\u3000\u3 Guocheng Mining Co.Ltd(000688) 019 Anji Microelectronics Technology (Shanghai) Co.Ltd(688019) )
The company released its 2021 annual report, achieving an operating revenue of 687 million yuan, a year-on-year increase of 62.57%, and a net profit attributable to the parent company of 125 million yuan, a year-on-year decrease of 18.77%; The net profit attributable to the parent company increased by 54.81% year-on-year. Revenue hit a record high and maintained the buy rating.
Key points supporting rating
The company released its 2021 annual report. In 2021, it achieved an operating revenue of 687 million yuan, a year-on-year increase of 62.57%; The net profit attributable to the shareholders of the listed company was 125 million yuan, a year-on-year decrease of 18.77%, and the net profit after deducting non recurring profits and losses was 91 million yuan, a year-on-year increase of 54.81%. In the fourth quarter, the operating income in a single quarter was 216 million yuan, a year-on-year increase of 90.11%, the net profit attributable to the parent was 28 million yuan, a year-on-year decrease of 30.56%, and the net profit attributable to the parent after deduction was 22 million yuan, turning losses into profits year-on-year.
The market share of CMP polishing fluid of the company has increased, and major breakthroughs have been made in the research and development of new products. According to the calculation of techet report, the global CMP polishing fluid market scale in 2021 was US $1.89 billion, with a year-on-year increase of 13%, and the global market share of the company’s CMP polishing fluid increased to about 5%. In 2021, the company’s polishing fluid business realized a revenue of 594 million yuan, a year-on-year increase of 58.45%. During the reporting period, the company continued to invest in research and development, made a major breakthrough in the aluminum polishing solution used in the 28nm technology node HKMG process, passed the customer verification, successfully broke the monopoly of foreign manufacturers and achieved mass production; The ceria polishing solution that the company cooperates with customers has broken through the technical bottleneck. At present, it has achieved mass production in 3dnand advanced process; In addition, the company has made breakthroughs in the customized development of fine polishing solution for silicon and polishing solution for third-generation semiconductor substrate materials, and the introduction of customers is progressing smoothly. In 2021, the company and its subsidiaries obtained 29 authorized invention patents. As of December 31, 2021, the company and its subsidiaries have obtained 234 invention patents, and another 238 invention patent applications have been accepted. It is expected that CMP polishing fluid business will continue to grow driven by the expansion of new products.
The company actively expanded its product layout on the basis of the original photoresist remover business. In 2021, the company’s functional wet electronic chemicals business realized a revenue of 91 million yuan, a year-on-year increase of 92.17%. The company plans to build Shanghai Anji integrated circuit material base, aiming to build a large-scale production line of etching fluid for special processes and new formula industrial chemicals in the integrated circuit field, establish the supply of high-end nano abrasives for chemical mechanical polishing fluid, including special electronic additives and other core raw materials, accelerate the establishment of the ability of independent and controllable supply of core raw materials and reduce the supply risk.
Valuation
In view of the current repeated epidemic and the downstream demand may be affected, the profit forecast is lowered. It is estimated that the EPS of the company from 2022 to 2024 will be 3.58 yuan, 4.83 yuan and 5.81 yuan respectively, and the PE corresponding to the current stock price will be 66.6 times, 49.4 times and 41.0 times. It is optimistic that the market share of CMP polishing liquid will continue to increase and maintain the buy rating.
Main risks of rating
The R & D and promotion process of tungsten polishing liquid was blocked, the epidemic led to changes in the macroeconomic situation, and the growth rate of wafer manufacturing demand for CMP polishing materials was lower than expected.
