Event
On October 25, the company announced that the third quarter of 2023 reported that 23Q1-Q3 realized revenue of 256 million yuan, + 45.16% year-on-year; net profit of 51 million yuan, + 50.63%; and non-return net profit of 43 million yuan, + 68.68% of the same period last year.
Main points of investment
Performance to maintain growth, continue to maintain a high R & D attribute. In the first three quarters of 23 years, the company achieved revenue of 256 million yuan, + 45.16% year-on-year; net profit of 51 million yuan, + 50.63%; and non-return net profit of 43 million yuan, + 68.68%. In a single quarter, 23Q1/23Q2/23Q3 achieved revenue of 0.22 million yuan, 59.41%, 64.88%, 30.39% and 0.04, 19,028 million yuan, respectively, compared with + 132.03%, 42.97% and 15.36%, respectively. Realize the deduction of non-homed net profit-0.01Plus 0.17RMB0.27 million, compared with the same period last year, + 92.47%, 175.17% and 18.35%, respectively. The company continues to increase R & D investment in the research and development of new products of manufacturing EDA software, the expansion of semiconductor data systems based on AI, and the optimization and upgrading of WAT testing machines. The R & D expenses of 23Q1/23Q2/23Q3 Company are 0.42 pound 0.51 billion yuan, respectively, compared with the same period last year. + 83.34%, + 83.34%, 113.19%, 68.38%, accounting for 190.38%, 48.80%, 41.14%.
Continuously improve the finished product rate and improve the product layout, and the hardware and software synergy advantages continue to appear. Around the integrated circuit yield improvement technology, the company has formed a series of test structures, test chip design tools, CMP simulation modeling tools and integrated circuit yield analysis management, defect analysis management and other software. On September 26, the company announced that it intends to purchase 43% of the equity of Shanghai Yiruixin Electronic Technology Co., Ltd. after the completion of this investment delivery, the company controls a total of 62% of Yiruixin's equity by direct and indirect means. Yiruixin will become the company's holding subsidiary and be included in the company's consolidated statement. Ericsson specializes in integrated circuit design for testability (DFT) technical services and product development. Through this investment, the company can integrate DFT technology into the existing product and technology ecology, and deeply link the design end with the manufacturing end.
In terms of software and hardware collaboration, with the optimization and upgrading of the company's T4000 WAT test equipment, the expansion of WLR test equipment, the verification and optimization of mass production monitoring program (PCM) in many production lines and the application delivery of some production lines, the company's hardware and software synergy advantages will continue to show.
Investment suggestion
We estimate that in 2025, the company will achieve revenue of 568, 890, 392 million respectively, net profit of 1.96 million, 2.97 / 490 million, and current share price of 90 times, 59 times, 36 times of PE from 2023 to 2025, respectively, maintaining a "buy" rating.
Risk hint
The risk of technology development; the risk of slowing down of industry development; the risk of high customer concentration; the risk of scale expansion; the risk of seasonal fluctuation of income.