\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 04 Hangzhou Chang Chuan Technology Co.Ltd(300604) )
Event: the company issued the annual report of 2021.
The tester business performed best, and the revenue side achieved rapid growth in 2021
In 2021, the company achieved an operating revenue of 1.511 billion yuan, a year-on-year increase of + 88%, which basically met our expectations. The main reason is that the prosperity of the integrated circuit industry is high, and the downstream customers have strong demand for semiconductor test equipment. The company has continuously improved its market share by continuously strengthening new product R & D and new market expansion, and strengthening cooperation with well-known customers in the industry. In terms of products: 1) testing machine: the revenue is 489 million yuan, with a year-on-year increase of + 174.33%, accounting for 32.37% of the revenue, with a year-on-year increase of + 10.19 PCT, which is the core driving force for the growth of the revenue end; 2) Sorter: the revenue was 936 million yuan, a year-on-year increase of + 67.59%, accounting for 61.96%, a year-on-year increase of -7.55 PCT; 3) Other businesses: the revenue was 86 million yuan, a year-on-year increase of + 28.29%, accounting for 5.67%, a year-on-year increase of -2.64pct. By the end of 2021, the company’s inventory and contract liabilities were 887 million yuan and 11 million yuan respectively, with a year-on-year increase of + 104% and + 89%. Considering the large volume of new products such as digital testing machines and probe stations, we believe that the company’s revenue is expected to continue to grow at a high speed in 2022
The scale effect has significantly reduced the expense rate, and the profitability of the company has increased significantly in 2021
In 2021, the company realized a net profit attributable to the parent company of 218 million yuan, a year-on-year increase of + 157%, and deducted a net profit not attributable to the parent company of 193 million yuan, the same as + 340%, both of which were at the upper limit of the performance forecast. In 2021, the company’s net profit margin on sales was 14.70%, a year-on-year increase of + 4.13pct; The net profit margin after deducting non sales was 12.80%, with a year-on-year increase of + 7.32pct, and the profitability was greatly improved. Specifically: 1) gross profit side: in 2021, the overall gross profit margin of the company was 51.83%, with a year-on-year increase of + 1.72 PCT, of which the gross profit margins of testing machines, sorting machines and other businesses were 67.67%, 42.65% and 61.71% respectively, with a year-on-year increase of -2.23 PCT, + 0.22 PCT and + 0.22 PCT respectively. The increase in the proportion of testing machine revenue with high gross profit margin was the main reason for the increase of the overall gross profit margin of the company. The gross profit margin of the company’s testing machine decreased in 2021. We speculate that it is mainly caused by the change of product structure. 2) Expense side: in 2021, the expense rate of the company was 38.23%, with a year-on-year -7.44pct, and the scale effect was obvious. Among them, the expense rates of sales, management, R & D and finance were -1.75 / – 2.85 / – 1.44 / – 1.39pct year-on-year respectively. In particular, the company continued to increase R & D investment. Under the scale effect, the R & D expense rate in 2021 was still as high as 21.86%, the R & D personnel reached 925, a year-on-year increase of + 83%, and the proportion of employees was as high as 55%, laying a foundation for the expansion of new products and long-term development of the company.
Semiconductor test equipment platform enterprises, endogenous epitaxial growth space continues to open
Compared with Edwin & tereda, the company’s business scale is relatively small, and the growth space continues to open through endogenous extension: ① testing machine: the simulation testing machine has reached the leading level, and has the conditions for increasing the market share and continuous expansion; The market scale of digital testing machine is about 6-7 times that of analog testing machine. The company has made forward-looking layout for many years, and the industrialization breakthrough will completely open the growth space. ② Sorter: the company is a local scarce supplier. In 2022, it plans to acquire Changyi Technology (the core asset is exis, and the revenue and parent net profit of 2021q1-q3exis are 250 million yuan and 70 million yuan respectively), so as to realize the full coverage of gravity, translation and turret sorters and consolidate its core competitiveness; ③ Probe station: the first generation product CP12 has been successfully developed, and the key overweight probe station of the raised investment project is expected to take the lead in realizing the industrialization breakthrough. ④ In addition, in 2019, the company acquired Singapore STI and entered the field of wafer testing relying on its AOI business, which is expected to become the second growth curve.
Profit forecast and investment rating: Based on the continuous breakthrough of the company’s new products, we predict that the net profit attributable to the parent company from 2022 to 2024 will be 500 million yuan (unchanged), 751 million yuan (previous value 715 million yuan) and 1118 million yuan respectively, and the corresponding dynamic PE of the current stock price is 37 / 25 / 17 times respectively, maintaining the “buy” rating.
Risk tip: the investment in the semiconductor industry is less than expected, and the industrialization progress of new products is less than expected.
