Event: according to Lin Weina's quarterly report for 2021, the company's Q3 achieved revenue of 101 million yuan in 2021, an increase of 61.06% over the same period last year, and a net profit of 29.171 million yuan, an increase of 72.29% over the same period last year. Non-net profit was 26.9302 million yuan, an increase of 58.45% over the same period last year.
Comments:
The results climbed significantly in the third quarter, and the level of gross profit improved significantly. The company's Q3 realized revenue of 101 million yuan, an increase of 61.06% over the same period last year and 12.1% month-on-month growth. On the one hand, although the downstream demand is stable, through the expansion of categories such as MEMS structural components, as well as extension to new markets such as acoustics and pressure sensing, shipments of MEMS products increased steadily in the third quarter; on the other hand, semiconductor test probes climbed steadily to ensure the steady growth of probe business. Thanks to improved shipments of MEMS products and the company's efforts to increase the self-supply rate of probe parts, Q3 gross profit margin returned to 44.43%, a month-on-month increase in 3.5pct.
In addition, in terms of expenses, compared with Q2, due to the increase in the base of listing expenses of the company, the sales expenses and management of Q3 decreased slightly, but it continued to increase investment in research and development. projects such as self-developed test probe sleeves and punch probes for 5G high frequency testing are progressing steadily.
MEMS business continues to expand, probe business to increase customer introduction: in terms of MEMS, the company leads the country in precision micromachining capability, currently cooperates steadily with major customers, and in order to further broaden the revenue boundaries, the company continues to expand the development of MEMS product categories, extending from acoustic MEMS to pressure sensing and medical electronic components. In terms of probes, the company is deeply bound with NVIDIA Corp and other customers, and increases the development and cooperation for leading customers such as Qualcomm Inc, Anli, Broadcom Ltd, etc., and has become an international well-known IC design and semiconductor closed test factory probe supplier. At the same time, the company also to the domestic market, the development of Jing Jiawei and other GPU leading customers. The company also continues to promote the research and development of 5G broadband probes, storage probes and other products, expand the category, and further open the growth ceiling.
Profit forecast and investment rating: he Lin Weina is the leader of domestic MEMS precision electronic parts, the company's MEMS market continues to expand, test probe business is growing rapidly, and customers continue to open up. We estimate that the return net profit of the company from 2021 to 2023 is 116 million / 166 million / 220 million respectively, corresponding to the PE of 62-44-33. Maintain the "overweight" rating of the company.
Risk factors: product R & D risk / industry prosperity decline risk / market competition risk