55nm 工艺平台营收占比提升，40nm 有望接力。从制程节点来看，2023 年晶合集成55、90、110、150nm 占主营业务收入比例分别达到7.85%、48.31%、30.47%、13.38%。其中55nm 占主营业务收入比例较2022 年提高7.46 个百分点，系公司55nm 实现大规模量产且市场需求较高，55nm 产能利用率持续维持在高位。目前公司已经实现150~55nm 制程平台的量产，正在进行40 和28nm 平台的研发。根据晶合集成官微消息，40nm OLED 平台预计将于2024 年二季度实现小批量量产。The share of revenue of the 55nm process platform of Crystal Integration increased year-on-year in 2023, and the 40nm process platform is expected to achieve small-batch mass production in 2024Q2. In 2024, the company successfully developed 55nm single-chip, high-pixel back-illuminated image sensor (BSI) technology. The new process platform and new technology are expected to contribute new revenue growth points to the company. Maintain a buy rating.
Key points to support ratings
Crystalline Integrated's gross margin for 2023Q4 and 2024Q1 improved significantly year over year. Crystalline Integrated 2023Q4 revenue was 2,227 billion yuan, QoQ +9%, YoY +43%; gross profit margin of 28.3%, QoQ +9.1pcts, YoY+15.4pcts; net profit without return to mother was 172 million yuan, QoQ +697%. Jinghe Integrated's 2024Q1 revenue was 2,228 billion yuan, which was basically the same from month to month, YoY +104%, gross profit margin of 25.0%, QoQ-3.4pcts, YoY+17.0pcts; net profit after deducting non-return to mother was 57 million yuan, QoQ -67%, turning a year-on-year loss into a profit.
The 55nm process platform's share of revenue has increased, and 40nm is expected to be relayed. In terms of process nodes, in 2023, crystal integration 55, 90, 110, and 150nm accounted for 7.85%, 48.31%, 30.47%, and 13.38% of the main business revenue, respectively. Among them, 55nm accounted for 7.46 percentage points higher in the main business revenue compared to 2022. The company achieved large-scale mass production of 55nm and high market demand, and 55nm capacity utilization continued to remain high. At present, the company has achieved mass production of 150 to 55 nm process platforms, and is currently developing 40 and 28 nm platforms. According to Crystal Synthesis's official WeChat account, the 40nm OLED platform is expected to be mass-produced in small batches in the second quarter of 2024.
The DDIC business clearly recovered in 2023, and CIS technology made breakthroughs. In terms of application product classification, in 2023, DDIC, CIS, PMIC, and MCU accounted for 84.79%, 6.03%, 6.04%, and 1.71% of the main business respectively. DDIC contributed a major share of revenue, and the recovery in demand in the DDIC market was relatively obvious in 2023. According to Crystal Synthesis official WeChat, in 2024, Crystal Integrated 55nm single-chip, high-pixel back-illuminated image sensors (BSI) will be mass-produced. The CIS production capacity of the Crystal Integration Plan will double this year, and the share of shipments will increase significantly, making it the second largest product spindle other than actual driver chips.
valuations
The estimated EPS for the 2024/2025/2025/2026 integration is 0.37/0.59/0.73 yuan, respectively. As of the close of April 30, 2024, the company's market value was 29 billion yuan, corresponding to 2024/2025/2026 PE, 39.0/24.6/19.8 times, respectively. As the price war in the DDIC industry continued in 2023, the company continued to expand production, and depreciation and amortization expenses rose significantly after the initial investment in the fab was converted, we lowered the company's profit forecast for 2024/2025. We expect the company's PE to be around 39.0 times in 2024. Maintain a buy rating.
The main risks faced by ratings
Market demand fell short of expectations. The competitive landscape in the industry has deteriorated. Product development progress falls short of expectations.
