\u3000\u3 Guocheng Mining Co.Ltd(000688) 268 Guangdong Huate Gas Co.Ltd(688268) )
Guangdong Huate Gas Co.Ltd(688268) 2021 achieved an operating revenue of 1.347 billion yuan, a year-on-year increase of 34.78%; The operating profit was 337 million yuan, a year-on-year increase of 20.05%; The net profit attributable to the shareholders of the listed company was 129 million yuan, a year-on-year increase of 21.46%; The deduction of non net profit attributable to shareholders of listed companies was 112 million yuan, with a year-on-year increase of 28.47%.
The operating income of special gas business has achieved rapid growth. In 2021, the company's special gas business achieved an operating revenue of 797 million yuan, a year-on-year increase of 45.31%. According to the statistics of Yidu, the scale of China's special gas market will reach 34.2 billion yuan in 2021; Among them, electronic special gas is expected to reach 21.6 billion yuan, accounting for 63%. The global capacity of wafer fabs and the market share of semiconductor manufacturing in Chinese mainland will stimulate the market demand of the upstream electronic special gas industry.
Fist products have been certified and actively layout new products and new fields. The company's flagship product, lithography gas, has passed the certification of ASML and gigaphoto. It is the only gas company in China that has passed the two certification. The company actively develops new products, extends gas purification to the synthesis stage, and improves the supply capacity of the whole industry chain; Comprehensively promote the layout from small products to large products, take silicon-based products as the starting point, layout the synthesis project of ethylsilane, introduce more product categories in the field of semiconductor gas, and strengthen the coverage of downstream products.
The concentration of key customers increased significantly, and the amount of single customers exceeded 100 million yuan. In 2021, the sales volume of the company's top five customers was 320 million yuan, accounting for 23.75% of the operating revenue, with a year-on-year increase of 65.47%, and the concentration of top major customers increased significantly; The company supplies more than 100 million yuan to a single semiconductor customer. The audit and certification of gas suppliers by customers in the downstream high-end application field generally takes up to 2-3 years. After years of industry precipitation, the company has accumulated many high-quality customers such as Semiconductor Manufacturing International Corporation(688981) , TSMC, China Resources Microelectronics Limited(688396) electronics, Huahong Hongli, Changjiang storage and so on.
Investment advice
It is estimated that the company's revenue from 2022 to 2024 will be 1.705/2.04/2.717 billion yuan respectively, with a year-on-year increase of 26.6% / 29.2% / 23.3%, and the net profit will be 182 / 248 / 318 million yuan respectively, with a year-on-year increase of 40.9% / 36.0% / 28.3%. The current price corresponds to 42 times of PE in 2022. Considering the strong demand in the downstream market and will continue to benefit from domestic substitution, the "buy" rating is given for the first time.
Risk tips
The risk of price fluctuation of main raw materials and the risk that downstream applications are less than expected.
