\u3000\u3000 Shenzhen Fastprint Circuit Tech Co.Ltd(002436) (002436)
PCB temsector and small batch board leader, with outstanding management ability and main business of expanding production and adding code. Shenzhen Fastprint Circuit Tech Co.Ltd(002436) has been deeply engaged in the field of PCB temsectors for more than 20 years. It is not only a leading enterprise of PCB temsectors and small and medium-sized batch boards in China, but also a leading supplier of IC carrier boards and semiconductor test boards in China. The company has more than 4000 industry leaders or leading enterprise customers, with an average of 25000 kinds of PCB orders delivered every month, which can provide customers with personalized one-stop services from design, R & D, production to surface mounting.
IC carrier board has broken through Samsung and other major customers, continuously improved production capacity and yield, and benefited from the localization of memory chips. The company began to lay out IC carriers in 12 years and became the only Samsung IC carrier supplier in mainland China in 18 years. In 19, the revenue of IC carrier board was 297 million yuan, a year-on-year increase of + 25.8%. In 2020, the revenue of IC carrier board was 336 million yuan. Affected by the epidemic and the ramp up of production capacity, the gross profit margin decreased by 4.7pct to 13%; With the release of production capacity and full orders to improve production capacity utilization, the IC carrier revenue of 21h1 company was 295 million yuan, a year-on-year increase of + 110.7%, and the gross profit margin also rose to the highest level in history of 21%. At present, the storage products in the company's IC carrier board account for more than 60%. Driven by the demand for localization of storage chips, the company actively expands its production. In 2020, the production capacity has been increased from 10000 square meters / month to 20000 square meters / month. By the end of 20, the utilization rate of production capacity will be more than 90% and the yield rate will be more than 96%. The large fund project plans to increase the sector carrying capacity of 30000 square meters / month and 15000 square meters / month. The first production line of 15000 square meters / month is expected to be put into operation in March 2022. The company has an early layout of storage IC carrier board, coupled with high technical barriers in the industry and it is difficult for new players to form effective competition in the short term, the company has a leading competitive advantage in China. With the support of the smooth release of production capacity, the company will continue to benefit from the supporting demand brought by the continuous increase of domestic storage chips and the development opportunities brought by Samsung's increased investment in China's storage market.
Semiconductor test boards are integrated smoothly and supplied to global head chip customers. In 2015, the company acquired the semiconductor business of xcerra Corporation, an American company, and restarted the harbor electronics brand; In 2015, Shanghai Zefeng was established to provide customers with comprehensive solutions for semiconductor testing. Semiconductor test board products are mainly probe cards and interface boards. It has world-renowned semiconductor customers, and effectively cooperates with the respective advantages of harbor, Shanghai Zefeng and the company headquarters to provide customers with one-stop services. In 2020, the company sold part of the equity of Shanghai Zefeng, realized the listing of Shanghai Zefeng, and obtained a after tax investment income of 226 million yuan. The revenue of semiconductor test board business of 21h1 company is 200 million yuan, and the gross profit margin is 22%.
Investment suggestion: it is predicted that the company's net profit attributable to the parent company in 21-23 years will be 602, 753 and 954 million yuan, with the corresponding valuation of 29.9, 23.9 and 18.9 times. The average valuation of comparable companies in 2021 is 28 times. Considering the flexibility of the company's performance and the high technical difficulty of the company's IC carrier and semiconductor test board business, the domestic substitution trend is obvious. At the same time, the valuation of Shennan Circuits Co.Ltd(002916) listed companies in the same industry making IC carrier is 35 times significantly higher than that of other companies in the industry. The company is given a "buy" rating for the first time.
Risk tips: 1. The downstream demand is less than expected; 2. The new capacity is less than expected; 3. Industry competition intensifies; 4. The use information of the research report is not updated in time
