\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 16 Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) )
Key investment points
Performance in 2021: the profitability exceeded expectations and the performance increased by 100% year-on-year; Orders on hand reached 20.9 billion yuan
1) performance in 2021: the revenue was 5.96 billion yuan, a year-on-year increase of 56%; The net profit fell to 1.8 billion yuan (5T + 1.8 billion yuan) on the year-on-year basis, exceeding the expected net profit of 1.8 billion yuan (1.8 billion yuan), and the net profit fell to 1.8 billion yuan (1.8 billion yuan) on the year-on-year basis.
2) Q4 single quarter in 2021: the net profit attributable to the parent company was 610 million yuan (net interest rate 31%), an increase of 82% year-on-year and 19% month on month.
3) orders in hand: by 2021, Q3 has reached 17.8 billion. Superimposed with Q4 Gaojing and Shuangliang orders, the orders on hand reached 20.859 billion.
In 2021, the company's orders in hand and profitability reached a record high. The core benefit from the company's absolute leading position (scale effect) in the field of photovoltaic silicon wafer equipment (core single crystal furnace) and the cost control ability brought by the company's lean manufacturing.
Diamond long crystal furnace: the equipment has been successfully developed; It is expected to add new business growth points to the company
1) according to the official account of WeChat public, its full-automatic MPCVD diamond growth equipment (model XJL200A) has successfully produced high-quality gem grade diamond crystal, and has completed the equipment stereotype and batch process development. Xjl200a growth furnace of the company has successfully solved the bottleneck of quality control and large-scale production of traditional MPCVD, and can realize more than 20 4-5 carat rough diamonds at one time.
2) diamond crystal is a representative new generation of semiconductor material after silicon carbide and gallium nitride. It is known as the "ultimate semiconductor" material. At present, it is widely used in the field of high-end jewelry. In 2020, the global output of gem grade diamonds is about 7.2 million carats, and the penetration rate is only about 6%. However, artificially cultivated diamonds are growing rapidly in the global consumer market and are expected to surpass natural diamonds, with a broad market space.
Silicon carbide: 230000 substrate intention contract with an estimated amount of 1.5 billion yuan; Opening of the global 10 billion market and the second pole of growth
The company has formed a purchase intention with customer a, and will give priority to providing it with no less than 230000 silicon carbide substrates from 2022 to 2025. According to the current price: the purchase amount of 230000 pieces is expected to reach 1.52 billion yuan (including tax). The company plans to build an annual production capacity of 400000 pieces of conductive + insulating silicon carbide substrates with an annual output of more than 6 inches in Yinchuan, Ningxia, and plans to conduct trial production in 2022. At present, the company has established a pilot production line of raw material synthesis + long crystal + cutting, grinding and polishing, and completed the development of 6-8-inch long crystal thermal field and equipment.
Semiconductor equipment: polishing and thinning equipment has been approved by customers with 220 million orders; The business is expected to accelerate in 2022
1) orders in hand: the company's polishing machine, thinning machine and other equipment have been well verified by customers, and a total purchase contract of 221 million yuan has been formed, including 141 million yuan for customer B (8-12 inch thinning and polishing equipment) and 80 million yuan for Zhejiang Mtcn Technology Co.Ltd(003026) (8-inch polishing line).
2) capacity: it is planned to build an annual capacity of 35 sets of semiconductor material thinning equipment (for silicon wafer manufacturing end and packaging end) and 45 sets of semiconductor material polishing equipment (for 8-12 inch monocrystalline silicon wafer, silicon carbide and sapphire wafer manufacturing) in Shaoxing, Zhejiang Province.
Investment suggestion: optimistic about the company's performance in the fields of photovoltaic, semiconductor, sapphire and silicon carbide in the next five years
It is estimated that the net profit attributable to the parent company from 2022 to 2023 will be 2.47/34 billion yuan, with a year-on-year increase of 44% / 38%, corresponding to 34 / 25 times of PE. Maintain the "buy" rating.
Risk tip: the R & D Progress of semiconductor equipment is lower than expected; The downstream expansion of photovoltaic production was less than expected.
