Event description
The company released the 2023 annual report and 24Q1 quarterly report. In 2023, the company is expected to achieve an operating revenue of 1.68 billion yuan,+145.4% year on year.
The net profit attributable to the parent company was 270 million yuan,+399.3% year on year, and the net profit deducted was 188 million yuan,+849.9% year on year; In 2023Q4, the revenue was 658 million yuan,+119.8% year on year, the net profit attributable to the parent company was 115 million yuan,+100.89% year on year, and the net profit not attributable to the parent company was 73 million yuan,+95.0% year on year; In 2024Q1, the revenue was RMB 171 million,+125.3% year on year, and the net profit attributable to the parent company was RMB 0.36 billion. The loss was reversed year on year, and the net profit not attributable to the parent company was RMB 0.19 billion, and the loss continued.
Event comments
PV order acceptance drives high performance. In the photovoltaic field, the market share of the company's ALD equipment continues to maintain a leading position, and the product matrix continues to be enriched. It provides a variety of customized products such as ALD, PECVD, PEALD, diffusion annealing, and TOPCon whole line process solutions, realizing the full coverage of vacuum equipment in TOPCon production line. There are product reserves, layouts and shipments in battery technology fields such as TOPCon, XBC, perovskite and perovskite stack. Among them, the company's equipment used in XBC and perovskite laminated batteries was accepted by customers, and the perovskite field received orders from domestic customers for 100 megawatt mass production equipment. In the semiconductor field, the company's ALD equipment has maintained a leading edge, and both ALD and CVD equipment have obtained repeated orders from large manufacturers.
With the acceptance of orders in hand, the company has achieved high performance.
Orders increased significantly, and the orders in hand fully supported the continuous performance. In 2023, the company's new orders totaled about 6.469 billion yuan, 2.96 times the number of new orders in the same period last year. As of March 31, 2024, the company's orders in hand were 8.191 billion yuan (including Demo orders), including 7.026 billion yuan for photovoltaic, 1.115 billion yuan for semiconductor, and 50 million yuan for emerging applications in the industrialization center. As of the end of 24Q1, the company's inventory was 4.069 billion yuan, and contract liabilities were 2.323 billion yuan, which continued to achieve a substantial increase on a month on month basis and will support future performance growth.
The field of semiconductor continues to expand. The types of ALD and CVD processes entering the industrialization verification stage are increasing. At present, the developed processes include HKMG technology, cylindrical capacitor, metallized film deposition technology, high aspect ratio 3D DRAM, TSV technology, etc., and new processes such as IGZO, Nb2O5, etc. required by customers are being continuously developed. Customer types include logic, storage, compound semiconductor, silicon based OLED, etc., of which more than 75% of incremental orders come from the storage field (new storage, 3D NAND and DRAM). The demand of important customers in the industry is strong, and the total number of batch repeat orders has exceeded 500 million yuan.
It is estimated that the company will achieve a net profit of 546/728/915 million yuan from 2024-2026, corresponding to PE 24/18/15 times.
Risk warning
1. Risk that the progress of new product R&D and verification is not as expected;
2. Downstream technology development and production expansion scale are not as expected.
