The 2023H1 company's revenue grew steadily, maintaining the “buy” rating company 2023H1 to achieve revenue of 5.1 billion yuan, YoY +10.4%; net profit of 4.257 million yuan, YoY +36.2%; net profit after deducting non-attributable net profit of -21,875 million yuan, mainly due to processing long-term equity investment income; gross margin of 38.2%, YOY-5.5pcTS, mainly due to intense market competition and changes in the company's product structure. In 2023Q2, the company's revenue was 330 million yuan, YoY +2.5%, QoQ +82.2%; net profit was 376.97 million yuan, YoY +2.7%, from loss to profit. The company is progressing smoothly in the fields of consumer electronics, semiconductors, and intelligent driving. We slightly raised the company's profit forecast for 2023 and 2024 and added a profit forecast for 2025. We expect 2023/2024/2025 net profit to be 2.06/264/310 million yuan (previous value was 195/241 million yuan), and 2023/2024/2025 EPS is 1.05/1.35/1.59 yuan (previous value was 1.00/1.24 yuan). The current stock price corresponds to PE of 34.6/ 27.0/22.9 times, maintaining the “buy” rating.
Multiple businesses achieved varying degrees of growth. Multiple products achieved significant breakthroughs. By product, the company's visual measurement equipment revenue was 137 million yuan, YoY -9.4%; visual inspection equipment revenue was 222 million yuan, YoY +8.5%; visual process equipment was 116 million yuan, YoY +29.7%; and intelligent driving solution revenue was 384.15 million yuan, YoY +94.7%. The company's various businesses are progressing smoothly. The inspection speed of sorters in the photovoltaic field has once again increased dramatically, and functions such as automatic handling and automatic packaging have been extended; the first-generation photovoltaic copper plating graphical equipment is expected to be delivered for trial in the third quarter. In the field of intelligent driving, the domain controller based on the Horizon Journey 5 chip has obtained a development target from an OEM, completed DV tests, and is expected to meet mass production conditions within the year.
Significant progress has been made in semiconductor equipment. In August 2023, Silicon Semiconductor, which is owned by a domestic brightfield inspection equipment development company, delivered the first wide-band bright-field defect inspection device TB1000 with a 65-90nm process for 12-inch wafers. Bright-field defect inspection is the most critical part of advanced defect inspection. It is a guarantee for improving yield, reducing costs, and promoting process iteration. Until now, it has always been monopolized by leading foreign companies.
The TB1000 produced by the company is autonomous and controllable for precision opto-mechatronic core components. At the same time, it uses advanced signal processing algorithms to effectively improve the signal-to-noise ratio, significantly improve defect detection sensitivity, and help localize semiconductor equipment.
Risk warning: risk of loss of core technical personnel, risk of customer introduction falling short of expectations, risk of downstream demand falling short of expectations.