\u3000\u3 China Vanke Co.Ltd(000002) 916 Shennan Circuits Co.Ltd(002916) )
2022q1 packaging substrate and PCB have full utilization rate, outstanding core advantages and maintain the "buy" rating
In 2022q1, the company realized an operating revenue of 3.32 billion yuan, yoy + 21.7%, and a net profit attributable to the parent company of 350 million yuan, yoy + 42.8%. Among them, the gross profit margin of Q1 in a single quarter was 26.8%, the highest since the past four quarters, and the net profit margin was 10.5%. We maintain the profit forecast for 20222024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.81/22.4/2.47 billion, corresponding to EPS of RMB 3.5/4.4/4.8, and the current share price corresponding to PE of 25.2/20.4/18.5 times. The data center and automotive electronics promote the improvement of PCB business, accelerate the progress of packaging substrate business products, and the company maintains the "buy" rating.
The gross profit margin of the company in 2021q1 was outstanding, and the packaging substrate and PCB business operated smoothly
The gross profit margin of the company increased significantly month on month, the revenue structure of Q1 was adjusted, and the proportion of electronic assembly business with relatively low gross profit margin decreased. Compared with the PCB business, the capacity utilization rate of IC carrier business in the same period of 2021 was full: the IC carrier business in 2022q1 was basically in full production, which was significantly higher than that in the climbing period of Wuxi factory in 2021q1; In terms of PCB business, 2022q1 base station order recovery overlay server platform upgrade iteration. Nantong phase III automobile PCB Factory was converted to fixed assets for production in 2021q4, and the production capacity in 2022q1 was put into operation smoothly: the fixed assets in 2022q1 were 7.95 billion yuan, an increase of 160 million month on month compared with 7.79 billion yuan in 2021q4, and the pressure of conversion to fixed assets was reduced, while Nantong phase III operated smoothly.
As the first echelon, the company continues to improve its technology
The company is the leading manufacturer in domestic PCB technology and IC packaging substrate technology, and the technical capacity and capacity layout are gradually expanded. In the field of data center, the iteration of server platform drives the optimization of shipping structure; The company's technical capacity has been gradually extended to the automotive field, and Nantong phase III has been successfully put into operation. In the field of packaging substrate, the company's IC carrier business has a clear growth path. The construction of high-level packaging substrate in Wuxi base and new semiconductor packaging substrate base in Guangzhou has been started. The projects under construction of the company in 2022q1 reached 950 million yuan, an increase of 50.1% over 630 million yuan in 2021q4. In terms of customer reserves, it has formed long-term cooperative relations with the world's leading sealing and testing manufacturers such as rimoonlight, Ankun technology, Jcet Group Co.Ltd(600584) and so on; The smooth development of storage customers has driven the growth of fc-csp product orders.
Risk tip: the cost of raw material copper clad laminate is rising, the introduction of new customers in the core network is less than expected, the introduction of packaging substrate business is less than expected, and the competition of automobile board is intensified.
