\u3000\u3000 Beijing Huafeng Test & Control Technology Co.Ltd(688200) (688200)
Event overview
The company released the performance forecast. It is expected that the net profit attributable to the owners of the parent company will increase by 223 million yuan to 266 million yuan in 2021 compared with the same period of last year, with a year-on-year increase of 111.95% to 133.54%. Compared with the same period of the previous year, the net profit attributable to the owners of the parent company after deducting non recurring profits and losses will increase by 269 million yuan to 312 million yuan, a year-on-year increase of 181.86% to 210.93%.
Analysis and judgment:
The annual performance increased rapidly, and the demand for downstream testing machines was strong
According to the median calculation of the announcement data, in 2021, the company realized a net profit attributable to the owner of the parent company of 444 million yuan, a year-on-year increase of 122.75%. In 2021, the net profit attributable to the owner of the parent company after deducting non recurring profits and losses was 438 million yuan, with a year-on-year increase of 196.39%. The high growth of the company’s performance is mainly due to the strong market demand for downstream testing machines. The booming production and marketing has promoted the company’s profitability. At the same time, the company’s product structure has been continuously upgraded, which has improved the company’s competitiveness. Quarter by quarter, Q4 achieved a net profit attributable to shareholders of listed companies of 133 million yuan, a year-on-year increase of 114.52% and a month on month decrease of 18.40%. Q4 the net profit attributable to the owner of the parent company after deducting non recurring profits and losses was 118 million yuan, a year-on-year increase of 257.58% and a month on month decrease of 32.95%. According to semi data, the total sales of global semiconductor manufacturing equipment will exceed US $100 billion for the first time in 2021, reaching US $103 billion, an increase of 44.7% over US $71 billion in 2020, and is expected to increase to US $114 billion next year, a year-on-year increase of 11%. It is expected that the high outlook of the semiconductor equipment market will remain.
Continue to increase R & D investment and product upgrading iteration
The company continues to increase R & D investment, continuously introduces excellent R & D personnel and arranges forward-looking innovative technologies in advance. In the first three quarters of 2021, the company’s R & D expenses were 64.4 million yuan, a year-on-year increase of 67.24%, accounting for 10.11% of revenue. At present, the company’s main products are sts8200 and sts8300. The global installed capacity of sts8200 series equipment has exceeded 4000. In 2018, the company launched sts8300, which is used for analog and mixed signal integrated circuits with higher pin number and higher performance. At present, it mainly focuses on PMIC and large-scale digital analog hybrid chips. At present, the installed capacity continues to rise. In terms of third-generation compound semiconductors, the company began to layout in the field of gallium nitride in 2016, and cooperated with design and production enterprises outside China to provide mature gallium nitride chip test solutions. In terms of production capacity, the company has increased its expansion in Tianjin base, and has arranged three lean production lines, including two 8200 production lines and a new 8300 lean production line. After all put into operation, it will greatly alleviate the current shortage of production capacity.
Investment advice
The company focuses on the R & D, production and sales of semiconductor automatic test equipment. At present, it has a series of core technologies with independent intellectual property rights in the field of analog and digital analog hybrid integrated circuit automatic test equipment. We raised the forecast of the company’s revenue of RMB 711 million, RMB 983 million and RMB 1303 million from 2021 to 2023 to RMB 934 million, RMB 1302 million and RMB 1693 million, and raised the eps5.0 from 2021 to 2023 The forecasts of 04 yuan, 7.01 yuan and 9.35 yuan reach 7.28 yuan, 10.82 yuan and 14.27 yuan, corresponding to the closing price of 410.85 yuan / share on January 17, 2022. PE is 56.5 times, 38 times and 28.8 times respectively, and has not been rated yet.
Risk tips
The development of semiconductor industry is less than expected; The company’s product R & D / order acquisition progress is less than expected.
