The accelerated expansion of fab production brings high demand, and the scale of revenue and profit continues to grow at a high level. In 2021, the company achieved an operating income of 530 million yuan, an increase of 43.93% over the same period last year; a comprehensive gross profit of 39.42%, basically the same as the previous year; and a net profit of 110 million yuan, an increase of 54.67% over the same period last year. The rapid growth of the company's revenue and size and performance is mainly due to the rapid increase in the number of high-quality customers and product categories, especially the rapid growth of demand in the semiconductor equipment field. In the first quarter of 2022, the company achieved a revenue of 130 million yuan, an increase of 45% over the same period last year; a comprehensive gross profit margin of 34.73%, a decrease of 5pcts over the same period last year, mainly due to the pressure of rising raw material prices; and a net profit of 27.35 million yuan, an increase of 42% over the same period last year. Relying on high demand downstream, the company's revenue and profit scale continued to grow at a high level.
Continue to increase production capacity to meet the downstream order demand. Company IPO raised 320 million yuan for precision metal structure expansion, the project construction period of 2 years, is expected to reach production in the fifth year, with an annual output value of 410 million yuan. At the beginning of this year, the company plans to issue convertible bonds to raise 340 million yuan for the new project of intelligent production of precision metal parts in semiconductor equipment and other fields, which will be built in 2 years and reach production in 4 years. After reaching production, the company is expected to produce more than 23000 precision metal parts in semiconductor equipment and other fields. In the face of high demand downstream, the company has comprehensively increased production capacity by appropriately increasing production personnel to adjust shifts, reforming some technologies, and properly leasing sites in 2021; in 2022, the company will further increase equipment investment and strengthen intelligent and flexible production management; in addition, the company continues to increase investment in Malaysian subsidiaries, which is expected to achieve partial mass production this year and reach production next year.
Downstream wafer factories continue to expand production, semiconductor equipment companies continue to increase procurement. The high-speed expansion of downstream logic, storage, power, and three and a half generations has led to high demand for semiconductor equipment, and the equipment delivery time has been greatly extended; at present, the continuous supply shortage has spread from the equipment end to the upstream parts end, reviewing the procurement of domestic equipment factories, we can see that many companies have adopted excess procurement strategies to ensure equipment delivery. Overall, the total purchase amount of domestic semiconductor equipment manufacturers in 2021 is about 27.65 billion yuan, compared with 15.3 billion yuan in 2020, an increase of 81% over the same period last year, and procurement demand continues to increase.
Profit forecast: the company's revenue from 2022 to 2024 is estimated to be RMB 1.01 billion, with a net profit of RMB 1.7 million and RMB 2.6 million, which is rated as "recommended".
Risk hints: (1) the risk of downstream demand fluctuations; (2) the risk of pressure on gross profit margin caused by rising prices of raw materials; and (3) the risk that the epidemic affects production and delivery.
