Pan American experiment: the leader of Laboratory Intelligent System Engineering
The 2016 Pan American experiment (839848) revenue and net profit continued to achieve rapid growth, mainly due to the company's core competitiveness, has brought the project to enhance the quality of the operation mode of the realization of upgrading and patent products brought the gross margin improvement, technology innovation is an effective strategy to maintain industry leading position in the Pan American experiment. The following is the focus of the new three board think tank on the Pan American experiment Tracking Research Report - [Key Tracking Research Report] Pan American experiment: Laboratory Intelligent Systems Engineering Leader
Location: Building 13, building E, poly World Trade Center, East Xingang Road, Guangzhou, Haizhuqu District
Survey objects: secretaries Zheng Baijuan
Research time: 2017-3-14
2016 results notice: earnings and net profit data are eye-catching performance
In March 2, 2017, the company released 2016 annual results notice, report shows that in 2016 the company expects revenue between 205 million yuan ~22000 yuan, an increase of 63.95%~75.95%, the size of the net profit of 45 million yuan ~4700 yuan, an increase of 177.35%-189.67%, operating income and net profit figures are eye-catching performance.
Note: Pan American experiment 2016 annual report is expected to be released in April 2017.
Pan American experiment
Guangzhou Pan American laboratory system Polytron Technologies Inc (hereinafter referred to as Pan American experiment) was founded in November 11, 2004, Guangzhou, Pan Yu laboratory science and technology investment enterprises to master 60.4% of the equity. The Pan American experimental intelligent systems engineering laboratory to provide one-stop services, including business laboratory design industry chain upstream, midstream and downstream of the supply and installation of construction, system maintenance, supplies, and production, base construction link low margin outsourcing, in expanding the market coverage and improve the comprehensive income rate of the company. The company attached great importance to the sample project in the system, a good reputation, after years of development, population and disease prevention and control system, health care system, public security system, quality supervision and management system, scientific research institutions and other customers to establish a stable and cooperative relations.
The company was listed on November 29, 2016, with a total share capital of 53333333 shares.
Pan American experiments on major financial data in previous years
The company in 2015, 2016, a quarter of the main business revenue growth, an increase of 126% in 2015, the first quarter of 2016 year-on-year growth of around 100%, also owned by the parent first quarter 2016 net profit year-on-year increase of nearly 100%. The rapid growth of the company's performance, mainly from the company's core competitiveness increased, brought the quality of the project to improve, so as to win more than a larger amount of the project.
2016 year, the company's revenue, net profit scale continues to achieve rapid growth, the following will be analyzed.
Note: for the basic business information of Pan American experiment, please refer to the Pan American experiment (839848) for the first time: the leader in the construction of Laboratory Intelligent Systems engineering.
一. investment value of Pan American in the next 2 years
From an investment point of view, Pan American investment value in the next 2 years is reflected in:
1. revenue side, in 2016 revenue scale of 200 million basis, the next 2 years revenue is expected to grow 100 million yuan per year, revenue reached 400 million in 2018, double the 2016. Revenue growth momentum from the company's excellent project winning bid strength, which belongs to the company's core competitiveness;
2., the net profit side, the high income scale combined with significant increase in gross profit margin, resulting in higher net profit scale, 2016 net profit scale has reached IPO standards. The driving force for higher gross margin is the upgrade of Pan American business model.
二、Core Competitiveness: Excellent project winning bid
The successful bid for the project is the core competitiveness of the Pan American experiment, can be divided into three items:
1.Top decoration contract qualification + rich experience in laboratory renovation project, the project for the winning base
（1）The company's building decoration qualification level is different, enjoy the "right" is different. Most of the laboratory decoration counterparts only two qualified decoration, not allowed to participate in the cost of more than 20 million large projects tender, and not allowed to participate in cross-regional bidding. Pan American experiment is a very small number of nationwide renovation of a qualified laboratory decoration company, free from funds, geographical policy restrictions, can participate in large-scale projects nationwide tender for the company's revenue continued to lay a solid foundation for sustainable growth The
（2）Building decoration qualification level, laboratory decoration project experience is directly related to the quality of laboratory construction. Customers with laboratory needs include government institutions, state-owned enterprises, private enterprises. Pan American experiment positioning for high-end, mid-end laboratory decoration to the disease prevention and control system, public security system, quality control system and other government units as the main customer object, the quality of the laboratory is essential.
