\u3000\u3 Guocheng Mining Co.Ltd(000688) 037 Kingsemi Co.Ltd(688037) )
The company’s operating revenue in 2021 was 830 million yuan, a year-on-year increase of 152%; The net profit attributable to the parent company was 77.35 million yuan, a year-on-year increase of 58%. Among them, the company’s operating revenue in 2021q4 was 280 million yuan, a record high, up 43% month on month; The net profit attributable to the parent company was 24.26 million yuan, an increase of 35% month on month. At the end of 2021, the company’s contractual liabilities were 350 million, an increase of 23% month on month. The company’s inventory reached 930 million, an increase of 190 million over the end of last year, and about 300 million goods were issued in the inventory.
Continuously realize product iteration and technical progress. In 2021, the company invested 90 million yuan in R & D, continued to promote the improvement of product technology, and made substantial progress in the R & D of core parts, unit technology and complete machine products. The company’s front track has made progress in a number of technologies and high-capacity structures of 28nm and above, and has realized the domestic substitution of a variety of core parts. In addition, the company’s front physical cleaning equipment has reached the international advanced level and successfully achieved domestic replacement.
The front channel equipment covers customers such as logic, storage and power, and each product line gradually opens alternative space. The company’s previous offline equipment has achieved mass sales, i-line equipment has passed the verification of some customers and entered the stage of mass production and sales, KrF equipment has passed the customer ATP acceptance, and the domestic substitution space is expected to be greatly opened. The competitiveness of the company’s former spinscrubber products has been continuously enhanced. In 2021, the company obtained batch repeated orders from many Chinese Fab manufacturers such as Semiconductor Manufacturing International Corporation(688981) , Shanghai Huali, Wuhan Xinxin, Xiamen Shilan Jike, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , Qingdao Xinen, Shanghai Jita and so on.
New capacity was released and capacity bottlenecks were significantly opened. On the basis of Feiyun plant, the company opened a new Caiyun Road plant at the end of 2021, greatly increasing the plant space, and greatly increasing the upper limit of output value in 2022. The company will accelerate the construction of Shanghai Lingang Holdings Co.Ltd(600848) plant area and Caiyun road phase II with fixed growth, lay a capacity foundation for subsequent growth, and further layout KrF and ARFI technologies to enhance the competitiveness of the company.
The performance of semiconductor front channel equipment is growing rapidly. Gluing development is in hand, the order is full, and the investment in new production capacity greatly improves the production capacity elasticity. The previous equipment i-line and KrF passed the verification successively, and the iteration was smooth; The previous physical cleaning shall be carried out continuously. In the long run, domestic substitution accelerates in large quantities. The company is the scarce target of the previous gluing and developing track, with good pattern and strong growth. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 145 million yuan, 187 million yuan and 272 million yuan respectively, maintaining the “buy” rating.
Risk warning: downstream demand is less than expected and new market development is less than expected
