\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 87 Pony Testing International Group Co.Ltd(300887) )
Investment summary
Event overview
On April 26, 2022, the company released the first quarter report of 2022. In Q1, 2022, the company achieved a revenue of 534 million yuan, a year-on-year increase of 71.21%; The net profit attributable to the parent company was 06 million yuan, a year-on-year increase of 112.95%; Net profit deducted from non parent company was 11 million yuan, with a year-on-year increase of 121.24%. The growth of multi sector business promoted the high growth of revenue. In 22 years, Q1 company continued its growth momentum in food, environment, medicine, cosmetics, automobile and other business sectors, so as to achieve a high increase in operating revenue.
Fine management has been effective, and the profit side has turned losses year-on-year to win. The company went deep into fine management, realized cost reduction and efficiency increase, and improved profitability. The gross profit margin of sales increased by 9.01pct to 39.13% year on year; The net profit margin of sales increased by 14.69pct to 1.03% year-on-year, realizing turning losses into profits, mainly benefiting from the substantial reduction of the company’s expense rate during the period. In Q1 of 22 years, the expense rate of the company decreased by 9.68pct to 27.43%, of which the expense rates of sales, management and finance were 16.12% / 10.65% / 0.65% respectively, with a year-on-year increase of -6.91pct / – 3.51pct / + 0.74pct.
The merger and acquisition accelerated, the subsidiary was approved with new qualifications, and the business territory continued to expand. As of Q1 22, the company has completed three acquisitions. Acquire 100% equity of two medical measurement companies, Shenzhen miyao and Chengdu miyao; Acquisition of 70% equity of Shenzhen Tong test. The above acquisition enriches the company’s territory in the field of medical device measurement and calibration and medical device inspection, and strengthens the layout of electronic and electrical fields. In addition, Inner Mongolia puni Medical Laboratory of the company was approved to carry out clinical cytomolecular genetics and clinical gene amplification test; Beijing Boni technology, a wholly-owned subsidiary, has obtained the qualification certificate of equipment manufacturing unit, which is of great significance to the development of military business.
Investment advice
Maintain the “buy” rating. As the company is in a period of rapid development and expansion, with the in-depth expansion of cro / cdmo, new energy vehicles and other emerging fields, the revenue and profit are expected to maintain a high increase. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 290, 378 and 493 million yuan respectively, with a year-on-year growth rate of 31.7%, 30.4% and 30.2%, corresponding to EPS of 1.82, 2.37 and 3.09 yuan respectively, and the corresponding P / E of the current stock price is 32.00, 24.53 and 18.84 times.
Risk tips
Industrial policy change risk, new business expansion risk, brain drain and shortage risk, etc.