In addition to a decoration qualification, the Pan American experiment has a number of registered construction division up to 9 (short-term will increase by 3), the construction team in the total construction management of more than 30 people (all hold the relevant certificate) Construction management personnel to complete the number of laboratory projects to reach hundreds of Pan American experiments of each of these indicators are leading the industry segment of the vast majority of opponents, is the government unit customers pay more attention to the key items, the Pan American experiment won the bid Foundation.
2.Powerful laboratory design strength, an important guarantee for the successful bidder
In the laboratory decoration industry, Pan American as the representative of the laboratory design and construction integration company, in the laboratory design stage, has been through the design team to enter the project. Has a strong professional design team, the project will be the ultimate part of the tender company to bid, play a substantial help. the reason is:
（1）The strength of the design team to understand the whole part of the laboratory system deeper, the design team and the construction team can guide each other, seamless docking, decoration quality better;
（2）Design team in accordance with the requirements of the owners of the laboratory construction grade, equipment, accessories, all aspects of service, the overall time, cost and other program design, for the strength of the laboratory design and construction integration company, its own design match Degrees tend to be higher, and thus easier to win.
In view of the important role of the early design process, Pan American experiment to create the country's leading laboratory design strength, including a design qualification, especially with nearly 40 people in the size of the design team, the industry is the largest and most capable design One of the team. Pan American design team in the early contact with customers, do the program stage, when the customer request, the team can be given in a relatively short period of time a complete design, and tell it to what extent, more efficient.
In contrast, the vast majority of peer companies have a design team based on the basic size of 10 people, the real design and construction of integrated services to the company less. Part of the peer companies and design units to cooperate, but also will face the lack of understanding, coordination of trouble, laboratory construction quality, cost can not be optimal, and thus weaker than the Pan American experiment.
3.And strategic cooperation with high-quality partners to carry out business development
For the business development outside the South China region, the Pan American experiment adopts the strategic cooperation mode, that is, choose the strategic cooperation with the large construction company, the regional resource equipment supplier.
Pan American itself as a large laboratory decoration company, in the industry have a good reputation, large construction companies, regional equipment suppliers have a strong attraction, the future may also through equity cooperation to form a solid strategic cooperative relations to ensure that Pan Am Experimental business can be steadily extended to the country.
At present, Pan American has 4 to 5 large national infrastructure companies, a series of regional equipment suppliers as partners, and is actively expanding.
三、Gross margin increase: the company operating mode upgrade
The company 2016 gross margin of about 35%, far higher than the laboratory decoration industry average 16% level, even higher than the listed company Shangrong Medical (002551). High gross margin brought the company's net profit margin, Pan American net profit margin from 12% in 2015, up to 23% in 2016, 2016 net profit reached 46 million or so.
The reason for the increase in gross margin is that, in 2016, Pan Am will be the laboratory decoration industry chain in the low-margin part of the outsourcing, including basic labor outsourcing, especially equipment production outsourcing.
For the laboratory equipment, the company is to take "patent + design" model, that is, through research and development to obtain some of the laboratory equipment, invention patents, utility model patents and other patents, only responsible for the design, and then outsource production to other equipment manufacturers. The company's research and development of the professional systems, equipment and furniture in the past few years (the annual R & D investment for the previous year revenue of more than 4%), the end of 2015 to obtain utility model patents reached 11, 2016 began these patents The
Note: Shangrong Medical main business for the hospital operating room business chain, consolidated gross margin of 29%, of which operating room design and decoration business single gross margin of 31.6%.
四、The development path of laboratory decoration industry
With reference to the successful experience of listed companies Shangrong Medical (002551), explore the development path of the laboratory decoration industry:
1.Access to the top decoration qualification, the top design qualification, the accumulation of a large number of renovation project experience, as the foundation for the development of business;
2.From the regional enterprises into a national enterprise, mainly through financing to supplement the working capital, expansion of construction management team, to expand the rest of the country business;
3.To the upstream and downstream industry chain, diversified development.
