The company released the semi-annual report of 2023 on August 17: the company achieved revenue of 983 million yuan in the first half of 2023,-13.46% year-on-year, realized net profit of-79 million yuan, deducted non-return net profit of-114 million yuan, and gross profit margin of 12.18%. According to the calculation, the company's Q2 revenue in 2023 was 558 million yuan, which was + 0.55% compared with the same period last year, and the month-on-month ratio was + 31.42%, with a net profit of-29 million yuan.
Main points of investment
Demand in semiconductor market is weak, short-term performance is under pressure
Due to the adverse impact of the external economic environment and the industry as a whole entering the destocking cycle, global end market demand is relatively weak. According to WSTS forecast data, the size of the global semiconductor market will decrease by 10.3% year on year in 2023 to US $515 billion. The recovery of downstream demand is not as expected, the overall orders of downstream customers are still relatively weak, and the prices of orders for some product lines are under pressure, resulting in a decline in the company's gross profit margin compared with the same period last year. At the same time, the construction of the second phase of the company has progressed in an orderly manner, the company's personnel scale has continued to expand, personnel expenditure and second phase preparation costs have increased, resulting in an increase of management expenses by 84.94% compared with the same period last year. The combination of the above factors led to a loss in the first half of 2023, which put pressure on short-term performance. However, in terms of Q2 single quarter, the company is working hard to overcome the adverse factors of the overall industry decline, and the overall growth rate shows a steady upward trend. Q2 achieved revenue of 558 million yuan in a single quarter, + 0.55% year-on-year and + 31.42% month-on-month.
Continue to increase R & D investment, actively develop advanced packaging related technology companies adhere to the positioning of mid-and high-end advanced packaging, and continue to increase R & D investment. In the first half of 2023, R & D investment reached 61.6024 million yuan, accounting for 6.27% of business revenue, + 0.97pct compared with the same period last year.
In terms of the new product line, the company completed the mass production and mass sale of 5GPAMiD module products used in the field of RF communications; completed the development and mass production of copper bump (Cu pillar bump) and tin bump (Solder bump) and wafer fan-in (Fan-in) technology based on high-density interconnection, with one-stop delivery capability; completed the development of FC-BGA technology and realized mass production, which laid a solid foundation for the company's follow-up development.
Steadily promote the second phase of the project and multi-product line layout, provide
One-stop delivery capability of "Bumping+CP+FC+FT"
Adhering to the positioning of middle and high-end advanced packaging business, the company is committed to promoting the construction of the second phase of the project, in order to expand the scale of production and improve the level of service to existing customers.
At the same time, according to the current market situation and company strategy, actively expand the layout of advanced packaging and automotive electronics, including Bumping, CP, wafer-level packaging, FC-BGA, automotive electronics and other new product lines. The company continues to introduce relevant technical personnel to promote technical research, in order to improve product layout and customer service capabilities. The Bumping and CP projects invested by the company's own funds have realized on-line production. The company now has the one-stop delivery capability to provide customers with "Bumping+CP+FC+FT", which effectively shortens the delivery time from wafer bare wafers to finished chips, and achieves better quality control. In addition, the company's RDL and bump processing capabilities acquired through the Bumping project have laid a technological foundation for future wafer-level packaging, fan-out packaging and 2.5D/3D packaging. In terms of customer base and application field, the company's products in the field of automotive electronics have passed the certification of terminal car manufacturers and Tier 1 manufacturers in many fields, such as intelligent cockpit, on-board MCU, image processing chip and so on. In the field of radio frequency communications, the company's Pamid module products have been mass-produced, and have passed the certification of end customers, and have begun to ship in batches.
Profit forecast
It is predicted that the income of the company from 2023 to 2025 is 24.94,29.31,3.605 billion yuan respectively, and the EPS is 0.40,0.69,1.04 yuan respectively, and the current stock price corresponding to PE is 74,43,29 times respectively. The company's short-term performance is under pressure, but the overall growth rate of the company in the second quarter showed a steady rebound trend, while promoting project expansion, the layout of multi-product lines was carried out, and the company continued to increase its R & D investment in advanced packaging technology. we are optimistic about the company's medium-and long-term development prospects and maintain the "buy" investment rating.
Risk hint
The recovery of downstream demand is not as expected, the development of new products is not as expected, the market competition is intensified, and the progress of production expansion is not as expected.