\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 87 Pony Testing International Group Co.Ltd(300887) )
Event description:
In 2021, the company achieved an operating revenue of 2.007 billion yuan, 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%.
Event comments:
The rapid growth of multi sector revenue drives the improvement of performance. In 2021, based on the rapid growth of traditional businesses such as food and environmental testing, the company deeply participated in the large-scale covid-19 nucleic acid screening in many places and successfully completed the task, driving the revenue of life science, health and environmental protection to increase by 45.83% year-on-year to RMB 1.724 billion. At the same time, the company has been recognized by Tesla, Byd Company Limited(002594) , BAIC Foton and other main engine manufacturers, and the revenue of automobile and other consumer goods increased by 18.35% to 188 million yuan year-on-year. In the field of military industry, the company obtained the second-class confidentiality qualification of weapons and equipment scientific research and production units, and acquired Xi’an chuangni to further enhance the service capacity of special industries. The security sector increased by 16.54% year-on-year to 45 million yuan. In cro / cdmo field, the company has established a professional technical team, which can undertake the whole process of pharmaceutical research and development, such as drug discovery, drug synthesis, pharmaceutical preparation, drug analysis, pharmacodynamics, pharmacokinetics and toxicological safety, and is expected to become a new performance growth point.
The company’s per capita income increased by 27% year-on-year, and the management efficiency was further improved. In 2021, the company will improve the operation efficiency of various business processes and promote the improvement of overall management energy efficiency by optimizing management system, equity incentive and strengthening sector coordination; The management expense ratio of the company was 10.67%, with a year-on-year decrease of 0.91pct; The sales expense ratio was 15.73%, a year-on-year decrease of 1.88pct. In 2021, the company’s per capita income was 275400 yuan, a year-on-year increase of 26.63%; The per capita profit was 30200 yuan, a year-on-year increase of 21.08%.
Six acquisitions were completed in 2021, and three companies were acquired in 2022, accelerating the implementation of epitaxial growth. In 2021, the company completed 6 mergers and acquisitions (Guizhou Pony Testing International Group Co.Ltd(300887) technology, Zhengzhou Xieli Runhua medical laboratory, Changchun Jiuhe medical laboratory, Xi’an chuangni Information Technology Co., Ltd., Xi’an Chadwick radiation technology and Sanhe Hekang Technology Co., Ltd.), and the purchase process was significantly accelerated. In March 2022, the company acquired 100% equity of Shenzhen miyao and Chengdu miyao medical measurement companies; Acquisition of 70% equity of Shenzhen tongtest; Three companies have been acquired in the first quarter. On the one hand, the above acquisition helps the company expand the testing category and enrich the company’s product line in the field of testing and measurement; On the other hand, fill the gap of the company’s subdivided categories in specific areas and enhance the overall strength of the company.
Profit forecast and investment rating considering the smooth expansion of the company’s new sector, we raised the company’s profit forecast. It is estimated that the net profit attributable to the parent company in 2022, 2023 and 2024 will be RMB 303 / 431 / 571 million respectively, corresponding to 35 / 24 / 18 times of PE, maintaining the “buy” rating.
Risk tips: the growth rate of traditional business orders is lower than expected; The progress of new business development is less than expected; The pace of M & A is less than expected; The growth rate of the company’s performance is lower than expected; The release rate of laboratory capacity was lower than expected.
