\u3000\u3000 Suzhou Sushi Testing Group Co.Ltd(300416) (300416)
Event: the company issued the performance forecast for 2021. In 2021, the company realized a net profit attributable to the parent company of 173-197 million yuan, yoy + 40% ~ 60%, and 185 million yuan, yoy + 50%; The net profit deducted from non parent company is 153-177 million yuan, yoy + 50.84-75.23%, and the central company is 165 million yuan, yoy + 63%. The company’s performance is in line with expectations.
21q4 performance forecast: according to the profit center disclosed in the company’s announcement, Q4 company will realize the net profit attributable to the parent company of 41-66 million yuan, yoy-11% to + 42%, and the center is 54 million yuan, yoy + 16%.
Environmental reliability equipment develops from mechanics to climate comprehensive equipment, opening the second growth curve: 1) in addition to traditional mechanical equipment, equipment develops to climate and comprehensive environmental test equipment, opening the second growth curve of equipment sector; 2) III. compared with single stress action, the environmental simulation of comprehensive equipment is more realistic and the test efficiency is higher. In the future, the proportion of comprehensive equipment will increase and comprehensive equipment will be gradually applied, and there is still room for equipment end profit.
There is a strong demand in the downstream of environmental reliability testing, and the testing scope continues to expand: 1) there is a strong demand in the downstream military industry + automobile + electronics. 2) the environmental reliability testing has now included the testing of mechanics, climate, EMC, new energy battery pack, etc., and the testing items will continue to be expanded in the future.
The proportion of Shanghai Yite automotive electronics business will increase, and the annual net profit is expected to double: since the launch of automotive electronics business, the net interest rate has increased significantly. In 2020, the annual revenue was 260 million, the net profit was 22.4 million, and the net interest rate was 7.28%, a year-on-year increase of 106.24%; In the first half of 2021, the revenue was 140 million, the net profit was 20.45 million, a year-on-year increase of 182%, and the net interest rate was 15.01%. It is expected to maintain the expected net profit of the whole year in the second half of 2021, and the net profit is expected to double. In the future, with the deepening of new energy vehicles and automotive electronics, the proportion of automotive electronics business is expected to continue to increase, and the net interest rate will still have room to improve.
Profit forecast: we expect the net profit of the company to be 184 million yuan, 259 million yuan and 348 million yuan respectively in 21-23 years, and PE to be 4365 million yuan, 31.06 million yuan and 23.1x yuan respectively. In the future, with the continuous increase of the proportion of testing in revenue, the valuation Center is expected to improve and continue to recommend!
Risk warning: China’s third-party laboratory has increased competitors, the downstream demand growth is less than expected, and the expansion of new customers is slow. The performance forecast is the preliminary calculation result, and the specific financial data shall be subject to the company’s disclosure announcement
