Main points of investment:
Announcement: the plan for the non-public offering of A-shares in 2022 will raise no more than 1.8 billion yuan, of which 1.26 billion yuan will be used for three main projects, accounting for 70% of the total. 54 million yuan will be used to supplement liquidity or repay bank loans. The estimated income of monolithic wet process module, core components R & D and industrialization project, Zhi Chun North Semiconductor R & D and production Center project and Jiangsu Qidong Semiconductor equipment industrialization Base Phase II project is 720 million / 480 million / 1.21 billion yuan respectively, with a total sales of 2.41 billion yuan.
New orders for semiconductor wet process equipment are growing rapidly, with high-end equipment accounting for 60% of the orders, accumulating high-quality customers in the industry. The new orders for wet equipment in 2019-2022 and the first three quarters of 2021 were RMB 1.42 billion and RMB 3.23 billion, respectively. In the wet equipment sector, the company has developed since 2015, and the new orders for wet equipment in 2019-2021 are 1.7 pm 5.3 / 1.12 billion yuan, respectively, accumulating first-tier customers in the integrated circuit industry such as Semiconductor Manufacturing International Corporation, Hefei Changhong and Shanghai Huahong. In 2021, the first batch of monolithic wet equipment has been delivered and successfully verified, and 4 wet equipment orders have been received in the process below 14nm.
At present, the production capacity of wet process equipment has been expanded to 150 units, "single-chip wet process module, core parts R & D and industrialization project"
And "Zhi Chun North Semiconductor R & D Project" to enhance the advanced process capability and production capacity of wet equipment and parts. The monolithic wet process module, core parts R & D and industrialization project aims at the high-order monolithic wet process modules, monolithic cavities and core components with corrosion resistance and high precision of 14nm and below. The project will become the R & D and industrialization base of the company's high-level process monolithic wet equipment and parts, with an annual output of 100 sets of high-grade process monolithic wet modules and nearly 2000 sets of various parts. The project of Pure North Semiconductor R & D and production Center is expected to achieve an annual production capacity of 30 sets of system integration and supporting equipment, 15 sets of semiconductor wet equipment and 2610 sets of semiconductor parts.
"Qidong Semiconductor equipment industrialization Base Phase II Project" develops and mass produces integrated circuit equipment such as furnace tube and glue development equipment, photovoltaic cashmere cleaning equipment and other pan-semiconductor process equipment, layout new categories and new application fields. With an investment of 800 million, the project will form an annual production scale of 50 sets of integrated circuit equipment such as furnace tube and glue development, 120 sets of photovoltaic process equipment, 10 sets of panel process equipment, more than 3,000 sets of system integration and process equipment, and more than 30,000 sets of spare parts. It is expected to achieve an annual income of 1.21 billion yuan. In the process of R & D of furnace tube, glue development and other semiconductor equipment products and technology, the company has realized the accumulation and mastery of core processes such as transmission system, electronic control system, radio frequency system, cavity structure and tail gas treatment system.
Based on the layout of high purity process system, semiconductor wet process equipment and wafer regeneration, semiconductor business strategy trinity. The Hefei wafer recycling project has been officially mass-produced since 2021. Hefei layout wafer regeneration and component cleaning project is the first 12-inch wafer re-production line in China, and the component cleaning project is the first domestic complete anode production line. Annual production capacity of 1.68 million wafers and 1.2 million semiconductor parts. It has formed the trinity of equipment, material and technology.
Raise earnings forecasts and maintain "buy" ratings. The company expects to post-deduction net profit of 3-330 million yuan in 2022. Due to new breakthroughs in photovoltaic and other new areas, the company raised its forecast of annual return net profit in 2022-23-24 from 3.30 shock 4.52 / 538 million yuan to 3.30 pound 501 2023PE, 645 million yuan, maintaining the buy rating.
Risk tips: cleaning equipment orders are not as expected; new capacity is not as expected; investment failure or loss risk.