\u3000\u3 China Vanke Co.Ltd(000002) 185 Tianshui Huatian Technology Co.Ltd(002185) )
The company's performance grew rapidly, its profitability improved significantly, and maintained the "buy" rating
The company released its 2021 annual report on April 25, 2022, and achieved a revenue of 12.097 billion yuan in 2021, a year-on-year increase of + 44.32%; The net profit attributable to the parent company was 1.416 billion yuan, a year-on-year increase of + 101.75%; Deduct non net profit of RMB 1.101 billion, a year-on-year increase of + 106.96%; The gross profit margin was 24.61%, with a year-on-year increase of + 2.93pcts. According to the calculation, the company's single quarter revenue in 2021q4 was 3.230 billion yuan, a year-on-year increase of + 31.03% and a month on month increase of - 0.58%; The net profit attributable to the parent company was 388 million yuan, a year-on-year increase of + 52.43% and a month on month increase of - 6.65%; Deduct the non net profit of 281 million yuan, a year-on-year increase of + 79.09% and a month on month decrease of - 17.46%. As the top three seal testing enterprises in mainland China, the company has successfully integrated unisem's important European and American customer resources and superimposed strong downstream demand. In 2021, the contract liabilities reached 196 million yuan, a year-on-year increase of + 176%, indicating that the company has sufficient orders on hand. At the same time, the company plans to increase and expand production, and the future growth is expected. We maintain the performance forecast for 20222023 and add the performance forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.955/2.207/2.554 billion, corresponding to EPS of RMB 0.61/0.69/0.80, and the current share price corresponding to PE of 15.2/13.5/11.7 times, maintaining the "buy" rating.
Smooth product certification, increased research and development of advanced packaging, raised investment and expanded production, and sufficient growth momentum
In terms of products, the company's IC product business revenue in 2021 was 11.911 billion yuan, a year-on-year increase of + 44.67%, and the gross profit margin reached 25.06%, a year-on-year increase of + 2.77 PCTs; Led business revenue was 186 million yuan, with a year-on-year increase of + 24.59%, gross profit margin of - 4.55%, and a year-on-year increase of + 7.53pcts. In 2021, the company completed 49.648 billion integrated circuit packages, a year-on-year increase of + 25.85%, and 1.4351 million wafer level integrated circuit packages, a year-on-year increase of + 33.31%. The product certification was successful. It passed Infineon certification, TSV and WLP packaging continued to pass the certification of ansenmey and anser, achieved mass production with Bosch's MEMS products, and memory packaging passed the certification of Xiaomi, oppo, vivo and other customers. The company has strengthened the research and development of advanced packaging and completed the process development of large-size esifo products. 3desinc products, mini SDP, 1 master + 16 layer NAND stacked ESSD, SSD based on 176 layer 3D NAND process, MCP sealed by NAND and DRAM, and silicon-based Gan packaging products have achieved mass production. 5gfcpa integrates 5g RF modules such as multi chip SIP to realize mass production. In 2021, the company raised 5.048 billion yuan for the expansion project of integrated circuit multi chip packaging, the expansion project of high-density system level integrated circuit packaging and testing, the industrialization project of TSV and FC integrated circuit packaging and testing, and the industrialization project of storage and RF integrated circuit packaging and testing.
Risk tip: the impact of the epidemic leads to less demand than expected, less research and development progress than expected, and increased risk of competition.
