\u3000\u3 China Vanke Co.Ltd(000002) 371 Naura Technology Group Co.Ltd(002371) )
Performance review
On April 27, the company released the annual report of 2021 and the first quarterly report of 22 years. In 2021, the company achieved an operating revenue of 9.68 billion yuan, a year-on-year increase of 60%; The net profit attributable to the parent company was 1.08 billion yuan, a year-on-year increase of 101%. 1q22’s revenue was 2.14 billion yuan, a year-on-year increase of 50%; The net profit attributable to the parent company was 210 million yuan, a year-on-year increase of 183%; Deduct non net profit of RMB 155 million, with a year-on-year increase of 382%.
Business analysis
The company has full orders in hand, with a gross profit margin of 45% in Q1, and its profitability has improved rapidly.
From January to February, the newly signed orders of the company exceeded 3 billion yuan, with a year-on-year increase of 60%. The contract liabilities continued to increase from 3 billion yuan at the end of 2020 to 5.1 billion yuan at the end of March 22. The high outlook of the industry was superimposed with domestic substitution, and the company had sufficient orders on hand.
In terms of products, the revenue of semiconductor equipment in 2021 was 7.1 billion yuan, an increase of 71%, and that of electronic components was 1.7 billion yuan, an increase of 47%, contributing 570 million yuan and 600 million yuan of net profit respectively.
1) in terms of IC equipment, the capital expenditure of China Wafer Factory Semiconductor Manufacturing International Corporation(688981) , Changjiang storage and Hefei Changxin continues to increase. We estimate that the potential expansion capacity of 12 inch and 8-inch domestic asset lines in the future will be 1.2 million pieces / month and 420000 pieces / month, and the demand for domestic equipment in China will still increase by 30% in 22 years. In the context of Sino US trade friction, it will continue to help improve the localization rate of semiconductor equipment. The company’s equipment continues to make breakthroughs in terms of coverage and penetration in downstream wafer factories, and continuously improve the product matrix.
2) 7.1 billion semiconductor equipment includes integrated circuit equipment, LED / panel, advanced packaging and three and a half generations of equipment. Driven by the demand for miniled, the production capacity construction of LED industry has recovered, driving the company’s LED equipment shipments to increase. In the new display industry, the capacity expansion of TFT LCD and OLED panels has slowed down, and the demand for new equipment has slowed down. The demand for SiC and Gan devices from new energy vehicles, new energy photovoltaic and consumer electronics is growing rapidly, the investment in China’s third-generation semiconductor production line is heating up, and the company’s third-generation semiconductor equipment business is growing rapidly.
3) the company’s vacuum and lithium battery equipment achieved 830 million revenue in 21 years, with a year-on-year increase of 16%, maintaining a steady growth. At the same time, the downstream market has a strong demand for high-end crystal devices, resistors, capacitors and module power supply. The revenue of the company in the field of electronic components was 1.7 billion yuan, with a year-on-year increase of 47% and a gross profit margin of 69%, with a year-on-year increase of 2.8 PCT.
Profit forecast and investment suggestions
We expect that the company’s revenue from 2022 to 24 will be 14.4/202/27.2 billion yuan, an increase of 7% in 23 years and a simultaneous increase of 49% / 40% / 34%; The net profit attributable to the parent company was RMB 1.5/2/2.8 billion, with an increase of 37% / 38% and 38%, corresponding to 87 / 63 / 46 times of P / E and 9 / 6 / 5 times of P / s, maintaining the “buy” rating.
Risk tips
The technological breakthrough is less than expected, the downstream expansion and capacity climb are less than expected, the Sino US trade risk is intensified, and the ban on restricted shares is lifted.
