Main points of investment:
Announced in the company's three quarterly reports. The company achieved revenue of 1.063 billion in the first three quarters, an increase of 38.33% over the same period last year, and a net profit of 20 million, an increase of 239.83% over the same period last year. The company expects to make a net profit of 45 million-50 million for the whole year and turn losses into profits in 16 years.
Eco also made a significant contribution to the company's performance. The sharp increase in the company's performance in the first three quarters and the turnround to profit for the whole year are mainly due to the consolidation of Acco in May and the improvement in chemical trade revenue. At the same time, the net cash flow of operating activities increased by 47.95% over the same period last year, indicating that the company's business continued to improve.
Aike is an important supporting enterprise in Nanjing integrated circuit industry base, and its performance is expected to grow at a high speed. According to the China report, Aiko Semiconductor achieved 136 million yuan in revenue in the first half of the year, with a net profit of 31 million yuan and a monthly profit of 6.2 million yuan.
Aiko Semiconductor made a monthly profit of only 3.89 million in the first three quarters of 15 years. At the same time, Aike Semiconductor is preparing 300mu of land adjacent to Taiwan Semiconductor Manufacturing Co Ltd in Nanjing, which is expected to be matched with wafer testing. The follow-up may also provide support for other major projects that will be settled in Nanjing. Considering many factors, Aiko Semiconductor will maintain rapid growth in the next few years.
The company is expected to further transform to the semiconductor industry. The company regards the semiconductor industry as the major direction of transformation, and is expected to continue to extend to the upstream and downstream of testing, as well as other integrated circuit equipment, materials and other fields in the future, and upgrade the structure through the advantages of the industrial chain. In addition to Taiwan Semiconductor Manufacturing Co Ltd, a number of production lines will be settled in China in the future, and the company is expected to benefit deeply.
Aike Semiconductor is an independent closed testing high-quality enterprise, the company's industrial structure continues to optimize. If we do not take into account the Acco combined table of this merger, we predict that the annual operating income of the company in 16-17-18 will be 14.66 yuan 17.74 / 2.077 billion yuan respectively, and the net profit belonging to the listed company will be 0.07 pound 0.40 billion yuan respectively. In addition, the annual net profit of Eco in 16-17-18 is expected to be 0.68 million respectively. As a result, after the consolidation in June this year, the annual net profit of Aike is expected to increase to 0.47 million in 16-17-18 (net profit from June to December 2016 is only combined), corresponding to EPS 0.08, 0.36 and 0.50 yuan. Maintain the "buy" rating, corresponding to the target price of 27 yuan. (give a 17-year 75X price-to-earnings ratio)
Risk tips: short-term market systemic risk; company transformation risk.