\u3000\u30003 Bichamp Cutting Technology(Hunan) Co.Ltd(002843) 00284)
Profits were released stably and the “overweight” rating was maintained
Jsti Group(300284) released the first quarterly report of 22 years. In 22q1, the revenue was 873 million yuan, a year-on-year increase of + 1.86%, the net profit attributable to the parent company was 44 million yuan, a year-on-year increase of + 26.32%, and the non net profit deducted was 34 million yuan, a year-on-year increase of + 11.68%. The revenue increased slightly, but the profit increased by more than 20%, and the profitability gradually entered the recovery stage. Since 21 years, the company has maintained the trend that the profit growth rate is greater than the income, reflecting the excellent business management level. We believe that the company will firmly develop the main business of engineering consulting, and is expected to continue to make breakthroughs in new fields, providing an important guarantee for the 25-year 10 billion plan.
The gross profit margin and net profit margin increased simultaneously, and the reversal of expenses and impairment losses decreased
The company’s 22q1 gross profit margin was 24.58%, with a year-on-year increase of + 0.25pct; the sales / management / R & D / financial expense ratio was 2.65% / 11.29% / 3.76% / 2.37%, with a year-on-year change of + 0.09 / – 0.54 / – 0.15 / – 0.37pct; the management expense was well controlled, which was either caused by the decrease in business travel and entertainment expenses under the influence of the epidemic or the strengthening of management ability. We believe that the decrease in financial expenses was mainly caused by the decrease in short-term borrowings after the fixed increase; However, as the proportion of asset and credit impairment loss reversal in revenue decreased by 1.33pct year-on-year, the net interest rate increased by only 0.27pct.
The cash flow improved year-on-year, and the fixed increase also contributed to the performance
The net amount of 22q1cfo was -408 million yuan, with a year-on-year increase of + 92 million yuan, which was mainly due to the significant decrease of cash payment ratio, with a cash receipt ratio of 132.17%, a year-on-year increase of -19.41pct, a cash payment ratio of 80.18% and a year-on-year increase of -27.17pct. The debt ratio was 44.46%, with a year-on-year increase of -16.42pct. After the completion of the fixed increase, the capital structure was significantly improved, and the reduction of interest bearing liabilities also made a positive contribution to the company’s profits.
Wait for the volume of new business and maintain the “overweight” rating
Under the background of steady growth and recovery of infrastructure prosperity, we believe that the company’s new businesses such as comprehensive testing, environment and intelligent transportation are expected to achieve rapid growth in 22 years. At present, the traditional main business base is large, and it still takes time to improve the proportion of new businesses. We maintain the company’s net profit attributable to the parent company of RMB 570 / 660 / 750 million in 22-24 years and maintain the rating of “overweight”.
Risk warning: the impact of the epidemic on the operation exceeded expectations, the development of new business was less than expected, and the progress of main business integration was less than expected.
