Core Source Micro (688037) Newly signed orders in the front field have grown significantly, optimistic about the follow-up performance

time:2023-01-28 16:41:07 source:clevelanddrifters.com author:Aviation stock
Core Source Micro (688037) Newly signed orders in the front field have grown significantly, optimistic about the follow-up performance

Xinyuan Micro released the semi-annual report announcement: the company achieved operating income of 504 million yuan in the first half of the year, an increase of 43.7% year-on-year; net profit attributable to the parent was 69 million yuan, an increase of 97.9% year-on-year; net profit after deducting non-return to the parent was 66 million yuan, an increase of 122.4% year-on-year . Both revenue and performance have achieved high growth, and profitability has been improved. The company achieved operating income of 504 million yuan in the first half of the year, a year-on-year increase of 43.7%. Among them, the single-quarter revenue in the second quarter was 321 million yuan, a year-on-year increase of 35.0%, which may be affected by the epidemic to a certain extent; the gross profit margin in the second quarter was 40.9%, an increase of 2.2pct from the first quarter; the net profit attributable to the parent in the first half of the year was 69 million yuan, a year-on-year increase of 97.9% %; net profit after deducting non-return to the parent was 66 million yuan, a year-on-year increase of 122.4%; net profit margin was 13.8%, a year-on-year increase of 3.77pct, non-net profit margin was 13.05%, a year-on-year increase of 4.62pct, and profitability was improved, mainly because the period expense ratio accounted for due to the decline. The newly signed orders increased significantly year-on-year. In the first half of the year, contract liabilities were 628 million yuan, an increase of 183% year-on-year; inventory was 1.172 billion yuan, a year-on-year increase of 76.5%, laying the foundation for subsequent growth. The newly signed orders for the former glue coating and developing machine have increased significantly, and the former physical cleaning machine has received repeated orders from large customers in batches. The scale has grown significantly year-on-year. Among them, Iline and KrF glue coating and developing machines have obtained small-batch repeated orders from several head fabs; the SpinScrubber equipment in the front physical cleaning field has won SMIC, Shanghai Huali, Qingdao Xinen, Wuhan. Xinxin and other major front-end customers have repeated orders in batches; in the field of advanced packaging, the company's back-end coating and developing equipment and single-chip wet process equipment have some technologies ahead of international well-known enterprises, and obtained a number of packaging manufacturers in the first half of the year. Repeat orders in bulk. Fundraising to increase the research and development of front-end equipment and increase production capacity to meet market demand The company released a fixed increase in the first half of the year, raising 1 billion yuan. Among them, the Lingang project is used for R&D and production of high-end semiconductor special equipment such as the former ArF lithography process glue developing machine, immersion lithography process glue developing machine and single-chip chemical cleaning machine; Shenyang high-end wafer processing equipment industrialization The project (Phase II) will be used for the former I-line and KrF photolithography process glue applicators and developers, the former Barc (anti-reflection layer) glue applicators and the latter advanced packaging Bumping preparation process glue applicators and developers, aiming to further Increase productivity. We expect that with the company's R&D advancement and production capacity expansion, the performance is expected to continue to grow rapidly. The profit forecast predicts that the company's 2022-2024 revenue will be 1.33 billion, 1.93 billion, and 2.63 billion, respectively, and the net profit attributable to the parent is 1.48, 2.39, and 344 million, respectively. The current stock price corresponds to PE of 111, 69, and 48 times, respectively. "Buy" investment rating.

(Responsible editor:Stock market)

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