Event: the company released 2023 semi-annual report, during the reporting period to achieve revenue of 1.574 billion yuan, yoy-4.41%, to achieve net profit of 187 million yuan, yoy+240.35%, deduction of non-return net profit of-25 million yuan, yoy-197.87%; expenses, sales expenses of 39 million yuan, yoy+11.27%, management expenses of 154 million yuan, yoy+11.
31%, financial expenses-14 million yuan, yoy-184.16%, R & D expenses 106 million yuan, yoy+15.20%.
Affected by the downstream demand of the industry, the company's Q2 short-term performance is under pressure. The company Q2 achieved revenue of 771 million yuan in a single quarter, and yoy-10.36%,qoq-4%, returned to its mother with a net profit of 83 million yuan, yoy+17.65%,qoq-21.18%. Sales expenses 20 million yuan, yoy+11.11%, management expenses 78 million yuan, basically the same as the same period last year, R & D expenses 57 million yuan, yoy+7.6%. Under the influence of the downward cycle of the industry, the company's second-quarter results were under pressure, including Shanghai Xinyi 300mm wafer business income slightly decreased compared with the same period last year, subsidiary Xinao Technology 200mm silicon wafer business revenue increased slightly compared with the same period last year, and subsidiary Okmetic revenue fell 17% compared with the same period last year. Overall operating revenue fell slightly by 4.41% compared with the same period last year. In terms of cost:
The company's 300mm high-end silicon-based material project and Finland 200mm silicon wafer project are in the process of development, resulting in a decrease of 50 million yuan in non-net profit compared with the same period last year; in addition, the equity investment income in the company's fair value is larger, so the net profit is increased by 130 million yuan compared with the same period last year.
The advantage of production capacity is significant, which further increases the market share. With its comprehensive product layout, technology and market share, the company aims to become a "one-stop" integrated service provider for silicon materials. after years of development, it has formed a large-size silicon material platform with 300mm semiconductor wafer as the core and a characteristic silicon material platform with SOI wafer as the core. The product size covers 300mm, 200mm, 150mm, 125mm and 100mm, and the product category covers semiconductor polishing wafer, epitaxial wafer and SOI wafer. The layout is carried out in the field of piezoelectric thin film materials, photomask materials and other semiconductor materials, while taking into account the domestic layout of the upstream and downstream of the industrial chain. The company is a leading manufacturer of domestic large wafers. After the first phase of 300mm wafers reached production capacity of 300000 wafers / month, and the second phase of 300,000 wafers / month capacity planning, 70,000 wafers / month has been added during the reporting period, and a total of 450,000 300mm wafers are expected to be produced by the end of 23rd. We believe that as a leading manufacturer of domestic semiconductor wafers, with the repair of the bottom of the industry in the future, the growth rate of the wafer factory has warmed up, superimposed 12-inch domestic substitution, and has a broad space for growth.
Investment advice: we expect the company's net profit in 2025 to be 345, 446, 582 million yuan, taking into account that the company, as a leading manufacturer of domestic large wafers, is in the lead in the technical strength of 12-inch light-mixed large wafers, with the outbreak of downstream demand such as 5G and AI, it is expected to give full play to its technological advantages to accelerate the replacement of large domestic semiconductor wafers, with a certain industry scarcity and maintain a "buy" rating.
Risk prompt events: 1) silicon wafer scene demeanor may not be as expected; 2) new production capacity expansion is not as expected; 3) upstream raw material price increase risk; 4) research and use information update is not timely.