Events:
On July 28, the 2022 Chip and Science Act of the United States was passed by the House of Representatives, which aims to prevent semiconductor companies from increasing production of advanced process chips in China by restricting investment subsidies.
Comments:
Semiconductor wafer manufacturing equipment is about to be mass produced. At present, the company's semiconductor special equipment includes semiconductor thermal equipment and semiconductor wafer manufacturing equipment, ushering in two major opportunities: (1) to develop a series of semiconductor thermal equipment, which has been supplied to a number of semiconductor closed test manufacturers and semiconductor device manufacturers, some of the equipment has successfully passed a number of customer acceptance and repurchase; (2) successfully achieved a technological breakthrough in the field of semiconductor wafer manufacturing equipment. At present, the semiconductor wafer manufacturing equipment developed has been shipped to customers, and some customers have passed the stand-alone test and are now entering the customer production line verification stage.
Domestic replacement of electronic thermal equipment, testing equipment and automation equipment. The downstream industries of electronic thermal equipment, testing equipment and automation equipment are mainly electronic information manufacturing industry. In 2021, the added value of the national electronic information manufacturing industry increased by 15.7 percent over the previous year, and fixed asset investment in the electronic information manufacturing industry increased by 22.3 percent over the previous year. At present, developed countries such as Germany, the United States and Japan still occupy a dominant position, and the domestic production rate of the high-end market will continue to rise with the continuous improvement of various professional technologies in the future.
A breakthrough has been made in photoelectric display equipment. The company's optoelectronic display products have covered AMOLED flexible screen, curved screen, folding screen, vehicle screen, wearable screen, optoelectronic module, semiconductor composite copper lamination and other application fields. A number of imported alternative optoelectronic display equipment independently developed have been successfully recognized and accepted by the head domestic panel manufacturers and large module factories, and have successfully entered the supplier system of many customers.
Coverage for the first time, giving a "overweight" rating. The company began to lay out the field of semiconductor manufacturing equipment, and has made a breakthrough and entered a number of customer verification stages. Under the tide of localization of semiconductors, the company has achieved a step ahead of the layout, and many fields are expected to achieve a breakthrough from 0 to 1. It is estimated that the company's revenue from 2022 to 2024 will be 1.301 million yuan, with net profit 1.44 million yuan and net profit 1.68 billion yuan, and the corresponding PE is 24.82 times that of 33.29max.
Risk tips: semiconductor equipment research and development and verification are not as expected; market competition is intensified, profit forecasts and valuation judgments are not as expected.