First, from the financial point of view, the performance has increased significantly, and the performance of Q1 is the highest in a single quarter in history.
With the rapid growth of revenue in the past 21 years, the integrated circuit target business has made a significant contribution. In 2021, the company achieved revenue of 16.059 billion yuan, an increase of 23.82% over the same period last year, a net profit of 239 million yuan, an increase of 40.21% over the same period last year, and 131 million yuan of non-net profit, an increase of 41.05% over the same period last year. Among them, the revenue of Q1-Q4 company in 2021 was 36.45,39.84,46.42 and 3.788 billion yuan respectively, and the net profit of returning mother was 0.62,0.80,0.70 and 27 million yuan respectively. The company disclosed the performance of target thin film materials for the first time, with revenue of 868 million yuan in 2021, an increase of 68.68% over the same period last year, and a gross profit margin of 21.38%. The high gross margin target business will become a new profit growth point of the company. At the same time, the company continues to expand R & D, with 21-year R & D expenditure of 191 million yuan, an increase of 47.79% over the same period last year.
Q1 performance in 22 years reached an all-time high in a single quarter, and the period and R & D expenses were optimized. The company achieved revenue of 3.91 billion yuan in the first quarter of 2022, YoY+7.29%,QoQ+3.23%; return net profit of 104 million yuan, YoY+69.19%,QoQ+288.97%; deduction of non-net profit of 99 million yuan, YoY+111.00%. Target production expansion, continuous volume, for the company's performance to provide major growth. At the same time, in the first quarter of 22, the company's expenses were 59 million yuan, and QoQ-22.49%, R & D expenses were 37 million yuan. QoQ-53.59%, Company optimized the cost structure and contributed to the sustained and substantial growth of profits.
Second, from the business point of view: the production of integrated circuit targets has been expanded, and the business of magneto-optical medicine has developed steadily.
Domestic target bibcock, expand production and boost performance by a large margin. Youjianjin actively promotes the "target expansion project". After completion, it will further optimize and improve the target product structure and production process, further increase the production capacity to 73000, and enhance product profitability and market share. At the same time, the company focuses on promoting 12-inch high-end target products, product types successfully transformed and upgraded and formed rapid growth, 8-12 inch product sales accounted for rapid growth, copper and cobalt targets accounted for a gradual increase, in important chip customers to maintain a stable batch supply, further consolidate the leading position of evaporation coating materials. In the development of new products, Yinjin 12-inch ultra-high purity copper alloy targets and other new products have been verified and supplied in bulk by world-class integrated circuit enterprises, and important progress has been made in the research and development of aluminum-scandium targets and tungsten targets.
The business of precious metals has grown steadily, further opening up the market and expanding its advantages. Platinum group business achieved revenue of 11.659 billion yuan in 21 years, YoY+15.72%, is mainly in the first three quarters of the precious metal rhodium market supply exceeds demand, prices soar led to sales revenue growth. At the same time, platinum group metals are widely used, mainly in automobile exhaust ternary catalyst industry, petroleum cracking catalyst industry, jewelry industry and so on. At the beginning of the 21st century, platinum group metals were affected by accidents in the place of origin, and palladium prices rose sharply by more than 3000 US dollars, a record high. The first half of 2001 continued 20 years of strong demand recovery in the Asian auto market, and the market improved. The magneto-optical medical plate is in full bloom, and R & D and production are moving forward steadily. 1) Magnetic plate, developed rotating target for rare earth magnetic materials, greatly reduced the content of high-priced terbium and dysprosium for magnets, and successfully developed a number of high-performance rare earth magnetic materials, including international first-class manufacturers, won a number of downstream high-end customer certification; 2) Optical plate, successfully developed Φ 350mm large diameter infrared germanium single crystal and established a large diameter germanium single crystal growth platform. 300mm 4-inch dislocation-free germanium single crystal and ultra-100mm 6-inch dislocation-free germanium single crystal have been developed. 3) in the medical plate, two digital orthodontic products have been put on the market, and the other two products have entered the preliminary clinical verification stage. the company has the ability to develop and manufacture digital orthodontic products including product design and development, digital modeling, material increasing and precision manufacturing.
Profit Forecast:
It is estimated that the company's revenue in 2022-2024 is 171.7 million yuan, and the company's net profit in 2022-2024 is estimated to be 4.6 million yuan, 680 million yuan, and is given a "recommended" rating.
Risk hints: (1) the risk of macroeconomic uncertainty; (2) the risk of raw material supply and price fluctuations; (3) the risk of the company's production and operation affected by the epidemic.
