Huaan Securities Co., Ltd. Hu Yang and Zhao Hengzhen recently conducted research on Xinqi micro-assembly and released a research report "The PCB major customer strategy is progressing smoothly, and the pan-semiconductor segmentation track is blooming in many places." This report provides some insights into Xinqi micro-assembly. Out buy rating , the current stock price is 88.23 yuan.
Xinqi Micro-installation (688630)
Main points:
incident
After the market closes on August 15, the company disclosed the 2022 semi-annual report:
① The company achieved operating income of 255 million yuan in the first half of 2022, a year-on-year increase of 36.95%; achieved net income attributable to the parent company Profit was 56.85 million yuan, a year-on-year increase 31.72%; the net profit attributable to the parent company after deducting non-profit items was 44.63 million yuan, a year-on-year increase of 17.33%.
② In the second quarter of 2022, the company achieved operating income of 151 million yuan, a year-on-year increase of 43.74%; net profit attributable to the parent company was 37.17 million yuan, a year-on-year increase of 23.32%; net profit attributable to the parent company after deduction of non-profit items was 27.61 million yuan, a year-on-year increase of 9.04%.
PCB's major customer strategy is progressing smoothly, and the pan-semiconductor segment is blooming in many areas.
(1) PCB field: Compared with traditional exposure equipment, direct-write lithography equipment has better performance in exposure accuracy, yield rate, production efficiency, environmental protection, and automation level. It has comparative advantages in many aspects, meets the high-end upgrading requirements of the PCB industry, and has become the mainstream technical solution for exposure processes in PCB manufacturing. The company has launched a strategy for large customers and top customers, deepened cooperation with customers such as Shengyi Electronics, Shenghong Technology, Dynamic Electronics , Shanghai Electronics Co., Ltd. , and added a new partnership with Pengding Holdings, an international leading PCB manufacturer. orders, and market segments such as flexible boards, carrier boards, and solder resists performed well.
(2) Pan-semiconductor field: Photolithography equipment is the key to pan-semiconductor manufacturing, and downstream subdivisions are growing rapidly, driving demand for various types of precision lithography equipment. The company's products are domestically advanced, and it has newly opened up markets such as advanced packaging, lead frames, and new displays, and continues to expand its customers. Some of the new customers in the pan-semiconductor field in the first half of 2022 include Hong Kong University of Science and Technology , Huatian Technology , Focuslight Technology, Guangxin packaging substrate and other companies. WLP advanced packaging equipment is in cooperation with many domestic leading customers. Process verification, mini/microLED, carrier board, and board-level packaging markets performed well. The company's pan-semiconductor business revenue share continues to increase. According to our calculations, revenue from this segment is expected to double in 2022.
increases R&D investment, and incentive policies gather people's attention
(1) The company's 22H1 R&D expense growth rate reached 84.24%. Based on customer needs and industry development, the company launched 5 new products; the company further improved its self-research of equipment parts and self-developed The power of laser has been further increased; the company has increased its efforts in key technology modules, formed multiple internal teams to tackle key technology problems, and added a new key technology project cooperation with Xi'an Jiaotong University during the reporting period.
(2) In order to further enhance the company's cohesion, the company launched the restricted stock incentive plan on April 27, 2022, covering 206 employees. Together with the pre-IPO equity incentives, the company's employees hold more than 15 million shares. The shareholding ratio of employees who have been employed for more than one year reaches 90%, with a wide range of incentives, and employees are bound to share in high growth.
Investment Suggestions
We estimate that the company’s net profit attributable to the parent company from 2022 to 2024 will be 1.52, 217, and 294 million yuan, corresponding to a price-to-earnings ratio of 71, 50, and 37 times, and maintain a “buy” rating.
risk reminder
Production capacity expansion is less than expected, industry competition is intensifying, and downstream demand is less than expected.
Securities Star Data Center calculated based on the research report data released in the past three years. The research team of Li Xuelai of CICC has conducted relatively in-depth research on this stock. In the past three years, The average forecast accuracy is as high as 86.02%. It predicts that the attributable net profit in 2022 will be a profit of 150 million, and the predicted PE converted based on current prices is 71.15. The latest profit forecast details of
are as follows:
A total of 2 institutions have given ratings to this stock in the past 90 days, and 2 have given buy ratings. According to the financial report data of the past five years, the Securities Star valuation analysis tool shows that Xinqi Micro Devices (688630) has an average competitive moat in the industry, with good profitability and excellent revenue growth. There may be financial worries, and financial indicators that need to be focused on include: accounts receivable/profit margin. The stock's good company index is 3 stars, its good price index is 1.5 stars, and its comprehensive index is 2 stars.(Indicators are for reference only, indicator range: 0 ~ 5 stars, the highest is 5 stars)
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