Wanye Enterprise (600641): Integrated circuit equipment adds new talent
Wanye acquires Kastong and transforms semiconductor manufacturing: Wanye Enterprise is a local real estate company in Shanghai focusing on the market that is just needed. Due to the tightening of actual measurement policies, pressure on the real estate business, overcapacity and population growth, the industry has accelerated its investment for a period of time to 杭州夜网论坛 maintain the overallThe situation of oversupply, the traditional profit space has been compressed, coupled with the boom in the domestic replacement of integrated circuits and the support of the national integrated circuit industry fund, the acquisition of Kai Shitong at the end of 2018 used capital advantages to catalyze technological breakthroughs and accelerate the development of semiconductor equipment and the pace of industrializationTo bring new momentum to the company’s development.
Wanye has good financial performance and rich cash flow: the company achieved operating income in 201826.
80,000 yuan, an increase of 27 every year.
8%, of which real estate business realized sales income of 25.
8 ‰, an increase of 24 per year.
In 2018, it acquired Kasto Semiconductors and added 0 to revenue from special equipment manufacturing.
Gross profit margin and net profit margin declined in 2018, but the overall trend has increased.
In recent years, the company has disposed of multiple real estates and actively deepened its desalination. The yield is far lower than that of the real estate industry.
As of June 30, 2018, the company’s total assets were 73.
600 million yuan and net assets of 62.
4 trillion, 46 trillion monetary funds, cash flow is very abundant.
The performance of the acquisition of the target Kycom increased, relying on government support: Kycom’s total operating income showed an overall upward trend, and it achieved revenue in 20181.
10,000 yuan, net profit attributable to mother reached 1208 in 2018.
80,000 yuan, an annual increase of 40%.
With the adjustment and improvement of research and development technology, the historical gross profit rate has gradually decreased steadily, and the net interest rate has turned from negative to positive, reaching 11 in 2018.
Kai Shitong is committed to independent research and development, high investment, and a large proportion of technical personnel.
K-Stone is an emerging semiconductor equipment manufacturer with high initial research and development costs and disagreements over government subsidies.
The core of the ion implantation technology field, the market has a bright future: Kasto ion implanters are core equipment in the photovoltaic and IC manufacturing industry chain.
Solar ion implantation in the photovoltaic cell production line has a lot of process replacement space. Kasto’s solar ion implantation technology and market share have reached the world’s first, launched IonSolar, iPV-2000 and iPV-3000 three generations of products.
IC ion implanter is one of the four core equipments of semiconductor manufacturing and is located in the middle of the semiconductor industry chain.
Keystone’s main technology breakthroughs are the highest low-energy large-beam ion implanters and IGBI hydrogen ion implanters. At present, the global market size of integrated circuit ion implantation equipment is about 1.8 billion U.S. dollars, so that the chip process upgrade and process increaseIt will continue to rise.
Earnings forecasts and investment advice.
It is expected that EPS for 2019-2021 will be 0.
87 yuan, 0.
93 yuan, 1.
As the company has just begun to transform, the current source of performance is mainly real estate business, and the focus of future development is on semiconductor equipment companies. Therefore, we do not give a rating for the time being.
Risk reminders: PV ion implantation sales are subject to the risk of photovoltaic industry policy assessment; IC ion implantation equipment R & D and market expansion risks are less than expected; risks of overseas ion implantation equipment vendors conducting price wars; and risks of practical policy fluctuations.