Event: according to the company's semi-annual report for 2022, the company achieved operating income of 1.12 billion yuan in the first half of 2022, an increase of 21.67% over the same period last year; the net profit of owners belonging to the parent company was 81 million yuan, down 48.92% from the same period last year; and the non-parent net profit was 97 million yuan, an increase of 128.12% over the same period last year. In terms of Q2 single quarter, Q2 realized revenue of 572 million yuan per quarter in 2022,-16.99% year-on-year, + 4.38% month-on-month, and realized net profit of 59 million yuan,-21.27% and + 168.18%, respectively. Realize deduction of non-return net profit of 59 million yuan, + 48.26% compared with the same period last year, and + 51.28% compared with the previous year.
Semiconductor equipment revenue has greatly increased compared with the same period last year, and orders on hand are full: the company's H1 revenue in 2022 was 1.12 billion yuan, an increase of 21.67% over the same period last year, mainly due to the substantial increase in revenue from the semiconductor equipment business sector. In terms of revenue structure, 2022H1 semiconductor equipment business achieved revenue of 466 million yuan, year-on-year + 73.09%, gross profit margin 35.11%, year-on-year increase of 11.21pct; high-purity process system revenue of about 593 million yuan, an increase of 22% over the same period last year; revenue of optical sensor and optical device business achieved 61 million yuan, year-on-year-12.5%, semiconductor equipment revenue and gross profit margin were greatly improved over the same period last year. From the perspective of Q2 single quarter, revenue and return net profit decreased slightly compared with the same period last year, mainly due to the production and operation of the company affected by the epidemic control in Shanghai. From the point of view of orders, the total amount of new orders of 22H1 Company was 2.362 billion yuan, an increase of 37.33% over the same period last year. The target of 4 billion yuan of annual new orders set at the beginning of the year has not been changed by the epidemic. 22H1's new order for semiconductor process equipment is 806 million yuan, and the company's new order target for process equipment for the whole year of 2022 is 2 billion yuan, maintaining a rapid growth of more than 50% compared with the same period last year.
The wet process equipment is developing rapidly and the advanced process is advancing smoothly: at present, the main wet process equipment manufacturers in the market are mainly in Japan, Europe and the United States, while the market share of domestic manufacturers is increasing year by year. According to the announcement, the company has been able to provide all the wet process equipment of 28nm nodes, which has covered domestic mainstream wafer manufacturing enterprises. In the field of advanced process, the company has successively delivered four sets of equipment less than 14nm this year, and the research and development of other process machines under 14nm are also being carried out in a further orderly manner.
Investment suggestion: we estimate that the company's income from 2022 to 2024 will be 3.054 billion yuan, 4.101 billion yuan and 5.138 billion yuan respectively, the net profit of returning to the mother will be 373 million yuan, 506 million yuan and 637 million yuan respectively, and the EPS will be 1.17,1.59,2.00 yuan respectively.
Investment rating.
Risk tips: the global semiconductor boom is not as expected; the capital expenditure of the fab is not as expected; the technology research and development of domestic equipment companies is not as expected; the progress of localization is not as expected.