\u3000\u3 Guocheng Mining Co.Ltd(000688) 516 Wuxi Autowell Technology Co.Ltd(688516) )
Event:
(1) the company released the first quarterly report, and the revenue of 22q1 was 625 million yuan, with a year-on-year increase of 70.25%; The net profit attributable to the parent company was 107 million yuan, a year-on-year increase of 109.49%.
(2) the company announced that the holding subsidiary Songci electromechanical has obtained the letter of acceptance of Yuze semiconductor (Yunnan) “1600 single crystal furnace” project, with a bid winning amount of about 300 million yuan.
Benefiting from the expansion and upgrading of components, the company’s orders increased rapidly. The trend of photovoltaic silicon wafer upgrading to large size and large production capacity is obvious, which puts forward higher requirements for series welding machine, sorter and other equipment. The company’s large-size, ultra-high-speed multi main grid series welding machine, silicon wafer sorter, sintering annealing integrated furnace, nondestructive dicing machine and other optical valley equipment have been highly recognized by customers and maintained a high market share. According to the announcement, the company signed 1.44 billion yuan of new orders in the first quarter, an increase of 84.62% year-on-year; By the end of the first quarter, the orders on hand were 4.894 billion yuan, a year-on-year increase of 77%.
Strong process expansion ability, driven by photovoltaic, lithium battery and semiconductor. The company has four core technologies, namely, precision processing technology and precision manufacturing technology. According to the announcement, the company’s semiconductor sealing and testing equipment aluminum wire bonding machine has been verified at the client and obtained small batch purchase orders from well-known Chinese customers; The single crystal furnace of Songci Electromechanical, a holding subsidiary, has received repeated orders from Yuze; The fixed increase project will research and develop TOPCON battery equipment, semiconductor sealing and testing core equipment and lithium battery core process equipment, showing excellent process expansion ability.
The chairman fully subscribed for the fixed increase, and the equity incentive was bound to the core personnel. The 21-year private placement of the company is being promoted, and the total amount of funds raised is no more than 550 million yuan. Mr. Ge Zhiyong, chairman of the board, subscribes in full and shall not be transferred within 36 months from the end of this fixed increase. At the beginning of this year, the company issued a 22 year restricted stock incentive plan. According to the announcement, the first grant to incentive objects was completed on March 14 this year, and 848200 restricted shares were granted to 848 incentive objects at a price of 110.00 yuan / share.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 3.287 billion yuan, 4.930 billion yuan and 6.452 billion yuan respectively, and the net profit attributable to the parent company will be 556 million yuan, 806 million yuan and 1.104 billion yuan respectively, corresponding to EPS of 563 million yuan, 817 million yuan and 11.19 yuan respectively. Given a “buy” rating, the six-month target price is 285.95 yuan, equivalent to 35 times the dynamic P / E ratio in 23 years.
Risk tip: photovoltaic demand fluctuates and industry competition intensifies.
