Beifang Huachuang (002371) Annual Report Comment: High-speed Growth in Sales, Orders Continue to Innovate, and Equipment Leaders Will Meet Rapid Growth Opportunities
The rapid growth of performance, leading semiconductor equipment will continue to benefit from import substitution, maintaining “recommended” rating company’s operating income in 2018 and net profit attributable to mothers respectively achieved 49.
Rapid growth of 5% and 86%.
With the continuous development of the company’s IC equipment, the company’s semiconductor equipment sales revenue and profitability have continued to increase.
It is expected that domestic semiconductor equipment will maintain a higher degree of prosperity from 2019 to 2020. The expansion of production capacity of domestic manufacturers such as SMIC, Yangtze River Storage, Hua Hong Semiconductor will drive the equipment localization rate to increase.
The company is the most comprehensive supplier of high-quality IC equipment and will continue to benefit from the import substitution of semiconductor equipment.
It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 3.
12 trillion, EPS is 0.
56 yuan, maintaining the “recommended” level.
Electronic process equipment revenue increased significantly by 75%.
7%, IC equipment industrialization promotes profitability and enhances the company’s operating income in 201833.
2.4 billion (+ 49% YoY).
5%), electronic process equipment income 25.
2.1 billion (+75 compared to the same period last year).
7%), is the main driver of the company’s revenue growth.
The company’s net profit attributable to its parent in 20182.
At 34 ppm (YoY + 86%), the company’s gross margin in 2018 was 38.
38% (+ 1% year-on-year.
79pct), the gross margin of electronic process equipment and electronic components increased by 1.
52pct and 5.
The company’s R & D funding in 2018 was 8.
7.3 billion (+ 18% YoY).
6%), of which the cost of R & D promotion is 3.
5.1 billion (YoY-1.
6%), and the R & D expense rate was reduced to 10.
57% (-5% YoY).
With the industrialization of the company’s equipment products, the gross profit margin has continued to increase, and the capitalization rate of corresponding research and development expenses has increased, and the overall profitability has increased. In 2018, the company’s net profit margin was 8.
51% (+0 year-on-year.
There are sufficient orders in hand. It is expected that domestic semiconductor equipment demand will maintain a high degree of prosperity from 2019 to 2020. At the end of 2018, the company’s pre-received funds will be 15.
6.5 billion, an increase of 1 quarter-on-quarter.
600 million, the inventory is 30.
3.7 billion, an increase of 1 quarter-on-quarter.At 2.8 billion, the advance budget and inventory kept hitting record highs, indicating that the company’s equipment orders continued to grow rapidly.
In 2018, semiconductor equipment in mainland China was preset at USD 13.1 billion, a year-on-year increase of 59%, and it is the region where global growth has accelerated.
According to SEMI forecasts, the global semiconductor equipment scale from 2018 to 2020 will be $ 621, 59.6, and $ 71.9 billion. The Chinese market will be the main force for wafer capacity construction 重庆耍耍网 and wafer equipment spending in the future.
We believe that the expansion of the semiconductor equipment boom in the Chinese market from 2019 to 2020 will expand to the company’s key customers, such as SMIC, Yangtze River Storage, and Hua Hong Semiconductor, and the construction of production capacity will advance.
It is planned to increase the capital by approximately 2.1 billion yuan to add advanced IC equipment and accelerate the pace of import substitution. The company has already achieved mass production capacity of 90-28nm process equipment in etching, cleaning, and deposition coating.
The company intends to raise funds from the National Integrated Circuit Fund and other fixed-income stocks of no more than 2.1 billion U.S. dollars, which are mainly used to promote the industrialization of IC equipment below 28nm 返回码: 500 网站打不开?重查 and the R & D of advanced process IC equipment that overcomes 5 / 7nm.
The project has a planned construction period of 25 months, and the annual average profit and expenditure will be about 5 after reaching the production capacity.
It is expected that the implementation of the project will increase the company’s performance, enhance the company’s IC key equipment technical capabilities, and speed up the company’s import substitution.
Risk warning: IC equipment R & D progress exceeds expectations, and import substitution fails to meet expectations.