\u3000\u3 Guocheng Mining Co.Ltd(000688) 516 Wuxi Autowell Technology Co.Ltd(688516) )
Performance overview: the company’s 22q1 revenue was 625 million yuan, a year-on-year increase of + 70.3%, the net profit attributable to the parent company was 107 million yuan, a year-on-year increase of + 109.5%, and the net profit not attributable to the parent company was 100 million yuan, a year-on-year increase of + 116.9%. Newly signed orders amounted to 1.44 billion yuan, a year-on-year increase of 84.6%, while orders on hand amounted to 4.89 billion yuan, a year-on-year increase of 77.0%.
The performance of 22q1 exceeded the expected growth, and the profitability remained high. 22q1’s revenue reached a record high of 625 million yuan in a single quarter, mainly due to the obvious competitive advantage of the company’s large-size products in 21 years and more orders from customers. The gross profit margin of 22q1 company reached 38.6%, with a year-on-year increase of + 1.1pp and a month on month increase of + 2.0pp. Benefiting from the large-scale series welding machine with higher gross profit margin, the revenue was intensively recognized in 22 years. It is expected that the subsequent gross profit margin of the company will remain high in 22 years. The net profit margin of 22q1 company (calculated based on the net profit attributable to the parent company) was 17.1%, with a year-on-year increase of + 3.2pp and a month-on-month decrease of – 6.0pp. The month-on-month decrease was mainly due to the company’s partial income from changes in fair value in 21q4 (from two joint-stock subsidiaries of Wuxi Songyu (photovoltaic cell CVD equipment) and ouputai (photovoltaic el and PL testing equipment). At the same time, 22q1 company has more equity incentive expenses recognized as management expenses. 22q1 company’s sales / management / R & D / financial expense rates were 4.6% / 6.9% / 7.3% / 0.4% respectively, with a year-on-year rate of -0.8pp / + 0.3pp / – 1.2pp / – 2.1pp. The total expense rate during the period was 19.2%, with a year-on-year rate of -3.7pp and a month-on-month rate of + 5.1pp. Considering that the gross profit margin of the company continues to remain high and the subsequent cost control continues to be optimized, the annual net profit margin of the company is still expected to remain high.
22q1’s newly signed orders exceeded expectations and reached a record high in a single quarter. Benefiting from the iteration of large-size and new technology series welding machines, the annual orders are expected to continue to increase. In 2022, Q1 company signed new orders of 1.44 billion yuan, a year-on-year increase of + 84.6% and a month on month increase of + 1.6%, a record high in a single quarter. Orders on hand amounted to 4.89 billion yuan, a year-on-year increase of + 77%, an increase of 15% over the end of the 21st century. The company’s orders exceeded expectations. We believe that on the one hand, it is due to the increasing acceptance of component prices by power stations and silicon materials by component factories. Under the background of good demand, the industry continued to expand production; On the other hand, due to the incomplete penetration of large-size series welding machine, and the company won the bid of Jingke topconsmbb series welding machine again in Q1, the penetration of series welding machine corresponding to high-efficiency technology has just started. Considering that in the first quarter, due to the Spring Festival and other reasons, the proportion of orders in the annual order structure is relatively low, and the large-scale iteration is further promoted (the main iteration factor in 22 years), the iteration of smbb model used by hjt / TOPCON and special series welding machine for IBC is about to start (the main iteration logic in the future), while the company has obtained orders for Jingke TOPCON and Huasheng hjt series welding machines, which are the largest single TOPCON and hjt projects in China at present, At the same time, the company launched IBC series welding machine in 2015, deeply benefiting from the iteration of new technology. It is expected that the company’s main business orders are expected to maintain rapid growth in 22 years.
The model of high-end aluminum wire bonding machine breaks through Tongfu Microelectronics Co.Ltd(002156) , and the semiconductor elasticity is released to ensure the in-depth layout of the company’s platform. The company’s aluminum wire bonding machine is applied to the packaging of power chips such as automotive electronics. It was developed in 2018. It won a small batch order from Wuxi delixin in November 2021 and broke through the leading customer of sealing and testing in April 2022 Tongfu Microelectronics Co.Ltd(002156) . According to customs data, the total import amount of China’s wire bonding machine in 2021 was US $1.586 billion, a year-on-year increase of + 136%. Considering that domestic equipment has advantages over overseas giants in price, the domestic substitution space for wire bonding machine is about 7.5 billion yuan, including aluminum wire bonding machine and gold silver copper wire bonding machine. The overseas leader of bonding machine is kulisofa, and its aluminum wire bonding machine models are powerc, powerasterion and powerfusion from low-end to high-end, of which the high-end model powerfusion is priced at US $2000003 Shenzhen Zhenye(Group)Co.Ltd(000006) 88516 product performance has been compared with the high-end and low-end models of standard library cable method, and has obvious advantages in price, after-sales and delivery cycle. While the aluminum wire bonding machine continues to increase in volume, the company is also laying out gold, silver and copper wire bonding machines, which is expected to become a leading enterprise of semiconductor bonding machines in China in the future.
Profit forecast: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 560 / 81 / 1.09 billion, corresponding to pe35 / 24 / 18 times, maintaining the “buy” rating.
Risk tip: the newly installed capacity of photovoltaic is less than expected, the iteration of module technology is less than expected, and the industry competition is intensified.
