Revenue and profit increased dramatically in 2023, and the troika drove sales scale
In 2023, the company achieved revenue of 4.446 billion yuan, a year-on-year increase of 51.76%; achieved net profit of 687 million yuan, a year-on-year increase of 123.72%; realized net profit of 668 million yuan, an increase of 132.60% year-on-year, and a significant increase in revenue profit, mainly due to the company's accumulation of high-quality customers deeply involved in the intelligent manufacturing equipment industry. At the same time, new customers in 2023 brought significant sales growth. The sales scale continued to grow year on year, and the gross margin of some products increased. The company focuses on the field of automation equipment. Its products are mainly used in consumer electronics, semiconductors, new energy and other industries. Consumer electronics is the company's core business. The company is focusing on developing the semiconductor business, while also exploring new opportunities for vehicle parts in the new energy sector, and strategically lays out three booming tracks.
▌Diversified demand for 3C products. The core incremental consumer electronics sector of periscope module equipment is the company's core business area. The company is deeply tied to core customers. The company's intelligent manufacturing equipment basically covers terminal products such as mobile phones, tablets, headphones, watches, and audio. At present, the company's intelligent manufacturing equipment is not only used in the assembly and inspection process of complete terminal products, but has also been extended vertically to front-end module sections and component assembly and inspection, and is deeply involved in the research and development of new customer products and components, and has gained a leading technical position. As demand for 3C products is increasingly diversifying, the penetration rate of new technologies such as periscope lenses and folding screens continues to increase. The iPhone 15 series released by Apple in the second half of 2023 used a periscope telephoto lens for the first time. As a supplier of periscope module equipment, the company is profoundly benefiting from the core increase brought about by changes in the consumer electronics industry.
▌The acquisition of OPTIMA into measurement equipment and received batch orders. The company's products in the semiconductor industry are mainly industry-standard equipment, such as crystal fixing equipment, sorting equipment, wafer packaging machines, wafer defect detectors, chamfer roughness measurement, wafer character inspection machines, wafer laser marking machines, wafer laser slotting machines, etc. The company entered the field of wafer inspection and measurement equipment through the acquisition of Japan's OPTIMA, the world's leading supplier of wafer inspection equipment, and became a supplier of wafer inspection and measurement equipment for well-known domestic and foreign wafer manufacturers such as Sumco, Samsung, GCL, Easway, and Zhonghuan Semiconductor. Since the acquisition, the company has efficiently completed technology integration, continued to expand the equipment product line in the field of high-end semiconductors and applications in emerging fields such as HBM, and focused on increasing the value of individual devices. In the context of the wave of localization of semiconductor equipment and the rapid development of artificial intelligence chips, the company also ushered in new opportunities for growing demand for new semiconductor processes. It actively cooperated with the new needs of first-tier international customers and developed bright and dark field combined laser optical technology in wafer edge inspection systems. The thinning, trimming, bonding, and coating processes increased wafer edge trimming amplitude, processing size inspection, wafer bonding alignment inspection, adhesive process monitoring, EBR monitoring, and bonding New defect detection functions such as bubbles, debris, peeling, and polymer residue that appeared during the process improved poor monitoring of HBM and TSV processes, received full recognition from customers, and successfully obtained batch equipment orders.
▌Profit forecast
It is predicted that the company's revenue for 2024-2026 will be 54.73 billion yuan, 6.700, and 8.052 billion yuan respectively, and EPS will be 4.08, 4.79, and 5.81 yuan respectively. The current stock price is 17.3, 14.7, and 12.1 times PE, respectively. The company's layout of consumer electronics+semiconductor+new energy, the gradual increase in penetration rate of periscope lenses, the wave of localization of semiconductor equipment, and the rapid development of artificial intelligence chips are expected to bring the company a core increase. The first coverage gives the company a “buy” investment rating.
▌Risk Alerts
Macroeconomic risks, risk of product development falling short of expectations, risk of increased industry competition, risk of downstream demand falling short of expectations.