\u3000\u3 Guocheng Mining Co.Ltd(000688) 200 Beijing Huafeng Test & Control Technology Co.Ltd(688200) )
In the first quarter of 2022, the revenue increased by 124.05% year-on-year, and the net profit attributable to the parent company increased by 355.74% year-on-year. The company achieved a revenue of 260 million yuan in 2022q1, a year-on-year increase of 124.05%; The net profit attributable to the parent company was 122 million yuan, with a year-on-year increase of 355.74%, which was mainly due to the gradual installation of new product sts8300 and the market demand of semiconductor testing equipment.
The profitability remained stable in the first quarter of 2022. The gross profit margin / net profit margin of 2022q1 company is 80.03% / 47.09%, with a year-on-year change of -0.18 / – 2.87 PCT. 2022q1 company’s sales expense rate / management expense rate / financial expense rate / R & D expense rate is 8.55% / 6.27% / – 2.26% / 10.18%, with a year-on-year change of -0.15 / – 0.07/0.00 / – 0.53 PCT, and the expense is well controlled.
China’s semiconductor automatic testing system is the leader, and new products help further improve the market share. The company is engaged in the R & D, production and sales of semiconductor automatic test system, focusing on the field of analog and digital analog mixed signal tester, and breaking the foreign monopoly through independent research and development. Relying on the advantages of high-performance products, easy operation and good service, the company has become the main supplier in the field of simulation testing for the top three semiconductor packaging and testing manufacturers in China. It has supplied large and medium-sized wafer manufacturing enterprises such as China Resources Microelectronics Limited(688396) and integrated circuit design enterprises such as siliger, Shengbang microelectronics and core source system in batches, realizing import substitution. At present, it is the largest local supplier of semiconductor testing system in China. At the same time, it has also entered the supplier system of the international sealing and testing market, with installed capacity in Southeast Asia, Japan, Europe and other regions. In 2021, the company’s traditional advantageous product sts8200 expanded rapidly. In the first quarter of 2022, new products continued to increase in volume, which is expected to continue to promote the growth of performance in 2022; The platform design of the company’s new product sts8300 further improves the integration, mainly for PMIC and power SOC testing, which can meet the testing needs of FT and CP at the same time. The unit price of the new product is high, has won many orders from high-quality customers, and has obtained a certain installed capacity, which is expected to promote the market share of the company.
Risk tip: the investment in semiconductor industry is less than expected; Customer breakthrough is less than expected; The expansion of new products was less than expected.
Investment suggestion: considering the continuous breakthrough of the company’s new products and the brilliant performance in the first quarter, we maintain the profit forecast. The net profit attributable to the parent company in 202224 is RMB 637 / 830 / 1080 million, corresponding to PE40 / 31 / 24 times, and maintain the “buy” rating.
