1、持续加大实验室能力建设投入力度，推进“一站式”服务产业链构建，业绩短期承压。2023 年，公司实现营收3 亿元~3.5 亿元，同比增长-1.36%~15.07%，实现归母净利润-3400 万元~-4800 万元，同比下降99%~113%，主要原因一是为扩大公司在全国军用装备检验检测领域的影响力，公司新增西安西太路服务基地，持续加大实验室能力建设投入力度，部分试验设备搬迁，房租、设备折旧及人员投入大幅增加；二是电装业务仍处亏损状态，产能利用率有待提升。occurrences
Western Test announced its 2023 performance forecast. In 2023, the company achieved revenue of 300 million yuan to 350 million yuan, and realized net profit of 34 million yuan to 48 million yuan.
reviews
1. Continuously increase investment in laboratory capacity building and promote the construction of a “one-stop” service industry chain, with short-term pressure on performance. In 2023, the company achieved revenue of 300 million yuan to 350 million yuan, a year-on-year increase of -1.36% to 15.07%, and realized net profit of 34 million yuan to -48 million yuan, a year-on-year decrease of 99% to 113%. The main reason was to expand the company's influence in the field of military equipment inspection and testing across the country. The main reason was that the company added a service base on Xi'an Xitai Road, and continued to increase investment in laboratory capacity building. The relocation of some test equipment, and a significant increase in rent, equipment depreciation and personnel investment; second, the electrical equipment business is still in a state of loss, and capacity utilization needs to be improved.
2. It is still in a period of rapid development and is optimistic about long-term development. The company is currently in a period of rapid development. The company continues to establish subsidiaries in Xi'an, Chengdu, Beijing, Wuhan and other places, and continues to increase investment in advantageous business areas. In the Xi'an region, the Xi'an Xitai Road Park laboratory was officially put into use, and the comprehensive service capacity of the Xi'an headquarters was fully upgraded; the Chengdu company's laboratory area was further expanded and service capacity was upgraded to continue to accelerate the southwest regional layout; the Beijing company laboratory was officially inaugurated and completed qualification and forensic work; and construction of the Wuhan company laboratory began. The subsidiary Jitongli Technology's electrical equipment business is developing steadily, further promoting the company to open up one-stop services. We believe that with the gradual improvement of the company's service capabilities and the effects of scale, the company's performance is expected to reach an inflection point.
3. Satellite-related testing business is expected to develop rapidly. Spacecraft such as satellites need to withstand severe temperature, air pressure, and electromagnetic environments, and tests are needed to ensure that they meet adaptability requirements. Therefore, with the rapid development of the aerospace industry, related inspection and testing services will also benefit from growth. The company has provided professional testing services for many aerospace customers over the years, and is expected to benefit from the rapid development of the satellite Internet industry in the future.
4. Profit forecast and investment rating: We expect the company's net profit to be 0.73 billion yuan and 124 million yuan respectively in 2024 and 2025, up 309% and 68% year-on-year, corresponding to the current stock price PE of 38 and 22 times, respectively, maintaining the “increase” rating.
Risk warning:
Military orders fell short of expectations; industry competition intensified; market expansion fell short of expectations, etc.