With the development of both endogenesis and denotation, the leader of intelligent equipment wants to take off. Sai Teng shares deep ploughing intelligent equipment manufacturing for many years, with Apple Inc and other high-quality and stable customer resources, products and services related to consumer electronics, new energy vehicles, semiconductors and other fields. While integrating the original business, the company absorbs new forces, endogenesis and extension to achieve the rapid growth of revenue scale and market share. Revenue in the first three quarters of 2020 was 1.22 billion yuan, an increase of 62.7% over the same period last year, and the net profit was 150 million yuan, an increase of 65.2% over the same period last year. At present, the products are mainly used in the field of consumer electronics. We expect that with the continued volume of semiconductor testing business and new energy vehicle business, the company is expected to continue its high growth in the future.
The company's 3C equipment line covers a number of Apple Inc products, and the status of the industrial chain is constantly improving. The company was certified as a qualified supplier by Apple Inc in 2011. since 2012, Seton shares has gradually expanded from a cooperation of testing equipment to a variety of automatic assembly equipment, testing equipment and fixtures. the field of application also extends from notebooks to mobile phones, watches, tablets, headphones and other electronic products, the two sides have established a long-term and stable cooperative relationship. According to the Gartner report, global mobile phone sales are expected to reach 1.53 billion units in 2021, an increase of 11.4% over the same period last year. According to the Canalys report, the compound annual growth rate of TWS headphones from 2020 to 2024 is about 19.8%. In 2021, the company shipped 350 million headphones, and we believe the company will significantly benefit from this recovery in the 3C equipment industry. Apple Inc Company's product update iteration speed is fast, with the continuous improvement of the company's position in the Apple Inc industrial chain, the wide range of product applications, the company's performance growth is worth looking forward to.
Switch tracks, lay out semiconductor testing equipment and smart equipment for new energy vehicles, and the growth ceiling continues to open. With the successful acquisition of Lingou Technology and Optima Co., Ltd., the company has developed the automotive intelligent device industry plate with Sateng Leo as the core and the semiconductor testing industry plate with Optima as the core, based on the original consumer electronic intelligent device business. SEMI predicts that the market size of semiconductor equipment will continue to grow from 2020 to 2022, reaching US $68.9 billion in 2020. Based on the fact that semiconductor test equipment accounts for 8% of semiconductor special equipment, corresponding to a market space of US $5.5 billion, entering the booming racetrack will help the company to optimize its existing product structure, further disperse downstream industry risks, and enhance the company's overall competitiveness.
Investment suggestion: the company's 3C business continues to make breakthroughs in Apple Inc's product line, with horizontal layout in the field of semiconductor testing and new energy vehicles. We are optimistic that the company's three major businesses will continue to grow in the future. It is estimated that the company's operating income from 2020 to 2022 will be 16.90,22.34 and 2.885 billion yuan respectively, and the net profit attributed to the parent company will be 2.12,2.94 and 382 million yuan respectively.
Risk hints: the risk that the replacement of 3C products is not as expected; the risk that the orders of major customers are not as expected; the risk that the prosperity of the semiconductor industry is less than expected, which affects equipment demand; and the risk that business horizontal expansion is not as expected.