\u3000\u30003 An Hui Wenergy Company Limited(000543) 00054)
On April 15, Hubei Dinglong Co.Ltd(300054) released the annual report of 2021. The company achieved a revenue of 2.356 billion yuan in 2021, with a year-on-year increase of 29.67%; The net profit attributable to the parent company was 214 million yuan, a year-on-year increase of 233.6%; The net profit deducted from non return to parent was 207 million yuan, an increase of 175.62% year-on-year. Corresponding to 21q4, the company achieved a revenue of 705 million yuan, a year-on-year increase of 25.2% and a month on month increase of 26.97%; The net profit attributable to the parent company reached 63 million yuan, an increase of 15.74% year-on-year and 6.31% month on month.
The industrial chain layout has formed advantages, and the performance of the whole line has soared Hubei Dinglong Co.Ltd(300054) adhere to the synchronization of material technology innovation and talent team training; Adhere to the synchronization between the progress of material technology and the construction of intellectual property rights; Adhere to the synchronization of material technology innovation with the localization of upstream and raw materials; Adhere to the synchronization of material technology innovation and user verification process development. In the field of printing consumables, the company has completed the layout of the whole industrial chain from the core raw materials of upstream consumables to the finished products of consumables terminals, and the linkage of upstream and downstream industries has enabled the company to obtain a competitive advantage in the consumables industry. In 2021, the revenue of consumables reached 2.013 billion yuan, with a year-on-year increase of 17.79% and a gross profit margin of 29.15%. Focusing on the four core consumables of CMP link, the company takes the mature CMP polishing pad as the cutting entrance to promote the horizontal layout of CMP polishing fluid and cleaning fluid products. At the client, various CMP consumables adapt to each other to meet customers’ requirements for stability. In 2021, photoelectric semiconductor materials achieved a revenue of 307 million yuan, a year-on-year increase of 286.97% and a gross profit margin of 63.29%.
CMP polishing pad has entered the harvest period, and customer verification + capacity expansion have improved one after another. In 2021, the company focused on the pan semiconductor material business. CMP polishing pad entered the harvest period, the production and sales volume increased significantly, and the sales revenue reached 302 million yuan. It began to make profits in the first year, and the market dominant position was established, becoming an important profit point for stable and sustainable growth. The product development and verification of CMP polishing fluid project has been rapidly promoted, breakthroughs have been made in key products, the upstream core raw materials are independently controllable, and the construction of phase I Wuhan 5000 ton annual production capacity has been completed, waiting for large-scale production. CMP copper cleaning fluid has been verified by many mainstream customers in China. New products in other processes are diversified. The first phase of the production line with an annual output of 2000 tons in Wuhan headquarters has been built. The R & D equipment and application verification platform for advanced semiconductor packaging materials have been preliminarily established, and new products such as underfill glue, temporary bonding glue and packaging PSPI have been developed as planned. In terms of semiconductor display materials, YPI business is about to enter a rapid growth period, and the number of orders will continue to increase in the future; PSPI and ink product clients have been verified well, and large-scale production line construction will be prepared soon. In the context of severe competition in the consumables industry, the company continues to improve its operation and management level, reduce costs and increase efficiency, pay close attention to the risk points of the industry, and maintain the core competitiveness of the whole industrial chain layout of printing consumables.
Attach importance to R & D investment and form a leading technology. The company has continuously increased R & D investment, rapidly promoted the development progress of various product lines of semiconductor process materials and semiconductor display materials, and made forward-looking efforts to layout advanced semiconductor packaging materials. In 2021, the R & D investment of the company was RMB 284 million, accounting for 12.06% of the operating revenue of the current year, a significant increase of 52.33% over the same period of the previous year. Through technology research and development, the company has become the only CMP polishing pad supplier in China who fully mastered the core R & D and manufacturing technology of the whole process of polishing pad, and realized the autonomy of key raw materials.
Investment suggestion: it is estimated that the net profit attributable to the parent company is expected to reach 378 / 591 / 771 million yuan in 22 / 23 / 24 years, and the corresponding current price PE is 46 / 29 / 22 times respectively. The company focuses on the pan semiconductor material business, takes the mature product CMP polishing pad as the cutting entrance, and promotes the horizontal layout of CMP polishing fluid and cleaning fluid products. Maintain a “recommended” rating.
Risk warning: the expansion of production is less than expected; The development of new business is less than expected; Downstream demand was lower than expected.
