Qu Xiaoxi, Shouchuang Securities Co., Ltd., recently conducted research on Sushi Test and released a research report "Comment on Sushi Test 2022 Semi-annual Report: Test service business continues to grow at a high level, with high growth in the future". This report gives Sushi Test an increase rating, and the current share price is 29.81 yuan.
Sushi Test (300416)
Event: Sushi Test released its 2022 semi-annual report, achieving revenue of 799 million yuan in 2022H1, up 18.38% year-on-year, net profit attributable to shareholders of 106 million yuan, 30.32% year-on-year, and net profit attributable to shareholders of 96 million yuan in deducting non-operating items, up 29.87% year-on-year.
test service sector performed well and will continue to grow at a high rate in the second half of the year: the epidemic recurred in the first half of 2022, and the company's main subsidiaries Suzhou , Shanghai, Beijing and other places were greatly affected, resulting in poor logistics and the inability to carry out some test tasks, but the company's test equipment and test services still maintained a high growth. By business segment, the revenue of test equipment was 286 million yuan, up 11.06% year-on-year, and the gross sales profit margin was 32.16% (-1.22pct year-on-year); the service revenue of environment and reliability test was 374 million yuan, up 38.70% year-on-year, which is the core factor driving performance growth, with gross sales profit margin of 55.37% (-4.26pct year-on-year); the revenue of integrated circuit verification and analysis services was 96 million yuan, up 8.70% year-on-year, and the gross sales profit margin was 51.78% (-0.76pct year-on-year). In the future, the demand for new energy vehicles and integrated circuit detection will continue to increase, and the company's test service sector will fully benefit, and high growth in 2022H2 performance is expected.
Important laboratories have made outstanding contributions to performance, and capacity improvement promotes endogenous development: Suzhou Guangbo actively adjusts its business focus, currently including four centers: environmental and reliability testing, new energy vehicle product testing, component testing and aerospace product testing. In 2022H1 achieved revenue of 123 million yuan, a year-on-year increase of 39.67%, and a net profit of 30.4855 million yuan, a year-on-year increase of 68.88%. The performance grew rapidly and contributed greatly to the performance of the parent company. In the future, with the release of fundraising and production capacity, the company's competitiveness in the fields of integrated circuit inspection and aerospace product inspection will be enhanced, and the performance elasticity of production capacity of important laboratories will be released, enhancing the company's performance.
R&D investment continues to increase, and the company has sufficient technical reserves. The company's R&D investment in 2022H1 was 55.76 million yuan, an increase of 27.82% year-on-year. (1) Vibration electric vibration test system: A multi-excitation synovial vibration test system that fills the gap in China and has a maximum thrust of up to 1176kN is successfully developed; (2) Environmental and reliability test field: The laboratory has a full series of electric vibration test systems, and the laboratory undertakes environmental reliability test tasks of large-scale products with multiple models and complex technologies in the country; (3) Integrated circuit verification and analysis field: Shanghai Yite has high power aging, SMTh verification production line, ultra-high resolution 3DX-Ray microscope, dual-beam focused ion beam, scanning electron microscope, penetrating electron microscope and other advanced domestic and international integrated circuit verification and analysis test equipment, with high recognition from downstream customers.
Profit Forecast: Considering that the company's environmental and reliability testing service performance growth is expected to continue, Shanghai Yite integrated circuit detection business has been expanded smoothly, opening up growth space, and the fundraising and investment project will increase laboratory production capacity after it is put into production. It is estimated that the company's net profit attributable to shareholders from 2022 to 2024 will be RMB 272, RMB 373 and RMB 474 million, respectively, corresponding to PE, which will be 41, 30 and 24 times respectively, maintaining the "overweight" rating.
Risk warning: downstream demand is lower than expected; industry competition intensifies.
Securities Star Data Center calculates based on the research report data released in the past three years, CITIC Securities Fu Chenshuo's research team has conducted in-depth research on the stock, with the average prediction accuracy in the past three years as high as 95.25%. It predicts that the attributable net profit in 2022 will be profit of 265 million, and the predicted PE based on the current price conversion is 41.4.
latest profit forecast details are as follows:
A total of 9 institutions have given ratings in the stock in the past 90 days, and buy ratings 9 companies; the average target price of institutions in the past 90 days was 33.61.
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