\u3000\u3 China Vanke Co.Ltd(000002) 371 Naura Technology Group Co.Ltd(002371) )
Event overview
The company issued the annual performance express in 2021, realizing an operating revenue of 9.683 billion yuan; The net profit attributable to the shareholders of the listed company is 1.077 billion yuan; At the same time, the performance express for the first quarter of 2022 was released, and the company realized an operating revenue of RMB 1.993-2.277 billion; The net profit attributable to shareholders of listed companies is RMB 197219 million.
Analysis and judgment:
The beginning of the year ushered in a good start, and the industry continued to have a high outlook
Benefiting from the improvement of global semiconductor prosperity, the company’s annual revenue was 9.683 billion yuan, a year-on-year increase of 60%, and the net profit attributable to shareholders of listed companies was 1.077 billion yuan, a year-on-year increase of 101%. The net profit attributable to the parent company after deduction was 806 million yuan, with a year-on-year increase of 309.45%. In the first quarter of 2022, the performance was 1.993-2.277 billion yuan, with a year-on-year increase of 40% – 60%; The net profit attributable to shareholders of listed companies was 197219 million yuan, with a year-on-year increase of 170% – 200%, and the performance of a single quarter reached a historical record. The company’s main business has strong demand from downstream customers, and the business of semiconductor equipment and electronic components has achieved sustained growth. According to semi data, the total sales of global semiconductor manufacturing equipment will exceed US $100 billion for the first time in 2021, reaching US $103 billion, an increase of 44.7% over US $71 billion in 2020. Semi expects to grow to $114 billion next year, an increase of 11% year-on-year. It is expected that the high outlook of the semiconductor equipment market will remain.
Constant growth accelerated capacity expansion and continued to increase investment in R & D
As the main force in the localization of semiconductor equipment, the company’s semiconductor equipment includes etching machine, PVD, CVD, ALD, oxidation / diffusion furnace, annealing furnace, cleaning machine, etc., and its products have received batch orders from industry leading customers. On November 2, the company announced that it had completed the non-public offering of shares in 2021, with an issue price of 304 yuan / share and a total fund-raising of nearly 8.5 billion yuan, including 1.5 billion yuan for the second phase of large fund, 734 million yuan for UBS and 250 million yuan for Beijing integrated circuit advanced manufacturing and high-end equipment equity investment fund center. It is mainly used in the company’s semiconductor equipment R & D projects, industrialization expansion projects and precision components expansion projects. It is expected to have a production capacity of 500 sets of integrated circuit equipment, 500 sets of emerging semiconductor equipment, 300 sets of LED equipment and 700 sets of photovoltaic equipment. We believe that the company has a multi product line layout and continues to take the lead in technology in many fields. There is a huge market space for localization in the future. The company has accelerated the research and development of advanced process equipment and expanded the etching technology horizontally to meet the needs of customers. At present, it has 28nm technology and is developing 14-5nm process products. The company’s R & D expenses in the first three quarters were 869 million yuan, a year-on-year increase of 191.19%, accounting for 14.07% of its operating revenue.
Investment advice
Considering that the company’s products have entered a period of accelerated development, we raised the company’s revenue forecast of 9.316 billion yuan, 12.88 billion yuan and 16.8 billion yuan from 2021 to 2023 to 9.683 billion yuan, 13.7 billion yuan and 17.65 billion yuan, and raised the EPS 1.5 billion yuan from 2021 to 2023 The forecasts of 89 yuan, 2.54 yuan and 3.21 yuan reach 2.00 yuan, 2.78 yuan and 3.49 yuan, corresponding to the closing price of 241.80 yuan / share on April 13, 2022. PE is 121 times, 87 times and 69 times respectively, maintaining the “buy” rating.
Risk tips
The demand of semiconductor market is not as expected, the competition in semiconductor silicon wafer industry is intensified, systemic risks, etc.
