\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 04 Hangzhou Chang Chuan Technology Co.Ltd(300604) )
Key points of the report:
Event: the company released its annual report for 2021, realizing 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 high gross margin testing machine grew rapidly, and the comprehensive gross margin continued to increase. The company’s high gross margin testing machine business made a rapid breakthrough, with a revenue of 489 million yuan, a year-on-year increase of 174.33%, accounting for 32.37% of the company’s revenue from 22.18% in the same period last year, mainly due to the high prosperity of the industry during the reporting period and the breakthrough of the company’s high-end testing machine recognized by customers; The company’s sorter and AOI testing equipment realized a revenue of 936 million yuan, a year-on-year increase of 67.59%, accounting for 61.96% of the company’s revenue. The company seized the development opportunity of the industry and launched competitive sorter products to achieve rapid revenue growth. During the reporting period, the gross profit margin of the company’s testing machines was 67.67%, higher than that of other product businesses. With the increase of the proportion of high gross profit margin testing machines, the company’s comprehensive gross profit margin is expected to continue to increase.
Continue to increase R & D investment, develop high-end market, and reduce the cost rate due to the trend of large-scale effect. The company continued to increase its R & D investment. In 2021, the R & D investment was 330 million yuan, with a year-on-year increase of 76.37%, and the R & D expense rate was 21.86%, mainly due to the increase of R & D personnel salary, technology development expense, depreciation and amortization; The sales expense was 138 million yuan, with a year-on-year increase of 57.77%, and the sales rate was 9.14%, which was mainly due to the company’s continuous development of the market, improvement of user experience, increase in employee compensation and after-sales service fees; The management fee was 111 million yuan, with a year-on-year increase of 35.57% and the management rate of 7.38%, mainly due to the expansion of the company’s scale and the improvement of employee compensation; Financial expenses were -23.212 billion yuan, a year-on-year decrease of 123.41%, mainly due to the increase of interest and exchange rate changes. With the continuous growth of the company’s scale, the scale effect has reduced the expense rate (R & D + Management + sales + Finance) from 45.67% in the same period last year to 38.23%.
Semiconductor equipment platform company, high-end products continue to expand. The company insists on building a platform company of semiconductor testing equipment. Recently, it acquired overseas turret sorter companies to further supplement the categories of testing equipment. At the same time, it continues to strengthen R & D and expand to high-end products, which is expected to bring continuous growth of revenue and continuous improvement of profit quality.
Investment advice and profit forecast
We expect the company to achieve revenue of 2.919 billion yuan and 4.309 billion yuan, net profit of 555 million yuan and 936 million yuan in 22-23 years, corresponding to PE 30.83 and 18.27x, maintaining the “buy” rating. If the M & A of Changyi technology is considered, it is expected to bring 25 million yuan in 22 years (assuming a quarter of consolidation), and the profit of 100 million yuan in 23 years is thickened, corresponding to 580 million yuan of net profit of 22-23, 1.036 billion yuan, corresponding to pe29.9 billion yuan 49，16.51x。
Risk tips
The development of new products of testing machine does not meet expectations; The prosperity of the industry has declined sharply;
