\u3000\u3 Guocheng Mining Co.Ltd(000688) 200 Beijing Huafeng Test & Control Technology Co.Ltd(688200) )
In the first quarter, the company continued its high performance growth trend. The company released a quarterly report, with a revenue of 259 million yuan in 2022q1, a year-on-year increase of + 124.05%; The net profit attributable to the parent company was 122 million yuan, a year-on-year increase of + 355.74%; Deduct the net profit not attributable to the parent company of 122 million yuan, a year-on-year increase of + 195.19%. In the first quarter, the performance continued to grow rapidly, mainly due to the continuous improvement of the prosperity of the semiconductor industry and the accelerated expansion of downstream packaging and testing plants; At the same time, the company established a wholly-owned company in Southeast Asia to strengthen product promotion in Southeast Asia and international markets, and the sales of test system continued to increase. The gross profit margin of 2022q1 company was 80.03%, with a year-on-year increase of -0.70pct; Deduction of non net interest rate 46.83%, year-on-year + 11.29pct; The profit margin is stable at a high level.
The new production capacity was released smoothly, and the layout and launch of new products were increased. In September 2021, the company’s Tianjin industrial base was officially opened. With the new base put into use, the company’s capacity bottleneck will be greatly solved, and lay the foundation for the company’s R & D and production capacity to a higher level. The company continues to launch new products and new test modules to meet more incremental requirements such as SOC, Gan and high-power test, and further expand the test capability.
Attach importance to R & D and continuously increase R & D investment. 2022q1 R & D investment was 26.42 million, a year-on-year increase of 33.85%. In 2021, the company invested 94.04 million yuan in R & D, a year-on-year increase of 59.03%; The company continued to introduce excellent R & D personnel, with 133 R & D personnel in 2021, an increase of 21 over the same period. At present, the company’s Haidian R & D center and the laboratory jointly built with Tianjin University have been officially opened; New “postdoctoral research workstation”.
The new business is fast and large-scale, and the traditional business is expected to be supported. In terms of new business, the company’s PIM module shipment is expected to increase significantly this year, the shipment of sts8300 is expected to further increase, and Gan is expected to continue to contribute and establish the company’s incremental business. In terms of traditional business, referring to the guidance of thalida this year, the growth rate of global SoC Test equipment will be 12% in 2022. We expect that the global capex will continue to grow steadily in the future, the proportion of Chinese downstream design companies will continue to increase, and the demand for new applications will increase, which is expected to contribute to the growth.
The company has strong R & D efficiency and product strength. The company takes the lead in China in the field of traditional analog mixing, has strong product competitiveness, and has a high installed capacity and customer service base; Gain the first opportunity in emerging application fields (Gan, PIM) and have strong competitiveness; Continue to make efforts in the larger SOC testing market, increase the coverage of iterative testing boards to the target market, and open the domestic alternative space for SoC testing.
The company focuses on the testing field. Its products expand from analog and mixed signal testing equipment to SOC testing, and continue to benefit from domestic alternative breakthroughs. The boom of downstream packaging and testing industry continues, and compound semiconductor has become an important market increment. The company’s overall orders are full, and the number of sts8300 machines continues to increase, which is expected to maintain a high growth. It is estimated that the company will realize the net profit attributable to the parent company of RMB 613 million, RMB 838 million and RMB 1126 million in 2022, 2023 and 2024 respectively; Corresponding to pe36 1 / 26.4 / 19.6, maintain the “buy” rating.
Risk warning: risk of Global trade disputes and uncertainty of downstream demand.
