技术服务继续推进“跨区域，跨领域”发展，23 年业绩有望增长22 年技术服务业务收入4.69 亿元，同比下降8.5%，22 年公司继续深耕建工检测主业，在上海、深圳等市场开拓成效显著，交通工程检测业务持续增长，同时兼顾跨品类发展，电子电气检测中心检测品类已从通信电子、汽车电子领域，拓展至工业及新能源电子、医疗电子、军工电子等领域，全年收入超过3000 万元。22 年技术服务毛利率33.6%，同比提升2.3pct，实现净利润2840 万元，同比下滑23%，23 年公司将继续推进“跨区域，跨领域”发展，在提升各区域工程检测业务的市场份额的同时，提高交通工程检测及电子电气检测的业绩贡献比例，我们预计利润同比有望实现增长。The company's net profit for 22 was 211 million yuan, down 22.46% from the previous year, the company achieved operating income of 3,947 million yuan in 22, down 19.75% from the previous year, net profit of 211 million yuan from the previous year, down 22.46% from the previous year, after deducting net profit of 184 million yuan from the previous year, down 23.41% from the previous year. Among them, Q4 achieved revenue/net profit of Guimo of 889/01 million yuan in a single quarter, down 34.4%/96.3% from the previous year, after deducting net profit of 7.48 million yuan, the company's asset impairment loss in '22 was 5064 million yuan Ten thousand yuan, which dragged down net profit, was mainly due to loss of impairment of goodwill.
The market share of adjuvants bucked the trend and prices remained strong
The revenue of the admixture business in '22 was 2,519 million yuan, down 17.88% from the previous year, and sales were 1.38 million tons, down 17% from the previous year. It is estimated that the average price per ton was 1,825 yuan/ton, which was basically the same as the previous year. The average price of ethylene oxide fell 5% year on year in '22. Benefiting from falling raw material prices, the gross margin of the company's admixture business increased by 3.5pct to 22.4% year on year, and achieved net profit of 167 million yuan for the whole year, an increase of 5% over the previous year. The company continued to lay out domestic industrial bases, and its market share bucked the trend, reaching 9.8% year-on-year growth of 0.3 pct, especially in the Yangtze River Delta and Pearl River Delta regions. We believe demand for adjuvants is expected to pick up in '23. Driven by the release of new production capacity in Jiashan, Chongqing, Sichuan, Yunnan, Anhui, etc., the company's market share is expected to continue to grow.
Technical services continue to advance “cross-regional, cross-sector” development. The 23-year performance is expected to increase technical service business revenue by 469 million yuan in '22, down 8.5% from the previous year. The company continued to expand its main construction inspection business in Shanghai, Shenzhen, etc., with remarkable development results in the transportation engineering inspection business. At the same time, taking into account cross-category development, the inspection category of electronic and electrical inspection centers has expanded from the fields of communication electronics and automotive electronics to industrial and new energy electronics, medical electronics, military electronics and other fields, with annual revenue exceeding 30 million yuan. The gross profit margin for technical services in '22 was 33.6%, an increase of 2.3 pct over the previous year, and achieved net profit of 28.4 million yuan, a decrease of 23% over the previous year. The company will continue to promote “cross-regional, cross-sector” development in '23. While increasing the market share of engineering inspection business in various regions, the performance contribution ratio of transportation engineering inspection and electronic and electrical inspection is expected to increase year-on-year.
New energy, digital construction, etc. are expected to empower the company's growth. Maintaining the “buy” rating company is the first construction research institution to be fully listed in China. In addition to the dual-wheel drive of the agent+inspection business, the layout in the fields of new energy and digital construction is expected to empower the company's future growth. Considering the slow recovery on the demand side, the company's net profit forecast for 23-24 was lowered to 34/42 million yuan (previous value: 38/450 million yuan), and added a 25-year net profit forecast of 490 million yuan. Referring to comparable company valuations, the company was given 18 times the target PE for 23 years, with a target price of 8.64 yuan to maintain the “buy” rating.
Risk warning: Production capacity investment falls short of expectations, demand falls, raw material prices have risen sharply, new energy and other business expansion progress is lower than expected, etc.
