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北方华创(002371):营收持续高增长 盈利能力超预期上修

Beifang Huachuang (002371): Revenue continues to grow at a high level, profitability exceeds expectations

方正證券 ·  Jan 12, 2023 00:00  · Researches

Event: January 12, the company announced 2022 results forecast, 2022 revenue of 135-15.6 billion yuan, year-on-year + 39.41% Mui 61.10%; return to the mother net profit of 21-2.6 billion yuan, + 94.91% Mui 141.32%.

The median income in 22 is + 50% compared with the same period last year, and the sustained high growth is in line with expectations. In 2022, the company expects revenue of 135-15.6 billion yuan, calculated at a median of 14.55 billion yuan, + 50% compared with the same period last year; net profit of 21-2.6 billion yuan, + 94.91% muri 141.32%; net profit of 19-2.4 billion yuan, + 135.52% muri 197.50%; deduction of non-net interest rate 14.07% MUE 15.39%. Benefiting from the expansion of domestic production and domestic replacement of equipment, the downstream market demand is strong, and the company's business performance of electronic process equipment and electronic components has achieved sustained growth throughout the year.

The prosperity of the industry is full of orders, supporting the company's continued growth in the future. Total global sales of semiconductor manufacturing equipment are expected to hit a new high of $108.5 billion in 2022, up 5.9 per cent from a year earlier, according to SEMI. According to statistics, domestic 12-year wafer factories have 1.58 million pieces of wafer production to be expanded per month. from the current degree of localization of equipment, there is still much room for domestic substitution. At the end of the third quarter of 2022, the company's contract liabilities reached 6.5 billion yuan, with a month-on-month ratio of + 15%; inventory reached 11.6 billion yuan, with a month-on-month ratio of + 8%; and the continued higher-than-expected increase in inventory and contract liabilities indicates that the company has abundant orders on hand and high certainty of future performance growth.

Fund-raising projects move forward steadily, and actively expand production to ensure the effective operation of production and supply chain. In the company's fund-raising project "High-end Integrated Circuit equipment R & D and industrialization Project", the construction project was fully put into operation in the first half of 2022, and the R & D and industrialization verification project continued to advance; the "High Precision Electronic components industrialization Base expansion Project" has been completed as planned and reached the planned production capacity. The fund-raising projects "Semiconductor equipment industrialization Base expansion Project (Phase IV)" and "High Precision Electronic components industrialization Base expansion Project (Phase III)" have started construction in an all-round way, and "High-end Semiconductor equipment R & D Project"

It is also in progress according to the plan. Among them, the North Huachuang N7 project will comprehensively carry out the secondary structural construction in 2023 and is expected to be completed in March 2024. After completion, it will form an annual production capacity of 500 sets of integrated circuit equipment, 500 sets of emerging semiconductor equipment, 300 sets of LED equipment and 700 units of photovoltaic equipment, becoming the largest equipment production and manufacturing base of North Huachuang.

Profit Forecast: we estimate that the company's operating income from 2022 to 2024 will be 147199 billion yuan, and its net profit will be 2.41 billion yuan, respectively, maintaining a "highly recommended" rating.

Risk tips: (1) downstream expansion is not as expected; (2) product research and development is not as expected; (3) trade disputes and epidemics affect the upstream supply chain.

The translation is provided by third-party software.


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