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According to Shanghai Wanye Enterprises Co.Ltd(600641) announcement, the second phase of large fund and equipment materials fund plan to increase the capital of Zhejiang praseodymium core, a joint-stock subsidiary, by a total of 390 million yuan. After the capital increase is completed, Shanghai Wanye Enterprises Co.Ltd(600641) will hold 29.63% of the equity of Zhejiang praseodymium core and remain the largest shareholder.
Key points supporting rating
Compartsystems is a solution provider in the field of gas delivery systems for semiconductor equipment. According to Aiji micro, compart products include gas transmission parts, components, seals, gas rod assembly, mass flow controller (MFC), etc. customers include gas transmission systems and semiconductor industry equipment manufacturers such as ichor, uct, applied materials, Emerson, pivot, Entegris, etc. the final customers are mainly applied materials and Lam research. Compart is headquartered in Singapore, has factories in Shenzhen, China and Malaysia, and has market and warehousing branches in Europe and North America. Compart's revenue was about 700 million yuan in 2020, 920 million yuan in 2021, with a year-on-year increase of more than 30% and a net profit of 148 million yuan.
Zhejiang praseodymium core indirectly holds 73% of the equity of compart systems, a parts manufacturer. According to the company's early announcement, the company, together with domestic and foreign investors, took Zhejiang praseodymium core and praseodymium core holding as the shareholding body to acquire 100% equity of compart systems, which is a supplier of flow control components in the field of gas transmission system required by semiconductor equipment, providing MFC, high-value gas transmission parts, etc., and a leading semiconductor parts manufacturer in the world. The company holds 73.11% of the shares of praseodymium core holdings through Zhejiang praseodymium core, and indirectly distributes the field of semiconductor parts.
It will receive the second capital increase of the large fund, highlighting the strategic significance of parts. At present, the global semiconductor equipment industry is generally faced with the shortage of parts, even the shortage of chips and other components of parts, which greatly delays the assembly or delivery time of application materials and equipment such as lamresearch, and fails to meet the equipment demand of the current industry for active production expansion. The capital increase of the second phase of the large fund shows the importance and urgency of the semiconductor parts track, and also shows that compart systems, as a key parts supplier, has high industrial value.
Profit forecast and rating
In view of the fact that the company's ion implanter business has entered a period of rapid growth from 1 to N, the parts business with equity participation is actively introducing Chinese customers, and the new growth curve of 1 + n is opened through Jiaxin semiconductor, which continues to benefit from the strong demand for semiconductor equipment brought by the active expansion of the wafer factory. It is predicted that the net profit from 2021 to 2023 will be RMB 420 / 4.8 / 590 million respectively, maintaining the overweight rating.
Main risks of rating
The expansion of Wafer Factory is slower than expected, the shortage of parts is intensified, and the international geopolitical friction is uncertain.
