Radio and Television Measurement (002967): Expected net profit attributable to mothers to increase by 39.

15% of all businesses go hand in hand

Radio and Television Measurement (002967): Expected net profit attributable to mothers to increase by 39.

15% of all businesses go hand in hand

The businesses went hand in hand, and the performance growth was in line with expectations: the company released an annual performance report, and realized revenue in 201915.

88 ppm, an increase of 29 in ten years.

34%; net profit attributable to mother 1.

700,000 yuan, an increase of 39 in ten years.

15%, mainly because the company continued the “two high-end” market service strategy, all business sectors go hand in hand.

The non-recurring profit and loss is about 3687.

730,000 yuan, mainly for government subsidies of 2188.

770,000 yuan and the increase in investment income due to the acquisition of Fangyuan Guangdian’s long-term equity investment on the acquisition date adjusted at fair value.

750,000 yuan.

According to preliminary calculation, net profit after deduction is 1.

33 ppm, an increase of 24 in ten years.


The performance in the fourth quarter was good, and the effect of large customer expansion was significant: from a quarterly perspective, according to our calculations, the company’s operating income was 19Q45.

92 million, net profit attributable to mother 9962 million, net profit after non-deduction of 7632 million, respectively increased by 25.

12%, 58.

78%, 33.

48%, non-net interest rate deducted 12 in a single quarter.


The company’s major customer expansion effect is significant. According to the disclosure of the prospectus, the revenue from Huawei in the 19H1 company was 12.68 million yuan, which was basically the same as in 2018. At the same time, new A2504 customers were newly opened, more equipment customers and good credit.

At present, the company’s downstream customers are mainly large-scale equipment companies and OEMs, and have developed large customers such as AVIC, China Shipping, China Southern Power Grid, and Dongfeng Motor. The national strategic layout has achieved good results, the regional market has made significant breakthroughs, and continued to maintain greater growth.situation.
Capital expenditures increase and performance enters the harvest period: The company’s increased capital expenditures in the past few years have 杭州夜网论坛 resulted in a reduction in profit margins. The compound growth rate of cash payments for purchasing and building fixed assets from 2015 to 201849.


The company continuously expands the production capacity of traditional business laboratories, and at the same time lays out emerging businesses such as food and environmental testing.

Due to the characteristics of the laboratory’s profit cycle, through the gradual release of new business throughput, the gross profit margin improved space density.

According to the company’s technical transformation plan announcement, the company’s capital expenditure plan for 20 years3.

28 trillion, of which 3 trillion is used for measurement calibration, purchase of testing equipment.

At present, the company’s national layout has been basically completed, and capital expenditure has 南京夜网 increased, which is expected to enter the period of performance harvest.

Investment advice: We predict that the company’s EPS in 20-21 will be 0.


05 yuan / share, currently the corresponding PE is 56 / 39x.

With the shrinking of capital expenditures and the gradual release of laboratory capacity, there is a high margin of profit elasticity.

We maintain the company’s 20-year PE estimate of 54x, corresponding to a reasonable value of 39.

42 yuan / share, maintain the company’s “Buy” rating.

Risk reminders: the risk of credibility being affected by adverse events, the risk of changes in policies and industry standards, the risk of intensified market competition, and the management risk caused by the rapid expansion of business scale.