\u3000\u3 Guocheng Mining Co.Ltd(000688) 233 Thinkon Semiconductor Jinzhou Corp(688233) )
According to the company’s 2021 performance express, the company achieved a revenue of 474 million yuan, a year-on-year increase of 147%; The net profit was 220 million yuan, a year-on-year increase of 120%; The non net profit deducted was 216 million yuan, a year-on-year increase of 141%. The basic earnings per share was 1.38 yuan, a year-on-year increase of 112%.
Key points supporting rating
In the past 21 years, the company has achieved substantial growth in performance and optimized product structure to promote profitability. The company is a leader in monocrystalline silicon materials for integrated circuit etching, with revenue and net profit increasing by 147% and 120% respectively in 21 years, indicating that under the industrial environment with high prosperity, the company’s products have been highly recognized by customers. At the same time, the company has actively optimized the product structure, and the sales revenue of large-diameter monocrystalline silicon materials with high profit margin has further increased, Driven the significant growth of the company’s profits, and the significant increase in order demand and production capacity of large-diameter monocrystalline silicon materials for etching machines have created a good driving force for the company’s revenue.
Equity incentive assessment maintains the driving force of performance growth. The company recently issued an equity incentive plan, involving nearly 35% of the company’s directors, core technicians, senior managers and other personnel. The performance evaluation objectives mentioned therein take the revenue or net profit of 21 years as the base, and the growth rate of revenue or net profit in 22 / 23 / 24 years is not less than 30% / 69% / 120%, and cagr3 is close to 30%. The performance evaluation goal of equity incentive is positive, which can provide more optimistic guidance for the follow-up operation of the company.
Based on the advantages of monocrystalline silicon materials for etching, enter the silicon wafer to form a vertical platform layout. The company’s monocrystalline silicon material products for etching have met the process requirements of advanced chip manufacturing and etching, and successfully entered the international advanced semiconductor material supply chain. At the same time, the subsidiary’s layout of silicon parts business has obtained the evaluation opportunity of 8-inch and 12 inch integrated circuit manufacturers, passed the verification of domestic dry etching machine manufacturers, and obtained batch orders from integrated circuit manufacturers. In addition, the company has the light doping and low defect process technology of benchmarking overseas leaders. It has entered the field of monocrystalline silicon polishing chips through IPO fund-raising and construction, and has obtained customer evaluation, and actively layout the high-end silicon chip business. The company forms a vertical platform layout through triple business, deeply binds the downstream, and promotes the ability to grow together with the industrial boom.
Profit forecast and rating
In view of the equity incentive performance assessment set by the company, the optimization of product structure promotes profits, and the new business is about to usher in a breakthrough. It is predicted that the net profit in 22-23 years will be 288 / 383 million yuan, maintaining the overweight rating.
Main risks of rating
Due to the uncertainty of international marginal political friction, the production expansion progress of downstream wafer plants is less than expected, and the certification progress of light doped and low defect polishing wafers is less than expected.
