\u3000\u3 China Vanke Co.Ltd(000002) 371 Naura Technology Group Co.Ltd(002371) )
China’s semiconductor equipment leader, with high performance in 2021, maintained the “buy” rating.
On April 27, 2022, the company released the annual report of 2021 and the report of the first quarter of 2022. In 2021, the company achieved a revenue of 9.683 billion yuan, a year-on-year increase of + 59.90%; The net profit attributable to the parent company was 1.077 billion yuan, a year-on-year increase of + 100.66%; Deduct non net profit of 807 million yuan, a year-on-year increase of + 309.45%. In 2021, Q4 company achieved a revenue of 3.510 billion yuan, a year-on-year increase of + 58.08% and a month on month increase of + 36.85%; The net profit attributable to the parent company was 419 million yuan, a year-on-year increase of + 99.25% and a month on month increase of + 20.45%; Deduct non net profit of 281 million yuan, a year-on-year increase of + 115156% and a month on month decrease of – 6.28%. In 2022, Q1 company achieved a revenue of 2.136 billion yuan, a year-on-year increase of + 50.04% and a month on month increase of – 39.15%; The net profit attributable to the parent company was 206 million yuan, with a year-on-year increase of + 183.18% and a month on month increase of – 50.74%; Deduct non net profit of 155 million yuan, a year-on-year increase of + 382.23% and a month on month decrease of – 44.80%; The gross profit margin reached 44.64%, a month on month increase of + 7.91pcts. The company’s product layout is comprehensive, the domestic substitution of semiconductor equipment is a deterministic trend, the company has strong competitiveness and sufficient long-term growth momentum. We raised 20222023 and added a performance forecast for 2024. It is expected that the net profit attributable to the parent company in 20222024 will be RMB 1.642 (+ 1.78) / 2.217 (+ 3.08) / 2.921 billion, the corresponding EPS will be RMB 3.11 (+ 0.17) / 4.20 (+ 0.36) / 5.54, and the corresponding PE of the current stock price will be 76.3/56.5/42.9 times, maintaining the “buy” rating.
There are sufficient orders on hand, the market expands smoothly and the prospect is promising
In terms of products, the company’s revenue of electronic process equipment in 2021 was 7.949 billion yuan, a year-on-year increase of + 63.24%, and the gross profit margin reached 33.00%, a year-on-year increase of + 3.56 PCTs; The revenue of electronic components was 1.715 billion yuan, a year-on-year increase of + 47.22%, and the gross profit margin reached 68.90%, a year-on-year increase of + 2.75 PCTs. In 2021q1, the contract liabilities reached 5.090 billion yuan, maintaining a high level, indicating that the company has sufficient orders on hand. In 2021, the company’s annual R & D investment was 1.297 billion yuan, a year-on-year increase of 93.52%. The reason is the increase of R & D materials and labor costs. By the end of 2021, the company had applied for more than 5900 patents and obtained more than 3300 authorized patents. The competitiveness of various products of the company has been continuously strengthened, the diversified layout has been maintained, and the core competitiveness has been gradually improved. In 2021, northern Microelectronics (mainly engaged in semiconductor equipment), northern vacuum (mainly engaged in vacuum equipment) and seven star Huachuang achieved revenue of 7.121 billion yuan (year-on-year + 71.39%), 828 million yuan (+ 15.86%) and 1.715 billion yuan (+ 47.22%) respectively. The high growth rate of northern microelectronics is mainly due to the positive expansion of wafer factories and the continuous promotion of domestic substitution. It is expected to maintain high growth in the future. Qixing Huachuang’s revenue growth rate is also high, indicating that the downstream industries of electronic components, such as aerospace, are in hot demand, and the company has sufficient growth momentum.
Risk warning: the prosperity of the industry is lower than the expected risk; New product development is less than expected risk.
