\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 80 Gl Tech Co.Ltd(300480) )
Key investment points:
Gl Tech Co.Ltd(300480) 3 on March 31, the annual performance report of 2021 was released: the operating revenue in 2021 was about 530 million yuan, with a year-on-year increase of 70.33%; The net profit attributable to the shareholders of the listed company was about 118 million yuan, a year-on-year increase of 98.78%; The basic earnings per share was 0.46 yuan, a year-on-year increase of 91.67%. It is proposed to distribute a cash dividend of 1 yuan (including tax) for every 10 shares, do not give bonus shares, and increase 3 shares for every 10 shares to all shareholders with capital reserve.
With the rapid growth of the annual report, the proportion of revenue from semiconductor packaging and testing equipment increased to 44.86%
In 2021, the operating revenue was about 530 million yuan, with a year-on-year increase of 70.33%; The net profit attributable to the shareholders of the listed company was about 118 million yuan, with a year-on-year increase of 98.78%, and the performance increased rapidly.
In 2021, the company's revenue structure was 292 million, with a year-on-year increase of 7.15%, and the proportion in the main revenue decreased to 55.14%.
In 2021, the operating revenue of semiconductor sealing and testing equipment was 238 million, with a significant year-on-year increase of 518.74%, accounting for 44.86% of the main revenue. In 2021, 213 semiconductor sealing and testing equipment were sold, compared with 22 in the same period last year, with a year-on-year increase of 868%. The average unit price of each semiconductor sealing and testing equipment is about 1117400 yuan.
The company has further acquired 79.59% equity of advanced microelectronics, and the company's equity of advanced microelectronics has increased to 94.90%, and then indirectly holds 94.90% equity of ADT company. Advanced microelectronics and its wholly-owned subsidiary ADT company have been included in the company's consolidated statements since May 2021, significantly increasing the company's overall performance. The development of semiconductor sealing and testing equipment business has greatly expanded the development space of the company and opened up new market space.
The company has strong profitability and good cash flow
In 2021, the gross profit margin of the company's overall sales was 53.41%, down 9.23 PCT year-on-year; The net interest rate was 22.61%, a year-on-year increase of 3.23pct. In 2021, the company's weighted roe was 12.13%, an increase of 4.27pct over last year.
In 2021, the gross profit margin of the two major categories of main products was high, of which the gross profit margin of safety supervision business was 65.21%, basically the same year-on-year, and the gross profit margin of semiconductor sealing and testing equipment was 38.92%, down 3.51pct year-on-year.
In 2021, the company's net operating cash flow was 59.81 million, with a year-on-year increase of 19.88%. The company's operating cash flow was good.
The construction of the raised investment project is smooth, and the semiconductor intelligent manufacturing industry base will release its performance soon after it is put into operation
In 2021 and 2022, the company carried out fixed growth and convertible bond financing respectively to promote the capacity construction of semiconductor sealing and testing equipment. In July 2021, the company completed the fixed increase financing of 550 million yuan, invested 400 million yuan in the phase I project of semiconductor intelligent manufacturing industry base, and built an annual production capacity of 500 semiconductor precision dicing machines. The convertible bond financing plan was released in December 2021, and it is planned to raise 400 million yuan for the R & D and industrialization project of ultra precision and high stiffness air spindle. The localization of core parts air spindle continues, which is expected to alleviate the capacity bottleneck and promote cost reduction and efficiency increase.
The company will accelerate the construction of "semiconductor intelligent manufacturing industry base project (phase I)" as planned, strive to complete the construction as soon as possible, and ensure that the production workshop will be put into use in the first half of 2022. Actively promote the convertible bond project of "ultra precision and high stiffness air spindle R & D and industrialization project", and accelerate the localization construction of air spindle. With the company's two major raised investment projects reaching production one after another, the company's semiconductor equipment capacity bottleneck has been opened, helping the company's performance take-off.
The localization rate of semiconductor sealing and testing equipment is low and the penetration space is huge
Under the background of the cyclical impact of global semiconductors, the transfer of global semiconductor industry and the unprecedented technological blockade imposed on China by some western countries led by the United States, China has continuously issued relevant policies to support China's semiconductor industry with unprecedented strength and drive huge funds to support the development of China's semiconductor industry. China's wafer foundry production line and IDM production line ushered in the construction peak, bringing huge equipment demand space, The industry boom has driven China's demand for semiconductor equipment to a high growth range. In the field of high-end precision cutting and dicing equipment, Japan disco, Tokyo precision TSK and Israel ADT occupy a large market share in this field. Compared with foreign products, domestic semiconductor equipment still has a huge gap in technical level, brand awareness and market competitiveness.
Through multiple mergers and acquisitions, the company has become one of the only two enterprises in the global industry that can provide cutting and dicing mass production equipment, core parts - Air spindle, blades and other consumables. After years of experience in the research and development of high-performance semiconductor parts and components, ADB has fully mastered the core technology and equipment of air spindle, which has laid a solid foundation for its customers in the field of high-performance semiconductor packaging and equipment in China.
With concerted efforts, the company has developed a number of domestic cutting and dicing machines, which have been manufactured in Zhengzhou factory. Among them, the 8230 model of 12 inch automatic biaxial cutting and dicing machine for China and the Far East produced by the company's Zhengzhou factory and the 8030 model of 12 inch automatic biaxial cutting and dicing machine mainly for other international markets produced by Haifa factory in Israel have entered China and foreign sealing and testing enterprises and have been sold in batches. With the company's raised investment project Zhengzhou new plant put into operation in the second quarter of 2022, the capacity bottleneck is opened, and the company is expected to usher in the rapid development of semiconductor sealing and testing equipment business.
Profit forecast and valuation
With the launch of semiconductor equipment, the company enters the production capacity release period. We predict that the operating revenue of the company from 2022 to 2024 will be 1.035 billion, 1.424 billion and 1.781 billion respectively, and the net profit attributable to the parent company will be 226 million, 315 million and 409 million respectively. The corresponding PE will be 31.56x, 22.62x and 17.4x respectively. It will be covered for the first time and given a "buy" rating.
Risk tips: 1: the macro economy is less than expected; 2: Downstream demand is lower than expected; 3: The price of raw materials rose and the gross profit margin fell; 4: The progress of the company's fund-raising projects is less than expected.
