由于外部市场增长有限的同时市场竞争加剧，公司3Q23 营收同比-1.4%至5.95 亿元，同时公司3Q23 毛利率同比-5.8 个百分点至38.4%，公司1-9M23毛利率为39.2%，自1H23 的同比+1.3 个百分点转变为同比-1.6 个百分点。3Q23 performance is under pressure, but operating cash flow increases significantly compared with the same period last year.
1-9M23, the company achieved operating income / return net profit of 1.6 billion yuan / 73.88 million yuan, compared with the same period last year; corresponding to 3Q23 company revenue / return net profit year-on-year-1.4% CPMI 25.1% to 595 million yuan / 45.77 million yuan, the performance pressure is mainly due to the limited growth of the external market and the intensification of market competition. Considering the slow growth of the external market and the intensification of market competition, the return net profit of the company in 2023-2025 is reduced to RMB 2771Company429 million (the previous value: RMB 3.052max), and the EPS of the corresponding company in 2023-2025 is 0.35max 0.44max 0.53 yuan. The valuation switch to 2024, taking into account the company's transformation to an integrated testing agency and ROE industry leadership, the company is given a 24-year 28xPE (comparable company's 24-year Wind consensus expected PE average 19x), with a target price of 12.24 yuan (previous value: 12.92 yuan), maintaining a "buy" rating.
Market competition intensified, the company's 3Q23 gross profit margin-5.8% year-on-year
Due to the limited growth of the external market and the intensification of market competition, the company's 3Q23 revenue was-1.4% to 595 million yuan, while the company's 3Q23 gross profit margin was-5.8% to 38.4%, and the company's 1-9M23 gross profit margin was 39.2%, from + 1.3% of 1H23 to-1.6% of the same period last year.
3Q23, the company's sales expense rate / management expense rate / R & D expense rate / financial expense rate is 5.4%, 11.1%, 9.1%, 2.0% and 1.0%, respectively, compared with the same period last year. On October 10, 2023, the company announced that the application for issuing convertible corporate bonds to unspecified objects had been examined and approved by the listing Review Committee of the Shanghai Stock Exchange, and we expect the growth of financial expenses to slow down after the company issues convertible bonds.
Increase the intensity of payment collection, the net operating cash flow of 3Q23 is + 45.5% compared with the same period last year.
3Q23, the net operating cash flow of the company is + 45.5% to 50.57 million yuan compared with the same period last year, and the net operating cash flow of 1-9M23 company is from + 263.25% to 24.01 million yuan compared with the same period last year, mainly due to the influence of the external environment and real estate market regulation policies in the same period last year, and the customer payment cycle is long. as a result, the base of net operating cash flow is relatively low; this year, the company has stepped up efforts to collect money.
Target price 12.24 yuan, maintain the "buy" rating
We estimate the 23-25 net profit of the company to return to the parent of the company is 351 million yuan, the EPS is 0.35 million, the EPS is 0.44, and the 24-year target 28xPE is 12.24 yuan, maintaining the "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.
