\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 73 Hichain Logistics Co.Ltd(300873) )
Event:
1) the company released the first quarterly report of 22 years, realizing 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, a year-on-year increase of 44.90%.
2) the company announced the repurchase plan, which 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, with a repurchase amount of 50-100 million yuan.
Good performance in the first quarter
The company realized an operating revenue of 359 million yuan in the first quarter of 22 years, 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%; Net profit deducted from non parent company was 53 million yuan, with a year-on-year increase of 11.75%. The gross profit margin in the first quarter was 28.84%, an increase of 0.64% over the same period last year; The net profit margin after deduction was 14.72%, a year-on-year decrease of 0.83%, mainly due to the increase of financial expenses. In Q1, the two major electronic industry main bases in South China and East China suffered repeated epidemics, and the company’s performance was relatively bright.
Share repurchases are used as equity incentives to demonstrate the company’s confidence in future development
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. Measured by the upper limit of the repurchase price, the proportion of repurchased shares in the total issued share capital is between 0.67% – 1.34%. The company still has confidence in the closing price of 29.42% and has a long-term development premium of 29.42%. Repurchase will be used as equity incentive and / or employee stock ownership plan to fully mobilize the enthusiasm of the company’s managers and core backbone, establish and improve the company’s long-term incentive mechanism, and also help to enhance the confidence of investors.
Investment advice
The company still achieved considerable positive growth in the first quarter against the trend. With the gradual increase of the company’s raised and invested capacity, we believe that the company’s revenue and profit scale are still expected to continue to expand. With the improvement of its own capacity and intelligent rate, the company has room to further improve its gross profit margin and expense ratio, maintain the net profit forecast of 317 million and 435 million yuan from 2022 to 2023, and introduce the net profit forecast of 543 million yuan in 2024, Corresponding to PE valuation of 16.44, 11.98 and 9.60x, maintain the buy rating
Risk tip: the progress of raising investment capacity is less than expected, the demand for overseas consumer electronics is lower than expected, the performance of new energy vehicle industry is lower than expected, the epidemic situation is repeated, the macro-economy is lower than expected, the repurchase scheme is uncertain and the risk of cancellation due to failure to grant all
