\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 04 Hangzhou Chang Chuan Technology Co.Ltd(300604) )
Core view
In 2021, the revenue increased by 88.00% year-on-year, and the net profit attributable to the parent company increased by 157.17% year-on-year. In 2021, the company achieved a revenue of 1.511 billion yuan, a year-on-year increase of 88.00%; The net profit attributable to the parent company was 218 million yuan, a year-on-year increase of 157.17%. The growth was mainly due to the high prosperity of the integrated circuit industry and the strong investment demand for downstream semiconductor test equipment. At 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 + 103.92% and + 88.92%. The company’s operation is expected to maintain high growth in 2022.
In 2021, the scale effect will significantly reduce the expense rate and significantly improve the profitability. In 2021, the company’s gross profit margin / net profit margin was 51.83% / 14.70%, with a year-on-year change of + 1.72 / + 4.13 PCT. In 2021, the company’s sales expense rate / management expense rate / financial expense rate / R & D expense rate was 9.14% / 7.38% / – 0.15% / 21.86%, with a year-on-year change of -1.75 / – 2.85 / – 1.39 / – 1.44 PCT, and the expense rate during the period changed by -5.99 PCT year-on-year. The rapid growth of operating revenue pushed the expense rate down significantly, resulting in a significant increase in net interest rate.
Build a semiconductor testing equipment platform company and improve the profitability of the company. The company mainly provides testing equipment for integrated circuit packaging and testing enterprises, wafer manufacturing enterprises and chip design enterprises. Its main products include testing machines, sorting machines and other testing equipment. The company’s products have been used and recognized by many first-class integrated circuit enterprises such as Jcet Group Co.Ltd(600584) , Tianshui Huatian Technology Co.Ltd(002185) , Tongfu Microelectronics Co.Ltd(002156) , Hangzhou Silan Microelectronics Co.Ltd(600460) , China Resources Microelectronics Limited(688396) electronics, riyueyue and so on, and have realized the partial import substitution of testing machines and sorting machines with self-developed products. In 2021, the revenue of testing machine / sorter was RMB 489 million / 936 million respectively, with a year-on-year change of + 174.33% / + 67.59%, accounting for 32.37% / 61.96% of the operating revenue. At the same time, the company further enhances its platform operation ability and improves its profitability through fixed growth, mergers and acquisitions and other means. (1) In August 2021, the company issued 8126775 shares with an issue price of 45.75 yuan per share and a net raised capital of 362 million yuan, of which 260 million yuan was used for the industrialization project of probe platform R & D machine. It is expected that the industrialization of probe platform business will provide a new growth point for the company’s business. (2) On March 14, 2022, the company announced that it planned to issue shares to purchase 97.67% equity of Changyi technology at an issue price of 40.27 yuan / share, and the transaction price of 97.67% equity of the underlying assets was 276.7 million yuan. Changyi technology focuses on the subdivided field of turret sorter, and downstream customers include Broadcom, MPs, NXP, Byd Company Limited(002594) semiconductor, etc. after the acquisition, the company will enrich product types and realize the full coverage of sorter products.
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 continuous promotion of industry localization, we expect the net profit attributable to the parent company in 202224 to be RMB 385 / 551 / 712 million, corresponding to pe48 / 34 / 26 times, and give the rating of “overweight” for the first time.
