\u3000\u3000 Victory Giant Technology (Huizhou)Co.Ltd(300476) (300476)
Event: on January 24, the company released the performance forecast for 2021. The net profit attributable to the shareholders of the listed company was 75-85 million yuan, 518.8921 million yuan in the same period of last year, an increase of 44.54% – 63.81% over the same period of last year.
The effect of improving the layout of high-quality customers and high-end products appeared, and the company’s orders increased rapidly. The effect of the company’s high-quality customers and high-end product layout strategy on the improvement of the company’s performance continues to appear, the revenue contribution from overseas electronic giants, new energy vehicles and other high-quality large customers continues to increase, and the upgrading process of customer structure is further deepened; Superimposed on the high boom development of downstream industries such as automobile and panel, multiple benefits have driven the rapid growth of orders in downstream fields such as communication, server, new energy, automobile and consumption. The record of investor relations activities of the company in July disclosed that the downstream customers of the company in the field of consumer electronics include many first-line well-known mobile phone terminal manufacturers, ODM manufacturers and other consumer customers, and the customers of the company in the field of vehicle include Tesla, Byd Company Limited(002594) , Geely, new forces of car making and other high-quality customers at home and abroad. The company’s HDI product technology has been continuously upgraded, and the proportion of products above the second level has exceeded 60%, Among them, products of grade III and above account for more than 7%.
Transfer the property share of Ningbo Kefa Fuding and deepen the layout of IC carrier board. On September 23, the announcement disclosed that the company used its own funds of RMB 8958937734 to transfer 98.969% of the property share of Ningbo Kefa Fuding venture capital partnership. Kefa Fuding is mainly engaged in venture capital and holds 2.1553% shares of Zhuhai Yueya Semiconductor Co., Ltd. Founded on April 26, 2006, Zhuhai Yueya is a leading enterprise in China’s packaging carrier sector industry. It is the first enterprise in the world to realize the mass production of “coreless” packaging carrier sector by using the “copper column layer addition method”. At present, it has a number of authorized and issued patents in China, the United States, South Korea, Israel and other countries. Its products include RF module packaging carrier sector, high-power processor packaging carrier sector System level embedded packaging products are in the leading position in the world in the market segment, and they are also the top three domestic packaging carrier enterprises. After the completion of the transaction, Victory Giant Technology (Huizhou)Co.Ltd(300476) realized its indirect shareholding in Zhuhai Yueya and deepened the layout of IC carrier field.
We successfully completed fixed growth and increased the layout of high-end products. According to the company’s prospectus (Registration draft) for issuing shares to specific objects in 2021, the total amount of funds to be raised in this raised investment project is no more than 2 billion yuan. It is proposed to invest 1.5 billion yuan and a total investment of 2.99 billion yuan to build high-end multilayer, high-end HDI printed circuit board and IC packaging substrate projects. It is proposed to build a new high-end multilayer board production capacity of 1.45 million m2 / year, high-end HDI 400000 m2 / year IC packaging substrate is 140000 m2 / year. The construction period of the project is 2 years. After the project is completed, it is expected to achieve an average annual sales revenue of 4.365 billion yuan and an average annual net profit of 558 million yuan, which will be implemented by Nantong Victory Giant Technology (Huizhou)Co.Ltd(300476) Co., Ltd. On November 23, 2021, the company announced that the number of shares issued to specific objects was 86095566, the issue price was 23.23 yuan / share, and the net amount of raised funds was 1985343304.25 yuan, which successfully completed the fixed increase.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 7.34 billion yuan, 9.762 billion yuan and 12.593 billion yuan respectively, and the net profit attributable to the parent company will be 822 million yuan, 1.135 billion yuan and 1.462 billion yuan respectively, maintaining the “Buy-A” investment rating.
Risk tip: the prosperity of the industry is lower than expected; The expansion project is not as expected; Market development is less than expected.
