\u3000\u3 Guocheng Mining Co.Ltd(000688) 200 Beijing Huafeng Test & Control Technology Co.Ltd(688200) )
According to the 2021 annual report released by the company, the annual revenue was 878 million yuan, a year-on-year increase of 121%; The net profit was 439 million yuan, a year-on-year increase of 120%; Deduct the non net profit of 435 million yuan, with a year-on-year increase of 194%.
Key points supporting rating
The business performance in the past 21 years is beautiful. In the past 21 years, the company’s revenue and net profit increased significantly by 121% and 120% respectively, the gross profit margin increased by 0.27 percentage points year-on-year to 80.47%, and the operating cost increased by only 73%, with obvious scale effect. Meanwhile, Q4’s revenue was 241 million yuan, a year-on-year increase of 130% and a month on month decrease of 22.93%; Q4 net profit was 128 million yuan, a year-on-year increase of 104% and a month on month decrease of 22%. Although the fourth quarter results fell due to seasonal fluctuations, the company has achieved good results in both revenue and profit. Driven by the strong demand industrial environment, it is expected to continue to maintain the revenue and profit momentum.
The international layout is progressing smoothly and orders have increased significantly. The company focuses on analog and digital analog hybrid integrated circuit automatic test systems and is in a leading position in China. It is one of the few Chinese local test equipment manufacturers to enter the European and American semiconductor market. In the past 21 years, the company has expanded its sales force in Southeast Asia and strengthened its customer expansion in Southeast Asia and international markets. In the past 21 years, the sales volume of testing equipment increased by 114% to 1514 sets year-on-year, and the inventory increased by 153% to 737 sets year-on-year. At the same time, the inventory amount in the past 21 years increased by 170% compared with the end of the previous year, and the contract liabilities also increased by 221%, indicating the effectiveness of the company’s customer expansion strategy, Sufficient orders ensure the subsequent revenue growth of the company.
Expand production capacity and R & D scale to win share with long-term technical reserves and product advantages. The company began to enter Tianjin production base and Beijing R & D center in the second half of the 21st century to meet the needs of the expansion of the company’s production and R & D scale. The production of test systems in 21 years was 1875 sets, with a year-on-year increase of 147%. In the industrial environment with strong demand for test equipment, the company continued to improve its production capacity to ensure the supply capacity to quickly meet the urgent needs of customers. At the same time, the company set up research centers and postdoctoral research workstations with Tianjin University, the state human resources and Social Security Bureau and other units, paid attention to the improvement of R & D strength, and the R & D cost increased by 59% in 21 years. The sts8300 high-end / digital analog hybrid test system under research has entered part of the mass production stage. With the test experience of high-voltage and high-power devices, the company actively makes efforts to use IGBT Gan and SiC are mainly used in the field of power devices, win more market share with higher quality products, further consolidate strong customer stickiness and sufficient growth momentum.
Profit forecast and rating
In view of the scale effect caused by the increase of the company’s production capacity, the substantial increase of profitability, the remarkable effect of customer development and the significant increase of orders, further consolidate the driving force of revenue, adjust the net profit of 22-24 years to RMB 616 / 832 / 1108 million, and maintain the buy rating.
Main risks of rating
The uncertainty of international marginal political friction and the shortage of parts lead to the delay of order delivery
