\u3000\u3 Guocheng Mining Co.Ltd(000688) 200 Beijing Huafeng Test & Control Technology Co.Ltd(688200) )
Key elements of the report:
The company released its annual report for 2021. The annual operating revenue was 878 million yuan, a year-on-year increase of 120.96%, and the net profit attributable to the parent was 439 million yuan, a year-on-year increase of 120.28%. In 2021q4, the operating revenue was 241 million yuan, a year-on-year increase of 129.9%, and the net profit attributable to the parent company was 128 million yuan, a year-on-year increase of 104.31%.
Key investment points:
Benefiting from the growth of demand and production capacity, the revenue increased rapidly in 21 years. In 2021, the company’s revenue reached 878 million yuan, with a year-on-year increase of 120.96%, mainly benefiting from the strong demand in the semiconductor market and the improvement of the company’s production capacity. From the demand side, in 2021, the capital expenditure of the semiconductor industry under the global core shortage increased significantly, and the market demand of downstream customers increased rapidly, especially the orders of design and IDM enterprises; From the supply side, 1) the company’s capacity is continuously released, and the monthly capacity has increased from 100 units at the beginning of 2021 to 200 units at present, gradually getting rid of the capacity bottleneck; 2) 8300 company introduced new products and gradually obtained new orders. By the end of the year, the company had installed 4500 test systems worldwide and sold 1514 in 2021, a year-on-year increase of 113.54%. By the end of 2021, the company’s contract liabilities were 129 million yuan, a year-on-year increase of 220.7%, and its inventory was 189 million yuan, a year-on-year increase of 170.2%, reflecting that the company has abundant orders on hand to ensure the company’s short-term performance.
The gross profit margin remained stable, and the cost rate decreased significantly under the scale effect. In 2021, the company realized a net profit attributable to the parent company of 439 million yuan, with a year-on-year increase of 120.28%; The gross profit margin was 80.22%, with a year-on-year increase of 0.47pct, and the overall gross profit margin remained stable. The net interest rate was 49.96%, a year-on-year decrease of 0.15pct. From the expense side, the company’s expense rate during the period was 23.48%, with a year-on-year decrease of 11.97 PCT, of which the sales / management / financial expense rate was 8.7% / 6.34% / – 2.27%, with a year-on-year decrease of 3.76/3.95/0.08 PCT, mainly benefiting from the scale effect, which greatly reduced the expense rate.
Focus on market development + expand product coverage, and dual engines will help the company’s future development. The company adheres to the policy of “consolidating China and expanding overseas”, actively develops overseas markets, and sets up Southeast Asian subsidiaries, covering sales in China, Chinese mainland Taiwan, the United States, Europe, Japan, Korea and Southeast Asia and other countries and regions. In 2021, foreign revenue increased by 20.43% over the same period last year. The company focuses on SOC and high-power test segments and actively expands product coverage. The company’s main model sts8200 series is mainly used for analog and mixed signal integrated circuit testing, and expands the testing of discrete devices and power devices. With the development of photovoltaic, new energy vehicles and other industries, the demand for power devices with IGBT, Gan and SiC as the main applications is booming, and the market space of the company’s power test system is broad. The company’s new product sts8300 is mainly for PMIC and power SOC testing, which can meet the testing needs of FT and CP at the same time. It has obtained orders from many high-quality customers and obtained a certain installed capacity. At present, China’s SOC localization rate is low. The company actively arranges SOC integrated circuit testing. After reaching the production capacity, the company will realize the production capacity of 200 sets of SOC testing systems. At present, there is a certain installed capacity, and it is expected to achieve large-scale production in the future.
Profit forecast and investment suggestions: we estimate that the company’s operating revenue from 2022 to 2024 will be 1.237 billion yuan, 1.633 billion yuan and 2.052 billion yuan respectively, and the net profit attributable to the parent company will be 639 million yuan, 852 million yuan and 1.079 billion yuan respectively. The P / E ratio corresponding to the closing price on March 2 will be 38.44x, 28.82x and 22.76x, maintaining the “increased holding” rating of the company.
Risk factors: the downstream capital expenditure is less than expected, the company’s new product R & D is less than expected, and the market competition intensifies the risk
