全面推行精细化管理，大力促进降本增效。公司通过加快数字化转型的步伐，调整组织架构和优化经营责任考核体系，确立以利润为中心的考核机制，严格控制人员规模，加强成本控制，以及减少亏损业务的规模，确保成本增长速度低于收入增长速度，实现毛利率和净利率的双重增长。Incidents:
On July 8, 2024, the company announced its 2024 semi-annual performance forecast: 2024H1's revenue is expected to reach 1.3-1.4 billion yuan, +5.61-13.82%; net profit to mother is expected to reach 0.075-0.085 billion yuan, +24.66-41.29% year over year; net profit without return to mother is expected to reach 0.06-0.07 billion yuan, +37.99-60.99%; basic earnings per share are expected to be 0.12-0.16 yuan/share. Comments on this are as follows:
Vigorously expand advantageous businesses and reduce disadvantaged businesses in a timely manner. The company is committed to continuously strengthening its professional capabilities and geographical expansion in core business fields such as metrology, reliability and environmental testing, and electromagnetic compatibility testing, using market collaboration to promote the rapid growth of cultivating businesses such as integrated circuit testing and analysis, life science, data science and training services, and achieve steady growth in orders in key fields such as special industries, automobiles, integrated circuits and data science. However, for weak businesses such as food testing and ecological environment testing, the company promptly reduced its loss-making laboratories and accelerated the transformation of the business structure through deep integrated management.
Fully implement refined management to vigorously promote cost reduction and efficiency. By speeding up the pace of digital transformation, adjusting the organizational structure and optimizing the management responsibility assessment system, establishing a profit-centered assessment mechanism, strictly controlling the size of personnel, strengthening cost control, and reducing the scale of loss-making businesses, the company ensures that the rate of cost growth is lower than the rate of revenue growth, and achieves double growth in gross margin and net profit margin.
An equity incentive plan has been implemented to help the company develop in the long term. On July 2, 2024, the company announced the stock options and restricted stock grant notice for the 2023 equity incentive plan. The company granted 8.625 million share stock options to 623 incentive recipients at an exercise price of 14.56 yuan/share, and 8.625 million restricted shares to 623 incentive recipients at a price of 8.68 yuan/share. The implementation of this equity incentive plan will help the company stabilize talents, increase the motivation of management personnel, and play a positive role in the long-term development of the company.
Profit forecast: The company's net profit for 2024-2026 is estimated to be $3.09, 4.16, and 472 million yuan, respectively. The corresponding PE values are 24, 17, and 15 times, respectively. For the first time, coverage is given an “increase in holdings” rating.
Risk warning: Industry competition intensifies; laboratory performance falls short of expectations; profit forecasting and valuation models fall short of expectations.
