1H23 tested that the revenue of all business sectors increased compared with the same period last year, and the total return net profit was + 71.3%1H23 compared with the same period last year. The company realized operating income / return net profit of 1.005 billion yuan / 28.11 million yuan, compared with the same period last year. + 13.6% Universe 71.3%, and the return net profit is similar to the 28.08 million yuan forecast. 2Q23's revenue / return net profit is from + 12.7% to 540 million yuan / 52.27 million yuan compared with the same period last year. 1H23 tested that revenue from all business sectors increased year-on-year, leading to an increase in the company's performance compared with the same period last year. We maintain the company's 2023-2025 return net profit of 305pm 382pm, and the corresponding company's EPS for 2023-2025 is 0.38pm 0.48pm 0.58 yuan. Taking into account the company's leading ROE industry and good development momentum of new material testing, give the company 23 years of 34xPE (comparable company 23 years Wind consensus expected PE average 27x), target price 12.92yuan (according to the new capital conversion value: 13.70yuan), buy.
With the exception of scientific research and technical services, all other business revenues have achieved year-on-year growth of 1H23. In terms of segments, the company's inspection / scientific research and technical services / certification / inspection instruments and intelligent manufacturing / metrological calibration respectively achieved operating income of 7.290.86 pounds 0.86 pounds and 1.22 billion yuan respectively, compared with the same period last year. + 15% picks 5.19% "17.48% picks" 14.94% picks 81.79%. Scientific research and technical services business revenue itself is not large, 1H23 revenue year-on-year decline in the impact of the company's overall revenue is relatively limited.
1H23, the company has signed contracts with large iron and steel and cement enterprises of more than 100 million yuan, so the revenue of inspection instruments and intelligent manufacturing business has achieved good growth, and its gross profit is also + 4% to 37.6477 million yuan compared with the same period last year. 1H23 has added more than 1000 testing objects and more than 7600x300 new parameters / product standards. In terms of extension mergers and acquisitions, the company 1H23 acquired a 70% stake in Anhui Huafang to speed up the construction of a regional measurement calibration service platform.
The revenue of engineering testing is + 21% year-on-year, the gross profit margin is + 4.47% 1H23, and the revenue of inspection business accounts for 73% of the company's total revenue, of which the revenue of engineering / material / environment / food and agricultural testing is RMB 1.82 billion, which is RMB 1.43 billion, 56% of which is + 21%, 14%, 13%, 56%, 1.42%, 0.90, 0.41, and 42%, respectively. The gross profit growth rate of 1H23's environment / food farmers test was lower than that of the main revenue line, which fell 3.01 percentage points to 28.82% and 34.19% respectively, reflecting the fierce competition in the above areas to a certain extent. The gross profit margin of the company's engineering test rose 4.47 percentage points to 39.48% year-on-year in 1H23. The gross profit margin of 1H23 material testing increased slightly by 0.21% year-on-year to 49.76%, which is still at a high level.
Target price 12.92 yuan, maintain the "buy" rating
We estimate the 23-25 net profit of the company to return to the parent is RMB 3.05, 382, and EPS is 0.38, 0.48, and 0.58, respectively, with a 23-year target 34xPE, a target price of 12.92, and a "buy" rating.
Risk tips: the real estate industry rebounded less than expected, acquisition progress and integration capacity are not as expected, and the decline in costs is not as expected.