Tuojing Technology (688072)
Tuojing Technology: the leader of domestic semiconductor film deposition equipment. The company's main business is semiconductor thin film equipment, which has made a breakthrough in the field of PECVD. At the same time, it has emerged in ALD and sacvd equipment, becoming the only manufacturer in China to realize mass production of PECVD and sacvd equipment. The company's revenue has increased rapidly in recent three years, from 71 million yuan in 2018 to 758 million yuan in 2021, with a compound annual growth rate of 121%. Relying on advanced self-developed products, the company widely supplies Semiconductor Manufacturing International Corporation(688981) , Huahong group, Changjiang storage, Changxin storage, Xiamen Lianxin, Yandong microelectronics and other mainstream wafer factory production lines in China, breaking the monopoly of international manufacturers on the Chinese market and directly competing with international oligarchs.
The upward prosperity drives the demand for semiconductor equipment, and the domestic substitution process is accelerated. Downstream Fabs continue to expand production and equipment prosperity is rising. Maximizemarketresearch predicts that the global semiconductor film deposition equipment market will expand from US $17.2 billion in 2020 to US $34 billion in 2025, maintaining a compound annual growth rate of 13.3%. With the support of policies such as "02 special project" and "big fund", a number of local suppliers have emerged in China to promote the process of equipment localization. With the acceleration of the transfer of semiconductor industry, the upgrading of technology, the promotion of high capital expenditure of wafer factories and the cultivation of domestic supply chains by major Chinese manufacturers, China's semiconductor enterprises will usher in rare opportunities. As a leading and scarce manufacturer in the field of film equipment in China, the company will fully benefit from the domestic substitution process.
Scarce film equipment suppliers, three categories of in-depth development. The company focuses on the field of film deposition equipment and mainly has three product lines. PECVD equipment is the core product of the company. According to the downstream demand for PECVD equipment with different material films, it has realized the coverage of 180-14nm logic chip, 19 / 17nm DRAM and 64 / 128 layer 3dnand. ALD equipment can realize key dimensional accuracy control, which is used for 28-14nm industrialized manufacturing and 2.5D and 3D packaging. The company has achieved mass production of PE-ALD equipment. Sacvd is an emerging equipment type with a small market scale. The company achieved mass production for the first time in 2020 and its revenue increased to 41.16 million yuan in 2021, which is expected to become a new growth point of the company. At present, the company's thin film deposition equipment has been recognized by many mainstream semiconductor enterprises in China, and has established a stable cooperative relationship. Good reputation has helped the company's equipment usher in a large volume. In 2020, China's film deposition equipment market was about US $4.522 billion, of which PECVD market was about US $1492 million and ALD market was about US $497 million. In the same period, the revenue of tuojing technology, as the leader in China, was only 436 million yuan, and there was still considerable room for localization. The issuing company plans to raise 1 billion yuan, but actually raised 2.27 billion yuan, which will be invested in high-end semiconductor equipment expansion, technology R & D and improvement projects and replenishment to support the company's long-term expansion.
Investment suggestion: as the leader of semiconductor thin film equipment in China, tuojing has strong independent development ability and market competitiveness. We expect that the company will achieve a revenue of 1.246/2.02/2.943 billion yuan from 2022 to 2024, and the corresponding current price is 9 / 6 / 4 times that of PS from 2022 to 2024. We are optimistic about the long-term growth of the company's business, cover it for the first time, and give a "recommended" rating.
Risk warning: product verification is not as expected; Cyclical fluctuations in the industry; The project invested with raised funds was put into operation less than expected.
