Event: the company released its mid-2021 report: operating income of 233 million yuan, year-on-year + 34.59%; net profit of 47.85 million yuan, + 27.52%, in line with our expectations; deduction of non-return net profit of 46.48 million yuan, + 27.20% of the same period last year.
Main points of investment
Semiconductor structure business is a strong leader in growth. We expect Q2 to achieve 141 million yuan in revenue, + 34.48% year-on-year, and return to home net profit of 29 million yuan, + 27.72% in a single quarter. From the perspective of sub-business in the first half of 2021: ① semiconductor equipment realized income of 143 million yuan from structural components, a sharp increase of 86.87% over the same period last year, accounting for 61% of total revenue from 44% in the same period last year; ② rail transit equipment realized income of 12.05 million yuan from structural components, + 22.08% from the same period last year; and ③ general equipment realized income of 27.64 million yuan from structural components, + 43.07% from the same period last year. ④ new energy and power equipment realized income of 42.48 million yuan,-23.82% compared with the same period last year, and ⑤ medical device equipment realized income of 6.9 million yuan,-37.43% compared with the same period last year.
The net operating cash flow of the company in the first half of 2021 was-3.72 million yuan (52.1 million yuan in the same period last year), mainly due to a substantial increase in "cash paid for goods and services" to 126 million yuan in the reporting period, a substantial increase of 66% over the same period last year.
We judge that it is mainly due to the increase in the company's expected orders and the purchase of raw materials. The inventory of 2021H1 Company reached 82 million yuan, a substantial increase of 60% over the end of 2020. The contract debt of 2021H1 was 1.43 million yuan, and a sharp increase of 104% over the end of 2020. We expect to have more orders on hand, laying the foundation for annual performance.
The gross profit margin maintained an upward trend, and the exchange loss led to a slight decline in the net profit margin. 2021H1's comprehensive gross profit margin was 39.84%, year-on-year + 1.53pct. We judged that it was mainly due to the volume of the company's semiconductor high gross margin business, which led to the improvement of the overall gross profit margin level. From a business point of view, the gross profit margin of 2021H1 semiconductor equipment / new energy and power equipment / general equipment structural components is 53.16% / 20.39% and 17.23% respectively.
The net profit margin of 2021H1 is 20.57%, which is higher than that of 1.10pct in the same period in 2020. The 2021H1 company's period expense rate is 12.32%, year-on-year + 1.75pct, in which the management / R & D / sales / financial expense rate is 6.51%, 3.22%, 1.97%, 0.62%, respectively, compared with the same period last year + 0.83/-0.89/-0.44/+2.24pct. The management expenses are mainly affected by the company's listing expenses in the short term, while the financial expenses are mainly due to the exchange loss of 2.71 million in the first half caused by the depreciation of the US dollar.
Semiconductor precision metal parts manufacturer, the industry expansion to meet the golden development period of the company's main semiconductor precision metal parts, high-quality customer resources, has been cut into AMAT, micro and other leading supply chain system, with scarcity. According to the company's interim report, the June equipment Market data (EMDS) turnover report released by SEMI in July 2021 showed that the global revenue of North American semiconductor equipment manufacturers in June 2021 was $3.67 billion, + 2.3% month-on-month, and + 58.4% year-on-year. On July 13, 2021, SEMI, in its report "Semiconductor Manufacturing equipment Mid-year General Forecast-OEM Perspective", predicted that the revenue of global semiconductor equipment manufacturers would reach US $95.3 billion in 2021, a year-on-year increase of + 34%. Sales are expected to reach a new high of US $100 billion in 2022. The report tracks investment, capacity, products and technology in fab construction and equipment from 2021 to 2022, considering that it will take up to two years for many semiconductor manufacturers to achieve after groundbreaking, so it is expected to maintain long-term equipment growth demand. The company's products cover the main semiconductor equipment and are expected to directly benefit from the wave of semiconductor equipment expansion.
Profit forecast and investment rating: we maintain the company's 2021-2023 net profit forecast of 1.0cm 1.6 / 240 million yuan, the current market capitalization corresponding to the PE of 53x34x23X respectively, maintaining the "overweight" rating.
Risk tips: semiconductor industry fluctuation risk; gross profit margin decline risk; customer industry transfer risk.
