\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 16 Suzhou Sushi Testing Group Co.Ltd(300416) )
Event: the company released the first quarterly report of 2022. In Q1 of 2022, the operating revenue was 344 million yuan, with a year-on-year increase of 21.46%; The net profit attributable to the parent company was 29 million yuan, a year-on-year increase of + 79.84%, slightly exceeding market expectations; Deduction of net profit not attributable to the parent company was 25 million yuan, a year-on-year increase of + 78.70%.
Key investment points
Q1 net profit increased by 80% year-on-year, slightly exceeding market expectations
In 2022, the company's Q1 revenue was 344 million yuan, a year-on-year increase of + 21.46%, and the net profit attributable to the parent company was 29 million yuan, a year-on-year increase of + 79.84%. The pace of profit margin improvement accelerated, slightly exceeding market expectations. We judge that the net profit attributable to the parent company increased rapidly in the first quarter, mainly due to the increase in the proportion of high gross profit test service business. In 2021, the company's revenue from test services exceeded that of equipment for the first time. Relying on the advantages of equipment, the company extended M & A and expanded, focusing on the development of test services. With the high-speed growth of Qingdao's laboratory construction and testing, the downstream service sector has been gradually expanded and maintained.
The proportion of high gross profit test services continued to increase, and the trend of increasing profit margin continued
In 2022, the comprehensive gross profit margin of Q1 company was 43.85%, year-on-year + 5.72pct, and the profit margin attributable to the parent company was 8.39%, year-on-year + 2.72pct; The expense rate during the period was 33.54%, with a year-on-year increase of + 1.33pct, of which the sales / management / R & D / financial expense rate was 7.86% / 14.31% / 8.03% / 3.34% respectively, with a year-on-year increase of -0.52pct / - 0.76pct / + 1.71pct / + 0.90pct. The increase in the expense rate during the period was mainly due to the increase in R & D project investment, with a year-on-year increase of + 54.35%. The increase in the financial expense rate was mainly due to the amortization of convertible bond premium and the increase in exchange gains and losses. With the turning point of the company's Laboratory profits and the increase in the proportion, Expanding in emerging fields such as electronics and appliances, aerospace, integrated circuits and automotive electronics, we judge that the company's profit margin maintains an upward trend and contributes to performance flexibility.
Equity incentive helps long-term development and is optimistic about the growth potential of high-end testing services
On March 22, 2022, the company announced the restricted stock incentive plan, which plans to grant 58.046 million shares to no more than 300 core backbone employees. In terms of performance assessment, the growth rate of the company's performance from 2022 to 2023 shall not be less than 20% and 44% respectively. On the whole, the company actively gives full play to its overall advantages and creates a multi-level three-dimensional service network. In 2022, with the implementation of integrated circuit, new energy vehicle and aerospace product projects, the company will build the environment and reliability testing capacity of the whole industrial chain from components, raw materials, parts and terminal products. Looking forward to the future, the field of high-end testing services is expected to become a new driving force for the company's performance growth.
Profit forecast and investment rating: the company's performance in the first quarter was slightly higher than expected, but considering that there is still uncertainty about the impact of the epidemic in the Yangtze River Delta since February, for prudence, we will not raise the company's performance forecast for the time being, maintain the company's net profit forecast of 2.48/3.30/4.20 yuan from 2022 to 2024, and the current market value corresponding to PE is 30.75/23.13/18.16 times, maintaining the "overweight" rating.
Risk warning: the epidemic has delayed the order and delivery; Increased competition in the industry has led to a decline in profit margins
