\u3000\u3 Guocheng Mining Co.Ltd(000688) 037 Kingsemi Co.Ltd(688037) )
The company released its 2021 annual report, with an operating revenue of 829 million yuan, a year-on-year increase of 152%; The net profit was 77 million yuan, a year-on-year increase of 58%; Deduct non net profit of RMB 64 million, with a year-on-year increase of 396%; The basic earnings per share was 0.92 yuan, a year-on-year increase of 59%.
Key points supporting rating
Revenue grew strongly, with glue applicators and developers accounting for the main part. The company's annual report was released today, with a total revenue of 830 million yuan, an increase of 152%, of which 510 million yuan was from gelatinization and development, an increase of 114%, accounting for 61% of the revenue, while 290 million yuan was from cleaning equipment, an increase of 281%, accounting for 35% of the revenue.
New orders increased significantly and there were abundant orders on hand. The inventory amount and contract liabilities of the company increased by 132% and 166% respectively, and the inventory of the main lithography process gluing and developing equipment and single-chip wet equipment increased by 145% and 277% respectively, indicating that the company has sufficient orders on hand and actively prepared parts, and the continuous growth of the company's performance is guaranteed.
The technical barrier of gluing developing machine (track) is high. Track also belongs to the lithography process, but it is mainly monopolized by Tokyo Electronics (TEL) in the global track market. From the perspective of localization difficulty, it is necessary to link with the lithography machine and solve the complex structural design.
The large volume of the front gluing developer is about to break the competitive pattern monopolized by Tel. The company's gluing and developing equipment has successively obtained orders and applications from many former major customers, and downstream customers cover many Chinese manufacturers such as logic, storage, power devices and other special processes. The offline gluing and developing machine produced by the company has been sold in batch, the i-line gluing and developing machine has passed the verification of some customers and entered the stage of mass production and sales, and the KrF gluing and developing machine has passed the acceptance of customers. According to the data of China International Tendering network, in January 2022, the company won the bid for two yellow light gluing and developing machines. With the breakthrough of various key technologies and the steady progress of process verification, the company's front gluing developer has the technical strength to quickly realize domestic substitution.
Profit forecast and rating
In view of the sufficient revenue power of the company, the previous business has made breakthroughs one after another. It is predicted that the net profit in 22-24 years will be 133 / 207 / 286 million yuan, maintaining the buy rating.
Main risks of rating
The uncertainty of international geopolitical friction and the shortage of parts lead to the delayed delivery of orders.
