\u3000\u3 Shengda Resources Co.Ltd(000603) 690 Pnc Process Systems Co.Ltd(603690) )
From January to February 2022, the company’s operating revenue increased by three times, and the wet equipment entered a large-scale period. From January to February 2022, the company realized an operating revenue of 220 million yuan, a year-on-year increase of 388.14%. Since 2022, the total amount of new orders has been 770 million yuan, including 290 million yuan of new orders for wet equipment. In 2021, the company’s new orders totaled 3.230 billion yuan, a year-on-year increase of 64.80%, including 1.12 billion yuan of new orders for semiconductor equipment, a year-on-year increase of 111.32%. We expect that the company’s wet equipment orders are expected to reach 2 billion yuan in 2022, and the business has entered a large-scale period.
Promote the fourth phase of equity incentive plan to demonstrate the company’s confidence in future development. On February 8, 2022, the company launched the fourth phase of stock option and restricted stock incentive plan. A total of 76 incentive objects were granted in this incentive plan for the first time, including 1.65 million stock options to be granted to incentive objects in the stock option incentive plan and 1.35 million restricted shares to be granted to incentive objects in the restricted stock incentive plan. The exercise price of stock options granted in this incentive plan is 46.50 yuan / share, and the grant price of restricted shares is 23.25 yuan / share, demonstrating the company’s confidence in future development prospects.
Pnc Process Systems Co.Ltd(603690) can provide all 28nm node wet equipment, and is expected to become the leader of high-end wet equipment Pnc Process Systems Co.Ltd(603690) adopts advanced nanospray technology. At present, it can provide all semiconductor wet process equipment with 28nm nodes. In 2021, the 14-7nm technology generation has received official orders for four sets of machines and multiple processes, which will be delivered to the customer’s production line for verification in 2022. We expect that the company’s orders for semiconductor wet equipment will reach 2 / 3 billion yuan from 2022 to 2023, and the revenue of cleaning equipment from 2021 to 2023 will be 768 / 13.90 / 1.868 billion yuan respectively, which is expected to become the leader of high-end wet equipment.
Profit forecast, valuation and rating: Pnc Process Systems Co.Ltd(603690) is a leading semiconductor wet equipment giant in China. As the wet equipment business starts to increase in volume, the company will usher in a period of rapid development. We maintain that the net profit attributable to the parent company of Pnc Process Systems Co.Ltd(603690) 20212023 is 347 million yuan, 381 million yuan and 555 million yuan respectively, and the PE corresponding to the current market value is 33x, 30x and 21x respectively, maintaining the “buy” rating.
Risk tip: the progress of localization is less than expected, the expansion of Wafer Factory is less than expected, and the technology research and development is less than expected.
