\u3000\u3 Guocheng Mining Co.Ltd(000688) 037 Kingsemi Co.Ltd(688037) )
The performance of China’s glue coating and development leader exceeded expectations and maintained the “buy” rating
The company released its 2021 annual report on March 9, 2022, and achieved a revenue of 829 million yuan in 2021, a year-on-year increase of + 151.95%; The net profit attributable to the parent company was 773495 million yuan, a year-on-year increase of + 58.41%; Deduct the net profit not attributable to the parent company of 63.839 million yuan, a year-on-year increase of + 395.83%. According to the calculation, the revenue of 2021q4 in a single quarter was 281 million yuan, a year-on-year increase of + 140.64% and a month on month increase of + 43.41%; The net profit attributable to the parent company was 242633 million yuan, a year-on-year increase of + 485.72% and a month on month increase of + 34.67%; Deduct the net profit not attributable to the parent company of RMB 179467 million, with a year-on-year increase of + 755.95% and a month on month increase of + 10%. Affected by the introduction of the previous new products and the increase in their proportion, the company’s gross profit margin has declined. We lowered the profit forecast for 20222023 and added the profit forecast for 2024. The net profit attributable to the parent company in 20222024 is expected to be 137 (- 0.36) / 226 (- 0.46) / 315 million yuan, EPS is expected to be 163 (+ 0.22) / 2.68 (+ 0.44) / 3.75 yuan, and the current share price corresponds to 99.7/60.7/43.4 times of PE, with strong downstream demand, The company has sufficient growth momentum and maintains the “buy” rating.
The industry demand is strong, and positive breakthroughs have been made in customer verification and sales
By the end of 2021, the company’s contract liabilities were 353 million yuan, a year-on-year increase of + 166%, indicating that the company had sufficient orders on hand. The company has sold more than 1400 sets of gluing and developing equipment and monolithic wet equipment. According to the products, the company’s revenue of gluing and developing equipment in 2021 was 506 million yuan, with a year-on-year increase of + 114.40%, a gross profit margin of 37.91%, a year-on-year increase of -4.98 PCTs, and 158 units were shipped; The revenue of single-chip wet equipment was 290 million yuan, a year-on-year increase of + 280.56%. 65 sets were shipped, with a gross profit margin of 37.91%, a year-on-year decrease of -3.18 PCTs. The decline in gross profit margin was mainly due to the introduction period of previous products. The company has made positive breakthroughs in customer verification and sales: (1) the previous gluing and development, offline has been sold in batches, i-line has passed the verification of some customers and entered mass production and sales, and KrF has passed the acceptance of customers’ ATP; (2) The front cleaning has won batch orders from Fab manufacturers such as Semiconductor Manufacturing International Corporation(688981) , Shanghai Huali, Wuhan Xinxin, Shilan Jike, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , Qingdao Xinen and Shanghai Jita; (3) After packaging, we developed multi cavity laminated equipment, greatly improved the equipment production capacity, and opened up customers such as riyueyue, Sipin technology, Shenghe Jingwei and so on; (4) In the field of small size, we have successfully developed high-performance equipment such as new gluing developing machine, multi cavity degumming machine and etching machine, which have been applied in batch to Sanan Optoelectronics Co.Ltd(600703) , Hc Semitek Corporation(300323) , Xiamen Changelight Co.Ltd(300102) , Sai Microelectronics Inc(300456) , Jiangxi zhaochi and other first-line large factories in China. In 2021, the company added 73 R & D personnel, and the R & D expenditure was 924996 million yuan, a year-on-year increase of + 103.68%. The growth of the company can be expected.
Risk tip: the downstream demand is less than expected, the progress of new product R & D and industrialization is less than expected, and the market competition is intensified.
