\u3000\u3 China Vanke Co.Ltd(000002) 371 Naura Technology Group Co.Ltd(002371) )
[matters]
The company released the 2021 performance express, and the annual performance increased rapidly. According to preliminary accounting, the company’s revenue in 2021 was 9.683 billion yuan, with a year-on-year increase of 59.90%. The annual net profit attributable to the parent company was 1.077 billion yuan, with a year-on-year increase of 100.66%, and the net profit not attributable to the parent company was 807 million yuan, with a year-on-year increase of 309.45%.
According to the performance forecast of 2022q1, the company expects the revenue of 2022q1 to be RMB 1.993-2.277 billion, with a year-on-year increase of 40-60%. It is estimated that the net profit attributable to the parent company will be 197219 million yuan, with a year-on-year increase of 170200%, and the deduction of non net profit will be 148161 million yuan, with a year-on-year increase of 360400%. During the period, the downstream market demand of the company’s main business was strong, and the company’s electronic process equipment and electronic components business continued to grow, resulting in a year-on-year increase in the company’s operating revenue and net profit attributable to shareholders of listed companies.
[comments]
The company is not only a mainstream supplier of high-end electronic process equipment in China, but also an important production base of high-precision electronic components. The company’s electronic process equipment mainly includes semiconductor equipment, vacuum equipment and lithium battery equipment, which are widely used in integrated circuits, semiconductor lighting, power devices, advanced packaging, third-generation semiconductors and other fields. Etcher, PVD, CVD, ALD, oxidation / diffusion furnace, annealing furnace, cleaning machine and other products have realized mass production applications in the field of integrated circuits and pan semiconductors, forming a multi variety and cross domain product platform.
With the rapid growth of business in 2021, the company’s electronic process equipment and electronic components business still faces good development opportunities. By accelerating technological innovation, gathering development resources, seizing market opportunities and effectively preventing and controlling risks, all business work is carried out smoothly and the business performance is growing continuously. According to the company’s 2022q1 performance forecast, the downstream demand boom continues and the performance maintains a high-speed growth trend.
In terms of semiconductor equipment business, the overall demand of the chip market is strong, and the demand for new construction and expansion of integrated circuit logic devices, advanced storage, advanced packaging and other production lines is increasing. Under the guidance of the goal of “carbon peak and carbon neutralization”, the investment in photovoltaic industry has increased. The demand for 5g applications and automotive electronics has driven the rapid growth of investment in the third generation semiconductor production line, superimposed the investment demand of Pan semiconductor production line such as new display, and provided growth space for the company’s semiconductor equipment business. The introduction of new products of etching machine, PVD, CVD, vertical furnace, cleaning machine, ALD and other equipment into the market has accelerated, and the product process coverage and customer penetration have been further improved.
[investment suggestions]
After years of intensive cultivation, the company has achieved mass production and supply of many products in the field of integrated circuits and pan semiconductors, forming a multi variety and cross domain product platform. Under the background of continuous strong demand for chips, 5g, automotive electronics and third-generation semiconductors and continuous promotion of localization, we are optimistic about the steady growth of the company’s business in the future. Raise the company’s revenue forecast from 2021 to 2023, and adjust the level of business gross profit margin and period expense rate. It is estimated that the company’s revenue from 2021 to 2023 will be 9.683 billion yuan, 14.182 billion yuan and 19.273 billion yuan respectively, the net profit attributable to the parent company will be 1.077 billion yuan, 1.612 billion yuan and 2.166 billion yuan respectively, and the EPS will be 2.05, 3.07 and 4.13 yuan / share respectively, corresponding to 118, 79 and 59 times of the current PE respectively, maintaining the “overweight” rating.
[risk tips]
Downstream market demand is lower than expected
The progress of R & D and introduction of new products is lower than expected
