Affected by the delayed acceptance of the epidemic and other factors, the performance is lower than market expectations.
The revenue of 2022Q1-3 was 357 million yuan,-1.78% compared with the same period last year, and the net profit was 35 million yuan,-30.63% compared with the same period last year. Q3's revenue in a single quarter was 115 million yuan,-17.49% compared with the same period last year, and the net profit returned to its mother was 10 million yuan,-54.14% compared with the same period last year. The company's performance is lower than market expectations, mainly due to: 1) the supply chain affected by the epidemic is blocked, and the pace of equipment acceptance slows down; 2) affected by the decline of the consumer electronics industry, the company's demand for related equipment is reduced; 3) the company's new energy field is in the early development stage, R & D and other investment is relatively large, but the gross profit margin has not been maintained at a high level on a large scale, and the expense rate of new product R & D and market development is high.
2022Q1-3 gross profit margin of 49.46%, year-on-year-0.98pcts but still high, mainly due to the company's laser and other core components self-produced; net profit rate of 9.70%, year-on-year-4.04pcts, mainly due to the high input cost of new products. During the first three quarters of 2022, the expense rate was 41.54%, a substantial increase in 6.6pcts compared with the same period last year, in which the sales expense rate + 2.95pcts is mainly due to the company's increase in the development of new markets such as new energy, resulting in an increase in personnel size and payment; and the R & D expense rate + 4.75pcts is mainly due to increased efforts in the development of silicon carbide, massive transfer, new energy and other areas, resulting in a substantial increase in total compensation, depreciation expenses and material costs.
Semiconductors, mass transfer and new energy go hand in hand with broad long-term growth.
The company focuses on precision laser processing technology in the field of semiconductors and new energy, and a number of technologies have made breakthroughs: 1) Laser: 30W femtosecond ultraviolet laser has achieved industrial mass production, and there is a wide space for domestic substitution. 2) Semiconductor: Silicon carbide ingot slicing technology has completed process research and development, which can support maximum 8-inch ingot slitting and maximum cutting speed 800mm/s, with obvious technological leadership and is currently in the customer testing and verification stage; 3) MicroLED: the company's MicroLED laser mass transfer technology has made a breakthrough in the first half of the year, and orders are expected to be obtained in the future. 4) New energy: the whole perovskite thin film solar cell production equipment (including PO layer laser marking equipment, P1, P2, P3 laser marking equipment, P4 laser edge cleaning equipment and a series of automation equipment) has been put into customer production line, taking the lead in realizing large-scale production at the level of 100 megawatts, and is expected to benefit from the increase in perovskite battery permeability in the future.
Investment suggestion
In 2022-24, the company is expected to achieve revenue of 572 million yuan / 778 million yuan / 1.019 billion yuan and net profit of 73 million yuan / 125 million yuan / 176 million yuan. The current stock price corresponds to a price-to-earnings ratio of 63X/37X/26X, maintaining a "buy" rating.
Risk hint
Macroeconomic downturn, downstream customer expansion is not as expected, product iteration is not as expected, new business expansion is not as expected, and so on.