\u3000\u3 Guocheng Mining Co.Ltd(000688) 001 Suzhou Hyc Technology Co.Ltd(688001) )
In 2021, the revenue increased by 20.43% year-on-year, and the net profit attributable to the parent company increased by 18.43% year-on-year. The company achieved a revenue of 2.02 billion yuan in 2021, with a year-on-year increase of 20.43%; The net profit attributable to the parent company was 314 million yuan, with a year-on-year increase of 18.43%, mainly due to the steady growth in the demand for automatic testing equipment products, of which the proportion of semiconductor business was further increased.
The profitability remained stable in 2021, and the expense rate increased during the period. In 2021, the company’s gross profit margin / net profit margin was 53.04% / 15.54%, with a year-on-year change of + 4.99 / – 0.26 PCT, and the gross profit margin increased significantly. In 2021, the company’s sales expense rate / management expense rate / financial expense rate / R & D expense rate was 8.36% / 9.62% / 0.16% / 17.46%, with a year-on-year change of + 1.86 / + 0.62 / – 1.15 / + 2.40 PCTs. The increase in R & D expenses was due to the expansion of R & D team and the increase in share based payment expenses arising from the first grant of restricted shares to incentive objects in this period.
The traditional track remained ahead, and the semiconductor detection and intelligent wearable assembly and testing business entered smoothly. The company is an industry-leading provider of industrial automation test equipment and whole line system solutions. It provides customers with automation test equipment from the whole machine, system, module, SIP and chip process nodes. At present, the company’s products are mainly used in LCD and OLED flat panel display and micro display, semiconductor, wearable devices, new energy vehicles and other industries. In 2021, the operating revenue of the company’s consumer electronic testing and automation equipment / semiconductor testing equipment was 1.497 billion yuan and 417 million yuan respectively, with a year-on-year increase of 83.62% / 36.45%. In terms of panel detection industry, the company closely followed the iteration of display technology, comprehensively improved the flat panel display detection technology to OLED screen, and continuously upgraded the reserves of new generation display detection technology such as miniled, micro led and micro OLED. Among them, micro OLED series detection equipment obtained the first test line order of end customers during the reporting period, maintaining the leading level in the industry in terms of technology and market. At the same time, with the continuous entry into mass production of a number of standard equipment in the semiconductor testing business, including testing machines, sorting machines and AOI defect detection equipment, and the smooth entry into the intelligent wearable assembly and testing business taking the opportunity of the merger and acquisition of euryton, a good pattern has been initially formed in which the three main business segments of flat panel, semiconductor and intelligent wearable support the development of the company, In addition, as the new energy vehicle testing business has been successfully recognized by many new power new energy vehicle enterprises in the United States and China, it is expected to gradually develop into the fourth pole of the business supporting the sustainable growth of the company in the next few years.
Risk warning: the customer’s breakthrough is less than expected; The expansion of new products was less than expected.
Investment suggestion: considering the continuous breakthrough of the company’s new products and the continuous promotion of industry localization, we expect the net profit attributable to the parent company in 202224 to be RMB 404 / 525 / 665 million, corresponding to pe26 / 20 / 16 times, and give a “buy” rating for the first time.
