Next Wednesday (September 14), there will be a gem listed company "only special couple" inquiry.

Weidi (301319): the company's main business is the research and development, production and sales of microelectronic welding materials, the main products include solder paste, solder wire, solder rod and other microelectronic welding materials, as well as flux, cleaning agent and other auxiliary welding materials. From 2019 to 2021, the company achieved operating income of 518 million yuan / 591 million yuan / 863 million yuan, YOY of 10.93%, 14.01%, 46.07%, 22.70%, respectively, and realized net profit of 54 million yuan / 65 million yuan / 82 million yuan, YOY of 32.09%, 20.45%, 26.17%, respectively, and a compound annual growth rate of 26.15%. During the latest reporting period, 2022H1 achieved an operating income of 584 million yuan, an increase of 66.93% over the same period last year, and a net profit of 39 million yuan, an increase of 5.26% over the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 64.02 million yuan to 69.67 million yuan from January to September 2022, up 2.37% to 11.41% from the same period last year.

Investment highlights: 1. The company is one of the leading companies in domestic microelectronic welding materials, especially in the two sub-fields of solder paste and flux. The company is the director unit of China Electronic Materials Industry Association and the vice chairman of Electronic Tin Solder Materials Branch of China Electronic Materials Industry Association. In the second (2017) and third (2019) China Electronic Materials Industry Association's selection activities of the top 10 enterprises in China's electronic materials industry, only even ranked second in the "Top Ten Electronic Tin Solder Professionals". The company has a leading market share in the two segments of solder paste and flux. According to the monthly publication of "Tin Solder" published by the Electronic Solder Materials Branch of China Electronic Materials Industry Association and the "Certificate" issued by the Electronic Solder Materials Branch of China Electronic Materials Industry Association, the top three companies in the world with paste shipments in 2019 are Aifa in the United States, Qianzhu in Japan and only special couple in China. The company ranks first in China in terms of production and sales / shipments of solder paste for three consecutive years from 2019 to 2021 Flux production and sales / shipments have been the second in China for three consecutive years. 2. 50% of the domestic solder paste market is still occupied by foreign-funded enterprises, and there is a large space for domestic substitution; at present, the company has excellent technology in the field of solder paste and may be expected to seize the opportunity. According to the "certificate" issued by the Electronic Tin Solder Materials Branch of China Electronic Materials Industry Association, at present, about 50% of the domestic market share of solder paste is occupied by well-known foreign-funded enterprises represented by Aifa of the United States, Qianzhu of Japan, Indium of the United States, and Tamura of Japan. Domestic enterprises still have a certain gap with them in product categories and applications with high technical requirements such as semiconductors, military industry, aerospace and so on. One of the components of solder paste, the formula of solder paste directly affects the product stability and welding efficiency, and the development of a solder paste often requires the design of a variety of material schemes, and after dozens or even hundreds of laboratory experiments and customer certification, there are certain technical barriers; in addition, the production process and preparation method of the product is also one of the technical difficulties. At present, the company has a strong ability of product formulation development, production process control, analysis and testing and product application testing. the developed solder paste for the electronic industry and other products have been jointly evaluated as "national key new products" by the Ministry of Science and Technology, the Ministry of Commerce and other four ministries, and the technical level is at a high level in China, or it is expected to seize the opportunity to realize domestic substitution.

Compared with listed companies in the same industry: the company's main business is the research and development, production and sales of microelectronic welding materials, the main products include solder paste, solder wire, solder rod and other microelectronic welding materials, as well as flux, cleaning agent and other auxiliary welding materials. At present, there are no listed companies in the domestic A stock market that are completely consistent with the company's main business, so tin shares with certain overlap in products are selected and Glinda is a comparable listed company. According to the above comparable companies, the average income of the industry in 2021 is 27.312 billion yuan, the PE-TTM (excluding negative / arithmetic average) is 27.01X, and the sales gross profit margin is 19.73%. Relatively speaking, the revenue scale of the company is lower than the industry average, but the gross profit margin is in the upper and middle reaches of the industry.

Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.