Shengmei Shanghai (688082)
Event: the company issued the annual report of 2021.
The new products of semiconductor equipment will increase rapidly, and the revenue side will achieve rapid growth in 2021
In 2021, the company achieved a revenue of 1.621 billion yuan. + 60.88% year-on-year, achieving rapid growth, of which Q4 achieved an income of 533 million yuan, a year-on-year increase of + 33.47%. In terms of products: ① semiconductor cleaning equipment: the company continued to launch new products, binding with well-known customers such as Hynix and Changjiang storage. In 2021, the revenue was 1.056 billion yuan, with a year-on-year increase of + 29%, achieving a stable growth. The main revenue accounted for 68.24%, with a year-on-year increase of -15.46 PCT, mainly due to the rapid volume of non cleaning new products of the company; ② Other semiconductor equipment: including electroplating, vertical furnace tube, stress-free copper throwing and other equipment. In 2021, the revenue was 274 million yuan, with a year-on-year increase of + 352%, and the main revenue accounted for 17.69%, with a year-on-year increase of 11.49 PCT, mainly due to the smooth expansion of ECP electroplating equipment customers, a significant increase in delivery volume, and the batch delivery of vertical furnace tube equipment; ③ Advanced packaging wet equipment: benefiting from the large-scale expansion of the sealing and testing plant, the revenue in 2021 was 218 million yuan, a year-on-year increase of + 121%, and the main revenue accounted for 14.08%, a year-on-year increase of + 3.97 PCT. By the end of 2021, the company’s inventory and contract liabilities were 1.443 billion yuan and 364 million yuan respectively, with a year-on-year increase of + 135% and 324% respectively. The company has full orders on hand and superimposed capacity expansion, which will support the rapid growth of performance in 2022.
The reduction of income tax superimposed on the scale effect, and the net profit level increased significantly after deducting non-profit
In 2021, the company realized a net profit attributable to the parent company of 266 million yuan, a year-on-year increase of 35.31%, and a net profit deducted from non attributable to the parent company of 195 million yuan, a year-on-year increase of 110.67%, mainly due to the net income from changes in fair value of 87 million yuan in 2020. In 2021, the net profit margin deducted from non parent company was 12.01%, with a year-on-year increase of + 2.84pct, and the non-profit ability was improved. Specifically, ① gross profit side: the gross profit margin of sales in 2021 was 42.53%, with a year-on-year increase of -1.24pct, of which the gross profit margin of semiconductor cleaning equipment / other semiconductor equipment / advanced packaging wet equipment was -0.70 / + 17.70 / – 8.90pct respectively, The sharp decline in the gross profit margin of advanced packaging wet equipment is the main reason for the decline in the sales gross profit margin. ② Expense side: in 2021, the company’s expense rate during the period was 31.45%, with a year-on-year rate of -1.22pct, of which the sales / management / R & D / financial expense rates were -0.68, -1.04, + 3.20 and -2.70pct respectively year-on-year. While the company continued to increase R & D efforts, the scale effect still appeared; ③ The tax rate is preferential in 2021. The income tax in 2021 is 2.5 million yuan, which is significantly lower than 26.25 million yuan in 2020.
Wet and dry process equipment are developed simultaneously, and the platform layout opens up the growth space of the company
① under the wet process, expand advanced packaging wet & electroplating equipment: 1) advanced packaging wet equipment: it has covered all single-chip wet equipment, and has successfully supplied Tongfu Microelectronics Co.Ltd(002156) , SMIC Changdian, nepes and other mainstream customers, and is in the mass production stage; 2) Electroplating equipment: 2021m10 won the demo order of a major semiconductor manufacturer in Asia, and 2022m2 ECP map electroplating system won the first batch of purchase orders, accelerating the expansion of business scale. ② Based on the vertical furnace tube, expand the dry process equipment horizontally: in the early stage, focus on LPCVD, then develop to oxidation furnace & diffusion furnace, and finally apply to ALD. In 2020, the company has realized the sales of the first equipment. With the large volume of subsequent products, it will further open the growth space.
Profit forecast and investment rating: we maintain the forecast of net profit attributable to the parent company from 2022 to 2023 at 440 million yuan and 626 million yuan, and the net profit attributable to the parent company in 2024 is expected to be 843 million yuan. The corresponding dynamic PE of the current stock price is 98 / 69 / 51 times respectively. Based on the high growth of the company, we maintain the “overweight” rating.
Risk tip: new product development is less than expected, market competition intensifies, and the expansion of Wafer Factory is less than expected.
