\u3000\u3 Guocheng Mining Co.Ltd(000688) 012 Advanced Micro-Fabrication Equipment Inc.China(688012) )
Core view
The operating revenue increased by 37% year-on-year, and the net profit deducted increased significantly. In 2021, the company achieved a revenue of 3.108 billion yuan (YoY 36.7%), a net profit attributable to the parent company of 1.011 billion yuan (YoY 105.5%), deducting a net profit not attributable to the parent company of 324 million yuan (YoY 1291.1%), and the company’s gross profit margin was 43.36%, a year-on-year increase of 5.69pct, mainly due to the rapid and stable growth of the company’s core businesses such as plasma etching equipment and MOCVD. Non recurring profit and loss items mainly include government subsidies (348 million yuan) and investment income obtained from financial assets held (461 million yuan). During the period of the company, the expense rate decreased by 4.8pct to 26.56% year-on-year, mainly due to the scale effect brought by the significant growth of revenue, which promoted the reasonable decline of expense rate and the increase of interest income after fixed increase fund-raising.
In the 21st year, the gross profit margin of equipment business increased by 4.88 PCT, and the revenue of etching equipment increased by 55%. In 2021, the company’s special equipment revenue was 2.507 billion yuan (YoY 39.39%), and the gross profit margin was 42.20% (YoY + 4.88pct). The etching equipment has benefited from the development of semiconductor equipment market and the competitive advantage of the company’s products, realizing a revenue of 2.004 billion yuan (YoY 55.44%). CCP etching machines are applied in batch to the integrated circuit manufacturing production lines of front-line customers outside China, and continue to improve the market share. The market share of some customers has entered the top three; The number of applications of ICP etchers that have been verified at the client is also increasing. 134 cavities were produced and shipped throughout the year, with a year-on-year increase of 235%; Due to the downstream market reasons and the unrecognized revenue of the newly signed Mini led MOCVD equipment scale orders this year, the MOCVD business realized a revenue of 503 million yuan (YoY 1.53%), while the gross profit margin increased significantly by 15.12pct to 33.77%.
The scale of the global semiconductor manufacturing equipment market is expected to reach a new high, the R & D investment intensity is increased, and the categories are expanded. According to semi data, the global investment in semiconductor wafer manufacturing equipment will reach US $103 billion (yoy14%) in 2022, exceeding US $100 billion for the first time. China has also entered the wafer manufacturing expansion cycle. In 2021, the R & D investment of the company was 728 million yuan (YoY 13.8%), accounting for 23.4% of the revenue, and the R & D personnel increased by 19.9% to 415. In addition to ensuring the rapid and stable growth of core businesses such as plasma etching equipment and MOCVD equipment, the company is developing LPCVD equipment and EPI equipment in the field of thin film equipment of integrated circuits, and has made good progress. In addition, the company is planning to develop key equipment such as ALD equipment and ale equipment.
Investment suggestion: semiconductor etching equipment leader, maintain the “overweight” rating.
Optimistic about the company’s performance growth under the high boom of the global semiconductor wafer manufacturing equipment market, it is estimated that the company’s operating revenue in 22-24 years will be 4.33, 5.65 and 7.26 billion yuan, and the net profit attributable to the parent company will be 1.095, 1.275 and 1.580 billion yuan, corresponding to 16.43 times PS and 65.0 times PE in 2022, maintaining the rating of “overweight”.
Risk of new product development is less than expected.
