Core idea: the company publishes three quarterly reports for 2022. 2022Q1-Q3 achieved revenue of 643 million yuan, year-on-year + 20.7%; net profit of 139 million yuan, + 37.5% year-on-year; basic earnings per share of 0.70 yuan per share. In a single quarter, 22Q3 achieved revenue of 188 million yuan,-5.9% year-on-year; net profit of 46 million yuan, + 19.5%; and non-net profit of 42 million yuan, + 28.3%.
The change in product structure has led to a rise in unit price and continued progress in the semiconductor field. 22Q2/Q3 achieved a gross profit margin of 32.40% and 31.94% respectively, with a month-on-month ratio of + 5.86pct/-0.46pct. The net interest rate achieved was 25.13% 8.80pct/-0.53pct.22Q2 24.60%, and the profitability of + 8.80pct/-0.53pct.22Q2 and Q3 companies increased significantly, mainly due to the increase in the price per ton of products brought about by changes in product structure. According to operating data, the price of wet electronic chemicals, the main function of 22Q1-Q3 Company, is 10.18 yuan / kg, which is + 38.69% compared with the same period last year. According to the annual report, the related technical specifications of the company's core product developer for photoresist have met the requirements of SEMI G5 standard, and the production line has been tested in domestic brand very large-scale integrated circuit manufacturers, which provides a corresponding reserve for the technical application of photoresist developer in domestic integrated circuits with linewidth of 28 nm or less.
The category continues to be rich, and the project under construction will be put into production soon. In the practical main business TMAH developer advantages at the same time, the company further entered the BOE etching solution and stripping solution market, both products have achieved volume supply, and continue to do import verification in the downstream leading factories. The "production expansion Project of Electronic Chemicals with an annual output of 70,000 tons of new display materials (Phase II)" is expected to be put into trial production within 2022. Sichuan Glinda 100kt/an Electronic Materials Project (Phase I), a fund-raising project, has completed the installation of the main part of the civil construction and main equipment, and is expected to be put into trial production in December 22, profit forecast and investment suggestions. It is estimated that the EPS of the company in 22-24 will be 0.95 red 1.41 yuan per share respectively. With reference to the comparable company's 2023 PE valuation, it will give the 2023 results 30 times the PE valuation level, corresponding to a reasonable value of 42.31 yuan per share, maintaining the "buy" rating.
Risk tips, fund-raising projects are not as expected; raw material prices have increased significantly; customers focus on risk; panel industry continues to have downside risks.