\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 641 Shanghai Wanye Enterprises Co.Ltd(600641) )
Event: on March 30, the company announced that the second phase of the large fund and the equipment and materials fund planned to increase the capital of 390 million yuan to Zhejiang praseodymium core, a joint-stock subsidiary of the company. Among them, the second phase of the large fund invested 350 million yuan and the equipment and materials fund invested 40 million yuan. After the capital increase, the proportion of equity held by the company in Zhejiang praseodymium core was 29.63% (37.85% before the capital increase), still the largest shareholder.
Overweight the layout of semiconductor parts and actively build a platform enterprise: the company previously cooperated with domestic and foreign investors to complete the acquisition of compartsystems, a leader in gas transmission system, with Zhejiang praseodymium core and praseodymium core holdings as the main shareholders. Up to now, Zhejiang praseodymium core directly holds 73.11% equity of praseodymium core holdings, and praseodymium core holdings directly holds 100% equity of compart. Compart products are used in the precise gas delivery system required by oxidation / diffusion, etching and deposition equipment in integrated circuit manufacturing process. It is one of the few companies in the world that can complete all links of precision processing of components in this field. It is the core supplier of global semiconductor equipment leading companies such as applied materials. Since the establishment of Jiaxin semiconductor, through the acquisition of compart, the company has once again worked with Ningbo Xinen to improve the platform layout of semiconductor equipment.
Semiconductor equipment parts are in short supply, and the layout of large funds highlights the strategic position for the first time: the semiconductor industry is expected to maintain a high boom in 2022. TSMC said at the performance presentation meeting that it expects the semiconductor market (excluding memory) to grow by 9% and the chip OEM industry to grow by 20% this year. It is expected that the annual production capacity will remain tight, and the capital expenditure will be between us $40-44 billion, yoy + 33% – 47%. As the prosperity of enterprises is transmitted to the upper reaches of the industry, the supply of parts and components is low, and the supply of parts and components is facing a high demand. According to the Shanghai Securities News, after the upstream links such as equipment and materials, this capital increase is the first time for the large fund to layout the semiconductor parts industry. As a leading company of gas transmission system, compart is expected to deeply benefit from this round of growth cycle and further consolidate its leading position.
After signing large orders for ion implantation, the transformation of integrated circuits has entered an accelerated period: according to the company’s preliminary accounting, the company achieved revenue of 960-1 billion yuan in 2021, yoy + 3.06% – 7.35%, of which the revenue of integrated circuit business exceeded 200 million yuan, with a year-on-year increase of more than 800%; On January 30, 2022, kaishitong, the holding Sun company, received large ion implantation and orders, and signed a purchase order with important customers to sell multiple 12 inch integrated circuit equipment (including low-energy high beam ion implantation machine and low-energy high beam ultra-low temperature ion implantation machine), with a total transaction amount of 658 million yuan; As of March 16, the company and its holding subsidiaries have added more than 680 million yuan of integrated circuit equipment orders in 2022, and the transformation of integrated circuits is expected to continue to accelerate.
Investment suggestion: we estimate that the company’s revenue from 2022 to 2023 will be 1.718 billion yuan and 2.376 billion yuan respectively, the net profit attributable to the parent company will be 522 million yuan and 673 million yuan respectively, and the EPS will be 0.54 yuan and 0.70 yuan respectively, maintaining the “Buy-A” investment rating.
Risk tip: the global semiconductor boom is less than expected; The capital expenditure of the wafer factory is lower than expected; The R & D of new products is less than expected; Risk that the localization progress of customers is less than expected.
