Liancheng NC (835368): Main single crystal furnace, diamond wire cutting equipment gradually expanded to semiconductor process equipment

Liancheng NC (835368): Main single crystal furnace, diamond wire cutting equipment gradually expanded to semiconductor process equipment
Event: The company issued an announcement and gradually passed the “About the company’s public issuance of shares to unqualified qualified qualified investors and listing on select layers”.The number of shares to be issued this time does not exceed 15 million shares (inclusive), and the issue price is 18 yuan / share. Focusing on photovoltaic and semiconductor equipment and automation equipment, the single crystal furnace revenue accounted for 53 in 2018.79%: The company is a domestic leading manufacturer of silicon material processing equipment for the photovoltaic and semiconductor industries, providing downstream customers in the photovoltaic and semiconductor industry with high-performance, cost-effective crystalline silicon manufacturing and wafer processing equipment.Revenue from single crystal furnaces in 2018 was 53.79%, revenue from line cutting equipment accounted for 31.97%.The company expanded to become a supplier of equipment and automation solutions covering the entire industry chain, including crystal growth, cutting and grinding processing, insert cleaning, wet texturing and photovoltaic cell technology.(Company official website, company announcement) The advantages of technology research and development are obvious, and gradually expand to semiconductor process equipment: The company began to improve the qualifications of national development enterprises in 2010, focusing on the substitution of technology and research and development to ensure the competitive advantage in technology development.By the end of 2018, the company and its holding subsidiaries had 89 patent projects authorized, including: 5 inventions, 77 utility models, and 7 software copyrights. In the single crystal furnace, ingot cutting, grinding surface, diamond wire slicing and other equipment in the field of research and development capabilities in a leading position, and began to expand to semiconductor process equipment.In March 2019, the company’s editor-in-chief, the semiconductor and photovoltaic industry international standard SEMIPV-0319, “Application Guide for Material Feeders for Monocrystalline Furnaces,” was officially released.In the 佛山桑拿网 first half of 2019, the company obtained new patents, with a total of eight software copyrights. With outstanding product quality, it is the main supplier of Longji’s single crystal furnace and diamond wire cutting equipment: the domestic market has steadily expanded, customers are stable, and its market share has continued to expand.The overseas business is actively developing. The company has strengthened its development efforts in overseas markets such as Europe, the United States, Southeast Asia, and Taiwan, and has achieved mass sales of online cutting equipment and single crystal furnace equipment, and has been recognized by customers. Sales of photovoltaic and semiconductor equipmentTo Russia, Kyrgyz, Japan and other places.In 2019, the Automation Division was established, dedicated to the production of silicon thin film deposition production lines (PECVD technology, PVD technology, ALD technology) and supporting automation equipment for photovoltaic cells and semiconductor chip production.In 2019, the first wafer factory automated production line was successfully developed, with the ability to deliver overall wafer factory equipment.Among them, Longji is the company’s largest customer, with a revenue share of 83 in 2018.4%. Benefit from the rising prosperity of the photovoltaic industry and the expected improvement in equipment demand: In 2019, the development of the world’s photovoltaic industry is back on track.The demand for upstream solar equipment continues to increase with the growth of monocrystalline silicon and high-temperature capacity.As a leading domestic monocrystalline silicon equipment manufacturing company, Liancheng NC is committed to becoming the world’s leading supplier of photovoltaic and semiconductor equipment, and has now expanded its business into the field of semiconductor process equipment manufacturing.Benefiting from the development of upstream industries, equipment demand is expected to gradually increase. The performance of 2019H1 increased steadily, and net profit attributable to mothers was 8724.RMB 920 thousand: 2019H1 achieved operating income of 45,374.440,000 yuan, an increase of 3,033 over the same period last year.660,000 yuan, an annual increase of 7.16%.The main reason is that the contract value of acceptance has increased compared with the same period of the previous year.The net profit attributable to mothers in 2019H1 is 8724.920,000 yuan (+19.27%).In November 2019, due to development strategy needs, the company plans to invest 100 million to establish a wholly-owned subsidiary, Liancheng Kex Semiconductor Technology Co., Ltd. Investment suggestion: The final latest company’s market value is 38.62 ppm, corresponding to PE (ttm) of 23.88X, taking into account the company’s performance growth and estimates, it is recommended to pay attention. Risk warning: market competition risk, relatively concentrated risk of customers