\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 641 Shanghai Wanye Enterprises Co.Ltd(600641) )
Event:
\u3000\u30001. The company released its 2021 annual report. In 2021, the company achieved an operating revenue of 880 million yuan, a year-on-year decrease of 5.54%; The net profit attributable to shareholders of listed companies was 377 million yuan, a year-on-year increase of 19.42%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 233 million yuan, a year-on-year decrease of 7.28%.
\u3000\u30002. The company released the 22q1 quarterly report. The 22q1 company achieved an operating revenue of 974276 million yuan, a year-on-year decrease of 76.53%; The net profit attributable to the shareholders of the listed company was 272391 million yuan, a year-on-year decrease of 86.21%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 248743 million yuan, a year-on-year decrease of 83.11%.
Ion implantation revenue increased significantly year-on-year, with full orders on hand: the company’s revenue in 2021 decreased year-on-year, including real estate revenue of 681 million yuan, a year-on-year decrease of 21%, semiconductor equipment revenue of 123 million yuan, a year-on-year increase of 465%. The overall revenue of the company in 2021 is lower than our previous forecast, mainly due to the lower than expected real estate revenue. 22q1’s revenue and net profit attributable to the parent company decreased significantly year-on-year, mainly due to the company’s transformation to integrated circuits and a large decline in real estate revenue. In 2021, the company’s semiconductor equipment revenue increased significantly year-on-year, mainly due to the rapid promotion of the verification and delivery of the company’s ion implanter among customers. In 2021, kastone completed the verification and acceptance of several low-energy and high beam ion implanters in China’s mainstream 12 inch wafer factories, and high-energy ion implanters were also delivered to customers. In the first quarter of 2022, kaishitong signed a purchase order for 12 inch ion implanters for integrated circuits with important customers of up to RMB 658 million. As of 22q1, the amount of orders in hand by the company exceeded RMB 680 million. In April 2022, kastone successfully delivered the first batch of high beam ion implanters in batch orders to important customers, and successfully delivered many sets of equipment. Driven by the domestic substitution of semiconductors and the substantial expansion of capital expenditure of Chinese wafer factories, the company’s ion implanter business orders and production capacity have increased rapidly, and has entered a period of accelerated development.
Overweight the layout of semiconductor parts and components, and the large fund plans to take shares to promote industrial coordination: the company previously cooperated with domestic and foreign investors to complete the acquisition of compartsystems, the leader of gas transmission system, with Zhejiang praseodymium core and praseodymium core holding as the shareholding body. Compart products are used in the precise gas delivery system required by oxidation / diffusion, etching, deposition and other equipment in the integrated circuit manufacturing process. It is one of the few companies in the world that can complete all links of precision processing of parts and components in this field. It is the core supplier of global semiconductor equipment leading companies such as applied materials. The operating revenue of Zhejiang praseodymium core in 2021 is about 920 million yuan. In March 2022, the second phase of the large fund plans to increase the capital of Zhejiang praseodymium core by 350 million yuan. After the capital increase, the second phase of the large fund holds 17.28% of the equity of Zhejiang praseodymium core, and the company is the largest shareholder of Zhejiang praseodymium core with a shareholding ratio of 29.63%. The capital increase through the introduction of national strategic investors is conducive to further optimize the financial strength of Zhejiang praseodymium core, promote the industrial coordination between compart systems business and Chinese semiconductor equipment enterprises, and accelerate the localization process of semiconductor equipment parts.
Investment suggestion: we lowered the forecast of revenue and net profit attributable to the parent company from 2022 to 2023, and added the profit forecast for 2024. It is estimated that the company’s revenue from 2022 to 2024 will be 1.571 billion yuan (- 8.6%), 2.063 billion yuan (- 13.2%) and 2.584 billion yuan respectively, the net profit attributable to the parent company will be 511 million yuan (- 2.1%), 632 million yuan (- 6.1%) and 730 million yuan respectively, and EPS will be 0.53 yuan, 0.66 yuan and 0.76 yuan respectively, Maintain the “Buy-A” investment rating.
Risk tip: the global semiconductor boom is less than expected; The capital expenditure of the wafer factory is lower than expected; The technology research and development of Chinese equipment companies is less than expected; Risk that localization progress is less than expected
