\u3000\u3 Guocheng Mining Co.Ltd(000688) 012 Advanced Micro-Fabrication Equipment Inc.China(688012) )
The company released its 2021 annual report, realizing a revenue of 3.108 billion yuan, a year-on-year increase of 37%; The net profit was 1.011 billion yuan, a year-on-year increase of 105%; Deduction of non net profit of 324 million yuan, a year-on-year increase of 1291%; The gross profit margin was 43.36%, an increase of 5.69 percentage points over the previous year.
Key points supporting rating
The number of ICP etching delivery cavities exceeded expectations. In 21 years, the number of product delivery cavities was 491, with a year-on-year increase of 66.4%. Among them, the CCP etcher delivered 298 cavities, with a year-on-year increase of 40%; The ICP etcher delivered 134 cavities, with a year-on-year increase of 235%, making a breakthrough. For MOCVD equipment sales, the company’s newly released miniledmocvd equipment prismonimax had orders of more than 100 cavities at the end of last year and more than 180 cavities by the end of March this year.
Etching equipment grew rapidly, and the total order doubled last year. The company achieved a year-on-year increase of 37% in revenue in 21 years, which was significantly higher than that in the previous two years. Among them, the income of etching equipment was 2.004 billion yuan, accounting for 64%, with a year-on-year increase of 55%; MOCVD equipment revenue was 503 million yuan, accounting for 36%, with a year-on-year increase of 1.53%. The amount of new orders signed by the company in 21 years increased by 90.5% year-on-year to 4.13 billion yuan, ensuring the continued high growth trend of revenue in 2022.
The product structure was optimized and the profitability was greatly improved. Last year, the gross profit margin of special equipment increased by 4.88 percentage points to 42.20%, of which the gross profit margin of MOCVD equipment increased significantly by 18.65 percentage points to 33.77%; The etching equipment still maintained a high level of 44.32%. At the same time, the proportion of etching revenue with high profitability increased by 7 percentage points to 64% compared with last year, and the revenue structure of the company was significantly improved.
CCP plasma etching has entered the advanced 5-nanometer chip production line and the next generation trial production line. We have successfully developed a 5nm etching equipment, completed the evaluation in advanced logic chip manufacturers, and achieved sales. Complete the design, manufacturing, testing and preliminary process development and evaluation of the alpha prototype of the 3-nanometer etching machine.
The company’s ICP etching equipment has gradually matured. Primonanova ® ICP etching products have been verified by more than 100 ICP etching processes on the production lines of more than 15 customers. In March 2021, the company developed and launched the dual reactor ICP etching equipment primotwin star with high output rate ® The etching equipment has been certified on China’s leading customer production line and received more orders from Chinese customers.
Grasp the cutting edge of science and technology, and the product platform of IC process equipment radiates from film graphical tools to film deposition and epitaxial growth equipment. Specifically, it includes film etching: CCP, ICP, ale, film deposition: LPCVD, EPI, ALD; Third generation semiconductor: silicon-based gallium nitride and silicon carbide power device special epitaxial equipment.
(1) phased progress has been made in tungsten filled LPCVD equipment. 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. Based on metal tungsten LPCVD equipment, the company is further developing CVD and ALD equipment.
(2) sigeepi equipment completes the design scheme and enters the prototype manufacturing stage. The EPI equipment R & D team was established in 2021. Through basic research and adopting the technical feedback of key customers, the independent intellectual property rights and innovative design schemes of pretreatment and epitaxial reaction chamber have been formed. At present, the company’s EPI equipment has entered the stage of prototype design, manufacturing and commissioning to meet the electrical and reliability requirements of SiGe epitaxial growth process in customers’ advanced manufacturing process.
(3) actively layout the third generation semiconductor equipment market for power device applications. MOCVD equipment developed for mass production application of Gan power devices has been delivered to leading customers at home and abroad for production verification. The development of epitaxial production equipment for silicon carbide power devices has been started, which will further enrich the company’s product line.
Profit forecast and rating
In view of the substantial increase in the orders of the company’s etching equipment, especially ICP etching in 21 years, and the higher than expected increase in the orders of MOCVD equipment, we raised the net profit for 22-24 years to RMB 1.126/12.90/1.517 billion and maintained the “buy” rating.
Main risks of rating
The expansion of the wafer factory is less than expected, the shortage of parts leads to the delay of equipment delivery, and the uncertainty of international geopolitical friction.
