General situation of events
Tianzhun Technology released its semi-annual report on August 25, 2023: the operating income in the first half of 2023 was 513 million yuan, an increase of 10.41% over the same period last year; the net profit was 4.2565 million yuan, an increase of 36.24% over the same period last year; and the gross profit margin was 38.20%, a decrease of 5.53pct, and a net profit rate of 0.83%, an increase of 0.16pct over the same period last year. In the second quarter of 2023, the operating income was 331 million yuan, an increase of 2.50 percent over the same period last year and an increase of 82.17 percent over the same period last year; the net profit of returning to the mother was 36.7046 million yuan, an increase of 2.70 percent over the same period last year, and became a regular employee; the gross profit margin was 37.34 percent, which decreased by 11.37 percent over the same period last year, with an increase of 0.02pct over the same period last year. The company's operating income is affected by the cooperation mode and business cycle of the main customers in the field of consumer electronics, and has the characteristics of seasonal imbalance.
In terms of business, in the first half of 2023, the operating income of the company's visual measurement equipment products reached 137 million yuan, down 9.37% from the same period last year, accounting for 26.72%; the operating income of visual inspection equipment products reached 222 million yuan, an increase of 8.51% over the same period last year, accounting for 43.27%; the operating income of visual process equipment products reached 116 million yuan, an increase of 29.69%, accounting for 22.53%. The operating income of the intelligent driving scheme products reached 38 million yuan, an increase of 94.65% over the same period last year, accounting for 7.48%.
Wide-band open-field defect detection equipment was officially delivered. Tianzhun Technology, a new chapter of domestic front-line testing equipment, issued an official article on August 9, 2023. Suzhou Silicon Bank Semiconductor Technology Co., Ltd. (holding 13.71%) the first wide-band open field defect detection equipment TB1000 for 12-inch wafer 65~90nm technology nodes was officially delivered to customers, which is an important milestone in the realization of Silicon Bank Semiconductor. Further improve the company's product layout in the field of semiconductors.
The open-field defect detection equipment is the key equipment in the semiconductor process. This process is the guarantee of improving product yield, reducing production cost and promoting process iteration. Foreign leading enterprises represented by KLA occupy most of the market share. TB1000 realizes the autonomous control of the key components of precision optics and mechatronics, and adopts advanced signal processing algorithms, which significantly improves the defect detection sensitivity of the equipment in the critical process.
There is a broad market space for defect detection. According to Gartner, according to sales statistics, in 2021, the global market for volume / testing equipment will be US $10.4 billion, accounting for 11% of the semiconductor equipment market. According to SEMI statistics, in 2021, defect detection equipment accounted for about 55% of the front volume testing equipment, and graphical wafer testing equipment accounted for about 34%. Based on this, we estimate that the global market size of graphic wafer testing equipment will be 3.536 billion yuan in 2021.
Platform product matrix is continuously upgraded and new iterations are constantly pushed.
Semiconductor: the front channel measurement equipment has a comprehensive layout. In addition to Silicon Line Semiconductor, the company's wholly-owned subsidiaries have developed a variety of high-precision optical measurement and testing equipment for front wafers and masks, such as Overlay measurement, CD measurement, macro defect detection and so on. In 2022, the company and the German MueTec subsidiary jointly developed Overlay products for higher-end technology nodes and delivered them to customers. At the same time, strengthen the market promotion of MueTec's existing products, its high-speed automatic macro defect detection product Argos series has obtained batch orders from well-known customers.
Photovoltaic: continue to optimize the key technical indicators of photovoltaic wafer testing and sorting equipment, and the detection speed has been greatly improved to reach an ultra-high-speed production capacity of 18000 PCS/H. At the same time, the function of the product is further extended, and the functions of automatic handling and automatic packaging of the sorted silicon wafer are realized, which greatly improves the degree of automation. the new equipment has entered the market and obtained batch orders. The company's photovoltaic copper plating graphical equipment is progressing smoothly and is expected to be delivered to customers for trial in the third quarter.
PCB:AOI/AVI equipment began to form sales, PCB laser direct writing equipment sales continued to increase, PCB laser drilling equipment began to be delivered to customers for trial.
Intelligent driving: the company has made a breakthrough in its autopilot domain controller products based on Horizon Journey Journey5 chip, and has obtained a fixed point for the development of a new automobile platform autopilot domain controller in a mainframe factory. at present, it has completed DV testing and is expected to have the conditions for mass production this year. During the implementation of the designated project, it has passed the certification of IATF16949, ISO26262 and ASPICE process system, which has laid a solid foundation for the smooth implementation of the project.
Investment suggestion
Due to the seasonal rhythm of the company's revenue recognition, we keep the forecast that the company's operating income for 20223-2025 will be 1.996, 24.90 and 1.120 billion yuan respectively, the net profit of return to the parent will be 2.21 shock 2.86 / 343 million yuan, and the diluted EPS based on the current total share capital of 195 million shares will be 1.13 shock 1.46 shock 1.76 yuan. The company's current share price has a PE multiple of 32-25-21 for the forecast EPS for 2023-2025, maintaining a "buy" rating.
Risk hint
1) Market competition aggravates the risk. 2) the risk of new business development is less than expected. 3) the risk of changes in the macroeconomic and international trade environment. 4) calculate the error risk of the market space. 5) the information on which the research is based is not updated in time and fails to fully reflect the risk of the latest situation of the company.