\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 57 Robotechnik Intelligent Technology Co.Ltd(300757) )
Event: on the evening of April 28, the company released the annual report of 2021 and the first quarterly report of 2022.
In 2021, the revenue increased by 106% year-on-year and the performance increased by 30% year-on-year
In 2021, the company achieved a revenue of 1.086 billion yuan, a year-on-year increase of 106%, and the net profit attributable to the parent company was 47 million yuan, a year-on-year increase of 30%. The main reasons for the performance loss are 1) the continuous rise in the price of silicon in 2021 led to the pressure on the profits of equipment manufacturers; 2) The impact of international chip and overseas epidemic has increased the cost; 3) Accounting adjustment and withdrawal of about 91.84 million yuan; 4) The concentration of short-term orders and the expansion of personnel scale lead to the increase of labor cost; 5) In order to cope with the expansion of bank financing scale, the financial expenses increased.
In 2022q1, the company achieved a revenue of 198 million yuan, a year-on-year decrease of 21%, and the net profit attributable to the parent company was 03 million yuan, a year-on-year decrease of 83%. We believe that the year-on-year decline in performance is mainly due to 1) the impact of the epidemic on delivery and confirmation; 2) A large number of equipment delivered in the early stage entered the maintenance period, and the sales expenses increased by 113% year-on-year; 3) R & D investment increased, with a year-on-year increase of 37%.
In 2021, the gross profit margin of sales increased by 4.1pct year-on-year, and in 2022q1, the gross profit margin increased by 4.9pct year-on-year
In 2021, the company achieved a gross profit margin / net profit margin of about 15% / – 4%, with a year-on-year increase of 4.1/8.5pct respectively; In 2022q1, the gross profit margin / net profit margin of sales was about 28% / 1%, with a year-on-year increase of 4.9pct/year and a decrease of 5.5pct respectively. The company put forward three internal control measures for the decline of profitability: 1) divest some low gross profit businesses, strategically resist some bad orders, and strictly control the proportion of payment after delivery in the contract; 2) Strengthen cost control and reduce the proportion of expenses in the period; 3) Strengthen the collection of accounts receivable. With the strengthening of internal control, the profitability of the medium and long-term company is expected to rebound.
Deeply cultivate the pan semiconductor industry, and the new metallization equipment and semiconductor equipment of hit batteries are expected to blossom at many points in the future
In 2021, the company invested 50.94 million yuan in R & D, maintaining a high level, mainly involving the research and development of copper electroplating preparation of photovoltaic cells, velvet preparation and cleaning of hit cells, semiconductor gluing and developing equipment, etc. Among them, copper electroplating and semiconductor gluing development projects have entered the trial production stage, and silicon wafer automation technology has entered the customer mass production stage. We believe that the company has been deeply engaged in the pan semiconductor industry for many years. In the future, hit process equipment and semiconductor equipment are expected to blossom at many points, and the profitability is expected to be improved.
Looking forward to the future: “new energy + pan semiconductor” double main industry development, and there is a large upward space for the market value in the future
1) ficontec: it is estimated that the revenue of ficontec from 2022 to 2023 will be 4 / 540 million yuan, and the net profit will be 4 / 80 million yuan respectively. According to the proportion of 80% equity, the comprehensive industry P / s will be evaluated, and the corresponding market value is about 3-4 billion yuan; 2) Pan semiconductor process equipment: comparable products Kingsemi Co.Ltd(688037) (market value: 8.7 billion yuan), shengmei Shanghai (market value: 32.1 billion yuan); 3) Ontology business: comprehensive industry P / E valuation, with a market value of about 2-3.3 billion yuan. The current market value of the company is 3.4 billion yuan, and the implied market value of ficontec and pan semiconductor business is about 100-1.4 billion yuan. It is expected that there is a large upward space for the total market value in the next 6-12 months.
Profit forecast
Considering the impact of equity incentive and not considering the acquisition, the net profit attributable to the parent company from 2022 to 2024 is expected to be RMB 60 / 145 / 304 million respectively, with a year-on-year increase of – / 142% / 110%, corresponding to pe56 / 23 / 11x. As the leader of high-end automation equipment, photovoltaic and photoelectric semiconductor process equipment is expected to blossom at many points in the future and maintain the “buy” rating.
Risk tips: 1) the acquisition progress is less than expected; 2) The expansion of Pan semiconductor field is less than expected; 3) Recurrent epidemic
