Event: the company released its three-quarter report on October 27th. The company's operating income in the first three quarters of 2021 was 282 million yuan, an increase of 90.21% over the same period last year. Its net profit was 83.3556 million yuan, an increase of 115.18% over the same period last year. Non-net profit was 73.9972 million yuan, an increase of 91.95% over the same period last year.
Semiconductor test probe continued high growth, Q3 profitability continued to improve. The company's revenue and homing net profit increased sharply in the first three quarters compared with the same period last year, mainly due to the rapid growth of semiconductor test probe business revenue, which increased by 98.11 million yuan over the same period last year, accounting for 73% of the absolute revenue increment in the first three quarters. Judging from the single quarter of Q3, the company achieved operating income of 101 million yuan, an increase of 61.06% over the same period last year, and its net profit was 29.17099 million yuan, an increase of 72.29% over the same period last year, of which the semiconductor test probe business increased by 29.08 million yuan over the same period last year, accounting for 76% of the absolute income increment. From the perspective of profitability, the gross profit margin and net profit margin of Q3 company are 44.43% and 28.84% respectively, compared with + 3.5pct, + 6.6pct,-1.93pct and + 1.88pct, respectively.
Semiconductor test probe has a broad growth space, and the company's revenue is growing rapidly: semiconductor chip test probe products are important consumables used in semiconductor packaging and testing. According to VLSIResearch statistics, the global market size of semiconductor test probe reached US $1.126 billion in 2019. Driven by the high prosperity of the semiconductor industry, superimposed by the improvement of the global market share of domestic closed test manufacturers, domestic semiconductor test probe enterprises have a broad space for development. The company is a domestic semiconductor test probe leader, and its products are mainly used in GPU chips, 5G PA chips, power management chips (WLCSP packaging) and DDR4 memory chips. According to the announcement, the company's products have entered the supply chain of NVIDIA Corp, the leader of GPU, and have been applied in mainstream semiconductor testing equipment such as Terida and Aidewan. In terms of revenue, the company's semiconductor test probe has grown rapidly, from 4.88 million yuan in 2018 to 83 million yuan in 2021H1, accounting for 46% of revenue.
MEMS shielding has a significant competitive advantage, and technology is expected to migrate horizontally to other product areas:
The company maintains a leading position in the MEMS fine shield, and has mastered the technology of stable mass production under the premise that the rate of good products is lower than that of 5ppm. Many core technologies have reached the international advanced level, and have entered the supply chain system of international advanced MEMS manufacturers. The advantages of customer resources and technology are significant, and the market share is expected to be further improved. It is expected to transfer the technical advantages of acoustic micro shielding to pressure sensors and optical fine micro structures. Further strengthen its advantages in the field of MEMS.
Investment suggestion: we estimate that the company's income from 2021 to 2023 will be 431 million yuan, 594 million yuan and 801 million yuan respectively, and the net profit will be 116 million yuan, 165 million yuan and 231 million yuan respectively.
Risk tips: the industry boom is not as expected; customer expansion is not as expected; product research and development is not as expected.