\u3000\u3 China Vanke Co.Ltd(000002) 156 Tongfu Microelectronics Co.Ltd(002156) )
China is the leader in sealed test, with high performance growth and maintaining the "buy" rating
The company released its annual report for 2021 on March 29, 2022, and achieved a revenue of 15.812 billion yuan in 2021, a year-on-year increase of + 46.84%; The net profit attributable to the parent company was 957 million yuan, a year-on-year increase of + 182.69%; Deduct non net profit of 796 million yuan, a year-on-year increase of + 284.35%; The gross profit margin was 17.16%, with a year-on-year increase of + 1.69pcts. It is calculated that the company achieved a revenue of 4.609 billion yuan in the single quarter of 2021q4, a year-on-year increase of + 37.61% and a month on month increase of + 12.02%; The net profit attributable to the parent company was 254 million yuan, with a year-on-year increase of + 230.97% and a month on month increase of - 16.11%; Deduct non net profit of 164 million yuan, a year-on-year increase of + 190.95% and a month on month decrease of - 39.28%. The company enjoys prosperous production and sales and sufficient growth momentum. We maintain 20222023 and add the performance forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.18616432181 billion, corresponding to EPS of RMB 0.89/1.24/1.64, and the current share price corresponding to PE of 19.3/13.9/10.5 times, maintaining the "buy" rating.
The revenue and profit of each factory increased strongly, deepened customer cooperation and had sufficient growth momentum
In terms of factories in 2021: Chongchuan factory has a revenue of 7.1 billion yuan, a year-on-year increase of + 60%, and a net profit of 600 million yuan; Complete the transfer of fclga product line and enter mass production; Develop miniaturized QFN products and enter mass production to fill the gap in China; The workshop of Intelligent Packaging Test Center for vehicle mounted products was put into operation, and 532 new products were introduced, with a year-on-year increase of + 200%; Nantong Tongfu's revenue was 1.37 billion yuan, a year-on-year increase of + 161%, and its net profit was 83.62 million yuan, turning losses into profits; Hefei Tongfu's revenue was 1.1 billion yuan, a year-on-year increase of + 113%, and its net profit was 74.46 million yuan, turning losses into profits; Developed 100 300mm high-density msop8 products and 12 rows of sop14 / 16 high-density products and realized mass production; Tongfu Chaowei Suzhou and Penang had a total revenue of 8.27 billion yuan, a year-on-year increase of + 39%, and a net profit of 350 million yuan. Throughout the year, 7Nm products accounted for about 80% of the total revenue of Tongfu Chaowei Suzhou and Penang; 5nm products have been successfully introduced, and the formal mass production is planned in 2022. In 2021, the company made continuous breakthroughs in technical capabilities and built China's top 2.5d/3d packaging platform and super large-size FCBGA R & D platform in the field of high-performance computing, completed the development of high-rise digital rewiring technology, and can provide customers with wafer level and substrate level chip sealing and testing solutions; In the field of memory, multi-layer stacked nandflash and lpddr packaging achieve stable mass production. At the same time, it is the first to complete the development of 3dsdram packaging based on TSV technology in China; In the field of power devices, realize the stable mass production of minidfn2 2clip products and cuwafer process; In the field of display drive, China's first AMOLED driven iccop package has achieved mass production, and the company has sufficient growth momentum.
Risk tips: the price of raw materials fluctuates, the development of customers is less than expected, and the market demand is less than expected.
