\u3000\u3 Shengda Resources Co.Ltd(000603) 060 China Building Material Test & Certification Group Co.Ltd(603060) )
In 21 years, the revenue increased by 50.53% year-on-year, and the net profit attributable to the parent company increased by 9.26% year-on-year. The company achieved a revenue of 2.217 billion yuan in 2021, with a year-on-year increase of 50.53%; The net profit attributable to the parent company was 253 million yuan, with a year-on-year increase of 9.26%. The high increase in revenue was mainly due to the company’s increasing market development and coordination, strengthening testing technology R & D and capacity expansion, steadily promoting joint restructuring, and realizing the common growth of endogenous and extension. The gross profit margin / net profit margin of the company was 44.57% / 11.40%, with a year-on-year ratio of -1.27 / – 4.31 PCT; The rates of sales / management / Finance / R & D expenses were 4.32% / 13.76% / 0.63% / 8.26% respectively, with a year-on-year increase of + 0.92 / + 0.12 / + 0.49 / + 0.59 PCT, and the overall cost rate increased by about 2.12 PCT during the period.
Develop both endogenous and extension, and improve the business layout “across fields and regions”. By field, the company’s business income from engineering testing / material testing / environmental testing / food and agriculture testing was RMB 714 / 366 / 407 / 84 million, with a year-on-year change of + 23.53% / + 12.33% / + 81.86% / + 106.93%. In terms of business, the company’s revenue from inspection / instrument equipment sales / scientific research and technical services / certification / measurement calibration was RMB 1.571/3.71/1.64/0.93/013 billion. In addition to the new business of measurement in 21 years, the first four types of business changed by + 34.27% / + 294.54% / + 27.99% / + 23.19% year-on-year respectively, and the gross profit margin was 47.61% / 31.18% / 42.61% / 46.76% / 64.39% respectively. The sales of inspection / instrument equipment / scientific research and technical services / certification changed by – 1.55 / + 9.74 / + 8.82 / + 1.80 PCT year-on-year respectively. Among them, the revenue from inspection services increased by 34.27% year-on-year, mainly due to the continuous growth of the company’s undertaking key engineering business, strengthening the tracking service and maintenance of major and well-known customers, deepening international cooperation, and integrating high-quality resources in the industry through cross field and cross region; The revenue of testing instruments and intelligent manufacturing increased by 294.54% year-on-year, mainly due to the company’s active promotion of the development of laboratory Turnkey Business and the joint reorganization of Shanghai menuofu to explore the field of industrial intelligent manufacturing; The company’s total foreign investment in 2021 was 560 million yuan, a year-on-year increase of + 43.95%.
22q1 revenue increased by 15.12% year-on-year, and the annual business goal was stable and upward. The company achieved a revenue of 408 million yuan in 22q1, a year-on-year increase of 15.12%; The net profit loss attributable to the parent company was 28 million yuan, which was mainly caused by the multi-point spread of the epidemic in China, the influence of real estate policies on engineering testing business, the influence of seasonal factors in food and agriculture testing business, and the increase of accrued option fees and interest expenses. The company plans to achieve a revenue of 2.62 billion yuan in 2022, with a year-on-year increase of 18.18%; The total profit was 460 million yuan, a year-on-year increase of 15%.
Risk warning: the overall economy is down; Credibility is affected by adverse events; Industry competition intensifies.
Investment suggestion: considering the repeated impact of the epidemic in China, we lowered the net profit attributable to the parent company in 202224 to 290 / 364 / 441 million yuan (the value was 3.37 / 4.16 22-23 years ago), corresponding to pe25 / 20 / 16 times, and maintained the “buy” rating.
