China Micro (AMEC) (688012): 1Q22 etching equipment revenue increased by 105% year-on-year, profitability improved significantly
Operating income increased by 57.3% year-on-year, and non-net profit increased significantly. In 1Q22, the company achieved revenue of RMB 949 million (YoY 57.3%, QoQ -8.3%), net profit attributable to the parent of RMB 117 million (YoY -14.9%, QoQ -75.0%), and net profit of RMB 186 million (YoY 157.82 billion) %, QoQ 17.0%). The revenue growth was mainly due to the development of the semiconductor equipment market and the competitive advantages of the company's products. The company's main business, especially the etching equipment revenue, achieved a substantial increase; the net profit attributable to the parent decreased compared with the previous period mainly because the non-recurring profit and loss of the current period decreased by approximately 196 million compared with the same period of the previous year. It mainly includes: (1) the government subsidy income included in the current profit and loss in the current period decreased to 40 million yuan from 169 million yuan in the same period of the previous year; (2) the stock prices of SMIC and Tianyue Advanced held by the company were There was a relatively large decline in the current period, resulting in a loss of RMB 101 million related to changes in fair value, an increase of RMB 77 million over the same period of the previous year.
The single-quarter gross profit margin increased by 4.6 pct year-on-year, and the revenue of etching equipment increased by 105.0% year-on-year. The company's 1Q22 gross profit margin was 45.47% (YoY +4.6 pct, QoQ +0.76 pct). Benefiting from the competitive advantages of products and the development of the equipment market, the etching equipment achieved a revenue of 714 million yuan (YoY 105.0%) in a single quarter. The market share of some customers has entered the top three; the number of applications verified by ICP etching machines on the client side is also increasing; as the company's newly signed Mini LED MOCVD equipment scale orders have not yet confirmed revenue in this period, MOCVD equipment Revenue was RMB 42 million, a decrease of approximately 68.6% from the same period last year.
The global semiconductor manufacturing equipment market scale is expected to hit a new high, and the R&D investment intensity has increased to expand categories. SEMI predicts that the global investment in semiconductor wafer manufacturing equipment will reach US$103 billion (YoY 14%) in 2022, exceeding US$100 billion for the first time, and China has also entered the wafer manufacturing expansion cycle. In 2021, the company's R&D investment will be 728 million yuan (YoY 13.8%), accounting for 23.4% of revenue, and the number of R&D personnel will increase by 19.9% to 415. In addition to ensuring the rapid and stable growth of core businesses such as plasma etching equipment and MOCVD equipment, In the field of thin film equipment for integrated circuits, LPCVD equipment and EPI equipment are being developed, and good progress has been made.
In addition, the company is planning to develop key equipment such as ALD equipment and ALE equipment.
