20230428-东吴证券-富创精密-688409.SH-2022年报_2023年一季报点评_半导体零部件国产化提速_行业景气度有望逐步回暖_4页_516kb

Summary of 富创精密 (688409) 2022 Annual Report & 2023 Q1 Performance

Key Highlights

The report analyzes 富创精密's 2022 annual performance and 2023 first-quarter results, highlighting the company's strong growth driven by semiconductor component国产化 (domestic substitution). Key metrics include:

• 2022 revenue of 15.4 billion CNY, up 83% from previous year.
• 2022 net profit attributable to shareholders of 25 billion CNY, up 94%.
• In 2023 Q1, revenue grew 22%, but net profit declined 3% year-on-year, primarily due to geopolitical factors and overseas semiconductor market downturn. However, the company expects industry recovery in the second half of 2023.

Industry and Business Analysis

• Industry Trend: Semiconductor component国产化 is accelerating, supporting the company's performance. Domestic revenue growth outpaced international growth in 2022, indicating faster acceptance of domestic products.
• Business Structure: Four main product categories showed varied performance in 2022: process components (129% growth, high毛利率), structural components (42% growth), modular components (154% growth, lower毛利率 due to lower barriers), and gas products (54% growth). This mix affected overall毛利率, which remained stable at 33% after minor increases.
• Comparison: Domestic revenue占比 increased to 54% in 2022, while international growth was 38%. The company's sales expenses show effective cost control.

Financial Forecasts and Investment Recommendation

• Projections: Maintain revenue and net profit forecasts for 2023 and 2024 at 35 billion CNY and 51 billion CNY respectively. Expected net profit for 2025 is 75 billion CNY. Current valuation includes a price-to-earnings (P/E) ratio ranging from 65 to 31 times, supporting an "增持" (Hold and Buy) recommendation.
• Rationale: The company's leadership in high-purity semiconductor components and its employee incentive plan underscore growth potential. Long-term prospects are strong with the domestic market for semiconductor equipment valued at approximately 20 billion USD, representing growth opportunities.

Risks

• Key risks include semiconductor industry cyclical downturns, raw material price volatility, and geopolitical uncertainties, which could impact future performance.

Conclusion

Based on the analysis, 富创精密 demonstrates resilience in the face of challenges, with a clear path to recovery. The "增持" rating reflects optimism about domestic substitution trends and the company's strategic positioning.