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盛美上海(688082):2Q22業績超出預期 疫情不改高速增長
格隆匯 08-08 15:30
1H22 業績超出預期 盛美上海發佈2022 年半年報:1H22 半年度營收10.96 億元,YoY+75.21%;歸母淨利潤2.37 億元,YoY+163.83%;扣非歸母淨利潤2.57 億元,YoY+426.90%。2Q22 單季度營收7.42 億元,YoY+111.91%;歸母淨利潤2.32 億元,YoY+346.87%;扣非歸母淨利潤2.34 億元。公司業績超出預期,主要原因是半導體行業景氣以及市場對公司半導體設備的強勁需求。 發展趨勢 盛美上海1Q22 有1.72 億元訂單受客户驗收進度影響遞延確認,即使剔除該部分影響,公司2Q22 單季度營收也有5.70 億元,YoY+62.86%,疫情不改公司高速增長。由於產品結構優化,公司2Q22 單季度毛利率46.89%,繼續維持高位。受益於人民幣匯率升值,公司2Q22 單季度財務費用-2,888 萬元,貢獻部分利潤。6 月份,公司川沙工廠迎來解封,目前生產產能達到100%恢復。 盛美上海目前在手訂單充沛,1H22 公司新增29 台Ultra C wb 槽式清洗設備訂單,13 台Ultra ECP map 前道銅互連電鍍設備,18 台Ultra ECP ap後道先進封裝電鍍設備(此前中標的美國大客户2 台清洗設備訂單也已經發貨)。1H22 公司18 腔12 英寸Ultra C VI 單晶圓清洗設備成功投入量產,推出升級版先進晶圓級封裝塗膠顯影設備,推出post-CMP 清洗設備(即可用於硅片製造,也可用於SiC 襯底製造)。2H22 公司預計將推出2台新類型設備。公司正向平台化轉型,並且已經初具規模。 美國上市公司ACM Research(盛美上海控股母公司)2Q22 設備出貨額1.02 億美元保持強勁,對盛美上海3Q22、4Q22 有一定前瞻作用。ACMResearch 維持此前2022 年營收3.85 億美元,YoY+48%的業績指引。 2022 年公司將聘用美國審計所Armanino LLP.以儘量滿足SEC 監管要求。 盈利預測與估值 考慮到公司疫情中表現的韌性以及在手訂單情況,我們上調公司2022/2023年營收9%/7%至27.33/39.77 億元。考慮到公司產品結構優化致毛利率提升,我們上調公司2022/2023 年淨利潤26%/22%至5.05/7.78 億元。當前公司股價對應2022/2023 年108.8x/70.5x P/E,20.1x/13.8x P/S。我們維持公司跑贏行業評級不變,採用遠期P/E 估值法估值,上調公司遠期淨利潤,並考慮到近期半導體設備板塊估值中樞上移,上調目標價39.3%至142.78 元,較當前有12.8%上行空間。 風險 技術研發風險、市場競爭風險、新產品拓張風險、政府補助政策風險、晶圓廠資本開支不及預期、疫情持續的風險。
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