This report is read as follows:
The proportion of benefiting from closed test equipment continued to increase, and the company's performance exceeded expectations in the first quarter. In the future, the new production capacity of the dicing machine will be accelerated, and the superimposed air spindle will open the room for growth, and the company's profitability is expected to continue to be optimized.
Main points of investment:
Maintain the "overweight" rating and lower the target price by 35.17 yuan. The company's wafer dicing machine new product promotion is smooth, and further research and development of the air spindle, reduce cost and increase efficiency, future growth can be expected, due to the closed testing industry boom downward, down its 2022-2024 EPS to 0.71 EPS 1.02 pound 1.34 yuan (the original forecast for 2022-2023 is 0.78,1.25 yuan). Taking into account the imminent release of the company's new production capacity, with reference to the semiconductor equipment industry valuation, give it 9 times PS in 2022, downgrade the target price of 35.17 yuan, and maintain the "overweight" rating.
The proportion of closed test equipment continued to increase, and the performance in the first quarter exceeded expectations. In 22 years, the revenue of Q1 was 120 million yuan, and the net profit of YOY+165.66%; was 20 million yuan. YOY+155.3%, benefited from the accelerated release of closed test equipment. The gross profit margin was 52.70%, down 10.7pcts from the same period last year, mainly due to the increase in the proportion of closed test equipment business with relatively low gross margin.
The promotion of new products of dicing machine is smooth, and the release of superimposed new capacity has accelerated the improvement of the company's performance. The company's domestic wafer dicing machine includes 8230, 6230, 6110 and so on, of which 6110 is for the third generation semiconductor Applied Materials Inc. The 400 million fixed increase project of the airport base is expected to be put into production in the first quarter of 22, and when it reaches production, it will have a new annual production capacity of 500 sets of precision dicing machines.
Raise 400 million R & D air spindle, reduce cost and increase efficiency, and continuously optimize the company's profitability. With convertible bond financing of 400 million yuan, the company plans to develop and produce air spindles for high-power, ultra-high-precision and high-stiffness grinding and polishing and high-speed and high-stability cutting air spindles on its own land, adding 5200 air spindles per year after reaching production.
Risk hint. Repeated scientific and technological frictions between China and the United States; delays in the introduction of key customers; downward CAPEX in the packaging industry.