\u3000\u3000 Shanghai Wanye Enterprises Co.Ltd(600641) (600641)
Sign high orders for ion implanters, enter a period of accelerated development, and maintain the "buy" rating
The company announced on February 7, 2022 that kaishitong, the holding company of sun, signed a purchase order with important customers on January 30, 2022, and planned to sell multiple 12 inch ion implanters to important customers, with a total amount of 658 million yuan. According to the calculation of the price of a single ion implanter of about 30 million yuan, the number of orders of the company is about 22, which can meet the demand of 12 inch integrated circuit production line equipment with a capacity of 10000-20000 pieces / month. The large purchase volume shows that customers recognize the company's products and technical level. The semiconductor industry is booming and the demand for domestic substitutes is urgent. Under the guidance of the two wheel drive strategy of "extension M & A + industrial integration", the company has obtained high orders and entered the period of product acceleration and volume. We maintain the profit forecast. The net profit attributable to the parent company from 2021 to 2023 is expected to be RMB 441 / 540 / 748 million, EPS is expected to be RMB 0.46/0.56/0.78, and the current share price corresponds to 53.9/44.0/31.8 times PE, maintaining the "buy" rating.
Downstream demand is strong, and domestic ion implanters have broad prospects
At present, wafer manufacturers are actively expanding production capacity and increasing capital expenditure. TSMC said at the latest performance presentation that it expects the semiconductor market (excluding memory) to grow by 9% and the chip foundry industry to grow by 20% in 2022. It also expects the capital expenditure to be US $40 billion to US $44 billion in 2022, with a year-on-year increase of 33% to 47%. The capital expenditure of the wafer factory continues the high growth trend, which will significantly drive the order growth of upstream equipment manufacturers.
After the acceptance of the first equipment, it quickly obtained large orders to show its competitiveness, platform development and sufficient growth momentum
According to the company's announcement, the company's first 12 inch low-energy high beam ion implanter in 2021h1 has confirmed its revenue, and kaishitong achieved a revenue of 35.02 million yuan in 2021h1. This newly signed order includes multiple 12 inch low-energy high beam ion implanters and low-energy high beam ultra-low temperature ion implanters, with a delivery period of one year. The company quickly obtained large orders after the acceptance of the first equipment, which shows that the company's products are highly competitive. In April 2021, the company joined hands with Ningbo Xinen to establish a subsidiary Jiaxin semiconductor. The company holds 80% of Jiaxin semiconductor and Ningbo Xinen holds 20%. The company plans to produce 2450 sets of core equipment, such as film deposition and rapid etching equipment, before 2025, and form an annual output of 2450 sets of core equipment, such as film deposition and rapid etching equipment.
Risk tip: capacity expansion is less than expected, capital expenditure of Wafer Factory is less than expected, and technology R & D is less than expected.
