\u3000\u3 Guocheng Mining Co.Ltd(000688) 200 Beijing Huafeng Test & Control Technology Co.Ltd(688200) )
Beijing Huafeng Test & Control Technology Co.Ltd(688200) released the annual report for 21 years, and the company achieved a revenue of 878 million yuan, a year-on-year increase of 120.96%; The net profit attributable to the parent company was 439 million yuan, a year-on-year increase of 120.28%; Deduction of non net profit was 435 million yuan, a year-on-year increase of 193.79%.
The performance is in line with expectations, and it is expected that there will be good performance in the next 22 years. In Q4 alone, the company achieved a revenue of 241 million yuan, a year-on-year increase of 129.90% and a month on month decrease of 22.93%; The net profit attributable to the parent company was 128 million yuan, with a year-on-year increase of 104.31% and a month on month decrease of 21.62%, which was in line with the market expectation in the early stage. The month on month decline in profits was mainly due to the late acceptance and payment rhythm of customers at the end of the year, and the improvement of sales expenses and R & D expenses at the end of the year. Looking forward to 2022, the off-season in January is not light, orders have warmed up, and the demand for Industry and other industries is still high throughout the year. It is expected to still have a good performance.
SOC tester made more progress than expected, opening up the company’s revenue space. SOC tester is an important business to broaden the company’s future revenue space. The company is continuously promoting the upgrade of SOC tester’s main frequency. The 200400mhz test main frequency board has been developed and gradually introduced to customers. It is expected that the new platform above 800MHz is also expected to be launched within this year. At that time, the market space faced by the company will be greatly opened.
Benefiting from the high prosperity of new energy vehicles and photovoltaic, IGBT and SiC high-power tests are expected to usher in large quantities. With the continuous promotion of electrification of new energy vehicles, the consumption of power devices will continue to increase, and with the further maturity of SiC industry chain, SiC modules for high-end electric vehicles will also usher in large quantities. At the same time, the large amount of high-power fast charging will also significantly bring the demand for GaN. The company’s sts8200 testing machine can also be used for high-power testing such as IGBT, SiC and Gan. At present, the technical level and performance comparison of high-power testing machine are world-leading, and has accumulated leading customers such as TSMC, Navitas, Sanan Optoelectronics Co.Ltd(600703) and benefited from the high prosperity of the industry. With the advantage of taking the lead in card position, it is expected to usher in large-scale production.
Endogenous R & D and industrial chain extension are carried out simultaneously, and the development is stable and far-reaching. The company invested heavily in R & D, with a total R & D cost of 94.04 million yuan in 21 years, a year-on-year increase of 59.03%. The company has applied for 47 patents, of which 19 are invention patents; Three invention patents, 21 utility model patents and 13 design patents have been authorized. In 2001, the company cooperated with Tianjin University to set up a scientific research laboratory and a post doctoral mobile station. In January 22, the company held the entrance ceremony of Beijing Haidian District integrated circuit design institute, and the R & D center was officially opened. The integration of industry, University and research will make technical reserves for the long-term development of the company.
In addition, according to the established strategic plan, the company has actively invested in the extension of the industrial chain. In the past 21 years, the company has invested in Chengdu Zhongke four point zero Technology (mainly engaged in RF testing instruments), core Long March (mainly engaged in power semiconductors), and invested in industrial funds such as Guangzhou Huaxin Shengjing and Nanjing wuyuefeng Huixin. Among them, due to the acquisition of Shandong Yuexin, The core reading shares held by the company are exchanged with them to achieve equity participation. Subsequent companies will also continue to promote investment and M & A, and strive to achieve “1 + 1 2” M & A.
Investment suggestion: we expect the net profit attributable to the parent company in 2022 / 23 / 24 to be RMB 658 / 900 / 1189 million respectively, and the corresponding current price (closing price on 2022.2.25) PE to be 39 / 29 / 22 times respectively. We are optimistic about the company’s leading position in the field of testing machines, and SOC Test and third-generation semiconductor test will open up long-term growth space for the company. Maintain a “recommended” rating.
Risk warning: product R & D risk / industry prosperity decline risk / market competition risk.
