\u3000\u3000 Shanghai Wanye Enterprises Co.Ltd(600641) (600641)
On February 7, Shanghai Wanye Enterprises Co.Ltd(600641) announced that the holding Sun company Beijing kaishitong signed a major contract to sell multiple 12 inch integrated circuit equipment to important customers, with a total transaction amount of 658 million yuan.
With the signing of large orders, ion implantation is expected to start rapidly. Beijing kaishitong is a wholly-owned subsidiary of Shanghai kaishitong, a subsidiary of Wanye. In the first half of 2021, the first front channel ion implantation equipment passed customer verification and confirmed revenue. In the first half of 2021, Shanghai kaishitong achieved a revenue of 35.0153 million yuan. The newly signed order amount is up to 658 million yuan, including multiple 12 inch low-energy high beam ion implanters and low-energy high beam ultra-low temperature ion implanters, which will be delivered within one-year delivery period. After the acceptance of the first equipment, the company quickly achieved a breakthrough in orders, which shows the competitiveness of products. Large orders will become the guarantee for the high growth of the company's revenue in 2022.
The platform continues to expand, and a variety of equipment categories are ready to go. Kaishitong is Wanye's first successful attempt in the process of investment, M & A and transformation of semiconductor business. The company is also constantly promoting M & A and transformation and expanding its business territory. In December 2020, it completed the acquisition of compartsystems, the global leader of semiconductor equipment gas subsystem, and announced in June 2021 to invest 3 billion to build Haining production base and promote the localization of equipment parts. In April 2021, Wanye and Ningbo Xinen jointly established a subsidiary Jiaxin semiconductor, and announced in December that it would invest 2 billion yuan to build a project with an annual output of 2450 sets of new equipment and 50 sets of refurbished equipment. Jiaxin semiconductor will include 6 subsidiaries and 2 business divisions, with business scope covering etching machine, RTP, film, single chip / trough cleaning, tail gas treatment, mechanical arm, etc. According to the announcement of the company, the project will be put into operation at the end of 2023 and reach production in 2025, so as to further improve the layout of the company's semiconductor equipment field and realize platform development.
Investment suggestion: we expect the company's revenue to be RMB 1.001/15.93/2.028 billion respectively in 2021 / 22 / 23, corresponding to 22 / 15 / 12 times of the current stock price PS respectively. Considering that the company is a scarce supplier of integrated circuit ion implantation equipment in China, the equipment business is in a rapid start-up stage, with strong certainty of domestic substitution, and the "recommended" rating is maintained.
Risk warning: product verification is not as expected; Cyclical fluctuations in downstream industries; Market competition intensifies.
