Event: the company released its 2021 annual report, with operating income of 2.02 billion yuan in 2021, an increase of 20.43% over the same period last year, and net profit of 314 million yuan, an increase of 18.43% over the same period last year, deducting 314 million yuan of non-return net profit, an increase of 32.15% over the same period last year.
The performance of the semiconductor business grew steadily for the whole year, and the semiconductor business performed brilliantly: the company's revenue in 2021 increased by nearly 20% compared with the same period last year, mainly due to the steady growth in demand for automatic testing equipment products. Gross profit margin and net profit margin were 53.04% and 15.54% respectively, + 4.99pct and-0.26pct respectively. From the perspective of revenue structure, the company's semiconductor revenue in 2021 was 417 million yuan, an increase of 36.45% over the same period last year, and the growth rate of semiconductor revenue was higher than the overall average level; the semiconductor business gross profit margin was 57.52%, which was + 10.32pct compared with the same period last year, and the gross profit margin was also higher than the overall average level. From the perspective of Q4 revenue in a single quarter, Q4 revenue is 590 million yuan, + 21.48% compared with the same period last year, which is nearly the same as the previous month; the net profit of homing is 43 million yuan, + 13.11% compared with the same period last year. Q4's net profit declined greatly from the previous quarter to-67%, mainly due to seasonal fluctuations, focusing on more expenses.
Semiconductor testing machines are progressing smoothly and are expected to continue to benefit from the localization trend: the company is one of the few enterprises in the world that can independently develop ATE architecture SOC testing machines and PXIE architecture RF and system module testing machines, focusing on SOC, RF testing machines and SiP testing machines. The T7600 series testing machine independently developed by the company has a frequency rate of 400MHZ, and its technical parameters have reached the recognized level of mid-range SOC testing machine in the industry, and it can directly align the standard Tereda J750. At present, it has achieved mass production in fingerprint, image sensor, MCU, TOF and other chip testing. In addition, the company's test solution based on PXIe architecture testing machine and supporting four-layer translational parallel test 128position SLT sorter EP3000 has been recognized by Goehl Electronics and other SIP (advanced packaging) manufacturers to enter the large-scale procurement stage to serve the world's top consumer electronics manufacturers in the United States. In the future, the company will further develop customers of domestic first-and second-line large closed test plants and independent third-party test factories, promote the installed capacity of the company's standard test equipment, and fully benefit from the domestic substitution trend of semiconductor back-road test equipment.
Investment suggestion: from 2022 to 2024, the company's operating income is expected to be 2.476 billion yuan, 2.995 billion yuan and 3.616 billion yuan respectively, the net profit is 401 million yuan, 508 million yuan and 656 million yuan respectively, and the EPS is 0.91,1.15,1.49 yuan respectively, maintaining the "buy-A" investment rating.
Risk tips: customer expansion is not as expected, downstream demand is not as expected, domestic substitution is not as expected.