\u3000\u3 Guocheng Mining Co.Ltd(000688) 216 China Chippacking Technology Co.Ltd(688216) )
Event: the company issued the 2021 annual report. In 2021, the company realized an operating revenue of 809 million yuan, a year-on-year increase of 47.69%; The net profit attributable to the parent company was 135 million yuan, a year-on-year increase of 67.46%; The non net profit deducted was 126 million yuan, with a year-on-year increase of 69.45%, mainly due to the increase of revenue and gross profit margin in 2021 compared with the previous year. The company released the first quarter report of 2022. The company achieved an operating revenue of 126 million yuan, a year-on-year decrease of 17.19%; The net profit attributable to the parent company was -06 million yuan, a year-on-year decrease of 130.20%.
Comments: the performance in 2021 is in line with expectations. The performance in the first quarter of 2022 is under pressure in the short term, and the company is optimistic about the long term
Development.
The demand for miniaturization and low power consumption in the downstream market drives the rapid development of advanced packaging. The company seizes the opportunity of the post Moore era, optimizes the product structure + introduces core talents, and the proportion of advanced packaging continues to increase. With the multi-point flowering of downstream applications such as aiot and smart phones, there are repeated demands for equipment miniaturization, low cost, low power consumption, high reliability and low cost. Advanced packaging has significant advantages and promising prospects. The company’s advanced packaging accounted for 19.26% in 2020 and 28.25% in 2021. In the process of expanding production, the company is also adjusting the product structure, increasing production capacity, focusing on the introduction of advanced packaging products and reducing the proportion of traditional packaging. The company will continue to introduce and cultivate high-level packaging and testing technical talents, especially advanced packaging technical talents, strengthen R & D investment, and further improve the company’s R & D strength and technical level.
The company continues to optimize the customer structure and introduce brand customers. At the same time, it strengthens R & D and improves the proportion of technology to increase customer stickiness. Customers highly coincide with leading enterprises in the industry. The company continues to research and develop packaging technology and packaging forms, and applies new technologies to the company’s packaging and testing products. By the end of 2021, the company has 204 foreign patented technologies, including 11 invention patents, forming a series of core technologies. At the same time, in recent years, the company has continuously optimized the customer structure and introduced brand product customers. At present, the company has achieved outstanding results. In terms of Chinese customers, the company has highly overlapped with leading enterprises in the industry.
The company continues to expand and strengthen its competitive advantage in the field of core technology. In terms of high-density and large matrix product design, the company has completed the upgrading design of dip, SOP and tssop and other products, which is expected to be put into mass production in the second half of 2022; In terms of the packaging technology development of the third generation semiconductor products, first, on the basis of the stable mass production of 5ggan microwave RF power amplifier plastic packaging products, the plastic packaging technology of GaN has been expanded to the civil field and mass production has been realized. Second, the plastic packaging technology of 5g macro base station high-power Gan RF power amplifier in China has been successfully developed. At present, the evaluation and certification of the technical route and scheme have been completed. The cdfn / cqfn packaging technology independently defined by the company has completed R & D and entered the mass production stage; The packaging products corresponding to the company’s copper pillar based flip chip packaging technology have also entered the stage of mass production. MEMS products of advanced substrate packaging products have been developed, the products have entered the stage of small batch production, and some products have been mass produced. We are optimistic that with the development boom of the third generation semiconductor, the company will continue to expand the output of 5ggan packaging products and improve the overall gross profit margin.
Investment suggestion: due to the sales uncertainty caused by the epidemic, we lowered our expectations and lowered the company’s net profit of 139 / 169 / 217 million in 21 / 22 / 23 to 138 / 163 / 223 million in 22 / 23 / 24. We maintained the overweight rating and were optimistic about the long-term development of the company.
Risk tips: the market competitiveness of advanced packaging is less than expected, the downstream demand is less than expected, the epidemic situation is aggravated, and the R & D technicians are lost
