What do the code mean on my failed emission test? I have new muffler and exhaus on 1990 Mazda B2200

on 25/25 test
HC PP Reading 505 allowed is 223
Co% Reading 12.22 allowed is 2.79

On 50/15 test
HC Pp Reading is 389 allowed is 228
Co% reading is 11.86 allowed is 2.06
Can you tell me what I need to repair? Is it the catalytic converter?

Asked by for the 1990 Mazda B2200
you can try retarding your timing