Introduction to this report:
The performance is in line with expectations; the platform-based layout is becoming more and more perfect, and market competitiveness continues to improve; increase production capacity construction, and actively plan the industrial layout.
Key points of investment:
Maintaining the shareholding increase rating: Referring to the company's 23-year performance report, net profit due to mother was lowered to 727 million yuan (previous value of 736 million yuan), maintained 24-25 year net profit of 1,07/1,290 million yuan; lowered 23-year EPS of 4.58 yuan (previous value of 4.63 yuan), and maintained 24-25 EPS of 6.33/8.11 yuan.
Keep the target price of 238 yuan unchanged, and maintain an increase in holdings rating.
The performance was in line with expectations. The company's estimated revenue for 23 years was 2,508 billion yuan, YoY 52.1%; net profit due to mother of 727 million yuan, YoY 45.0%; net profit after deduction of 616 million yuan, YoY 62.1%. In the 23Q4 alone, the company's revenue was 668 million yuan, YoY 29.7%; net profit due to mother was 163 million yuan, YoY 2.5%; net profit without return to mother was 157 million yuan, YoY 37.7%. In 2023, the company increased R&D and production capacity building, and the CMP sales scale continued to increase.
The platform-based layout is becoming more and more perfect, and market competitiveness continues to improve. The company's market share of CMP equipment has been steadily increasing. The client for the all-in-one thinning and polishing machine was successfully verified, and the mass-produced Versatile-GP300 was launched. The first 12-inch single-wafer cleaning machine has been shipped to a leading domestic silicon wafer company. Liquid supply systems have been purchased in bulk. Metal film thickness equipment has been shipped in small batches. The wafer recycling business reached a monthly production capacity of 100,000 wafers. As the company's CMP holdings increase, key consumables are expected to become a new profit growth point for the company.
Increase production capacity construction and actively plan industrial layout. The company plans to build a base in the Beijing Economic Development Zone to lay out CMP, thinning equipment, wet cleaning equipment, etc. In addition, the company actively participated in setting up investment funds to find investment targets in the industrial chain, and at the same time continue to promote the cultivation of domestic parts suppliers and increase the localization rate of parts.
Risk warning: semiconductor industry cycle fluctuations, domestic substitution, and company product development falling short of expectations.