Radio and Television Metrology (002967): One-stop + integrated testing to escort Made in China
The second comprehensive testing company of A shares, which is expected to return to the mother net profit compound growth rate of 39% in 2019-21. The metering business will start, successfully enter the testing market, and expand the six major product lines such as continuity and environmental testing. The downstream customers cover specialIndustry / Automotive / Electronics / Railway and other fields.
15-18 years CAGR of return to motherhood reached 43%. State-owned enterprises have overlapping backgrounds and fully participate in incentives. A stable development strategy and expansion of efficient execution have created unique growth advantages.
13 to 18 new inspection bases are added every year, and currently has 23 laboratory bases. The national layout has been basically completed. The high point of capital expenditure has been reached. In 19 years, it has entered the replacement period. In 20 years, it has entered the performance release period.EPS is expected to be zero in 19-21.
85 yuan, with reference to comparable company’s 20-year P / E median 42x, given 20-year 58-63x target P / E, target price 33.
54 yuan, for the first time, give “overweight” rating.
Robust measurement, reliability / EMC rapid development, and food / environmental profitability will usher in a substantial increase in the company ‘s measurement business. It covers ten major measurement calibration fields, with 18 years of revenue extension + 43%, gross profit margin of over 50%, and market shareUp to 4.
6%, earlier 16 years +1.
18 years of testing service revenue + 52%, including relatively strong reliability and environmental tests (18 years market share 3).
5%, the same below) and electromagnetic compatibility testing, downstream covers special industries, electronic appliances, etc., higher barriers.
Food testing (market share 0.
5%) / Environmental inspection (market share 0.
4%) for the company ‘s new business, accelerating the construction of related laboratories in 16-18, and maintaining rapid growth in revenue (CAGR of 245% / 42% in 14-18). The gross profit margin has changed significantly. At present, the layout has been basically completed. WeIt is expected that after the initial cultivation, the production capacity will be maximized and continuously increased, bringing food, and environmental protection testing has realized double growth in revenue and profits since 20 years.
State-owned assets holdings, full incentives, peak capital expenditures will lead to accelerated release of profits. The company expanded rapidly during the 13th Five-Year Plan period. Currently it has 23 laboratory bases and has basically completed the nationwide layout.Interest rates have bottomed out. The laboratory capacity will increase in 20-21 years. It is expected to usher in a period of high performance from the high-input period to the release period of performance.
The company’s fixed assets turnover twice in 18 years.
1. The per capita output value is 31 million / year, and the ROE is 15%; the sales expense ratio / management expense ratio (including R & D) is 21 in 14 years.
1% / 19.
8% down 4.
5 points to 16.
9% / 17.
3%, new projects are gradually implemented, and the sales scale continues to increase. It is expected that the continued decline in the expense ratio will increase profitability.
上海夜网论坛As a conventionally held third-party measurement and testing institution, the company held a leader’s shareholding in 2009, and its core employees were fully motivated.
The inflection point of performance is approaching, and the first coverage is given an “overweight” rating with a target price of 33.
The 54 yuan conversion company’s projects under construction gradually landed, the scale effect appeared, and the increase in laboratory production capacity was expected to bring upward turning points.
It is estimated that the net profit attributable to the mother will be 19-21.
80,000 yuan, corresponding to 0 EPS.
85 yuan, currently expected to correspond to 75/57 / 39xP / E in 19-21 years, with reference to the company’s 20-year P / E median 42x. Considering that the company’s advantageous business has maintained a steady growth, the business has been cultivated through a preliminary layout.With the double growth of earnings and profit, the profit is expected to increase significantly. As a rare comprehensive testing agency, it is entitled to a certain valuation premium, giving it a target P / E of 58-63x for 20 years and a target price of 33.
54 yuan / share, for the first time, give “overweight” rating. Risk warning: business development is less than expected, profit margins are increasing less than expected, and the risk of brand credibility is falling.