The reporter noted that the semi-annual performance of Xinlai's materials has exceeded the net profit of 21.51 million yuan in 2017.
The improvement of profitability and the improvement of fundamentals are also reflected in the trend of Xinlai Yingcai's stock price. The company's stock has risen against the trend this year, from the lowest of 9.76 yuan on February 7 to the price of 18.00 yuan on July 13th. Up to 84.42%.
Semiconductor performance is expected to reach 50%
The substantial improvement in the profitability of Xinlai Yingcai was first attributed to the company's business expansion in the field of vacuum semiconductors.
According to the data, Xinlai Materials' customers in the semiconductor field include equipment manufacturers, terminal manufacturers, semiconductor engineering companies, etc. The company's products have entered TSMC, Hefei Jinghe, Zhongdian Haikang and other companies. Xinlai Yingcai has entered The core supply chain of international electronic semiconductor equipment manufacturers has become the qualified supplier of the largest applied materials company in the United States for many years, and has been indirectly supplying electronic semiconductor equipment manufacturers through its indirect supply of electronic semiconductor core supply chain. .
Financial data shows that the company's vacuum semiconductor business accounted for an increase year by year. In 2017, the company achieved 268 million yuan in operating revenue in the semiconductor industry, accounting for 42.04% of total revenue, gross margin of 30.56%, much higher than medicines and food Gross profit margin of products.
Li Shuibo, chairman of Xinlai Yingcai, once said that the global semiconductor industry is moving to China, and the Chinese market will become the biggest opportunity for the global semiconductor industry. The high prosperity of the semiconductor industry will boost the company's accelerated expansion, including high cleanliness and ultra-high cleanliness. Market for key components such as pipes, fittings, valves, etc.
Li Shuibo expects the semiconductor business to account for 50% of revenue in 2018.
Chuan Cai Securities believes that the company's continuous supply performance in the vacuum and electronic semiconductor equipment industry has achieved advanced positioning and leading competitive advantages for the company. The company has entered the high-tech and high-demand international semiconductor equipment and factory core supply chain. , to achieve small quantities of supply. With the future investment in China's semiconductor equipment industry in 2018-2020, the company will fully enjoy the performance elasticity brought by the rapid growth of downstream demand.
M&A dividends or continued gains
In addition to expanding its efforts in the field of vacuum semiconductors, Xinlai Yingcai continues to make plans in the food field.
At the beginning of 2018, Xinlai Yingcai acquired 100% equity of Shandong Bihai Packaging Co., Ltd. Shandong Bihai has long been focusing on paper aluminum-plastic composite aseptic packaging materials and liquid food packaging machinery industry. Customers include Sanyuan Dairy, Wandashan Dairy, Well-known liquid food companies such as Master Kong.
Through the acquisition of Shandong Bihai, Xinlai Acrylics has become a provider of integrated solution for aseptic filling and packaging of liquid foods. In the future, the profit model of the food business will undergo major adjustments. In the second quarter of this year, the listed company officially put Shandong Bihai into the consolidated statement. The acquisition also contributed some of the revenue and profits to the company.
Market participants believe that the company's performance growth is basically in line with market expectations. Shandong Bihai is consolidated into the company's statement in the second quarter, the increase in net profit is not obvious, it will be better throughout the year. At the same time, the company will be due to major asset restructuring. The management expenses and the financial expenses of the M&A loan were dealt with. Although this reduced the net profit of the first half of the year, it will not affect the company's performance in the second half of the year. Overall, the company should have a good performance in the second half of the year.