\u3000\u3 Guocheng Mining Co.Ltd(000688) 037 Kingsemi Co.Ltd(688037) )
Event: the company released its annual report for 2021.
The previous products expanded rapidly, and the revenue side achieved significant growth in 2021
In 2021, the company achieved an operating revenue of 829 million yuan, a year-on-year increase of + 151.95%, of which Q4 achieved a revenue of 281 million yuan, a year-on-year increase of + 140.64%, continuing the trend of rapid growth. In terms of products: ① gluing and developing equipment in lithography process: the revenue in 2021 was 506 million yuan, a year-on-year increase of + 114.40%, mainly due to the high popularity of semiconductor equipment. In addition, the company expanded rapidly in the field of previous gluing and developing. In 2021, gluing and developing equipment accounted for 62.23% of the main revenue, which was the largest source of revenue of the company; ② Monolithic wet equipment: in 2021, the revenue was 290 million yuan, with a year-on-year increase of + 280.56%, accounting for 35.60% of the main revenue, with a year-on-year increase of + 11.70 PCT, mainly due to the rapid growth of the revenue of cleaning machines, degumming machines, wet etching machines and other products. By the end of 2021, the company’s inventory and contract liabilities were 932 million yuan and 353 million yuan respectively, with a year-on-year increase of + 131.73% and + 166.43% respectively. The company has sufficient orders on hand. With the release of IPO + fixed raising and production, the company’s performance is expected to continue the trend of rapid growth in 2022.
The scale effect is obvious, and the real operating profitability is significantly improved
In 2021, the company realized a net profit attributable to the parent company of 77 million yuan, a year-on-year increase of + 58.41%, and a net profit deducted from non attributable to the parent company of 64 million yuan, a year-on-year increase of + 395.83%. In 2021, the company’s net profit attributable to the parent company was 9.33%, a year-on-year increase of -5.51 PCT, a net profit deducted from non attributable to the parent company of 7.70%, a year-on-year increase of + 3.79 PCT, and the real operating profit level was significantly improved. Specifically: ① gross profit side: in 2021, the gross profit margin of the company’s sales was 38.08%, with a year-on-year increase of -4.50pct, of which the gross profit margins of photoresist coating and developing equipment and monolithic wet equipment were -4.98 and -3.18pct year-on-year respectively. We judge that the main reason is that the company’s previous new products are in the introduction period, the gross profit margin is relatively low and the proportion has increased, The latter packaging products company gave some customers certain price concessions, and the gross profit rate decreased slightly; ② Expense side: in 2021, the company’s expense rate was 30.90%, with a year-on-year rate of -10.33pct, of which the sales / management / R & D / financial expense rates were -2.58, -6.21, -2.65 and + 1.10pct respectively year-on-year. The obvious scale effect of the company is the main reason for the significant increase of net interest rate after deduction from non parent company in 2021; ③ In addition, the company’s assets & Credit impairment losses totaled 18.12 million yuan in 2021, which was significantly higher than that in 2020 (2.53 million yuan). At the same time, the company’s government subsidy in 2020 was 31.83 million yuan, which was only 14.68 million yuan in 2021, which was the main reason for the decline of its net return to parent interest rate in 2021.
The former product line continues to enrich and improve, and the growth space of the company continues to open
① gluing and developing equipment: it has obtained orders from Shanghai Huali, Changjiang storage, Wuhan Xinxin core, SMIC Shaoxing and other previous equipment, of which offline has achieved mass sales, i-line has passed the verification of some customers and entered the stage of mass production and sales, and KrF has also passed the acceptance of customers’ ATP, extending to advanced process products, It will completely open up the growth space of the company in the field of gluing and development. ② Cleaning equipment: the former spinscrubber single-chip physical cleaning machine is relatively mature and has been successfully replaced by imports. In 2021, the single-chip chemical cleaning machine with greater growth space for the raised investment project is expected to become the second growth curve.
Profit forecast and investment rating: we maintain the forecast of net profit attributable to the parent company from 2022 to 2023 as 143 million yuan and 219 million yuan, and the forecast of net profit attributable to the parent company in 2024 as 349 million yuan. The corresponding dynamic PE of the current stock price is 98, 64 and 40 times respectively. Based on the high growth of the company, we maintain the “overweight” rating.
Risk tip: the downstream capital expenditure is less than expected, and the progress of new product R & D and industrialization is less than expected.
