The company's performance grew steadily in 2022. The company upgraded to a semiconductor packaging and testing equipment solution provider and achieved revenue of 901 million yuan in 2022, +15.5% year on year; the return mother's net profit was 273 million yuan, +2.1% year on year.
2023Q1's revenue was 220 million yuan, up 5.53% year on year; Guimu's net profit was 55 million yuan, -9.23% year on year.
We lowered the 2023-2024 and added the 2025 profit forecast. The estimated net profit for 2023-2025 is 3.5/47/ 650 million yuan (the original value for 2023-2024 was 39/560 million yuan), EPS was 1.41/1.88/2.62 yuan, and PE corresponding to the current stock price is 21.7/16.4/11.7 times. Based on precision welding technology, the company upgraded to a semiconductor packaging and testing equipment solution provider, opening up room for growth and maintaining the “buy” rating.
Visual inspection process equipment continues to be sold, and complete equipment for intelligent manufacturing is growing rapidly. The revenue of the visual inspection process equipment sector in 2022 was +28.93% year on year. The gross margin increase exceeded expectations, and the increase in gross margin exceeded expectations, +8.28pcts year on year. The company has successfully completed its 2022 R&D goals. 3DAOI equipment has been developed, has mass production and delivery capabilities, and equipment imaging technology has reached an industry-leading level. In the intelligent manufacturing equipment sector, the company has developed a new PTC intelligent assembly line solution for cockpit heating and power battery heating systems for new energy vehicles. Customers include Danno Xicheng Electronics, Fengtian Electronics, Kobole Automobile Electronics, and Chaoli Electric, and batch delivery; it provides automated production lines for wire-controlled chassis to customers such as Bethel, Shanghai Huizhong Automobile, and Yingchuang Technology. The sector's revenue increased sharply by 79.88% year on year, and the increase in gross margin exceeded expectations, +6.13 pcts year on year. The company achieved a number of business increases by increasing R&D investment and market development. Sales expenses in 2022 were +44.69% year on year, and R&D expenses were +76.86% year on year.
In 2022, semiconductor packaging equipment surpassed 10 million sales, and domestic substitution opened up room for long-term growth. In 2022, the solid crystal bonding business had revenue of 15.21 million yuan, +443.98% compared to the previous year. Mainly, special equipment for laser marking and removal of power modules and packaging equipment such as Clipbond vacuum welding furnaces completed tens of millions of levels of sales. The company's semiconductor packaging equipment test center will be completed at the end of April 2023 to provide customers with one-stop services from proofing to verification. The localization rate of IGBT solid crystal bonding equipment is less than 5%. The localization rate of nano-silver sintering equipment is less than 1%. There is plenty of room for domestic alternatives. In 2022, the gross margin of the solid crystal bonding business fell 25.9 pcts year on year. In the future, when semiconductor equipment such as nano-silver sintering is released, gross margin will be repaired, and domestic substitution will open up room for long-term growth.
Risk warning: The progress of semiconductor equipment production falls short of expectations, and macroeconomic fluctuations affect demand for soldering equipment.