\u3000\u3 Guocheng Mining Co.Ltd(000688) 001 Suzhou Hyc Technology Co.Ltd(688001) )
Event: the company released its 2021 annual report. In 2021, the operating revenue was 2.02 billion yuan, a year-on-year increase of 20.43%, the net profit attributable to the parent was 314 million yuan, a year-on-year increase of 18.43%, and the net profit not attributable to the parent was 314 million yuan, a year-on-year increase of 32.15%.
The annual performance increased steadily and the semiconductor business performed brilliantly: the company’s revenue in 2021 increased by nearly 20% year-on-year, mainly due to the steady growth in the demand for automatic detection equipment products, with gross profit margin and net profit margin of 53.04% and 15.54% respectively, with a year-on-year increase of + 4.99pct and -0.26pct respectively. In terms of revenue structure, the company’s semiconductor revenue in 2021 was 417 million yuan, a year-on-year increase of 36.45%, and the growth rate of semiconductor revenue was higher than the overall average level of the company; The gross profit margin of semiconductor business was 57.52%, a year-on-year increase of + 10.32pct, and the gross profit margin was also higher than the overall average level. From the perspective of Q4 single quarter revenue, Q4 revenue was 590 million yuan, a year-on-year increase of + 21.48%, which was nearly flat month on month; The net profit attributable to the parent company was 43 million yuan, up + 13.11% year-on-year and – 67% month on month. The net profit attributable to the parent company in Q4 decreased significantly month on month, mainly due to seasonal fluctuations and centralized provision of more expenses.
Semiconductor testing machines are progressing smoothly and are expected to continue to benefit from the localization trend: the company is one of the few enterprises in the world that can independently develop ate architecture SOC testing machines and pxie architecture RF and system module testing machines at the same time, focusing on SOC, RF testing machines and sip testing machines. The frequency rate of T7600 series testing machine independently developed by the company has reached 400MHz, and the technical parameters have reached the level of medium-grade SOC testing machine recognized in the industry. It can directly compare with the standard thalida J750. At present, it has achieved mass production in chip testing such as fingerprint, image sensing, MCU and TOF. In addition, the company’s test solution based on pxie architecture testing machine and supporting four-layer translational 128 station SLT sorter ep3000 has been recognized by SIP (advanced packaging) manufacturers such as Goethe electronics, and has entered the stage of large-scale procurement to serve the world’s top consumer electronics manufacturers in the United States. In the future, the company will further develop customers of China’s first and second tier large sealing and testing plants and independent third-party testing plants, promote the installed capacity of the company’s standard testing equipment, and fully benefit from the domestic substitution trend of semiconductor back channel testing equipment.
Investment suggestion: it is estimated that the operating revenue of the company from 2022 to 2024 will be RMB 2.476 billion, RMB 2.995 billion and RMB 3.616 billion respectively, the net profit attributable to the parent company will be RMB 401 million, RMB 508 million and RMB 656 million respectively, and the EPS will be RMB 91 million, RMB 115 million and RMB 149 respectively, maintaining the investment rating of “Buy-A”.
Risk warning: customer expansion is less than expected, downstream demand is less than expected, and domestic substitution is less than expected.
