\u3000\u3 China Vanke Co.Ltd(000002) 156 Tongfu Microelectronics Co.Ltd(002156) )
The company issued the annual report of 2021. In 2021, the company realized a revenue of 15.812 billion yuan (+ 46.84%), a net profit attributable to the parent company of 954 million yuan (+ 181.77%), and a net profit deducting non attributable to the parent company of 793 million yuan (+ 282.85%). The weighted EPS is 72.9 yuan, with an average of 0.48%.
The market share of sealing and testing business continued to increase, and 5nm technology advanced to sprint into the high-end market. As the world’s fifth largest packaging and testing manufacturer, the company’s revenue increased by 46.84% in 2021, making it the fastest growing company among the world’s top ten packaging and testing manufacturers. At present, the company has the capacity of mass production of chipet packaging. At present, it is entering the 5nm field in the fields of CPU, GPU and server, and has the process capability and certification of 5nm packaging and testing. China’s current sealed test market is about 288 billion yuan. In the future, with the acceleration of domestic substitution of China’s semiconductor industry and the introduction of relevant policies and regulations supporting the development of China’s semiconductor industry, the company’s sealed test business is expected to continue to achieve high growth.
Bind the head customers in the subdivided fields and drive the strong growth of the company’s performance. The company and AMD adopt the “joint venture + cooperation” mode, and more than 50% of the revenue comes from AMD. In 2021, amd achieved a revenue of US $21.5 billion, an increase of 31%, driving the strong growth of the company’s performance. With TSMC’s advanced manufacturing process gradually releasing capacity, AMD’s capacity problem is expected to be solved, which will indirectly drive the continuous growth of the company’s sealing and testing business. At the same time, the growth of MTK business, the company’s second largest customer, has also had a positive impact on the company’s business. In addition to the above customers, the company continues to strengthen in-depth cooperation with AMD, NXP, Ti, Infineon, St, MediaTek, zhanrui, Will Semiconductor Co.Ltd.Shanghai(603501) , Gigadevice Semiconductor (Beijing) Inc(603986) , Changxin storage, Changjiang storage, Jichuang north and other leading customers in various segments outside China. At present, the company has established contacts with more than 50% of the world’s top 20 semiconductor enterprises and most well-known semiconductor enterprises in China. The order volume is expected to increase significantly in the future.
Raise funds to expand production capacity and comprehensively improve market competitiveness. The company plans to raise no more than 5.5 billion yuan through non-public issuance of A-share shares for the construction of raised investment projects, supplement working capital and repay bank loans. With the implementation and operation of the raised investment projects, the company expects to increase the annual revenue by 3.759 billion yuan and the annual profit by 445 million yuan, and the growth potential of the company will be further released.
Profit forecast: from 2022 to 2024, we expect the company’s revenue to be 20.288/25.190/30.228 billion yuan (+ 28.3% / 24.2% / 20.0%); The net profit attributable to the parent company was 1.215/14.77/1.659 billion yuan (+ 26.9% / 21.7% / 12.3%). The latest closing price corresponding to PE is 99 / 82 / 73 times respectively. The company is deeply engaged in the sealed test field and bound to the head customers in the subdivided field. It is expected to achieve sustained growth and maintain the “buy” rating.
Risk warning: the customer import is not as expected; The capacity supply is less than expected.