Shangrong Medical (002551), for example, Shangrong medical design and construction of the hospital to start the operation of the business, to the upstream expansion to the more advanced hospital construction, the use of hospital resources to the downstream development of diversified businesses, including medical supplies sales, Hospital logistics management services, especially medical supplies sales revenue in 2015 has more than 800 million yuan, becoming the company's largest source of revenue, greatly enhance the company's growth potential.
in conclusion：According to the above decoration industry path, can be initially judged, the laboratory decoration industry, the vast majority of enterprises are still in the first stage, only to obtain two decoration qualifications, lack of experience in the number of renovation projects, but also lack of design capacity, from the regional enterprises To become a national enterprise, there is a long way to go; Pan American experiment with the top decoration qualification and experience, design strength, has gone beyond the first stage, into the second stage, the financial strength will become important to the development of the company factor.
Note: Pan American experiment has not yet published 2016 annual report, this article has not yet Pan-American experiment and Shangrong medical business comparison.
五、Factors that affect the growth of follow-up performance: funding issues
The impact of funds on the Pan American experiment is reflected in the engineering industry's high demand for working capital, with advances, accounts receivable issues, such as the purchase of imported high-end equipment (air conditioning, water treatment equipment, biological safety cabinets) must be 100% Prepaid payment, outsourcing production equipment, labor services are required to advance payment, and the final payment of the customer has a certain time interval.
Pan American experiment in the past by the steady development of endogenous funds, targeted selection of some high gross margin, the distance (mainly in southern China) project. As mentioned above, after entering the second stage, Pan Am will be willing to supplement the funds through the new three-board capital platform, improve the project capacity, expand the business to the country, expand the scale of revenue and lead.
On the basis of abundant funds, the Pan-American region in southern China for the base camp, first won the South China region, potentially sure of the project (especially in a number of large projects in southern China), and then in the country won some of the projects, Year revenue doubled to 400 million yuan, is more predictable growth.
六、Some other research questions
1.Pan American then a project, the cost of what interval in what section?
Pan Am is the industry rarely have a decoration of the qualifications of the laboratory decoration company, can take the total project cost of more than 20 million projects. Often, the total price of the first phase of the project in the total number of 40 million -6000 million, some top three hospitals will be the total price of more than 100 million yuan. 40 million -6000 million project is the Pan American conventional projects, but the proportion of temporary statistics out.
On the new three board, the need to disclose large engineering contracts, according to 30 million.
2.Pan Am also at the same time a few projects?
Pan Am has nine first-level construction division, that is, theoretically able to take nine first-level projects. But limited by financial strength, usually only 4 to 5 at the same time a project. For the 40 million -6000 million project, the construction management team only with a construction division as a project manager (resident).
3.Is the number of construction managers adequate?
Construction management personnel has been training, especially in the decoration of a construction division, Pan Am has nine first-class construction division, the number of one of the industry's largest, and will immediately enter the three, so the size of construction management is not a problem.
4.What is the core employee movement?
Pan American adhere to the independent training of laboratory design, construction personnel, will not take the initiative to dig the wall. Pan beauty is good, platform, the project is sufficient, to the core staff to play a large space, can be very good to retain talent.
5.Pan American main to do the laboratory project level?
Pan American main to do high-end laboratory projects, very rough to see, the number of high-end projects: the number of projects in the end = 50%: 50%.
6.How does the project confirm revenue in the year of the year?
Pan American recognized by the percentage of income, cost 10 million of the small project duration of 3-6 months, more than 20 million large and medium-sized projects duration of six months to 1 year, large-scale projects are usually the construction period will be New Year, and the final settlement The same will be delayed, so a large and medium-sized projects, basically 2 years to confirm income.
7.Will the acceptance of the project affect revenue?
A whole project, the laboratory has been built, the other subdivision did not build, require a total acceptance, the total acceptance progress is slow, will delay the income to confirm. Get the confirmation of the settlement in order to confirm the last year of revenue.