Event: recently, Suzhou Silicon Line Semiconductor, which is owned by Tianzhun Technology, announced the official delivery of the first wide-band open-field defect detection equipment TB1000 for 12-inch wafer 65-90nm technology nodes.
Break through the key links of the semiconductor front, and there is a bright future for defect detection in the open field. The front bright field defect detection can detect a wide range of defect types, which is the most important part of the semiconductor front. The TB1000 delivered by the company realizes the autonomous control of the core components of precision optoelectronics, uses advanced signal processing algorithms to improve the signal-to-noise ratio and significantly improves the detection sensitivity. According to our estimation, the market size of semiconductor volume testing equipment in mainland China in 2022 is about 3 billion US dollars, of which nano-pattern defect detection is expected to be the most valuable link, while overseas giants led by Ke Lei almost monopolize the market, and there is a lot of room for domestic substitution. For Tianzhun Technology, the delivery of TB1000 is a major breakthrough in the business of semiconductor defect detection equipment, and the follow-up development is worth looking forward to.
A key step in the semiconductor business is expected to accelerate the development of the semiconductor field. The company's acquisition of Germany's MueTec in 2020 is the first step in the semiconductor expansion blueprint. In addition to providing MueTec's original Overlay measurement, CD measurement, macro defect detection and other equipment, the company has strengthened cooperation with MueTec in R & D and market, and higher specifications of Overlay products and well-known customer expansion have achieved success. The company promotes the establishment of Silicon Line Semiconductor is another important part of the company's semiconductor blueprint, the successful delivery of the TB1000 further improves the company's product layout in the semiconductor field, and is expected to accelerate the growth of the overall semiconductor industry, which is another milestone in the company's semiconductor industry development.
Investment suggestion: we expect to achieve an income of 1.97 billion yuan in 2023-2025, a net profit of 2.13 billion yuan and a net profit of 2.90 billion yuan, and maintain a "buy" rating with a market capitalization corresponding to PE on August 9, which is twice that of 38-28-23.
Risk tips: customer shipments fall short of expectations, consumer electronics customer innovation falls short of expectations, and product development falls short of expectations.