\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 80 Gl Tech Co.Ltd(300480) )
Event description
On March 30 and April 28, the company released the 2021 annual report and the first quarter report of 2022. In 2021, the company achieved an operating revenue of 530 million yuan, a year-on-year increase of 70.33%, and a net profit attributable to the parent company of 118 million yuan, a year-on-year increase of 98.78%; In the first quarter of 2022, the operating revenue was 120 million yuan, with a year-on-year increase of 165.66%, and the net profit attributable to the parent company was 20 million yuan, with a year-on-year increase of 155.30%.
Core view
Holding ADT, the superposition of domestic equipment has been promoted smoothly, and the business of semiconductor packaging and testing equipment has developed rapidly. In the 21st year, the company’s operating income of safety production monitoring equipment was 292 million yuan, with a year-on-year increase of 7.15%; The revenue of semiconductor packaging and testing equipment was 238 million yuan, with a year-on-year increase of 518.74%, and the proportion in revenue increased from 12.35% to 44.86%. The significant increase in the business of semiconductor sealing and testing equipment is mainly due to the start of consolidation after holding ADT in Israel (holding 94.9%). At the same time, the promotion of domestic equipment 8230 is smooth, and the capacity of Chinese factories continues to increase, realizing mass sales.
Semiconductor packaging and testing equipment continues to be in short supply, and the release of production capacity of the new base is expected to bring continuous and rapid growth of semiconductor packaging and testing equipment business. According to discofy21q3 financial report data, the backlog amount of Disco orders has continued to rise for five quarters, and the semiconductor sealing and testing equipment market is still in short supply. The company has learned from the profound technical experience of overseas acquired subsidiaries, and has developed and launched 8230, 6230, 6110 and other domestic equipment, of which 8230 has entered the head sealing and testing enterprises and formed sales. At present, there are sufficient orders. The first phase of the fixed increase project Zhengzhou airport base is expected to be put into operation in the second quarter of 22. The release of new production capacity is expected to promote the continuous and rapid growth of semiconductor sealing and testing equipment business.
The air spindle project is advancing steadily, opening up space for long-term growth. In the 21st year, the company launched the R & D and industrialization project of ultra precision and high stiffness air spindle. As a company with both dicing machine and air spindle technology, the completion of the project will not only improve the production capacity of supporting air spindle of dicing machine, ensure the safety and stability of supply chain of semiconductor sealing and testing equipment, but also consolidate the competitive advantage of the company in the field of core parts of semiconductor equipment and enhance the comprehensive competitiveness of the company. At the same time, the air spindle can also be used in other application fields such as automobile painting and optical lens finishing, opening up the company’s long-term growth space.
Profit forecast
Maintain the “buy” rating. We estimate that the net profit of the company from 2022 to 2024 will be RMB 229 million, RMB 358 million and RMB 536 million respectively, and the corresponding EPS will be RMB 0.85, RMB 1.33 and RMB 1.99 respectively. The current share price corresponds to the PE value from 2022 to 2024, which is 22.72, 14.56 and 9.72 times respectively. We are optimistic that the company’s self-developed localized dicing models and consumables will rapidly improve their competitive advantages by benefiting from factors such as technological breakthrough and cost reduction, usher in a good opportunity for domestic substitution under the condition of rapid growth of the industry and insufficient production capacity of overseas leaders, and further build a core equipment platform for semiconductor parts and open up future growth space by relying on the self-research and expansion of the air main shaft of core parts.
Risk tips
The growth of semiconductor packaging and testing industry, the capacity expansion of dicing machine and spindle, and the fierce competition in the industry.
