上半年铂族+稀土业务承压，半导体靶材逆周期稳增长。1H23受半导体行业影响，公司靶材虽销量同降11%，但通过加大市场拓展，实现靶材营收同增10%，8-12英寸靶材销量占比进一步提升，并持续推进产品验证。受稀土和铂族金属价格和需求下滑影响，1H23公司稀土和铂族业务下滑明显，子公司有研稀土净利润亏损0.36亿元，公司积极开拓海外市场，持续加强电声磁体、工业电机磁体市场开拓。光板块1H23公司订单数量及新客户成交量增加，大力开发光学镜头市场，营收同比翻番；医板块固定正畸托槽产品销量同增20%，加强数字化定制口腔产品推广。occurrences
The company released its semi-annual report for 2023 on August 25. 1H23 achieved revenue of 5.648 billion yuan, a decrease of 23.75%; realized net profit of 53 million yuan, a decrease of 72.07%; realized net profit of 38 million yuan after deducting non-return net profit of 38 million yuan, a decrease of 79.27%. 2Q23 achieved revenue of 2,623 million yuan, a decrease of 13.29%; realized net profit of 114 million yuan, a decrease of 64.1%; realized net profit of non-return net profit of 09 million yuan, a decrease of 68.97%.
reviews
In the first half of the year, the platinum+ rare earth business was under pressure, and semiconductor targets grew steadily countercyclically. 1H23 is influenced by the semiconductor industry. Although the company's target sales volume also fell 11%, through increased market expansion, target revenue increased by 10%, the proportion of 8-12 inch target sales increased further, and continued to promote product verification. Affected by the decline in prices and demand for rare earths and platinum group metals, 1H23's rare earth and platinum group business declined markedly. The subsidiary Youyan's net profit loss was 36 million yuan. The company is actively exploring overseas markets and continuing to strengthen market development for electroacoustic magnets and industrial motor magnets. The number of orders and new customer turnover for 1H23 companies in the optical sector increased, vigorously developed the optical lens market, and revenue doubled year-on-year; sales of fixed orthodontic brace products in the medical sector also increased 20%, strengthening the promotion of digitally customized dental products.
The target material Dezhou base project was put into operation in Q3 to promote the development and verification of new products. The company covers all categories of semiconductor targets, mainly copper-based targets. 1H23 breaks through the key technology of 2-inch high-purity cobalt targets and cobalt anode products, and is used for advanced nano-interconnections with cutting-edge processes that are more advanced than copper interconnections; it continues to promote the optimization of tantalum target technology and the development of targets such as tungsten and tungsten alloys for advanced storage. The company's Changping plant production line renovation has been completed. Currently, the production capacity is 35,000 units/year, and the Dezhou base plans to expand the production capacity by 43,000 blocks, 1-4 #厂房全面竣工，完成设备安装调试，预计Q3末通线生产。 In terms of raw materials, the company has achieved self-production and supply of high-purity copper and cobalt metals.
The magneto-optic medical sector has optimized the industrial layout, and high-end products are progressing in an orderly manner. 1) Magnetic sector: In May '23, it is planned to transfer 38.72% of the shares of developed rare earths to China, actively promote the expansion of production capacity for magnetic products and high-end light-emitting materials, and strengthen the expansion of production and market development of magnets for industrial motors. 2) Optical sector: Promote the downstream extension of the infrared optical product industry chain, development and design of uncooled infrared lens components, and the development of large-diameter germanium single crystals and silicon single crystal processes for infrared. 3) Medical sector: Promote the development of third-generation digital customized orthodontic treatment systems and build a new digital “fixed+invisible” business model.
Profit Forecast & Investment Advice
According to the results for the first half of the year, the company's net profit for 23-25 was lowered by 46%, 32%, and 24% respectively. The company's net profit for 23-25 is estimated to be 201 million yuan, 329 million yuan, and 466 million yuan respectively. The corresponding EPS is 0.24 yuan, 0.39 yuan, and 0.55 yuan, respectively, and the corresponding PE is 59 times, 36 times, and 25 times, maintaining the “buy” rating.
Risk warning
Fab expansion has fallen short of expectations; capacity expansion has fallen short of expectations.
