Short-term pressure on performance under the influence of the downward cycle of the semiconductor industry
In 2022, the company achieved operating income of 2.177 billion yuan, an increase of 5.96% over the same period last year; the net profit from home was 138 million yuan, down 57.11% from the same period last year; the 22-year gross profit margin was 21.91%, down 10.35 pct from the same period last year; and the net interest rate was 6.30%, down 9.38pct from the same period last year. Affected by the downward cycle of the semiconductor industry, the gross profit margin of products has declined, while the expansion of the size of the company, the increase in loans and other factors led to an increase in fees during the period, affecting profit performance. At present, the company's gross profit mainly comes from system-level packaging products, accounting for more than half of the contribution.
In 2023, Q1 Company achieved revenue of 425 million yuan, year-on-year-26.85%, month-on-month-8.18%; homing net profit-50 million yuan, year-on-year-170.04%, month-on-month + 26.49% Deducting non-net profit-69 million yuan, year-on-year-211.12%, month-on-month + 3.79%, gross profit 8.39%, month-on-month-3.3pct, year-on-year-18.18pct, net profit-13.60%, year-on-year-25.86pct, month-on-month + 1.29pct. On the business side, the revenue share of the company's four major product categories-system-level packaging products (SiP), flat unpinned packaging products (QFN/DFN), high-density fine-pitch bump flip products (FC category) and micro-electromechanical system sensors (MEMS) in 2022 were 56.86%, 29.32%, 13.55%, 0.25%, respectively, with a gross profit margin of 24.13% 12.01%, 31.54% and 17.00%, respectively. On the cost side, the company's sales expense rate / management expense rate / R & D expense rate / financial expense rate in 2022 is 1.07% / 6.36% / 5.62% / 5.59% respectively.
Focus on mid-and high-end packaging business, with deep technical reserves
At present, all the products of the company are basically QFN/DFN, Hybrid-BGA, WBLGA, WB-BGA, FC-LGA and other advanced packaging forms, and have outstanding process advantages and advanced technology in advanced packaging fields such as system-level packaging (SiP), high-density fine-pitch bump flip products (FC products), large-size / fine-pitch flat unpinned packaging products (QFN/DFN). In terms of technology R & D and product development layout, the company attaches great importance to matching with the development of advanced wafer process, and takes customer and market demand orientation as the goal, maintains the advanced nature and competitive advantage of advanced packaging technology, and has deep technology reserves.
Production capacity expansion is advancing steadily, and long-term growth capacity is revealed.
Actively combining the development trend of cutting-edge technology in the field of semiconductor closed testing, as well as the closed testing requirements for IC chips in AI,AIOT, 5G communications, big data and other application fields, the company has successively completed the development of system-level hybrid packaging of FC and wire-type chips, 5nm wafer flip and other technologies, and successfully achieved stable mass production. In addition, the company has mastered system-level packaging electromagnetic shielding (EMI Shielding) technology, chip surface metal bump (Bumping) technology, and layout and development of wafer-level packaging technologies such as Fan-in/Fanout, 2.5D/3D, high-density system-level packaging technology, large-size FC-BGA packaging technology, etc., which has accumulated a more profound technical reserve for the sustainable development of the company's future performance.
The company will steadily promote the second phase of project expansion, reasonable planning of capital expenditure, actively promote Bumping industrialization project mass production and customer group introduction, expand FC and other advanced packaging capacity, with the gradual implementation and commissioning of the second phase of microelectronic high-end integrated circuit IC packaging and testing project, the company's production capacity will be increased, which will help to improve the company's ability to serve customers.
Profit forecast
It is predicted that the company's income from 2023 to 2025 will be 24.89,29.25,3.598 billion yuan respectively, and the EPS will be 0.4,0.68,1.04 yuan respectively, and the current stock price corresponding to PE will be 87,51,34 times respectively. We are optimistic about the company's advantages in the field of advanced packaging and long-term growth, and give it a "buy" rating.
Risk hint
Downstream recovery is not as expected; industry competition intensifies; international trade conflicts intensify; core technology research and development is not successful; project expansion progress is not as expected.