Events:
On September 9, 2022, the company issued an announcement: shareholder Han Xupeng completed the reduction of 513,900 shares. As of 2022H1, a total of 17.0658 million yuan has been invested in the precision metal structure expansion project, with an investment progress of 5.39%, and the intelligent R & D center for precision metal manufacturing services has invested a total of 6.7298 million yuan, with an investment progress of 20.40%.
Comments:
The reduction of holdings has been completed and the profit has been exhausted, and the expansion project has progressed steadily. The reduction of shareholders' holdings has been completed, and we believe that the negative factors have been fully digested. Precision metal structure expansion project plans to expand the production of high-end precision metal structures in the field of equipment, in which semiconductor equipment structures are expected to increase production capacity by 3900 sets, effectively supporting the rapid growth of business scale in this field after the completion of production expansion. The new R & D center to upgrade the intelligent manufacturing management information system will help to enhance the R & D strength of precision metal structures in the field of semiconductor equipment, quickly respond to diversified customer needs, and consolidate and expand the market.
The output of semiconductor equipment business has increased, driving the performance to achieve rapid growth. 2022H1, the company achieved revenue of 288 million yuan, an increase of 23.77% over the same period last year, and a net profit of 74 million yuan, an increase of 55.58% over the same period last year. In the field of semiconductor equipment, the company has a strong demand for orders. by optimizing the layout of production capacity, the production capacity of some products will be given priority to meet the business demand of semiconductor equipment, leading to the continuous improvement of the company's profitability. The company has a wide range of customers in the field of semiconductor equipment, including Super Colin, ICHOR, Jepp, Yigong Electronics, Micro Semiconductors and so on, while indirect customers include AMAT, Lam Research, Rudolph Technologies and so on.
Raise 340 million yuan to expand production, boost the growth of orders in the field of semiconductor equipment. In April 2022, the company plans to issue convertible bonds to raise 340 million yuan for a series of precision metal parts production projects such as semiconductor equipment, with an annual production capacity of more than 23000 pieces of precision metal parts after delivery to meet the surging product demand. The company has complete manufacturing and processing capacity in the precision metal manufacturing industry, ensuring product airtightness, precision, appearance, surface treatment and other indicators, we believe that, the company is expected to fully benefit from the strong demand in the semiconductor equipment market.
Coverage for the first time, giving a "overweight" rating. The company has a variety of downstream application fields. with the rapid growth of semiconductor equipment parts, the company expands production in time, flexibly adjusts production capacity, and seizes market opportunities.
With the continuous progress of the company's production expansion project, it is estimated that the company's revenue from 2022 to 2024 will be 7.42 billion yuan, and its net profit will be 1.73 billion yuan and 2.54 billion yuan.
Risk hint: the progress of production expansion is not as expected, and the demand of downstream customers is not as expected.
