\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 67 Wuhan Jingce Electronic Group Co.Ltd(300567) )
In the 21st Annual Report, the company achieved an operating revenue of 2.409 billion yuan, a year-on-year increase of 16.01%; The net profit attributable to the parent company was 192 million yuan, a year-on-year decrease of 20.94%; The non net profit deducted was 116 million yuan, a year-on-year decrease of 50.90%; The basic earnings per share was 0.72 yuan, a year-on-year decrease of 27.27%. In 2022q1, the company achieved an operating revenue of 604 million yuan, a year-on-year increase of 1.55%; The net profit attributable to the parent company was 28 million yuan, a year-on-year decrease of 56.05%; The non net profit deducted was 22 million yuan, a year-on-year decrease of 63.87%.
Key points supporting rating
The supply chain environment deteriorated and the gross profit margin was under pressure. Affected by the sharp rise in raw materials, the shortage of upstream chips and repeated epidemics, the company has increased business pressure and challenges, resulting in pressure on the gross profit margin of key businesses. In 2021, the gross profit margin of AOI optical detection system, the company’s key business, was 37.74%, a year-on-year decrease of 7.69 percentage points; OLED commissioning system was 48.46%, with a year-on-year decrease of 5.49 percentage points; The gross profit margin of signal detection system was 56.19%, a year-on-year decrease of 0.59 percentage points.
The layout of the whole field of semiconductor testing has been formed, and the relevant business income has doubled. In 2021, the company realized a sales revenue of 1361716 million yuan in the whole semiconductor sector, an increase of 110.54% over the previous year. Wuhan Jinghong, a subsidiary, mainly focuses on the ate field. The burn in product line has realized batch repeated orders in front-line customers in China, and CP and FT products have obtained corresponding orders at present. The subsidiary Shanghai precision measurement focuses on the field of semiconductor front channel detection equipment, and is committed to the R & D and production of semiconductor front channel measurement and detection equipment. Fine film thickness measurement products and electron beam measurement equipment have obtained batch orders from first-line customers in China; Bright field optical defect detection equipment has obtained breakthrough orders; OCD equipment has also been verified by first-line customers in China. Other reserved products such as semiconductor silicon wafer stress measurement equipment are currently in the process of R & D, certification and expansion.
The company continues to invest heavily in R & D. In 2021, the company invested 454 million yuan in R & D, an increase of 41.05% over 2020, including 161 million yuan in R & D in the semiconductor field, an increase of 140.14% over 2020. The company focuses on R & D and lays a solid foundation for the rapid development of semiconductor and other businesses in the next stage.
Profit forecast and rating
In view of the launch of the company’s new products and significant progress in the field of semiconductor testing, it is predicted that the net profit in 22-24 years will be RMB 280 / 317 / 386 million, maintaining the buy rating.
Main risks of rating
The uncertainty of international geopolitical friction and the shortage of parts lead to the delay of order delivery.
