / 380 / 470 million respectively, and the corresponding PE is 36x / 28x / 23x respectively, maintaining the “recommended” rating.
Risk tips: 1 The profitability of the laboratory is difficult to improve the risk; 2. Risk that depreciation will continue to rise sharply due to continued large-scale capital expenditure.
