维持“增持” 评级，维持目标价17.62元。公司承接了多个合同金额较大的项目，而未结算项目需计提减值准备，导致前3 季度扣非归母净利润下滑至1.48 亿元（YoY-16.43%），业绩略低于预期。半导体产业国产替代提速将带动洁净室需求放量，公司作为内资洁净室头部企业有望充分受益，考虑到收入确认节奏受客户工作进展影响， 下调2023-2024 年EPS 为0.46（-0.15）/0.66（-0.10）元，维持2025 年EPS为0.89 元，维持17.62 元目标价，维持“增持”评级。Introduction to this report:
2023Q3 achieved net profit without deduction of 148 million yuan, a year-on-year decrease of 16.43%. The company has sufficient orders in hand, and is expected to return to depreciation to improve net profit performance after the construction project is confirmed.
Key points of investment:
Maintain the “Overweight” rating and maintain the target price of 17.62 yuan. The company undertook a number of projects with large contract amounts, and unsettled projects needed to be prepared for impairment. As a result, net profit deducted from mother fell to 148 million yuan (YoY -16.43%) in the first 3 quarters, and the performance was slightly lower than expected. The acceleration of domestic replacement in the semiconductor industry will drive demand for clean rooms, and the company is expected to fully benefit as a leading domestic cleanroom company. Considering that the pace of revenue recognition is affected by customer work progress, the 2023-2024 EPS will be reduced to 0.46 (-0.15) /0.66 (-0.10) yuan, maintain the 2025 EPS at 0.89 yuan, maintain a target price of 17.62 yuan, and maintain a “gain” rating.
The release of semiconductor demand improves the company's performance. Thanks to the increase in demand for clean rooms brought about by the development of industries such as semiconductors and pan-semiconductors, the company achieved revenue of 1,092 million yuan (YoY +58.58%) and net profit of 55 million yuan (YoY +20.94%) in Q3, ending the downward trend in net profit deducted from 2023Q1, and performance improved marginally from Q3.
Depreciation of project advance funds affects net profit, which is expected to be reversed after acceptance is completed. Progress payments for clean room projects usually account for 60%-80%. As a result, the unsettled portion of the project under construction has a large cumulative amount, and the unsettled portion needs to be deducted as contract assets. Currently, the company is implementing a large number of high-value projects, resulting in asset impairment losses of 41 million yuan (YoY +215%) in the first 3 quarters, which adversely affected the company's net profit deducted from the mother. After the cleanroom project is completed and the payment is recovered, the contractual asset impairment preparations will also be transferred back accordingly.
There are plenty of orders in hand, and the downstream demand boom is expected to continue to receive orders. The domestic private enterprise background helps the company continue to receive domestic semiconductor cleanroom orders. For example, the company won SMIC Southern's 700 million yuan cleanroom contract in July. Since the beginning of 2023, the company's new orders have been good, and there are enough orders in hand. Among them, the semiconductor industry accounts for more than 80% of orders, and it is expected that it will gradually release performance.
Risk warning: Receivables collection progress falls short of expectations; order acquisition falls short of expectations
