Event description
On March 30 and April 28, the company released its 2021 annual report and the first quarter report of 2022, showing that the company achieved 530 million yuan in operating income in 2021, an increase of 70.33% over the same period last year, and a net profit of 118 million yuan. 98.78% more than the same period last year, the company achieved 120 million yuan in operating income in the first quarter of 2022, an increase of 165.66% over the same period last year, and realized 20 million yuan in net profit, an increase of 155.30% over the same period last year.
Core viewpoints
Holding ADT, the promotion of superimposed domestic equipment is smooth, and the business of semiconductor closed test equipment is developing rapidly. In 21 years, the company's production safety monitoring equipment revenue was 292 million yuan, up 7.15% over the same period last year; semiconductor closed test equipment revenue was 238 million yuan, up 518.74% over the same period last year, accounting for 44.86% of revenue from 12.35%. The significant increase in semiconductor closed test equipment business is mainly due to the merger after holding Israel ADT (holding 94.9%). At the same time, the promotion of domestic equipment 8230 is smooth, and the production capacity of superimposed domestic factories continues to increase, realizing batch sales.
Semiconductor closed test equipment continues to be in short supply, and the release of capacity from the new base is expected to lead to sustained and rapid growth of semiconductor closed test equipment business. According to the DISCO FY21Q3 financial report, the backlog of DISCO orders has continued to climb for 5 quarters, and the semiconductor closed test equipment market is still very scarce. The company has learned to absorb the profound technical experience of overseas mergers and acquisitions subsidiaries, and has developed and put in 8230, 6230, 6110 and other domestic equipment, of which 8230 has entered the head closed testing enterprises and formed sales, and the current orders are sufficient. The first phase of Zhengzhou Airport Base, a fixed growth project, is expected to be put into production in the second quarter of 22, and the release of new capacity is expected to promote the sustained and rapid growth of semiconductor closed test equipment business.
The air spindle project is advancing steadily, opening up room for long-term growth. In 21 years, the company launched the R & D and industrialization project of ultra-precision and high stiffness air spindle. As a company with both slicing machine and air spindle technology, the completion of the project will not only enhance the production capacity of air spindle for dicing machine, ensure the security and stability of semiconductor closed test equipment supply chain, but also consolidate the company's competitive advantage in the field of core components of semiconductor equipment and enhance the company's comprehensive competitiveness. At the same time, the air spindle can also be used in automotive painting, optical lens finishing and other applications, opening up the company's long-term growth space.
Profit forecast
Maintain a "buy" rating. We estimate that the net profit of the company from 2022 to 2024 is 2.29,3.58 and 536 million yuan respectively, and the corresponding EPS is 0.85,1.33 and 1.99 yuan respectively. The current stock prices correspond to PE values of 22.72,14.56 and 9.72 times from 2022 to 2024, respectively. We are optimistic that the company's self-developed localized scribing models and consumables benefit from technological breakthroughs and cost reduction and other factors to rapidly enhance their competitive advantage, and usher in a good opportunity for domestic substitution in the face of rapid growth in the industry and insufficient production capacity of overseas leaders. At the same time, relying on the self-research and expansion of the air spindle of core components, we will further build the core equipment platform for semiconductor components and open up the space for future growth.
Risk hint
Semiconductor closed testing industry growth, slicing machine and spindle capacity expansion, fierce competition in the industry.