\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 16 Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) )
The company achieved an operating revenue of 5.961 billion yuan in 21 years, with a year-on-year increase of 56.44%; The net profit was 1.712 billion yuan, a year-on-year increase of 99.46%. Meanwhile, 22q1 achieved a revenue of 1.952 billion yuan, a year-on-year increase of 114.03%; The net profit was 442 million yuan, a year-on-year increase of 57.13%, with strong performance growth, all within the scope of early guidance.
Key points supporting rating
Revenue growth is considerable, and materials + equipment work together. In the past 21 years, the company has achieved substantial growth in revenue. In terms of business, (1) the revenue from equipment and service business was 4.977 billion yuan, a year-on-year increase of 52%. Among them, the revenue of crystal growth equipment / intelligent processing equipment / equipment transformation services was 3.475/11.39/362 billion yuan respectively, with a year-on-year increase of 32% / 107% / 258%; (2) The revenue from materials business was 389 million yuan, a year-on-year increase of 101%. Among them, the revenue of sapphire materials was 389 million yuan, a year-on-year increase of 101%. Both business segments have achieved rapid growth, highlighting the attribute of rapid growth.
The gross profit of products increased significantly, which promoted the continuous enhancement of profitability. The gross profit margin of the company’s equipment and service business in 21 years was 42.61%, an increase of 2.95 percentage points over the same period last year, indicating that the profit quality of products has been significantly improved. At the same time, the R & D expense rate of the company maintained a normal level, and the sales expense rate / management expense rate / financial expense rate remained stable. In the 21st year, the net interest rate reached 29%, an increase of 7 percentage points over the same period last year, at a high profit level.
Sufficient orders, actively layout the field of semiconductor equipment. At the end of the year, the company’s outstanding contracts including tax amounted to 20.085 billion yuan, a year-on-year increase of 242%, including 1.068 billion yuan of outstanding semiconductor equipment contracts, a year-on-year increase of 174%. According to the 22q1 performance report, the newly signed equipment and service contracts exceed 4 billion yuan, the outstanding equipment contract amount increases to 22.237 billion yuan, and the outstanding semiconductor equipment contract increases to 1.343 billion yuan, indicating that the company has sufficient orders on hand and the semiconductor equipment business performs positively. With the implementation of the actively expanding production capacity, the transformation from orders to revenue will speed up, and the revenue end of the company has a strong driving force.
“Material + equipment” two wheel drive growth. The company focuses on the concept layout of “advanced materials and advanced equipment” (1) in terms of materials, the company actively expands the production capacity of sapphire, welcomes new display technologies such as miniled, and establishes a 6-inch and above silicon carbide R & D experimental line to prepare for participating in high prosperity tracks such as power semiconductors. (2) In terms of equipment, the company actively promoted the localization of semiconductor materials and equipment, independently developed China’s first 12 inch hard axis silicon single crystal furnace and realized the growth of 12 inch single crystal silicon rod. At the same time, the performance of thinning, double polishing, final polishing and other link equipment developed in the field of 12 inch large silicon wafer has reached the international advanced level. At the same time, in the field of photovoltaic equipment, seize the opportunities of downstream silicon wafer manufacturers to expand production, actively promote the market development of large-size single crystal furnace and intelligent processing equipment, and maximize the growth space.
Profit forecast and rating
In view of the significant growth of the company’s all-round business, full orders on hand, smooth progress of semiconductor equipment business and enhanced profits, it is predicted that the net profit in 22-24 years will be RMB 2.546/39.11/5.712 billion, maintaining the “buy” rating.
Main risks of rating
Rising raw material costs and epidemic control affect order delivery
