Event: on December 10, 2022, the company announced that it plans to raise more than 1.8 billion yuan: this non-public offering will raise no more than RMB 1.8 billion. After deducting the issuance expenses, 400 million yuan will be used for the research and development of monolithic wet process modules, core components and industrialization projects, 160 million yuan for the pure northern semiconductor R & D and production center project, and 700 million yuan for the second phase project of Qidong semiconductor equipment industrialization base. The number of shares issued shall not exceed 30% of the total share capital of the listed company before this issue, that is, no more than 96029542 shares (including capital).
Comments: layout 14nm and the following high-end process monolithic wet equipment and parts business, get rid of the import dependence on the core parts of high-end equipment. "monolithic wet process module, core parts R & D and industrialization project"
The purpose of this paper is to develop advanced semiconductor wet process modules, monolithic cavities and high purity valves. The parts and modules to be developed are fully suitable for the manufacturing process and industrialization of logic chips and high density memory chips below 14nm, which can greatly promote the localization of monolithic cavities and promote the research and development level of high and extremely high aspect ratio cleaning technology. After the completion of the project, there will be an annual output of 100 sets of high-grade process monolithic wet modules and nearly 2000 sets of various spare parts, with an estimated annual sales income of 720 million yuan.
Continue to develop semiconductor support equipment and semiconductor parts business, and establish a northern regional coordination center. The Zhichun North Semiconductor R & D and production Center project has set up a northern production R & D base for wet process equipment, system integration and supporting equipment and core components in Yizhuang, Beijing. after reaching production, it is expected to achieve an annual production capacity of 30 sets of system integration and supporting equipment, 15 sets of semiconductor wet equipment and 2610 sets of semiconductor parts. In recent years, the company's orders in the northern region have increased rapidly, and production has been in a state of saturated operation. The new capacity of this investment project is expected to be digested smoothly, and the average annual sales income is expected to be 480 million yuan after reaching production.
Actively layout furnace tubes, glue development and other semiconductor equipment, open up a broad space for growth. The second phase of Qidong Semiconductor equipment industrialization Base Project is mainly used to develop and mass produce integrated circuit equipment such as furnace tube and glue-coated development equipment, pan-semiconductor process equipment such as photovoltaic velvet cleaning equipment, as well as core components of the equipment. After the completion of the project, it will form 50 sets of integrated circuit equipment such as furnace tube, glue-coated development and other integrated circuit equipment, 120 sets of photovoltaic process equipment and 10 sets of panel process equipment. System integration and process equipment more than 3000 sets, supporting parts more than 30000 sets of production scale. The company's customers include Semiconductor Manufacturing International Corporation, Hefei Changxin, Shanghai Huahong and other front-line manufacturers. The process and equipment product line of this expansion will cover the existing pan-semiconductor customer base and achieve multi-product layout. After reaching production, the average annual sales revenue is expected to be 1.21 billion yuan.
Profit forecast, valuation and rating: Zhichun Technology is a leading semiconductor wet-process equipment giant in China. With the continuous volume of wet-process equipment business, the company has entered a period of rapid development; in addition, the company actively arranges integrated circuit business such as semiconductor components, furnace tubes, glue-coated developers, in order to achieve multi-product layout, and is expected to open up a broad space for growth. We maintain net profit of 3.81,5.55 and 726 million yuan respectively until 2022-2024 of pure technology, and the current market capitalization corresponds to PE of 37x, 25x and 19x respectively, maintaining the "buy" rating.
Risk hint: the localization progress is not as expected, the wafer expansion is not as expected, and the technology research and development is not as expected.
