晶盛机电(300316):一季度延续高速增长趋势 盈利能力提升在手订单充足

Jingsheng Electromechanical (300316): Continuing the rapid growth trend in the first quarter, increased profitability, sufficient orders on hand

德邦證券 ·  05/03  · Researches

Key points of investment

Incident: The company released its report for the first quarter of 2023. 2023Q1 achieved operating income of 3.60 billion yuan, an increase of 84.37% over the previous year, and achieved net profit of 887 million yuan attributable to shareholders of listed companies, an increase of 100.43% over the previous year.

Profitability has improved markedly, and there are plenty of orders on hand. 2023Q1 achieved an overall gross profit margin of 40.61% and a net profit margin of 28.10%. Over the previous year, +0.67pct and +4.51pct respectively, the company's profitability increased markedly. As of March 31, 2023, the company had not completed contracts for crystal growth equipment and intelligent processing equipment totaling 26.059 billion yuan, including 3,520 billion yuan of semiconductor equipment contracts. The company has sufficient orders in hand, laying the foundation for a strong increase in performance in 2023. In 2023, the company hopes that with the joint efforts of management and all employees, new orders for battery equipment and module equipment will exceed 3 billion yuan, material business sales will exceed 5 billion yuan, and overall annual revenue will increase by more than 60% year-on-year.

The expansion of production of crucibles and diamond wires is advancing at an accelerated pace. Focusing on the dual-engine sustainable development strategy of “advanced materials and advanced equipment”, the company strengthened R&D investment and technological innovation, improved market service quality, strengthened organizational management capabilities, further deepened the collaborative development industrial layout of equipment+materials, and achieved rapid development of various businesses. In terms of materials, the company accelerated the expansion of production of advanced materials such as high-purity quartz crucibles and next-generation diamond wire, and achieved rapid year-on-year growth in business performance. The company's next-generation diamond wire production project was put into operation in November 2022, which will effectively expand the development of the company's core auxiliary consumables business and further improve the company's industrial chain support in the field of semiconductor materials and equipment.

The SiC business expanded smoothly, and epitaxial equipment was sold in bulk. The company has developed silicon carbide long-crystal equipment, slicing equipment, polishing equipment, and epitaxial equipment based on the field of power semiconductors. The silicon carbide epitaxial equipment produced by the company has been sold in batches, and the product quality has been unanimously praised by downstream customers; the company has made major breakthroughs in the development of large-scale SiC crystals and has successfully grown 8-inch N-type silicon carbide crystals. On February 4, the company's new 6-inch two-chip silicon carbide epitaxial equipment launch conference came to a successful conclusion, marking a major breakthrough in the third-generation semiconductor field of Jingsheng Electromechanical. The product has taken two years of R&D, testing and verification, and has achieved an international leading edge in epitaxial production capacity and operating costs. Compared with single-chip equipment, the production capacity of a single unit of new equipment has increased by 70%, and the operating cost of a single chip can be reduced by more than 30%.

Profit forecast: The company's net profit for 2023-2025 is expected to be 45.51/57.74/7.232 billion yuan, corresponding to PE19.7/15.5/12.4 times, maintaining the “increase in holdings” rating.

Risk warning: Iterative photovoltaic technology falls short of expectations, new technology research and development falls short of expectations, and market competition increases risks.

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