公司已经形成了超高纯金属溅射靶材、半导体精密零部件、第三代半导体关键材料的三大业务主线，后续公司将持续提升核心竞争力。首先，在产品方面，公司自主研发了靶材关键制造装备，构建了较为完善的自主知识产权保护体系，在努力扩大高纯溅射靶材市场份额的同时完善半导体精密零部件、第三代半导体关键材料的布局。其次，在项目方面，公司积极推进相关项目建设，增强公司整体盈利能力。2023 年，控股子公司已搭建完成国内首条具备世界先进水平、自主化设计的第三代半导体功率器件模组核心材料制造生产线，产品已初步获得市场认可。韩国基地也已经完成注册，助力公司发力国际市场。The “Double Improvement of Quality and Return” action plan highlights long-term development determination and maintains a “buy” rating
On February 4, 2024, the company issued an announcement on the “Action Plan to Promote the Double Improvement of Quality and Return”. The announcement stated that in the future, the company will: (1) focus on its main business and continue to improve its core competitiveness; (2) strive to improve the level of corporate governance and promote high-quality and sustainable development of the company; (3) focus on reasonable return on investment for investors. This announcement highlights the determination and confidence of the company's management for long-term development. At the performance level, considering that short-term semiconductors are at the bottom of the cycle and the increase in the company's new product development, etc., we slightly lowered the company's performance. We expect net profit to be 2.31/3.54 billion yuan (previous value was 2.56/3.393/517 million yuan), corresponding EPS was 0.87/1.34/1.74 yuan (previous value was 0.96/1.48/1.95 yuan), and PE corresponding to the current stock price is 43.6/28.4/21.7 times. We continue to be optimistic about the long-term growth of the company's targets and components Space, maintaining a “buy” rating.
Focus on main business and continuously improve core competitiveness
The company has formed three main business lines: ultra-high purity metal sputtering targets, semiconductor precision components, and key materials for third-generation semiconductors. In the future, the company will continue to improve its core competitiveness. First, in terms of products, the company independently developed key manufacturing equipment for target materials, established a relatively complete independent intellectual property protection system, and improved the layout of semiconductor precision components and third-generation semiconductor key materials while striving to expand the market share of high-purity sputtering targets. Second, in terms of projects, the company actively promotes the construction of related projects to enhance the company's overall profitability. In 2023, the holding subsidiary has built and completed the first domestic production line for third-generation semiconductor power device module core materials with the world's advanced level and autonomous design, and the product has been initially recognized by the market. The Korean base has also been registered to help the company develop the international market.
Share buybacks are used for equity incentives/employee shareholding, and emphasis is placed on reasonable return on investment for investors
On September 11, 2023, the company issued a share repurchase announcement. It plans to spend 50-80 million yuan to repurchase shares. As of January 31, 2024, the company had repurchased 762,300 shares, accounting for 0.2872% of the total share capital.
The company's share repurchase is conducive to promoting the company's continuous, stable and healthy development and safeguarding the interests of all shareholders of the company. At the same time, it shows confidence in the company's business situation and prospects for sustainable development. At the same time, the company attaches great importance to a reasonable return on investment for investors. The annual cash dividend ratio for the past three years has exceeded 20% of net profit to mother.
Risk warning: downstream demand falls short of expectations; capacity release falls short of expectations; customer acquisition falls short of expectations.
