\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
22q1 revenue / net profit attributable to parent company increased by 21.46% / 79.84% year-on-year. The company released the first quarterly report of 2022, realizing an operating revenue of 344 million yuan, a year-on-year increase of 21.46%; The net profit attributable to the parent company was 29 million yuan, with a year-on-year increase of 79.84%. The faster growth of performance was mainly due to the increase in the proportion of environmental reliability test service business with high gross profit margin.
The profitability was enhanced and the expense rate increased slightly during the period. In terms of profitability, the gross profit margin / net profit margin of the company in the first quarter was 43.85% / 8.39%, with a year-on-year increase of 5.72/2.72 PCT respectively, and the profitability was significantly improved; In terms of period expenses, the rates of sales / management / R & D / financial expenses were 7.86% / 14.31% / 8.03% / 3.34% respectively, with a year-on-year change of -0.52 / – 0.76 / + 1.71 / + 0.91 PCT. The large year-on-year increase of financial expenses was mainly due to the increase of current interest, amortization of convertible bond premium and exchange gain and loss. In terms of cash flow, the net operating cash flow of the company in the first quarter was -91 million yuan, a year-on-year decrease of 703.40%, mainly due to the increase in raw materials purchased and the salary paid to employees.
The company issued the second draft of the employee stock ownership plan, which is expected to stabilize and motivate the core team. On March 21, the company issued the draft of the second phase of the employee stock ownership plan, which plans to raise no more than 580462 million yuan and no more than 2.957 million shares (accounting for 1.04% of the total share capital of the company on that day). The number of employees participating in the plan shall not exceed 300, including some directors, supervisors, senior executives, core managers and core technical (business) personnel of the company, its holding subsidiaries and branches. The shares awarded to the holders of the current employee stock ownership plan will be unlocked in two phases according to the performance evaluation results of the company in 2022 and 2023. The first batch is based on 2021, and the revenue / net profit in 2022 will increase by 20% / 20% year-on-year; The second batch is based on 2021, with a 44% / 44% increase in revenue / net profit in 2023. If only one of the revenue index and profit index is completed, and the other index is not negative, the number of shares that can be unlocked at the company level is 80% of the number that should be unlocked in the current period. In addition to the company level, if the individual performance appraisal is below good, the proportion of shares that can be unlocked at the individual level is 80%. The current employee stock ownership plan assesses the income and profit at the same time, which can effectively stabilize the core team of the company, stimulate the enthusiasm of employees, improve business efficiency and promote the positive, steady and sustainable development of the company.
Risk warning: military business is not as expected; The development of chip detection business is less than expected; Industry competition intensifies.
Investment suggestion: the company is the leader of China’s environment and reliability test. Its main business is stable and good. Yite business is growing rapidly and its profitability is significantly improved, fully benefiting from the good demand of downstream military industry + chip detection. We expect the net profit attributable to the parent company in 202224 to be RMB 269 / 372 / 526 million, corresponding to pe28 / 20 / 14 times, maintaining the “buy” rating.
