3Q23 交房收入较去年同期有较大收入，单季度毛利率57.49%主要体现房地产业务毛利率。3Q23 末公司资产负债表合同负债项为1.52 亿元，QoQ-2.72 亿元，主要系房产销售预收款转营收。3Q23 performance is in line with our and market expectations.
Wanye Enterprise released the third quarter of 2023 report: 3Q23 single-quarter revenue of 373 million yuan, QoQ+41%,YoY+343%; return net profit of 45 million yuan, QoQ+18%,YoY+86%; deduction of non-return net profit of 38 million yuan, QoQ+219%,YoY+90%. The company has more room revenue, and the semiconductor equipment is under pressure as a whole, which is basically in line with our and market expectations.
Trend of development
3Q23 has a larger revenue than the same period last year, with a single-quarter gross profit margin of 57.49% mainly reflecting the gross profit margin of the real estate business. At the end of 3Q23, the contract liability item of the company's balance sheet is 152 million yuan and QoQ-2.72 billion yuan, which is mainly due to the transfer of advance receipts from real estate sales.
The single-quarter R & D expense rate of 3Q23 is 17.20% QoQQ 6.20pctJOYBY 11.97pct, which reflects the continuous investment in R & D of the company's semiconductor sector and supports the iteration of product development. Due to the weak semiconductor cycle and other factors, the overall pace of production expansion of domestic wafer factories has slowed down this year, coupled with the fact that Kaishitong and Jiaxin are currently mainly serving specific customers, 3Q23 newly signed orders are under pressure.
Looking to the future: from 2023 to now, Kaishitong has produced and delivered a series of high-end ion implanters, with two new 12-inch wafer manufacturers, covering logic, storage, power and other application fields. Since the second half of 2022, Jiaxin Semiconductor has been operating well and continues to develop and manufacture various kinds of front-end integrated circuit equipment. Including etching machines (silicon nitride plasma etching machine, metal plasma etching machine, sidewall plasma etching machine), thin film deposition equipment (HDPCVD, doped boron-phosphorus silicon dioxide film SACVD, silicon dioxide PECVD, titanium / titanium nitride MOCVD, aluminum-copper metal sputtering equipment), rapid thermal treatment / annealing equipment, tail gas treatment equipment, etc.
We believe that if the relevant wafer factories resume bidding around the end of 2023, the company's on-hand orders are expected to further increase.
Profit forecast and valuation
We keep the company's performance forecast basically unchanged, and expect the company's revenue to grow by 13% to 1.308 billion yuan in 2024 compared with the same period last year, with a net profit of 315 million yuan in 2024. The company's current stock price corresponds to 2023 47.0x/47.0x 2024. Using the SOTP method to value the company (see the text for specific calculations), we maintain the company's long-term profit expectations and valuation level unchanged, keep the company's target price unchanged, which is basically the same as the current price, and maintain the company's outperforming industry rating unchanged.
Risk
The capital expenditure of the fab is lower than expected, the product expansion is not as expected, and the development of new products is not as expected.
