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四个维度分析检测认证服务行业:从海外巨头看国内企业经营水平 发布时间: 2020-01-12 12:17
四个维度分析检测认证服务行业:从海外巨头看国内企业经营水平
Four dimensions analysis of testing and certification service industry: from overseas giants to see the level of domestic enterprises
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碎片化的市场特征使检测认证服务企业的业务布局、经营体量依赖于时间的积累。从收入规模来看,SGS、BV、Intertek 处于行业前三名,近乎做到了全领域覆盖。我们从四个维度来分析龙头企业的经营水平:
The fragmented market features make the business layout and business volume of inspection and certification service enterprises depend on the accumulation of time. From the perspective of revenue scale, SGS, BV and Intertek are in the top three in the industry, almost covering the whole field. We analyze the operation level of leading enterprises from four dimensions:
(1)从收入端来看,SGS 和BV 的收入规模在50 亿美元以上,前三名企业的收入增速与宏观经济息息相关,但多元化的布局能有效缓解经济周期的影响。
(1) From the income side, the income scale of SGS and BV is more than 5 billion US dollars. The income growth of the top three enterprises is closely related to the macro-economy, but the diversified layout can effectively alleviate the impact of the economic cycle.
(2)从成本端来看,SGS、BV、Intertek2017 年人力成本占总成本比例分别为66%、61%和53%,属于人力密集型企业,规模的扩张取决于人均产值和员工数量。另外,三家企业2017 年资本支出增速在-9%~1%之间,资本支出增速逐步放缓,带动折旧及摊销费用趋于平稳,但其有息负债总额相比2010 年增长127%。
(2) From the cost side, in 2017, SGS, BV and Intertek accounted for 66%, 61% and 53% of the total cost respectively. They are human intensive enterprises, and the scale expansion depends on the per capita output value and the number of employees. In addition, in 2017, the growth rate of capital expenditure of the three enterprises was between - 9% and 1%, and the growth rate of capital expenditure gradually slowed down, driving the depreciation and amortization expenses to stabilize, but the total amount of interest bearing liabilities increased by 127% compared with 2010.
(3)从利润和现金流来看,三家企业经营性现金流量净额/净利润保持在1.5 左右,盈利质量相对较高,良好的现金流状况为企业并购提供后盾。而净利率水平出现分化,其中Intertek 净利率持续上升,2017 年达到10.9%,主要在于收入结构的变化。
(3) From the perspective of profit and cash flow, the net operating cash flow / net profit of the three enterprises remained at about 1.5, and the quality of profit was relatively high. A good cash flow situation provided the backing for M & A. However, the level of net interest rate shows differentiation, among which Intertek's net interest rate continues to rise, reaching 10.9% in 2017, mainly due to the change of income structure.
(4)从经营效率来看,三家企业人均产值在6-7 万欧元/人之间,应收账款周转率保持在3.5 次以上,回款情况较好。三家企业ROE 保持在35%以上,除了来自于较高的经营效率,杠杆也产生了重要影响。
(4) From the perspective of operating efficiency, the per capita output value of the three enterprises is between 60000 and 70000 euros / person, the turnover rate of accounts receivable is maintained at more than 3.5 times, and the collection situation is good. The roe of the three enterprises remained above 35%. In addition to higher operating efficiency, leverage also had an important impact.
对标海外,国内企业经营状况如何?
What is the operation status of domestic and overseas enterprises?
从体量来看,国外企业收入规模是国内优势企业的10-40 倍左右;受益于国内市场规模的扩张,国产品牌收入增速较快。从经营效率来看,国内优势企业的人均产值在26-72 万元/人之间,与国外企业差距缩小。从资本开支/经营性现金流量净额来看,国内企业2017 年的该指标在0.89 左右,小于2012 年。相比现金流状况,大部分国内企业已经收缩资本开支,开始向内生增长转型。作为国内民营企业龙头,华测检测由于并购子公司业绩不达标以及资本支出持续增长,压制了利润的释放。我们认为,公司未来有望实现利润率的触底回升,主要是两方面的原因:一是平衡业务增长与近期盈利,随着资本支出增速降低,公司有望迎来成本拐点;二是提高人均产值,经营效率的提升是公司主要的努力方向。
From the perspective of volume, the income scale of foreign enterprises is about 10-40 times of that of domestic dominant enterprises; thanks to the expansion of domestic market scale, the income growth of domestic brands is relatively fast. From the perspective of operating efficiency, the per capita output value of domestic advantageous enterprises is between 260000-720000 yuan / person, narrowing the gap with foreign enterprises. From the perspective of net capital expenditure / operating cash flow, the index of domestic enterprises in 2017 was about 0.89, less than that in 2012. Compared with the cash flow situation, most domestic enterprises have contracted capital expenditure and started to transform to endogenous growth. As the leader of domestic private enterprises, Huace test suppressed the release of profits due to the substandard performance of the acquired subsidiaries and the continuous growth of capital expenditure. We believe that the company is expected to achieve the bottom recovery of profit rate in the future, mainly for two reasons: first, balance business growth and recent profits, with the decrease of capital expenditure growth, the company is expected to usher in a cost turning point; second, improve per capita output value, and improve operating efficiency is the main direction of the company's efforts.
随着技术进步和国际分工深化,第三方检测认证服务行业一直保持良好的增长态势,以中国为代表的新兴市场国家得益于国际贸易的迅速增长,行业规模快速扩张,一些国内的综合性检测认证机构已初具综合竞争力。我们建议积极关注国内第三方检测服务民营龙头企业——华测检测,2011-2017 年公司收入复合增长率27.16%,利润率水平出现一定的波动。在经营效率提升、资本支出放缓的情况下,公司有望迎来利润率的拐点。
With the progress of technology and the deepening of international division of labor, the third-party inspection and certification service industry has maintained a good growth trend. Emerging market countries represented by China have benefited from the rapid growth of international trade and the rapid expansion of industry scale, and some domestic comprehensive inspection and certification institutions have begun to have comprehensive competitiveness. We suggest that we should pay close attention to the domestic third-party testing service private leading enterprise - CTI. In 2011-2017, the compound growth rate of the company's revenue was 27.16%, and the level of profit margin fluctuated to some extent. With the improvement of operating efficiency and the slowdown of capital expenditure, the company is expected to usher in the turning point of profit margin.
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