\u3000\u30 Jinzai Food Group Co.Ltd(003000) 12 Centre Testing International Group Co.Ltd(300012) )
In 21 years, the net profit attributable to the parent company was 746 million yuan, a year-on-year increase of + 29.19%. The company achieved a revenue of 4.329 billion yuan in 2021, a year-on-year increase of + 21.34%; The net profit attributable to the parent company was 746 million yuan, a year-on-year increase of + 29.19%. The performance growth is mainly due to the continuous improvement of the company’s business segments, the further improvement of core competitiveness and the smooth implementation of fine management, and the double growth of revenue and net profit.
Fine management has been continuously promoted and achieved remarkable results. The gross profit margin / net profit margin of the company is 50.83% / 17.63%, with a year-on-year increase of + 0.87 / + 1.12 PCT; The rates of sales / management / Finance / R & D expenses were 17.76% / 6.37% / 0.27% / 8.68% respectively, with a year-on-year increase of -0.95 / – 0.23 / – 0.05 / + 0.05 PCT; Net operating cash was 1.073 billion yuan, a year-on-year increase of + 15.22%; According to the total number of employees at the end of the year, the per capita output value is about 390000 yuan, a year-on-year increase of + 10.16%; With the promotion of refined management strategy, the profitability and operating efficiency of the company have been significantly improved, and the cash flow situation has continued to improve.
All business segments grew steadily, and outward mergers and acquisitions progressed steadily. In terms of business, the income from life science / industry / medicine / trade security / consumer goods testing was RMB 2.087/8.03/3.69/5.74/495 billion respectively, with a year-on-year increase of + 17% / 15% / 78% / 20% / 23%; The gross profit margin was 49% / 45% / 48% / 66% / 51% respectively, with a year-on-year change of + 0.03 / – 1.67 / + 11.35 / – 2.31 / + 7.57 PCT, and the performance of cosmetics efficacy test, pet food, medicine, automobile, measurement and other businesses was outstanding. In terms of mergers and acquisitions, five enterprises have been acquired and acquired in 21 years, with a cumulative investment of 262 million yuan. The layout is as follows: A. cosmetics efficacy test: 60% of HaoTu pintest; b. Software and information services: acquire 12.10% equity of Shanghai fushenlan; c. Automobile testing: acquire 90% equity of German Yima and 100% equity of Magan (Nantong) automobile testing; d. Food & Shenzhen Agricultural Products Group Co.Ltd(000061) : acquire 70% equity of Jilin Anxin, the largest third-party testing company in Jilin Province. Future M & a direction: on the one hand, continue to dig deep into the potential of advantageous fields such as environment, food and trade security, on the other hand, increase the strategic track, including medicine, semiconductor chips, large transportation, dual carbon services and other fields. International M & A focuses on the field of large consumer goods with synergistic effects.
Under the repeated outbreak of 22q1, the company operated steadily, and the deduction of non performance increased by 49% year-on-year. The company achieved a revenue of 908 million yuan in 22q1, a year-on-year increase of + 19.16%; The net profit attributable to the parent company was 120 million yuan, a year-on-year increase of + 19.80%; The net profit deducted from non parent company was 104 million yuan, a year-on-year increase of + 49.02%. The gross profit margin was 48.24%, with a year-on-year increase of -1.72 PCT; The net interest rate was 13.46%, with a year-on-year increase of -0.16 PCT. The 22q1 epidemic in China was repeated, and the company responded actively, which still ensured the stable growth of all business segments. During this period, the cost rate decreased significantly and the deduction of non performance increased significantly.
Risk warning: the overall economy is down; Credibility is affected by adverse events; Industry competition intensifies.
Investment suggestion: the company’s testing industry is a high-quality track with thick snow on Changpo. It has strong long-term certainty. In the short term, the company’s performance is stable and resilient under repeated epidemics. We expect that the net profit attributable to the parent company in 202224 will be RMB 936 / 1153 / 1393 million, corresponding to pe37 / 30 / 25 times, maintaining the “buy” rating.
