Revenue and profit grew steadily in 2022, and performance was in line with expectations
According to the performance report, in 2022, the company achieved operating income of 902 million yuan, +15.49% year on year, and net profit of 273 million yuan, +1.97% year on year. After excluding the impact of share payment fees brought about by the implementation of the equity incentive plan, realized net profit of Fumo was 313 million yuan, +12.13% year-on-year. We lowered our profit forecast for 2022 and maintained our profit forecast for 2023-2024. It is estimated that 2022-2024 will achieve net profit of 273/385/555 million yuan (the original value was 289/385/555 million yuan), EPS was 1.09/1.54/2.23 (the original value was 1.16/1.54/2.23 yuan), and the current stock price corresponding to PE is 30.1/21.3/14.8 times. The company is a leader in electronic assembly equipment in China. Based on precision welding technology, the company continues to break through higher barrier packaging processes and has plenty of growth momentum. Maintain a “buy” rating.
Secondary packaging: Deeply involved in securing the performance of large customers. Looking at core downstream demand growth sectors such as smart trains, etc., driven by leading products such as selective wave soldering (for IGBT welding), laser welding, and hot compression welding, the precision welding and assembly equipment sector achieved slight growth and showed strong resilience during the market downturn; application scenarios for AOI inspection equipment in the smart terminal product production process of leading international brands continue to expand in depth, driving the growth of the machine vision process equipment sector; the wave driven by the wave of millimeter electrification and intelligence for new energy vehicles Radar, PTC thermal manager, electric drive Demand for automated assembly lines such as control products is growing rapidly.
The autonomous and controllable logic of semiconductor equipment has been strengthened. In 2023, mass production of the company's semiconductor packaging equipment will break through the pressure of the semiconductor industry in 2022, but benefiting from the boom in the smart tram and new energy landscape storage industries, power semiconductors, which the company focuses on, have bucked the trend. The US, Japan, and the Netherlands increase controls on China's semiconductor industry, making the industry chain autonomous and controllable may accelerate the company's semiconductor equipment release progress. Looking at the company level, IGBT multifunctional solid crystal machines and formic acid soldering furnaces have all entered the tuning and proofing stage in 2022; vacuum welding furnaces for power semiconductors, laser decoupling of IGBT carrier boards and other equipment have been delivered; nano-silver sintering equipment, as “stuck” equipment in third-generation semiconductor packaging, has met the order expectations of leading domestic customers. The company will use this as a starting point to develop a complete solution capability for high-performance semiconductor packaging, achieve a breakthrough in mass production in 2023, and accelerate the upgrade to a semiconductor packaging and testing equipment solution provider.
Risk warning: The progress of semiconductor equipment production falls short of expectations, and macroeconomic fluctuations affect demand for soldering equipment.