\u3000\u30003 An Hui Wenergy Company Limited(000543) 00054)
Hubei Dinglong Co.Ltd(300054) 2021, the operating revenue will reach RMB 2.355 billion, with a year-on-year increase of 29.67%; The net profit attributable to the parent company was 213 million yuan, a year-on-year increase of 233.60%.
The polishing liquid client has achieved a breakthrough, and the annual production capacity of 5000 tons has been completed. In terms of R & D progress, the multi line layout of CMP process polishing fluid products such as oxide, sin, poly, Cu and Al has been verified and fed back well at the client. Among them, a polishing solution product in Al process has passed the customer verification in the 28nm technology node HKMG process and entered the ton level procurement stage; Oxide polishing liquid products recently received a purchase order from a mainstream wafer manufacturer in China, with a purchase quantity of 20 tons. Previously, the product model was mainly imported from overseas. In terms of capacity construction, the first phase of the factory of Wuhan headquarters with an annual output of 5000 tons of polishing liquid production workshop has been completed.
The revenue level of polishing pad business continued to grow and entered a large-scale period. In 2021, the sales revenue of polishing pad products reached 302 million yuan, a year-on-year increase of 284%, turning losses into profits for the first time, and realizing large-scale profits. The company’s polishing pad products have achieved 100% full coverage of mature and advanced processes. The autonomy of key raw materials continues to be promoted, and the conventional raw materials are self-developed and self-produced, which greatly ensures the autonomy and safety of the supply chain and optimizes the product cost structure.
Cleaning fluid product verification and capacity construction shall be carried out simultaneously. In terms of product verification, the promotion of Cu CMP cleaning fluid products in the client is progressing smoothly, and a small amount of orders have been obtained. In terms of R & D progress, cleaning fluids for W process, sin process and al process have been developed, and some products have been sent to the client for testing. In terms of capacity construction, the phase I detergent production line of Wuhan headquarters with an annual capacity of 2000 tons has completed trial production and reached the capacity of stable supply.
Investment advice
It is estimated that the company’s revenue from 2022 to 2024 will be RMB 3.09839844790 billion respectively, with a year-on-year increase of 31.5% / 28.6% / 20.2%, and the net profit will be RMB 379 / 577 / 763 million respectively, with a year-on-year increase of 77.4% / 52.4% / 32.1%. The current price corresponds to 45 times of PE in 2022. Considering the strong demand in the downstream market, it will continue to benefit from domestic substitution and maintain the “buy” rating.
Risk tips
The risk that the R & D of new products is less than expected and the downstream application is less than expected.
