晶盛机电(300316):业绩高增、订单充沛 受益光伏设备+光伏坩埚业绩提升

Jingsheng Electromechanical (300316): High performance and abundant orders benefit from improved performance of photovoltaic equipment+photovoltaic crucible

浙商證券 ·  04/27  · Researches

Key points of investment

Q1 2023 performance: 100% year-on-year increase; expect the company's equipment+materials to be fully released in 2023 1) The quarterly performance exceeded expectations: achieved revenue of 3.6 billion yuan, an increase of 84% over the previous year; Guimu's net profit was 890 million yuan, an increase of 100% over the previous year. The core benefits from the rapid improvement in the performance of photovoltaic long-crystal equipment and photovoltaic crucibles.

2) Profitability remains high: gross profit margin was 40.6%, up 0.7 pct year on year; net profit margin was 28.1%, up 4.5 pct year on year.

3) Orders: As of March 31, 2023, the company's uncompleted contracts for crystal growth equipment and intelligent processing equipment totaled 26.059 billion yuan, an increase of 17% over the previous year. Of these, uncompleted semiconductor equipment contracts were 3.52 billion yuan, an increase of 162% over the previous year.

In 2023, the company plans to place more than 3 billion yuan in new orders for battery+module equipment, sales in the materials business exceed 5 billion yuan (1.46 billion in 2022), and overall revenue for the whole year increased by more than 60% year-on-year (according to the company's 2022 report).

4) It is expected that 2023 will be a year where the company will blossom more and new business will accelerate: expect the company's photovoltaic equipment (silicon wafer+battery+module) +consumables (crucible, diamond wire), semiconductor equipment (silicon wafer+wafers and packaging), and silicon carbide materials (6+8 inch substrate), leading to an increase in the company's orders+performance.

Pan-semiconductor “equipment+materials” leader, platform-based layout space continues to open 1) Photovoltaic equipment: The company is a leader in photovoltaic long-crystal furnaces, and has accelerated expansion into the fields of photovoltaic cell+module equipment, quartz crucibles (leading the leader), and diamond wire consumables, opening the second largest growth curve in the photovoltaic business.

2) Semiconductor equipment: large silicon chip equipment - The company has achieved full coverage of 8-inch equipment in crystal growth, slicing, polishing, CVD, etc., and equipment such as 12-inch long crystals, slicing, grinding, polishing, thinning, etc. have been sold in batches, and the products have reached the international advanced level. Power semiconductor equipment - The company's orders for monolithic 6-inch silicon carbide epitaxial equipment grew rapidly and successfully developed industry-leading 6-inch two-chip silicon carbide epitaxial equipment.

3) Silicon carbide: Technical side: The company's 8-inch N-type SiC substrates will be produced in small batches. Client: The company has formed a purchase intention with customer A (company announcement), and priority will be given to providing them with a total of no less than 230,000 silicon carbide substrates from 2022 to 2025. Production capacity side: The company plans to build an annual production capacity of 400,000 conductive and insulating silicon carbide substrates of more than 6 inches in Yinchuan, Ningxia. A research and development test line for growing, slicing, and polishing 6-8 inch silicon carbide crystals has also been built. Gradually achieve autonomous control of large-size silicon carbide crystal growth+processing technology.

4) Sapphire: The company has grown the world's leading 700kg sapphire crystal, gradually increasing the large-scale mass production grade from 300kg to 450kg. Promote the increase in production capacity of the subsidiary Ningxia Xinjingsheng and strengthen its scale advantage.

Investment advice: Optimistic about the company's future performance in the fields of photovoltaics, semiconductors, silicon carbide, and sapphires, the company's net profit for 2023-2025 is 43/56/72 billion yuan, an increase of 46%/31%/28% over the previous year, and the corresponding PE is 20/16/12 times. Maintain a “buy” rating.

Risk warning: The progress of semiconductor equipment research and development has fallen short of expectations; the expansion of downstream photovoltaic production falls short of expectations.

This page is machine-translated. Futubull tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.

    Write first comment