Lead the high-purity process system, cut into the semiconductor wet equipment to create a new growth engine. Since its establishment in 2000, the traditional business has provided high-purity process systems for semiconductor, photovoltaic, pharmaceutical and other industries, with a compound growth rate of 32.6% from 2016 to 2021. Continue to maintain steady growth; cut into the field of semiconductor wet equipment in 2015, 2018 volume, 2021 revenue contribution has reached 33.6%, two-year compound growth rate of 193%, the scale of rapid expansion In the future, high purity process system + wet process equipment will continue to be an important engine to drive the company's scale expansion.
N increase 1.8 billion yuan and then open up a new curve, layout core parts + furnace tube / glue development. The company takes high-purity process technology as the core and gradually extends to the field of process production consumables and core components. In 2022, the company plans to raise 1.8 billion yuan privately for the R & D and industrialization of core components, furnace tubes / glue-coated development equipment, and at the same time increase the production capacity of Qidong Phase II. The total output value of the three major investment projects will reach 2.41 billion yuan, opening up a new growth curve again and thickening the company's long-term development space.
N benefit from the expansion of domestic wafer factories + domestic substitution, multi-business areas welcome the golden period of development. Under the Sino-US science and technology game, the localization trend and urgency of the supply chain are prominent. at the same time, relying on the huge downstream market demand of China, domestic wafer factories have increased their capacity layouts one after another. according to our incomplete statistics, by the end of 2021, the planned 12-inch project has a total capacity of 1.58 million pieces per month, assuming a 12-inch investment cost of 5 billion yuan / 10,000 pieces. Then the total production capacity to be expanded will bring the purchase demand of 790 billion yuan for semiconductor equipment, spare parts, process system and so on. Superimposed with domestic alternative drivers, the company's high-purity process systems, process equipment, core components and other business sectors will fully benefit and usher in a golden period of development.
Profit forecast: from 2022 to 2024, we expect the company to achieve operating income of 29.6max 39.9 / 5.08 billion yuan and net profit of 3.6max 5.4 / 690 million yuan, covering for the first time and giving a "recommended" rating.
Risk tips: (1) downstream production expansion is not as expected; (2) product research and development, and market application are not as expected; (3) trade disputes affect upstream parts procurement, and the company's shipments fall short of expectations.