\u3000\u3 Guocheng Mining Co.Ltd(000688) 012 Advanced Micro-Fabrication Equipment Inc.China(688012) )
Semiconductor etching equipment leader, with high performance growth, maintained the “buy” rating
The company released its 2021 annual report on March 30, 2022, with annual revenue of RMB 3.108 billion, a year-on-year increase of + 36.72%; return
The net profit of the parent company was 1.011 billion yuan, a year-on-year increase of + 105.49%; Deduct non net profit of 324 million yuan, a year-on-year increase of + 129110%; The gross profit margin was 43.36%, with a year-on-year increase of + 5.69pcts. It is calculated that the single quarter revenue of 2021q4 is 1.035 billion yuan, with a year-on-year increase of + 29.91% and a month on month increase of + 41.03%; The net profit attributable to the parent company was 470 million yuan, with a year-on-year increase of + 118.14% and a month on month increase of + 223.34%; Deduct non net profit of 159 million yuan, a year-on-year increase of + 131.82% and a month on month increase of + 54.36%. The company is the leader of semiconductor equipment in China. Benefiting from the leading technology accumulated by the company and the acceleration of domestic substitution, the company has great development potential. We raised 20222023 and added the performance forecast for 2024. It is expected that the net profit attributable to the parent company in 20222024 will be RMB 1.63 (+ 2.89) / 13.60 (+ 1.96) / 1.615 billion, corresponding to EPS of RMB 1.89 (+ 0.47) / 2.21 (+ 0.32) / 2.62, and the current stock price corresponding to PE is 61.7/52.8/44.4 times, maintaining the “buy” rating.
The market share of original products continues to increase, and the deposition equipment has made phased progress with sufficient growth momentum
The amount of new orders signed by the company in 2021 was 4.13 billion yuan, a year-on-year increase of + 90.5%, and the contract liabilities reached 1.372 billion yuan, a year-on-year increase of + 132%. Etching equipment: in 2021, the revenue was 2.004 billion yuan, a year-on-year increase of + 55.44%, and the gross profit margin was 44.32%. In 2021, the company produced 298 cavities of CCP equipment for shipment, with a year-on-year output of + 40%; 134 chambers of ICP equipment, with a year-on-year output of + 235%. Primonanova ® ICP products have completed the verification of more than 100 ICP etching processes on the production lines of more than 15 customers. The etching performance and mass production indicators of some processes have met the requirements of customers and have been put into mass production; MOCVD equipment: due to the downstream market reasons and the unrecognized revenue of the newly signed miniledmocvd equipment scale order in 2021, the MOCVD revenue was 503 million yuan, with a year-on-year increase of + 1.53%, and the gross profit margin was 33.77%, with a year-on-year increase of + 15.12 PCTs. In June 2021, the company released the MOCVD device prismonimax for mass production of high-performance miniled, and has received batch orders from many leading customers in China, totaling more than 100 cavities; Thin film equipment: the company is developing LPCVD equipment and EPI equipment, and has made good progress. In 2021, the capacity of CVD tungsten process equipment applied to metal interconnection has been able to meet the needs of process verification of customers, and the products are being verified with key customers. EPI equipment has entered the design, manufacturing and commissioning stage of prototype. On March 10, 2022, the company announced the 2022 stock incentive plan to enhance talent stickiness and the company has sufficient growth momentum.
Risk warning: the risk of decline in industry demand; The market expansion of new products is less than expected; Technology research and development is less than expected.
