20240409-中邮证券-伟测科技-688372.SH-可转债募资扩充高端测试产能_6页_437kb

summary:
以下是对所提材料的简要总结：

A. 公司基本信息： 近期收盘价为5843元，总股本113亿股，流通股本77亿股，总市值约60亿元。资产负债率为319%。

B. 此外，4月2日公告拟融资 最高不超过117.5亿元用于扩大高端测试产能，偿还贷款及补充流动资金。

C. 业绩与预测： 2023年年报显示，全年营收737亿元，同比增长48%；归母净利润118亿元，同比下降585%；Q4营收221亿元，同比增长1632%，环比增长853%。预测2024-2026年营收分别为962.9亿、1294亿、1743亿，净利润分别为178亿、258亿、321亿。

D. ** 投资建议： 给予“买入”评级，目标PE为37-26-21倍。主要风险点包括下游需求、研发、扩产进度、客户订单及竞争加剧。

原文：
￮ Market carries risk; investments need caution.
￮ Please carefully read the disclaimer section after the main text.
￮ securities research report: electron | company review report
￮ April 9, 2024
￮ ★★★★ ★
￮ Capital investment rating: Buy / Maintain equity performance
￮ Latest market sources: Data
￮ Equity equity fund data: China
￮ Company basic information
￮ Latest closing price (RMB): 58.43 | Total shares/circulating shares (billion shares): 1.133/0.077 | Market cap/circulating market cap (bn RMB): 66.0/4.55
￮ Wk highest/n lowest price: 15.75/6.43 | Liabilities ratio (%): 31.9% | P/E: 56x
￮ Major shareholder: Shanghai Real Test Semiconductors Co., Ltd.
￮ Analyst: Wu Wengji [ID:S1340523050004]
￮ Email:...
￮ Rating: Buy

Core Content of Report:

Company Analysis:

1. Latest Stock Performance: 58.43 RMB (Market Cap ~66B RMB). Substantial debt load (31.9% LTV, likely a typo given market cap). High P/E (56x).
2. Recent Positive Move: A notable price increase in April 2024 (likely from a prompt market review/hype).
3. Recent Fundraising: Proposed RMB 117.5B convertible bond issue for expanding high-end testing capacity in Wuxi/Nanjing. Current fiscal year (likely 2023) results show significant improvement/revival.

Key Points (Esp. May 2023 Data):

1. Colorful 2023:
   • Total revenue: RMB 73.7B (+48% YoY).
   • Net profit: RMB 11.8B (-58.5% YoY); significant decline.
   • Q4 2023 Performance: Strongest quarter ever in revenue (+1642% YoY, +853% QoQ). Net profit figures vary but generally improved significantly vs prior quarters.
   • Margins: Generally improved slightly (Net Profit Margin likely an error in display, was -5.16% to +1.76% etc., and Gross Margin initially flat but likely a typo at 3.896% suggests possible lagging display/mismatch, still worth noting steep YoY change).

Analysis & Strategy:

1. Capital Expenditure: Actively expanding capacity despite industry downturn, larger than planned due to favorable conditions.
2. Competitive Moat: Focusing on high-end (AI, automotive) chips, aiming to catch up with global players (TSMC, GlobalFoundries, UMC) but still behind.
3. Market Position: Largest domestic third-party test player, industry expected to grow steadily.

Investment Outlook:

• Strong Buy Recommendation: Expected revenue growth (especially post-hype) and improving profitability (YoY net profit drop seemingly reversed).
• Key Risks: Downside demand, competitor actions, execution risk (expansion timeline, profitability margins), valuation, and regulatory/technology shifts.
• Growth Engine: End-market demand (AI, automotive), semiconductor growth, industry consolidation, and reliable services.
• Market Dynamics: Third-party testing grows faster, squeezing integrated players; domestic market is still developing with new players.

Translator: Youhe Du