Fund. As an institutional investor, it is better than individual investors in terms of capital and professionalism, so many people pay attention to their movements.
and the National Fund is regarded as a vane. It is established in my country to support the development of the semiconductor industry. often grow into the leader of the industry.
For example, , Northern Huachuang, Sanan Optical Electric, Tuo Jing Technology, Huatian Technology, Stewell, etc.Optimistic about Takini Technology, is the largest shareholder of Tuo Jing Technology .
So what does Tuo Jing Technology do?What real power is there?
Tuojing technology products include PECVD devices, SACVD devices, ALD devices, and mixed keys.%.
CVD refers to a type of chemical gas deposition equipment, a thin film deposition equipment for the sedimentation process of the wafer manufacturing process, and uses chemistry to use chemistryThe reaction principle forms a variety of film on the wafer surface, so as to achieve different functions required.
The film deposition equipment is one of the three core equipment of chip manufacturing, which is second only to the photoresal device, and the PECVD (plasma enhanced chemical deposition) equipment is the thin film deposition equipment The highest proportion of equipment types, as high as 33%.
Compared with other CVD devices, PECVD devices can form high-performance, high density film at a lower reaction temperature, and notIt will destroy the already -thin film and the upper circuit that has been formed. The film deposition speed is faster, so the wide application and more technical difficulty .
In the global CVD equipment market, it dominates foreign giants such as application materials, Panlin Semiconductor, and Tokyo Electronics. The total market share exceeds 70%, and domestic depends on imports.
Tuo Jing Technology is the domestic PECVD manufacturer to break the foreign monopoly , and it is currently the only industrialized application in China PECVD equipment in China Manufacturers, and Product performance have been the same as international .
Although other domestic companies such as Shengmei Shanghai also launched PECVD devices, is still in the customer verification stage ,The customer verification time for PECVD devices has a long time, so has little impact on the company in the short term , let alone the companys first -mover advantage.
Breaking the monopoly to the company Avantage Yi It is huge .
First of all, Tuo Jing Technologys performance has made rapid progress in recent years.The compound growth rate was as high as 121%, and Five years turned 24 times ; net profit increased from a loss of 103 million yuan to 369 million yuan.
Tuo Jing Technology continued to maintain a high -speed growth in the first three quarters of 2023, achieving revenue of 1.703 billion yuan, an increase of 71.71%year -on -year, close to 2022 ;The net profit was 271 million yuan, an increase of 14.17%year -on -year.
Secondly, the companys profitability has continued to rise. The gross profit margin rose from 31.67%in 2018 to 50.35%in the first three quarters of 2023, far exceeding the , China Micro Corporation and micro-directors to produce ALD equipmentnanometer.
The gross profit margin is rising.Increase, the company gradually achieves the scale effect .
So, what is the future growth of Tuojing Technology?
First, the wafer plant is expanded, and the film equipment is strong.
In the long run, the development of chips towards miniaturization is an inevitable trend, and the more advanced the chip process, the more complicated the circuit structure on the unit area, the number of thin film layers will also beIncreased substantially.
It is estimated that the 90nm process chip has about 40 thin film deposition steps, and the chip film sedimentation process of the 3nm process increases to 100 , which will beDrive the demand for film deposition equipment.
2024-2025 domestic and foreign foundries are increase capital expenditure purchases to expand production capacity . It is expected48.4 billion US dollars, of which equipment expenditure will account for US $ 38.036 billion.
Among them, SMIC, Huahong Group, Yandong Micro Electronics are all big customers of the company,In addition, high -quality customers such as the Yangtze River Storage and Chongqing IWC, as long as these companies have PECVD devices, Takuyun Technology can have orders.
In fact, the companys contract liability explosion growth , only 134 million yuan in 2020, and 1397 billion yuan in 2022, 2 years in 2 yearsTop 10 times.
The contract liabilities can generally be regarded as the representative of the companys orders. In 2022, Tuojing Technologys sales order was 4.36 billion yuan, and the new signing orders increased by 95.4%year -on -year;At the end of 2023, the companys hand order exceeded 6.4 billion yuan .
Second, the first layout key and equipment.
It is reported that TSMC has successfully developed a 2NM chip, basically approaching the physical limit , so the next development direction may be possibleIt is no longer a chip process, but a chip stacking method to improve chip performance, that is, three -dimensional integration.
The mixing keyheed device is the most cutting -edge 3D integrated device. It can achieve the stack of chips or wafers through the permanent key combined process technology at normal temperature.
At present, the mixing key equipment has not been fully applied , only industrialization is initially realized in the field of image sensors, logical chips and memory.
With the iteration of the industry technology update, 3D integration is expected to become the next competitive point , so as to usher in the release of the needs of mixed bonding equipment.
Tuo Jing Technologys preemptive layout mixed bonds and equipment, successfully developed wafer pairs of wafer bond products and chipsSurface pre -processing products, The former has been mass -produced, and the latter has also entered the verification stage .
Finally, summarize the investment value of Tuo Jing Technology.
Tuo Jing Technology is the leading semiconductor equipment manufacturer in China. PECVD equipment breaks foreign monopoly and is the only company in China, the National Fund and China Fund and ChinaThe micro company is the companys shareholders, attracting 750 institutions to hold positions (2023 interim report).
In the short term, the company has sufficient orders and high -quality customer support performance growth.
In the middle and long term, the company will benefit from the expansion of the industry and domestic replacement, and it will also actively lay out keys and equipment to increase chips and competitiveness.
Of course, the companys recent stock price has not performed well, and it has a certain relationship with the industry and the overall market. In addition, from the release of the 2023 performance forecast, It is also affected by the increase in non -recurring profit and loss in the fourth quarter of 2023 (the base becomes larger, resulting in the pressure of growth in the same period next year).
However, Tuo Jing Technologys current static price-earnings ratio is about 85 times. If it digested the net profit of mother-in-law in 2023, PE will drop to 52-44 times, So combined with the growth of current revenue, non -net profit deduction of non -net profit, and future growth analysis, the companys main business is still the support of future growth.
The above is only used as analysis and use of listed companies, which does not constitute specific investment suggestions.
Source: Flying Whale Investment Research
