\u3000\u3000 Centre Testing International Group Co.Ltd(300012) (300012)
Event: the company issued the performance forecast for 2021. In 2021, the company realized a net profit attributable to the parent company of 730-760 million yuan, yoy + 26% – 32%, and the center was 745 million yuan, yoy + 29%; The net profit deducted from non parent company is 630-660 million yuan, yoy + 31% ~ 38%, and the central company is 645 million yuan, yoy + 35%. The company’s performance is in line with expectations.
21q4 performance forecast: we calculate according to the profit center disclosed in the company’s announcement. In 2021, Q4 company will realize the net profit attributable to the parent company of 176-206 million yuan, yoy-2.22% to + 14.44%, and the center will be 191 million yuan, yoy + 6.11%.
The medium and long-term growth logic of the company is smooth: 1) the pharmaceutical business has developed rapidly, achieved rapid growth year-on-year, successively introduced excellent talent teams in the industry, and invested in medical laboratories in Tianjin, Qingdao, Yunnan, Beijing, Suzhou and other places to help the business grow continuously; 2) For food, EMC, measurement, building materials, automobile and other businesses, we expect to maintain a high growth rate in 2021 and Q4, and the net interest rate will still maintain a stable increase; 3) The growth path of endogenous extension is clear, and continuously expand the detection of medical, ship, food, vehicle network and other sectors through self-built laboratory or acquisition.
Profit forecast: it is estimated that the net profit of 21-23 years will be 750, 940 and 1.17 billion yuan respectively, and the corresponding PE will be 49.4, 39.6 and 31.8x respectively. It is recommended continuously!
Risk warning: covid-19 epidemic situation is repeated; The development of downstream industries is less than expected; Intensified market competition; The policy is not as expected; M & a decision-making and M & A integration risk; The risk that the credibility and brand will be affected by adverse events; The performance forecast is the preliminary calculation result, and the specific financial data shall be subject to the company’s disclosure announcement
