\u3000\u30003 An Hui Wenergy Company Limited(000543) 00054)
Core view
In 2021, the net profit attributable to the parent company increased by 234%, and 4q21 revenue hit a quarterly high. In 2021, the company's revenue was 2.356 billion yuan (yoy30%), the net profit attributable to the parent was 214 million yuan (yoy234%), and the net profit not attributable to the parent was 207 million yuan (yoy176%). Among them, the revenue of 4q21 was 705 million yuan (yoy25%, qoq27%), and the net profit attributable to the parent company was 63 million yuan (yoy116%, qoq6%), with a quarterly high. From the perspective of profitability, the gross profit margin increased by 0.67pct to 33.44% and the net profit margin increased by 17.61pct to 10.40% in 21 years. The main reason is that the net profit margin was affected by the provision of goodwill impairment of 372 million yuan in 20 years. After superposition, the management rate decreased by 4.67pct to 7.53% in 21 years and the sales rate decreased by 1.23pct to 4.66%. According to the performance forecast, the company's 1q22 revenue is 560580 million yuan (yoy8% - 12%), and the net profit attributable to the parent company is 65-75 million yuan (yoy73% - 100%).
Focus on the pan semiconductor materials business, and the original printing and copying general consumables business operates steadily. In 2021, the company focused on the pan semiconductor material business, including the field of photoelectric imaging display and semiconductor process materials. Among them, the CMP polishing pad business entered the harvest period and obtained the first overseas order in November. The phase II plant was officially put into operation at the end of the year, increasing the annual production capacity of polishing hard pads to 300000 pieces. At present, the utilization rate of phase II production capacity is climbing; The phase III plant (Qianjiang) was officially started in May 2021 and successfully capped in October. At present, it is in the process of internal decoration and equipment installation. It is expected to complete the equipment installation in the summer of 2022 and enter the stage of equipment linkage and trial production. In 2021, the revenue of photoelectric semiconductor materials was 307 million yuan (yoy287%), accounting for 13% and the gross profit margin was 63%. The original printing and copying general consumables business maintained the advantages of the whole industry chain and operated steadily, with a revenue of 2 billion yuan (yoy18%), accounting for 85% and a gross profit margin of 29%.
The pan semiconductor materials business has entered a period of rapid development, and the polishing liquid has won the purchase order of China's mainstream wafer manufacturers. In addition to CMP polishing pad, the company has also made significant progress in other semiconductor material products. In terms of CMP polishing liquid, the phase I production line with an annual output of 5000 tons has been completed. According to the announcement on April 8, the oxide layer polishing liquid products have received a purchase order of 20 tons from a mainstream wafer manufacturer in China. This polishing liquid is matched with self-produced grinding particles, and all production sections from raw materials to finished products are completed independently; In terms of cleaning fluid, the first phase of the production line with an annual output of 2000 tons has been completed, CMP copper cleaning fluid has been verified by many mainstream customers in China, and new products of cleaning fluid in other processes have been continuously developed; In terms of advanced semiconductor packaging materials, new products such as underfill adhesive, temporary bonding adhesive and packaging PSPI are under development as planned; In terms of semiconductor display materials, the revenue of YPI slurry is close to 10 million yuan, the pilot test of PSPI and ink products is completed, and the construction of large-scale production line is about to be prepared.
Investment suggestion: new products are continuously introduced into customers and the "buy" rating is maintained
We expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 387 / 552 / 675 million (the value before 20222023 is RMB 391 / 520 million), with a year-on-year growth rate of 81 / 43 / 22%; EPS is 0.41/0.59/0.72 yuan, and PE corresponding to the share price on April 14, 2022 is 44 / 31 / 25X respectively. The company's new product R & D and verification went smoothly and maintained the "buy" rating.
Risk tip: the demand is less than expected, the product R & D is less than expected, and the customer import is less than expected.
