\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 73 Hichain Logistics Co.Ltd(300873) )
Event: 1) the company announced the first quarterly report and realized revenue of 359 million yuan, with a year-on-year increase of 18.02%; The net profit attributable to the parent company was 91 million yuan, with a year-on-year increase of 44.90%; After deduction, it was 53 million yuan, a year-on-year increase of 11.75%. 2) The company announced the repurchase plan and plans to repurchase the company’s shares at a price of no more than 34.88 yuan / share for equity incentive or employee stock ownership. The repurchase amount is between 50-100 million yuan.
The newspaper industry’s performance in the first quarter is commendable, and the report quality is as stable as ever. According to the company’s announcement, the revenue in the first quarter was 359 million yuan, a year-on-year increase of 18.02%; The net profit attributable to the parent company was 91 million yuan, with a year-on-year increase of 44.90%; After deduction, it was 53 million yuan, a year-on-year increase of 11.75%, in line with market expectations. The gross profit margin in the first quarter was 28.84%, with a month on month increase of 2.64 percentage points and a year-on-year increase of 0.64 percentage points; The net profit margin on sales was 26.21%, up 10.82 percentage points month on month and 4.53 percentage points year on year; Under the impact and influence of the epidemic, the profitability in the first quarter was brilliant and commendable. Net operating cash flow was 110 million yuan, with a year-on-year increase of 34.90%; By the end of the first quarter, the company’s monetary capital + trading financial assets totaled 1.526 billion yuan, accounting for 57.43% of the total assets. There were no interest bearing liabilities, and the quality of the statements was as stable as ever.
The repurchased shares are used for equity incentive or employee stock ownership, and the repurchase price provides value guidance. The company announced the repurchase plan and plans to repurchase the company’s shares at a price of no more than 34.88 yuan / share for equity incentive or employee stock ownership. The repurchase amount is between 50-100 million yuan. The upper price limit of the repurchase plan is 34.88 yuan / share, which is 168.83% of the current company’s share price, reflecting the management’s strong confidence in the company’s future development prospects and high recognition of the company’s value.
Value judgment: Refined Management + informatization level + professional team + cross industry replication, unique. 1) Fine management. The actual controller has more than 20 years of experience in operational research and financial management, which is reflected in the stable, solid and sufficient reserves in the quality of statements. 2) In terms of information investment, the company complies with the development trend of the industry, pays attention to the investment of intelligent logistics equipment for a long time, constructs automatic logistics warehousing, independently designs and develops information systems including “ShenZhang system”, and leads the industry in terms of automation, intelligence and digitization. 3) Professional team: the core senior management team is mainly composed of the post-80s generation, and has more than 10 years of working experience in different fields (market, it technology and Finance). The company has a high level of specialization and full of wolf. The company binds the interests of the team by market-oriented methods such as employee stock ownership, and the human efficiency is improved year by year. 4) Cross industry replication, the company’s customer base has gradually expanded from 3C electronics to new energy vehicles, special materials, the Internet, household appliances, photovoltaic and other industries. The core reason is that the company continues to break its own ability boundary from standardization to customization and then to standardized business system.
Profit forecast and investment rating: we maintain the company’s EPS of 1.62, 2.14 and 2.72 yuan and PE of 13, 10 and 8 times respectively from 2022 to 2024. Based on its leading position in the industry, we maintain the “buy” rating.
Risk tip: macroeconomic fluctuations and the impact of the epidemic have made the company’s business development in 3C electronics, new energy vehicles, household appliances and medical devices industries fall short of expectations
