\u3000\u3 Guocheng Mining Co.Ltd(000688) 200 Beijing Huafeng Test & Control Technology Co.Ltd(688200) )
Event: the company released the quarterly report of Q1 in 2022. Q1 achieved an operating revenue of 259 million yuan, an increase of 124.05% year-on-year and 7.6% month on month; The net profit attributable to the parent company was 122 million yuan, with a year-on-year increase of 355.74% and a month on month decrease of 4.22%.
The epidemic affected Q1 performance, and the gross profit margin remained stable: the company’s Q1 operating revenue was 259 million yuan, with a year-on-year increase of 124.05% and a month on month increase of 7.6%. The revenue maintained a high growth year-on-year and increased slightly. The company previously released the revenue from January to February, and the revenue from January to February was 199 million yuan. According to this calculation, the revenue in March was 60 million yuan, lower than the average income of the previous two months. The main reason is that the company encountered obstacles in the procurement of some parts and components due to the impact of China’s epidemic. From the perspective of profitability, the net profit attributable to the parent company in Q1 decreased slightly, with the gross profit margin and net profit margin of 80.03% and 47.09% respectively, with a year-on-year ratio of -0.69pct and + 23.94pct respectively, and a month on month ratio of + 0.18pct and -5.84pct respectively. The gross profit margin of the company remained stable for a long time, and the net profit margin decreased slightly.
The demand for power products is strong, and sts8300 starts rapidly: the company is the leader of testing machines in China. Its products include sts8200 and sts8300. At present, the main product is sts8200, which is mainly used for traditional simulation and hybrid testing, and can also be used for the testing of power devices such as IGBT, SiC and Gan. In the first three quarters of 2021, it contributed more than 80% of the company’s overall revenue. Sts8300 is a new test system launched by the company in 2018. It can test analog and mixed signal integrated circuits with higher number of pins, higher performance and more stations. It is mainly for PMIC and power SOC testing, and can meet the test requirements of FT and CP at the same time. In terms of technical parameters, the company’s sts8300 is currently a 100m board, and 200m and 400m will also be launched one after another. As an entry-level product for SoC testing, sts8300 will increase its overall revenue share to about 15% in 2021. The company expects to maintain a high growth rate in 2022.
Investment suggestion: we estimate that the company’s revenue from 2022 to 2024 will be 1.259 billion yuan, 1.704 billion yuan and 2.222 billion yuan respectively, and the net profit attributable to the parent company will be 623 million yuan, 837 million yuan and 1.087 billion yuan respectively, maintaining the “overweight-a” investment rating.
Risk tip: downstream demand attenuation risk, market competition risk, product R & D is less than expected, and customer expansion is less than expected.
