\u3000\u3 China Vanke Co.Ltd(000002) 371 Naura Technology Group Co.Ltd(002371) )
The company released the performance express for the 21st year, realizing a revenue of 9.683 billion yuan, a year-on-year increase of 60%; The net profit was 1.077 billion yuan, a year-on-year increase of 101%; Deduct non net profit of 807 million yuan, with a year-on-year increase of 309%. In addition, the company released the forecast of Q1 performance in 22 years, and it is expected to achieve a revenue of 1.993 billion yuan – 2.277 billion yuan, with a year-on-year increase of 40% – 60%; It is expected to realize a net profit of 197 million yuan to 219 million yuan, with a year-on-year increase of 170% – 200%; It is expected to realize the deduction of non net profit of 148 million yuan to 161 million yuan, with a year-on-year increase of 360% – 400%.
Key points supporting rating
In the past 21 years, the operating performance has been brilliant and the profitability has been greatly improved. The company’s performance in the past 21 years is at the median value of the previous guidance, in which the revenue has achieved rapid growth, mainly because of the strong demand of the semiconductor equipment industry, and the company has completed the non-public offering of nearly 8.5 billion yuan in 21 years, successively expanded the production capacity of semiconductor equipment and actively promoted the delivery of vigorous orders. At the same time, the profitability of the company has been significantly improved in the past 21 years, and the net profit of non deduction has increased by 300% year-on-year. In particular, according to the Q4 split, the net profit of Q4 and non deduction have increased by 100% and 1182% year-on-year respectively. Under the industrial environment of shortage of parts and rising raw materials, the excellent profitability of the company is further demonstrated, mainly due to the excellent control ability of the company’s cost side and the scale effect of production capacity.
22q1 operation meets expectations. The company’s 22q1 is expected to achieve a median revenue of 2.135 billion yuan, a year-on-year increase of 50%, which is consistent with the previously announced revenue of 1.366 billion yuan from January to February of 22 years and the growth rate, indicating that the company’s operation in the first quarter is stable and can still maintain a healthy growth of revenue in March. Meanwhile, the median year-on-year growth rates of Q1 net profit and deduction of non profits reached 185% and 380% respectively, and the profitability was further improved.
Orders grew steadily to maintain revenue momentum. According to the company’s early announcement, the new orders from January to February of 22 years exceeded 3 billion yuan, a year-on-year increase of more than 60%. According to the statistics of China International Tendering network, the company added 13 equipment (3 PVD, 4 etching and 6 alloy annealing) that won the bid of Huahong Wuxi in February, which is the manufacturer that announced more bids since the beginning of 22.
Profit forecast and rating
In view of the substantial growth of the company’s profitability, the steady growth of orders and the positive improvement of production capacity, it is predicted that the company’s net profits in 21-23 years will be 10.77/15.10/1.966 billion yuan respectively, maintaining the “buy” rating.
Main risks of rating
The uncertainty of international geopolitical friction and the shortage of parts lead to the delay of order delivery
