The company's 2023H1 revenue grew steadily, maintaining the "buy" rating company H1 realized operating income of 1.48 billion yuan in 2023, YoY+32.13%; realized net profit of 109 million yuan, YoY+33.67%; deducted non-net profit of 83 million yuan, YoY-14.73%; gross profit of 34.96% YoYmur1.13pcts; of which 2023Q2 realized revenue of 696 million yuan, YoY+21.57%,QoQ-11.28% Achieve a net profit of 46 million yuan, a non-net profit of 25 million yuan for YoY-22.52%,QoQ-26.5%;, and a gross profit of 36.12% for YoY-56.84%,QoQ-56.17%;. In the short term, due to the decline in fab capital expenditure and the increase in corporate expense rate, we downgrade the company's profit forecast. It is estimated that the 2023 pedigree 2024 debacle 2025 net profit will be RMB 385,000,000 (the previous value is RMB 4.8ppm), and the EPS in 2025is estimated to be 1.001.43pm (the previous value is 1.492.29RMB). The current share price corresponds to a PE of 27.4 / 19.1 / 15.8. The company is the leader of domestic wet equipment, strong technical strength, domestic substitution trend, the market share is expected to continue to increase, to maintain the "buy" rating.
With the high growth rate of hand-on-hand orders, the localization rate of wet equipment is expected to be further improved. in the face of the cyclical adjustment of the semiconductor industry, the company will deepen the permeability of existing product lines and strengthen the business development of materials and components. 2023H1 accumulated 5.323 billion yuan in-hand orders, of which 3.266 billion yuan were new orders, and the YoY+38.28%, semiconductor industry accounted for 73.65 percent of the new orders. According to the main subsidiaries, the revenue of pure integrated 2023H1 is 471 million yuan, the net profit of YoY+59.02%, is 106 million yuan, the revenue of YoY+134.35%; to micro semiconductors is 380 million yuan, the net profit of YoY-17.46%, is-94 million yuan, the net profit of YoY-1.15 is 100 million yuan, the revenue of Fancheng Haoxin is 84 million yuan, the net profit of YoY+156.79%, is 14 million yuan, YoY+283.46% Bohui science and technology revenue 87 million yuan, YoY+44.49%, net profit-14 million yuan, YoY+0.17 billion yuan. From the product point of view, wet equipment: the company's single-chip sulfuric acid equipment S300 SPM machine has been delivered to a number of domestic mainstream wafer factories, and has been applied to the domestic head 12-inch logic production line. High purity process system: still maintain good growth, orders hit a new high. Dazong gas business: China's first fully localized 12-inch wafer advanced process gas supply plant has been supplying gas for 1.5 years, and the new business development process is smooth. Wafer regeneration: the products climb steadily, and 2023H2 is expected to break even and gradually enter the profit contribution period.
Risk tips: the recovery of the industry boom is not as expected, the introduction of customers is not as expected, and product research and development is not as expected.
