bingojourney|泰坦科技(688133)：行业变局期 看好公司战略蜕变

The changing period of scientific service industryBingojourneyThe company's performance is temporarily under pressure. The company realized operating income / return net profit in 2023. 27Bingojourney. 700 million yuan / 72.57 million yuanBingojourney, year-on-year + 6Bingojourney.2% /-41.85% Port1Q24 operating income / return net profit is 660 million yuan / 2.31 million yuan, compared with the same period last year + 1.36% Universe 90.81%. The pressure on the company's return net profit is mainly due to the fact that the domestic science service industry is experiencing a stage from overheating to overcooling. In order to ensure an increase in market share and revenue growth, the company has expanded its sales and operations team and reduced the price of its products. Considering that it still needs a certain process to restore the rapid growth of the company's profits, adjust the company's 24-26 year net return profit to 0.99pm 133pm 162 million (previous value: 2.63pm 369pm-100 million). Taking into account Titan's strategic adjustment to market changes, long-term growth can still be expected, we expect 24-26 return net profit CAGR31%, to give the company 24-year 1.28x PEG (comparable company Wind consensus expected average of 0.91x), target price of 33.60 yuan (previous value: 73.08 yuan), "buy". The scientific reagent sector performed well in 2023, and the gross profit margin of specialty chemicals decreased significantly compared with the same period last year. The operation of the main products of the company in 2023: 1) the scientific research reagent sector achieved revenue of 930 million yuan, of which revenue from independent high-end reagents increased significantly by 22.4% to 450 million yuan compared with the same period last year. Revenue from independent general-purpose reagents and third-party high-end reagents increased by 2.6%, 2.8%, to 153,300 million yuan, respectively. 2) the revenue of the specialty chemicals sector reached 910 million yuan, of which revenue from independent and third-party brands was + 4.5% and 1.9% compared with the same period last year. 3) the scientific instruments and consumables sector achieved revenue of 800 million yuan, of which revenue from independent and third-party brands was + 24.1% and 4.6% compared with the same period last year. 4) revenue from laboratory construction and scientific research informatization is + 89.2% to 80 million yuan compared with the same period last year. In 2023, the company's independent / third-party specialty chemicals gross profit margin decreased by 5.3/3.9pp compared with the same period last year, and the company's overall gross profit margin-0.8pp to 21.2%. Sales and operation service team expansion, sales strategy adjustment in the face of insufficient demand growth in downstream industries, stock market competition intensified, the company expanded the sales and operation support service team in order to ensure the increase of market share and sales revenue growth, so the company's 2023 sales expense rate / management expense rate year-on-year + 1.4/+0.46pp to 7.63% shock 4.51%. Prior to this, the company's sales method is mainly direct sales, in response to changes in the market structure, the company adjusted its sales strategy, using direct sales and distribution in parallel. For the market-oriented customer groups in domestic first-and second-tier cities, the company still focuses on direct sales; for domestic third-and fourth-tier cities, the company will clearly establish a complete distributor system, as long as there is no customer designated Titan direct service, the company will not provide direct sales services, and will unreservedly export all products, customer needs and advanced management support to partners. Risk tips: new regional business development is not as expected, logistics warehousing and supply chain management risks. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.