On January 21, Advanced Micro-Fabrication Equipment Inc.China(688012) (688012) disclosed the performance forecast. The company expects the operating revenue to be 3.108 billion yuan in 2021, with a year-on-year increase of 36.73%; It is estimated that the net profit attributable to the owners of the parent company in the same period will be RMB 950 million to RMB 1.03 billion, with a year-on-year increase of 93.01% to 109.26%; In the same period, the amount of new orders signed by the company was 4.13 billion yuan, a year-on-year increase of about 90.5%.
Turning to the main reasons for performance growth, Advanced Micro-Fabrication Equipment Inc.China(688012) introduced that it mainly benefited from the development of semiconductor equipment market and the competitive advantages of the company’s products. The revenue of etching equipment in 2021 was 2.004 billion yuan, an increase of about 55.44% over 2020, and the gross profit margin reached 44.4%; Due to the downstream market and the unrecognized revenue of the newly signed Mini led MOCVD equipment scale orders this year, the MOCVD equipment revenue in 2021 was 503 million yuan, an increase of about 1.5% over 2020, but the gross profit margin of MOCVD equipment reached 33.1%, a significant increase from 18.7% in 2020.
Due to the implementation of the equity incentive plan, Advanced Micro-Fabrication Equipment Inc.China(688012) 213 million yuan of share based payment expenses will be incurred in 2021, an increase of about 89 million yuan (belonging to recurring profits and losses) compared with 124 million yuan in 2020.
Advanced Micro-Fabrication Equipment Inc.China(688012) it is estimated that the net profit attributable to the owner of the parent company after deducting non recurring profits and losses in 2021 will be RMB 280 million-330 million, with a year-on-year increase of 1100.72% to 1315.13%. This shows that the operating performance of the company’s main business last year contributed significantly to the overall net profit.
In terms of non recurring profits and losses, Advanced Micro-Fabrication Equipment Inc.China(688012) invested RMB 300 million in Qingdao Juyuan Xinxing (limited partnership) in 2020 and indirectly held Semiconductor Manufacturing International Corporation(688981) shares. Due to the change of Semiconductor Manufacturing International Corporation(688981) share price and the reduction of some Semiconductor Manufacturing International Corporation(688981) shares, the company’s income in 2021 was about RMB 39 million, a decrease of about RMB 223 million compared with RMB 262 million in 2020. In addition, according to the preliminary results of the appraiser’s evaluation, the equity of other non listed companies invested by the company (measured at fair value and the changes are included in the current profits and losses) generated a fair value change income of about 370 million yuan in 2021, an increase of about 370 million yuan compared with 2020. Due to the combined influence of the above two factors, the pre tax profit of the company in 2021 will increase by about 147 million yuan (belonging to non recurring profit and loss) compared with 2020.
In addition, Advanced Micro-Fabrication Equipment Inc.China(688012) the government subsidies included in non recurring profits and losses in 2021 increased by about 93 million yuan compared with 2020.
Advanced Micro-Fabrication Equipment Inc.China(688012) mainly engaged in the R & D, production and sales of high-end semiconductor equipment and pan semiconductor equipment. The company’s plasma etching equipment has been applied to international front-line customers from 65 nm to 14 nm, 7 nm and 5 nm and other advanced integrated circuit processing and manufacturing production lines and advanced packaging production lines; The company’s MOCVD equipment has been put into mass production on the production line of industry-leading customers, and the company has become the world’s leading gallium nitride based LED equipment manufacturer.
In the application field of MOCVD equipment, mini led, as an emerging technology, is attracting much attention. Since 2020, mini LED has made good applications in the field of television. In the fields of display, notebook, flat panel and so on, mini LED products have been born and began to ship in batches. In this regard, the prismo Unimax MOCVD equipment released by Advanced Micro-Fabrication Equipment Inc.China(688012) can help customers achieve excellent wavelength uniformity, device stability, reliability and qualification rate in the production process of mini led. This new model has been widely recognized by front-line customers.
Relevant seller organizations are also optimistic about this. In the research report released by Qunyi securities on November 29, 2021, it is believed that the application scale of mini LED display is expected to increase by 70% year-on-year in 2021. Large LED manufacturers such as San’an, Huacan, dinner party and dry lighting have expanded their mini LED production capacity. As a leading enterprise of mini LED equipment, the prosperity of its downstream industry will continue to 2023.
