\u3000\u3 Guocheng Mining Co.Ltd(000688) 233 Thinkon Semiconductor Jinzhou Corp(688233) )
In 2021, the company achieved an operating revenue of 474 million yuan, a year-on-year increase of 146.69%; The net profit attributable to the parent company was 218 million yuan, a year-on-year increase of 117.84%; The non net profit deducted was 214 million yuan, a year-on-year increase of 138.86%; The basic earnings per share was 1.37 yuan, a year-on-year increase of 110.04%.
Key points supporting rating
In the past 21 years, the operating performance has been brilliant, and the profitability of advantageous industries has been greatly improved. Driven by downstream demand, the company’s orders for large-diameter silicon materials for etching machines have increased significantly. On this basis, the production capacity of large-diameter silicon materials has been increased. The company continued to optimize the product structure. The sales volume of 16 inches and above with high profit margin increased by 206.33% year-on-year, which made a great contribution to the growth of net profit.
The company’s brand has high recognition and works closely with customers. The company has strengthened cooperation with Advanced Micro-Fabrication Equipment Inc.China(688012) and Naura Technology Group Co.Ltd(002371) Chinese plasma etcher equipment manufacturers to jointly develop silicon parts suitable for plasma etcher; The company’s silicon parts products cover a wide range and can adapt to the plasma etching machines of most brands and models used by Chinese integrated circuit manufacturers. It has obtained sample delivery and evaluation opportunities from many 12 inch integrated circuit manufacturers in China, and has obtained small batch orders from some customers.
The company continues to ensure product advantages and expand production in an orderly manner. The company has built an 8-inch production line with a capacity of 50000 pieces per month, and ordered 100000 pieces of production equipment per month in advance. The company has light doping and low defect process technology benchmarking with overseas leaders. At present, most technical indexes and yield of low defect and light doping silicon wafers have reached or basically close to the level of mainstream manufacturers in the industry. This year, the company plans to continue to expand the production scale of large-diameter silicon materials and strengthen the global leading edge of products with 16 inches and above; Ensure that the semiconductor grade 8-inch silicon wafer maintains a high yield level under higher production conditions, and continue to explore the growth process of 12 inch semiconductor grade low defect crystals.
Profit forecast and rating
In view of the positive orders of the company and the optimistic judgment of downstream parts end customers on the WFE market, it is predicted that the net profit of the company in 22-24 years will be RMB 304 / 397 / 524 million respectively, maintaining the rating of “overweight”.
Main risks of rating
Due to the uncertainty of international marginal political friction, the production expansion progress of downstream wafer plants is less than expected, and the certification progress of light doped and low defect polishing wafers is less than expected.
