Whit is driven by the MiniLED trend and the shipment of laser processing and LD testing equipment has increased. The legal person estimates that the business sports will be up in 2022.
Although the epidemic prevention and control measures affect the performance of revenue and gross profit margin in the second quarter of this year, as the epidemic slows down and will gradually unblock, Whit expects subsequent shipment momentum to rebound. However, due to factors such as inflation, the current sluggish demand for terminal applications has dragged down the market evaluation space. The legal person's investment recommendation is reduced from buying to neutral, and the target price is also revised down from 160 yuan (NTD, the same below) to 130 yuan.
Whit was affected by the epidemic, and the epidemic prevention and control measures have made customers' willingness to pull goods more conservative. The legal person estimates that the revenue of point-testing machines and sorting machines has dropped slightly. The OEM business performed smoothly, with the shipment of laser processing and compound semiconductor testing equipment increasing.
Image source: Paixin.com Genuine Picture Library
Legal person estimates that Whit's revenue in the second quarter of this year was 1.498 billion yuan, a quarterly decrease of 17.54%. Judging from the revenue scale and product portfolio, gross profit margin will decline compared with the first quarter of this year, but after adding exchange factors, the estimated gross profit margin is about the same as the first quarter of this year; operating profit margin fell by 29.87% in the quarter. If there is no foreign exchange interest in the industry and the tax rate rises, the estimated net profit after tax is 329 million yuan, a quarterly decrease of 36.40%, and the EPS reaches 3.29 yuan.
Although the prevention and control measures of the new crown epidemic in mainland China have slowed down the momentum of some customers to pull goods in the second quarter of this year. However, the long-term demand trend of MiniLED remains unchanged. It is expected to be shipped smoothly after the epidemic eases. Shanghai has also announced the unblocking; and the company has made some achievements in laser processing equipment and compound semiconductor testing equipment.
The increase in capacity utilization rate and the addition of new products both contribute to gross profit margin performance; however, affected by the product portfolio, it is estimated that the gross profit margin will drop to 37.18% this year. Considering the increase in non-industry revenue and limited impact on tax rates, the estimated net profit after tax is 1.247 billion yuan, an annual increase of 24.77%, and the EPS is 16.97 yuan. (Source: Times Information) Please mark the source when reprinting
! For more LED information, please follow the official website or search for WeChat public account (LEDinside).
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-