\u3000\u3 China Vanke Co.Ltd(000002) 371 Naura Technology Group Co.Ltd(002371) )
Core view
Benefiting from the expansion of China’s semiconductor manufacturing, the performance continued to achieve substantial growth. In 2021, the company achieved a revenue of 9.683 billion yuan (yoy59.9%), a net profit attributable to the parent company of 1.077 billion yuan (yoy100.7%), and a net profit not attributable to the parent company of 807 million yuan (yoy309.5%). Yq2.4 billion (yq4.8 billion), of which yq2.4 billion (yq2.8 billion), net profit attributable to yq2.0 billion (yq2.1 billion-yq4.0 billion), and net profit attributable to yq2.0 billion (yq2.1 billion-yq4.2 billion) (yq2.5 billion, yq2.0 billion, yq2.0 billion, YQ2 billion, YQ2 billion, yq4 billion, YQ2 billion, YQ2 billion, YQ2. 1q22 achieved a revenue of 2.136 billion yuan (yoy50.0%, qoq-39.1%), a net profit attributable to the parent company of 206 million yuan (yoy183.2%, qoq-50.8%), and a net profit not attributable to the parent company of 155 million yuan (yoy382.2%, qoq-45.0%). The continuous growth of performance is due to: driven by factors such as global chip shortage and strong demand for chips in China, the willingness to invest in downstream integrated circuit production lines has been enhanced, the company’s equipment types have been continuously enriched, the maturity has been continuously improved, and the order volume and shipment volume have achieved rapid growth.
In 21 years, the income of electronic process equipment increased by 63.2%, and the income of electronic components increased by 47.2%. In 2021, the company’s revenue of electronic process equipment was 7.95 billion (yoy63.2%), and its gross profit margin was 33.0% (yoy3.6%). The main reason is that the company’s integrated circuit etching machine, PVD, CVD, ALD, vertical furnace, cleaning machine and other new products have entered the mainstream Fab in China; The photovoltaic TOPCON key equipment in the pan semiconductor field is supplied in batches, the mini / microled equipment has entered the mainstream production line, and the third-generation semiconductor equipment has been sold in batches. Electronic components achieved a revenue of 1.72 billion yuan (yoy47.2%) and a gross profit margin of 68.9% (YoY + 2.8pct) in 21 years. The company’s new products of advanced module power supply and quartz crystal devices expanded smoothly and established a competitive advantage in market segments; A number of new products such as high-precision resistors and capacitors have been introduced to customers, and their market position has been increasingly consolidated.
In 2021, R & D investment increased by 80% year-on-year, and the non-public offering raised 8.5 billion yuan to expand production capacity. In 2021, the R & D investment of the company was 2.892 billion yuan (yoy79.85%), accounting for 29.87% of the revenue. The R & D personnel increased by 44.45% to 2044. The company applied for more than 5900 patents and obtained more than 3300 authorized patents. In October 2021, the company privately raised RMB 8.5 billion to promote the construction of major projects. It is expected that in 2022, the construction of “semiconductor equipment industrialization base expansion project (phase IV)” and “high-precision electronic components industrialization base expansion project (phase III)” will be fully started, and the “high-end semiconductor equipment R & D project” will promote the development of key core equipment as planned.
Investment suggestion: domestic semiconductor equipment leaders welcome the east wind of local production expansion and maintain the “buy” rating. Optimistic about the growth momentum of the company’s performance in the expansion cycle of local wafer manufacturing capacity, the company’s revenue is expected to be 14.44, 19.54 and 25.8 billion yuan in 22-24 years, and the net profit attributable to the parent company is 1.77, 2.39 and 3.36 billion yuan. The current stock price corresponds to 8.84, 6.52 and 4.94 times PS in 22-24 years, maintaining the “buy” rating.
Risk tip: the risk that the capacity expansion of downstream wafer manufacturing is less than expected, the risk that the company’s capacity expansion is less than expected, and the risk that the development of new products is less than expected.
