Events:
In the near future, the company plans to sign an Investment suggestion Agreement with the Management Committee of Nanjing Jiangning Economic and technological Development Zone to build a high-end equipment manufacturing project.
The expansion project was carried out steadily, and the release of production capacity accelerated in the second half of the year. The company's IPO raised 423 million yuan for the production of capacity expansion projects, corresponding to filters, fan filter units and other leading products. According to the prospectus, the capacity utilization rate of the company's fan filter unit and filter products has exceeded 100%. In order to solve the current capacity shortage, the second phase expansion project of the company's Nanjing plant started in early July 2022 and is expected to start production in the second half of the year, and the production capacity is expected to reach 1.5 times that of the current Nanjing plant after delivery, which can support the company's business growth demand for 2023-2024. Based on the Chinese market, the company accelerates the regional layout of semiconductor emerging industries such as Southeast Asia. By the end of 2022, the company has 6 domestic production bases and 2 overseas production bases. At present, the company's capacity utilization rate has been at full load, and the production expansion project has been launched in the second half of the year, helping to accelerate the release of production capacity.
Based on advanced research and development, the core technology has made a breakthrough. 1) FFU energy saving and noise reduction technology is further optimized:
The fan filter unit has made a further breakthrough in the index of energy saving and noise reduction, and its performance has reached the international leading level, and has been recognized by the world's advanced semiconductor leaders. 2) expansion of media filtration core materials: continuous layout of PTFE membrane materials, research and development of nano-fiber materials, continuous improvement of the domestic proportion of PTFE membrane materials, and mass use of nano-fiber filter materials. 3) A breakthrough has been made in digital air quality monitoring technology: the company's digital monitoring technology has successfully connected the underlying sensing technology, 5G mobile communication and top cloud system, achieving the goal of "clean and visible, energy-saving visible" and open system integration.
Sign an intentional cooperation agreement and lay out high-end equipment manufacturing projects. The company plans to sign an Investment proposal Agreement with the Management Committee of Nanjing Jiangning Economic and technological Development Zone to build a high-end equipment manufacturing project in Jiangning Economic and technological Development Zone. Jiangning Development Zone's comprehensive development level ranks among the top 10 national economic development zones for many years in a row. The project land shall be supplied by "recruitment, auction and hanging", and the land transfer price shall be subject to the price publicly listed by the planning and resources department. This cooperation is based on the needs of the company's long-term development strategy, is in line with the company's long-term planning and the interests of shareholders, and will have a positive impact on the future growth of the company's main business. The company's main business focuses on semiconductor ultra-clean workshop, which currently accounts for about 30% of the market in the domestic semiconductor clean room field, and is expected to benefit from the recovery of the downstream boom.
Investment rating: the company's 2023-2025 net profit is expected to be 170 million, 238 million and 318 million, respectively, corresponding to PE of 27x, 19x, 14x, covering for the first time, given "overweight" rating.
Risk tips: capacity release is lower than expected; profit forecast and valuation model failure risk, etc.