\u3000\u3 China Vanke Co.Ltd(000002) 371 Naura Technology Group Co.Ltd(002371) )
Event: on April 28, 2022, the company released the first quarterly report of 2022 and the annual report of 2021: the operating revenue of the company in 2022q1 was 2.136 billion yuan, with a year-on-year increase of 50.04% in a single quarter; The net profit attributable to the parent company was 206 million yuan, with a year-on-year increase of 183.18% in a single quarter; The net profit deducted from non parent company was 155 million yuan, with a year-on-year increase of 382.23% in a single quarter; The gross profit margin was 44.64%, with a year-on-year increase of 5.12 PCTs in a single quarter; The net interest rate was 11.56%, with a year-on-year increase of 5.73 PCTs in a single quarter. The company’s operating revenue in 2021 was 9.683 billion yuan, a year-on-year increase of 59.90%; The net profit attributable to the parent company was 1.077 billion yuan, a year-on-year increase of 100.66%; The net profit deducted from non parent company was 807 million yuan, with a year-on-year increase of 309.45%; The gross profit margin was 39.41%, with a year-on-year increase of 2.73 PCTs; The net interest rate was 12.32%, with a year-on-year increase of 1.90pcts.
Comments:
The net profit of the company from non domestic semiconductor equipment + 302% deducted from the continuous net profit of the company in Q1. The net profit attributable to the parent company in 2022q1 increased by 183% year-on-year, and the net profit excluding non attributable to the parent company increased by 382% year-on-year; Contract liabilities amounted to 5.09 billion yuan, a year-on-year increase of 0.9%; The inventory was 9.712 billion yuan, a year-on-year increase of 20.9%. In 2021, the net profit attributable to the parent company increased by 101% year-on-year, and the net profit excluding non attributable to the parent company increased by 309% year-on-year. The results of 22q1 and 21 years have achieved substantial growth.
The company’s revenue of electronic process equipment in 21 years was 7.949 billion yuan, a year-on-year increase of 63%, realizing high-speed growth. In 2021, the total operating revenue of the company was 9.683 billion yuan, including 7.949 billion yuan of electronic process equipment, with a year-on-year increase of 63%, accounting for 82.1% of the total revenue; The revenue of electronic components was 1.715 billion yuan, a year-on-year increase of 47%, accounting for 17.7% of the total revenue. Electronic process equipment has achieved rapid growth.
The subsidiary Naura Technology Group Co.Ltd(002371) microelectronic equipment (mainly semiconductor equipment) achieved an operating revenue of 7.121 billion yuan in 21 years, with a year-on-year increase of 71.4% and a substantial increase. In 2021, the subsidiary Naura Technology Group Co.Ltd(002371) microelectronic equipment (mainly semiconductor equipment) achieved an operating revenue of 7.121 billion yuan, a year-on-year increase of 71.4%, and a net profit of 573 million yuan, a year-on-year increase of 225.0%; The subsidiary Qixing Huachuang precision electronic technology (mainly engaged in electronic components) achieved an operating revenue of 1.715 billion yuan, a year-on-year increase of 47.2%, and a net profit of 598 million yuan, a year-on-year increase of 54.8%. The downstream market has a strong demand for high-end crystal devices, resistors, capacitors and module power supply; The subsidiary Naura Technology Group Co.Ltd(002371) vacuum technology (mainly engaged in vacuum equipment) achieved an operating revenue of 828 million yuan, a year-on-year increase of 15.9%, and a net profit of 59 million yuan, a year-on-year decrease of 13.7%. Benefiting from the continuous promotion of localization, the semiconductor equipment business of the subsidiary increased significantly. Semiconductor equipment business, the company has successfully expanded in the integrated circuit and pan semiconductor equipment market. In 2021, the company’s integrated circuit equipment expanded in many fields such as logic, storage, power and advanced packaging, and many new products such as etching machine, PVD, CVD, LD, vertical furnace and cleaning machine entered the mainstream production line. Bulk purchase of company equipment for mainstream chip production lines in logic field; A variety of new process equipment in the storage field enter the production line for verification; In the field of advanced packaging, multi product series layout has been realized, and cooperative relations have been established with major packaging plants in China; In the field of power devices, we have carried out in-depth cooperation with mainstream manufacturers in China and become an important equipment supplier for mainstream manufacturers in the industry. In the pan semiconductor field, the company’s new energy photovoltaic, semiconductor lighting and third-generation semiconductor equipment continue to carry out product iterative updating, the photovoltaic TOPCON key process equipment is supplied to the market in batches, the mini / micro led process equipment has entered the mainstream production line, and the third-generation semiconductor equipment has achieved mass sales.
Precision electronic components business, the company has achieved mass production of a number of new products. In 2021, the company closely tracked the needs of customers, seized market opportunities and realized mass production of a number of new products. The business of advanced module power supply and new products of quartz crystal devices has been expanded smoothly, and the competitive advantage of market segmentation has been established; A number of new products of high-precision resistors and capacitors have been introduced to customers, and their market position has been increasingly consolidated.
Vacuum equipment business, the company strengthened the layout of new products. The company adheres to the technical development route of high temperature, high pressure and high vacuum. In 2021, it will strengthen the layout of new products in the fields of semiconductor materials, magnetic materials and precision ceramic materials, and launch DC discharge plasma (DCS) sintering furnace, continuous high temperature (greater than 2000 ℃) sintering furnace and other products to meet the needs of various industry segments for material processing.
The company raised 8.5 billion yuan in 2021, with a fixed increase price of 304 yuan / share. In 2021, the company raised industrial development funds through non-public offering. The non-public offering project was approved by the CSRC in August 2021. The inquiry and placement were completed in September, the raised funds were in place in October, and the new shares were listed in November. This non-public offering has raised 8.5 billion yuan in full, and a total of 14 institutions have obtained the placement qualification. The issue price is 304 yuan / share, and the issue number is 27960526 shares.
In 2022, the capital development support of China’s head wafer factories continued to rise, and the semiconductor equipment industry is still in the business cycle. 20212022: TSMC (USD 30 / 42 billion, year-on-year + 40%, the same below), SMIC (45 / 50, + 11.11%), XMC / ytmc (33 / 34, + 3.03%), huahonggroup (20 / 25, + 25%), UMC (18 / 30, + 66.67%), five companies in total (416 / 559, + 34.38%).
Profit forecast, valuation and rating: the company is a leading enterprise of domestic semiconductor equipment, with rich types of equipment and strong domestic substitution ability, and will continue to benefit from the performance increment brought by localization. We raised the net profit attributable to the parent company from 2022 to 2023 to RMB 1.624 billion (up 30.55%) and RMB 2.221 billion (up 35.10%) respectively. It is expected that the net profit attributable to the parent company in 2024 will be RMB 2.921 billion, and the PS corresponding to the current market value will be 9x, 7x and 6x respectively, maintaining the “buy” rating.
Risk tip: customer import and verification are less than expected, wafer factory expansion is less than expected, and technology research and development is less than expected.
