\u3000\u3 Guocheng Mining Co.Ltd(000688) 200 Beijing Huafeng Test & Control Technology Co.Ltd(688200) )
Benefiting from the high prosperity of semiconductors, the company’s performance doubled. The company released an annual report, with a revenue of 878 million yuan in 2021, 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 net profit not attributable to the parent company was 435 million yuan, a year-on-year increase of + 193.79%. The high growth of the company’s performance is mainly due to the continuous improvement of the semiconductor industry and the accelerated expansion of downstream packaging and testing plants; At the same time, the company established a wholly-owned company in Southeast Asia to strengthen product promotion in Southeast Asia and international markets, and the sales of test system reached a new high. 2021 gross profit margin 80.22%, year-on-year + 0.49pt; The net interest rate was 49.96%, year-on-year -0.15pt; The profit margin is stable at a high level.
Focus on R & D and keep the basic reserve steady. The company invested 94.04 million yuan in R & D, a year-on-year increase of 59.03%; The company continued to introduce excellent R & D personnel, with 133 R & D personnel in 2021, an increase of 21 over the same period. The company’s Haidian R & D center and the laboratory jointly built with Tianjin University were officially opened; New “postdoctoral research workstation”.
The new production capacity was released smoothly, and the layout and launch of new products were increased. In September 2021, the company’s Tianjin industrial base was officially opened. With the new base put into use, the company’s capacity bottleneck will be greatly solved, and lay the foundation for the company’s R & D and production capacity to a higher level. The company continues to launch new products and new test modules to meet more incremental requirements such as SOC, Gan and high-power test, and further expand the test capability.
Semiconductor testing equipment is in short supply. The company continues to consolidate its share advantage and actively layout the third generation semiconductor field. According to semi’s prediction, the global semiconductor test equipment market space will reach US $7.6 billion in 2021, with a year-on-year increase of 26%, and will continue to grow by 6% in 2022. The company continued to consolidate and improve the traditional analog and digital analog hybrid field, and the shipment volume reached a record high. The cumulative installed capacity of sts8200 exceeds 4000 units, and sts8300 continues to expand. The company’s orders in the third generation semiconductor field have increased significantly, and there will be a large potential increase in demand for GaN, power module and power management in the future.
The sealing and testing industry is booming, and compound semiconductor is expected to become an important increment of testing equipment. The downstream sealing and testing industry is booming, capex is generally upward, and the boom of equipment demand is higher than expected. The compound market is in the ascendant. In addition to Gan fast charging, the test demand for compound semiconductors such as Gan RF, Gan power electronics and SiC Power Electronics has strong growth potential in the future and is expected to become one of the important increments of test equipment.
The company focuses on the testing field. Its products expand from analog and mixed signal testing equipment to SOC testing, and continue to benefit from domestic alternative breakthroughs. The boom of downstream packaging and testing industry continues, and compound semiconductor has become an important market increment. The company’s overall orders are full, and the number of sts8300 machines continues to increase, which is expected to maintain a high growth. It is estimated that the company will realize the net profit attributable to the parent company of RMB 613 million, RMB 838 million and RMB 1126 million in 2022, 2023 and 2024 respectively; Corresponding to pe44 1 / 32.3 / 24.0, maintain the “buy” rating.
Risk warning: risk of Global trade disputes and uncertainty of downstream demand.
