\u3000\u3 China Vanke Co.Ltd(000002) 436 Shenzhen Fastprint Circuit Tech Co.Ltd(002436) )
Event overview
On April 25, the company released its annual report for 2021. In 2021, the operating revenue was 5.04 billion yuan, a year-on-year increase of 24.9%, the net profit attributable to the parent was 620 million yuan, a year-on-year increase of 19.2%, and the net profit not attributable to the parent was 590 million yuan, a year-on-year increase of 102.5%. It is estimated that the company's 21q4 achieved a revenue of 1.32 billion yuan, a year-on-year increase of 29.0%, a net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 105.7%, and a corresponding deduction of non attributable net profit of 120 million yuan, a year-on-year increase of 66.7%.
PCB business grew steadily, and the revenue of packaging substrate business doubled
1) PCB business: in 2021, the company achieved a revenue of 3.794 billion yuan, a year-on-year increase of 22.95%, a gross profit margin of 33.13%, and a year-on-year increase of 0.56pct. The company's PCB business continued to promote product upgrading and breakthrough of strategic key customers, continuously improved the company's profitability through the improvement of yield and operating efficiency, and still achieved the increase of gross profit margin under the pressure of sharp rise in the price of major raw materials; 2) Packaging substrate business: in 2021, the revenue was 667 million yuan, a year-on-year increase of 98.28%, and the gross profit margin was 26.35%, a year-on-year increase of 13.35 PCT; Benefiting from the booming production and sales of packaging substrates, the company's Guangzhou base has achieved full production and sales capacity of 20000 square meters / month, and the overall yield remains above 96%. Benefiting from the improvement of operating efficiency, the gross profit margin of packaging substrates has increased significantly. 3) Semiconductor test board business: in 2021, the company achieved a revenue of 417 million yuan, a year-on-year decrease of 17.03%, a gross profit margin of 20.34%, and a year-on-year decrease of 6.35pct. The company's semiconductor test board business failed to achieve revenue growth mainly because the capacity of Guangzhou new base was put into operation in the middle of the year. It is expected that in the future, with the gradual release of capacity of Guangzhou base and the improvement of delivery date and yield indicators, the company's semiconductor test board business is expected to return to the growth track in 2022.
The packaging substrate business can be expected for a long time, leading the future growth of the company
1) the company actively expands the packaging substrate business, realizes the stable mass production of coreless, ETS, fc-csp, RF, fingerprint identification and other products in terms of new product development, and is at the leading level in China in terms of fine route and sheet processing capacity. In terms of customer development, the company takes storage chips as the main direction and has established cooperative relations with mainstream customers at home and abroad. 2) In terms of production capacity, in the short term, the large fund project will be put into operation soon, and the production capacity of packaging carrier business will be further improved. At present, the company's BT carrier capacity is 20000 square meters / month. The large fund project plans to increase 30000 square meters / month carrier capacity and 15000 square meters / month class carrier capacity. The first 15000 square meters / month BT carrier production line is expected to be put into operation in the first half of 2022 to further expand the company's packaging substrate capacity. In the medium and long term, FCBGA packaging substrates are basically monopolized by overseas manufacturers. With the surge in demand in intelligent driving, 5g, big data, AI and other fields, FCBGA packaging substrates have been in a state of capacity shortage for a long time. In the field of FCBGA packaging substrates in Chinese Mainland, except Shenzhen Fastprint Circuit Tech Co.Ltd(002436) , It is estimated that after the two phases are completed, the income will increase by 5.6 billion yuan and the net profit will increase by 1.3 billion yuan.
Investment advice
We expect the net profit attributable to the parent company in 2022, 2023 and 2024 to be 7 / 9 / 1.133 billion yuan respectively. According to the closing price of 2022 / 4 / 25, PE is 17 / 13 / 11 times, maintaining the "buy" rating.
Risk tips
The new production capacity is less than expected, the downstream demand is less than expected, the risk of not raising enough project construction funds in time, and the risk of fluctuations in the peripheral environment.
