2021全年实现营业收入59.61亿元，同比+ 56%;归母净利17.18亿元，同比+100%。Q4单季度看，实现营收19.69亿元，环比+16%，同比+49%;归母净利6.07亿元，环比+19%/同比82%，单季度归母净利创历史新高。在光伏设备领域，公司在主要硅片工艺环节均能提供相关的设备。随着公司进一步扩大新产品切片机、截断- -体机的销售，公司可提供的单GW产线的设备配套金额有望提升。
受益于下游高景气，公司2022H1业绩超预期。2022H1归母净利润12.1亿元，同比+101%;扣非归母净利润11.1亿元，同比+104%; 2022Q2单季来看，归母净利润7.7亿元，同比+140%，环比+73%;扣非归母净利润6.8亿元，同比+124%，环比+57%.
2022Q3业绩偏预告。上限，Q3新签订单仍处于高位。2022年前三季度营收74.6亿元，同比+87%，归母净利润20.1亿元，同比+81%;扣非归母净利润为19.1亿元，同比+82%。Q3单季营收30.9亿元，同比+82%，环比+28%，归母净利润8.02亿元，同比+57%，环比+5%，扣非归母净利润为7.98亿元，同比+58%，环比+18%。
盈利预测： .
光伏设备是晶盛机电的第一曲线，第二曲线是半导体大硅片设备放量，第三曲线是蓝宝石材料和碳化硅材料的完全放量。我们预计公司2022-2024年归母净利润为25.95/35.87/43.44亿元，对应动态PE为36/26/21倍，维持“买入”评级。
远期市场空间测算： 2500-3000亿元市值规模
风险提示：下游硅片厂扩产不及预期，新品研发不及预期。
In 2021, the annual operating income was 5.961 billion yuan, + 56% compared with the same period last year, and the net profit returned to the mother was 1.718 billion yuan, + 100% compared with the same period last year. Q4 achieved 1.969 billion yuan in revenue in a single quarter, + 16% from the previous quarter, + 49% from the same period last year, and a net profit of 607 million yuan from the previous quarter, with a net profit of + 19% / 82% compared with the same period last year. In the field of photovoltaic equipment, the company can provide related equipment in the main silicon wafer process. As the company further expands the sales of new product slicer and truncation-body machine, the amount of equipment supporting the single GW production line that the company can provide is expected to increase.
Benefiting from the upstream boom, the company's 2022H1 performance exceeded expectations. 2022H1's net profit is 1.21 billion yuan, + 101% over the same period last year; deducting 1.11 billion yuan from the same period last year, + 104% from the same period last year; 2022Q2's net profit in a single quarter is 770 million yuan, + 140% from the same period last year, + 73% from the previous quarter; and 680 million yuan from the same period last year, + 124% from the same period last year, and + 57% from the previous year.
2022Q3 performance is partial to forecast. Upper limit, Q3 newly signed order is still at a high level. The revenue in the first three quarters of 2022 was 7.46 billion yuan, + 87% compared with the same period last year, and the net profit returned to the mother was 2.01 billion yuan, + 81% compared with the same period last year. The net profit deducted from non-return to the mother was 1.91 billion yuan, + 82% compared with the same period last year. Q3 single-quarter revenue of 3.09 billion yuan, year-on-year + 82%, month-on-month + 28%, return-to-mother net profit 802 million yuan, year-on-year + 57%, month-on-month + 5%, deducting non-return net profit is 798 million yuan, year-on-year + 58%, month-on-month + 18%.
Profit forecast:.
Photovoltaic equipment is the first curve of Jingsheng Mechatronics, the second curve is the output of semiconductor large silicon wafer equipment, and the third curve is the complete output of sapphire material and silicon carbide material. We expect the company's 2022-2024 net profit to be 25.953587 / 4.344 billion yuan, the corresponding dynamic PE is 36-26-21 times, maintaining the "buy" rating.
Long-term market space measurement: 2500-300 billion yuan market capitalization
Risk hint: downstream silicon wafer factory expansion is not as expected, new product research and development is not as expected.
