\u3000\u3000 Suzhou Uigreen Micro&Nano Technologies Co.Ltd(688661) (688661)
Event overview
The company released the performance forecast, and it is expected to realize the net profit attributable to the parent company of 98-110 million yuan in 2021, with a year-on-year increase of 59.61% – 79.15%; The net profit attributable to the parent company after deduction was 87-99 million yuan, with a year-on-year increase of 44.04% – 63.91%.
Analysis and judgment:
MEMS and semiconductor probe business jointly promote the company’s performance growth. The net profit attributable to the parent company in Q4 in a single quarter was 14.64-26.64 million yuan, compared with 22.66 million yuan in the same period last year. The performance forecast range in a single quarter was large, and the year-on-year growth rate of Q4 decreased compared with the previous value. The company’s annual performance increased rapidly in 2021, mainly due to: (1) the company’s MEMS fine parts series products had full sales orders, the continuous release of production capacity, and the revenue and profit increased year-on-year; (2) After early customer expansion and product verification, the company’s semiconductor test probe has successfully entered the supply chain system of overseas chip design manufacturers. The newly signed orders have increased significantly compared with the same period last year. It has been rapidly loaded and continuously penetrated in the client, promoting the steady development of the business.
With the rapid development of semiconductor probes, MEMS wafer test probes have been expanded to further open up space. (1) According to VLSI reaearch data, the global market scale of semiconductor test probe series products (FT test section) reached US $1.126 billion in 2019. The company’s strategy in the field of semiconductor test probe is to make a breakthrough from well-known foreign enterprises. It has become a probe supplier for many international well-known chip and semiconductor sealing manufacturers, and has been fully recognized by industry customers. We believe that in the future, large-scale production in Chinese design, sealing and testing and equipment enterprises will also come, and the second growth pole will contribute significantly; (2) The company plans to raise funds through fixed increase to expand MEMS wafer test probe and substrate level probe projects. According to VLSI research data, MEMS process wafer test probes have accounted for about 60% of the probe market. The vast majority of the global wafer probe card market is occupied by foreign enterprises such as form factor, MJC, techno probe and so on.
MEMS business continues to grow, with fine metal processing capacity and strong expansibility. (1) The MEMS Micro microphone market is expected to continue to grow driven by TWS headphones, smart phones, smart homes, etc. the company has established a competitive advantage in the acoustic MEMS field. At the same time, the company uses its technical advantages to expand into pressure / optics and other fields, and the MEMS business is expected to continue to grow; (2) In the long run, the company’s fine metal processing capacity can be expanded. According to the company’s announcement, it is expected to expand to the medical field, industrial connectors, new energy vehicles and other fields in the future, with long-term growth space.
Investment advice
The company’s Q4 single quarter performance growth rate has declined, but with the rapid volume and penetration of semiconductor test probes in the client, the company will still maintain a rapid development momentum. We lowered the forecast of revenue of 393 million yuan in 2021 to 386 million yuan, lowered the forecast of net profit attributable to the parent company of 121 million yuan in 2021 to 107 million yuan, and lowered the forecast of 1.51 million yuan in 2021 to 1.33 yuan. The profit forecast for 2022-2023 remains unchanged. The revenue in 2022-2023 is 549 / 763 million yuan respectively, the net profit attributable to the parent company is 181 / 248 million yuan respectively, and the EPS is 2.26/3.10 yuan respectively. 2021-2023 corresponds to the closing price of 75.88 yuan / share on January 27, 2021, and the PE is 57 / 34 / 24 times respectively, which is not rated yet.
Risk tips
The R & D Progress of new products is less than expected; Risks of excessive fluctuation in downstream industries, etc
