China Securities Intelligent Financial News China Micro Corporation (688012) disclosed the 2024 annual performance forecast on the evening of January 14, and it is expected to achieve operating income of 9.065 billion yuan in 2024, a year-on-year increase of 44.73%; net profit attributable to the parent company was 1.5 billion yuan to 1.7 billion yuan, a year-on-year decrease of 4.81%-16.01%; The net profit after deduction is expected to be 1.28 billion yuan to 1.43 billion yuan, a year-on-year increase of 7.43%-20.02%. Based on the closing price on January 14, AMEC's current price-to-earnings ratio (TTM) is about 68.99 times - 78.19 times, the price-to-book ratio (LF) is about 6.21 times, and the price-to-sales ratio (TTM) is about 12.94 times.

Based on the average value of this disclosed performance forecast, the company's price-to-earnings ratio (TTM) chart in recent years is as follows

According to the announcement, the reason for the change in performance is that the company's main products of etching equipment and thin film equipment are the key core equipment of the semiconductor front, with a broad market space and high technical barriers. The company's etching equipment and thin film equipment continue to be recognized by many customers, and the new shipments and sales of high-end products targeting key processes in chip manufacturing have increased significantly.

The company always emphasizes technological innovation and maintains a high level of R&D investment. At present, the research projects cover six types of equipment and the development of more than 20 new equipment. The company has achieved remarkable results in the development of new products, and in the past two years, the newly developed LPCVD film equipment and ALD film equipment have entered the market and obtained repeated orders. Among them, the cumulative shipment of LPCVD thin film equipment has exceeded 100 reaction tables, and a number of other key thin film deposition equipment R&D projects are progressing smoothly; The company's EPI equipment has successfully entered the stage of mass production verification of the client.

The company has made good progress in the development of MOCVD equipment in the field of Micro-LED and high-end displays, and actively lays out the market for silicon carbide and gallium nitride-based power device applications. The company's production and R&D base of about 140,000 square meters in Nanchang and about 180,000 square meters of production and R&D base in Lingang, Shanghai have been put into use, supporting the rapid growth of the company's product delivery and sales. At the same time, the company's production and operation management level has been continuously improved, and the control ability of product costs and operating expenses has been effectively enhanced.

The company continues to develop key component suppliers, promotes the stability and safety of the supply chain, maintains a high level of equipment delivery rate, and provides strong support for the company's sales growth due to the timely delivery of equipment.

In 2024, the company's R&D investment will be about 2.450 billion yuan, an increase of 1.188 billion yuan (an increase of about 94.13%) over last year, and the proportion of R&D investment in 2024 will be about 27.03% of the company's operating income. R&D expenses in 2024 will be 1.415 billion yuan, an increase of about 599 million yuan (an increase of about 73.32%) over last year; In 2023, the company sold part of the shares of Tuojing Technology Co., Ltd., generating a net income after tax of about 406 million yuan, while the company did not have such equity disposal gain in 2024.

Due to the 44.73% increase in operating income in 2024, the gross profit increased by approximately $978 million over last year, and the R&D expenses in 2024 increased by approximately $599 million over last year. While providing high-tech products and services to customers and the market, the company benchmarks against the world's leading ESG standards and continuously improves its level of environmental protection, social responsibility and corporate governance. In 2024, the company will continue to sublimate the corporate system and culture with the characteristics of AMEC, and continue to practice and advocate the corporate culture of the "Four Big Ten". In 2024, the company's per capita annualized operating income will exceed 3.5 million yuan, which is at the leading level in the industry in China.

Proofreading: Yang Ning

Indicator Annotation:

P/E ratio = total market capitalization / net profit. When the company loses money, the P/E ratio is negative, and it is not practical to use the P/E ratio for valuation, and the P/B ratio or P/B ratio is often used as a reference.

Price-to-book ratio = total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

Price-to-sales ratio = total market capitalization / operating income. The price-to-sales ratio method is often used for growing companies that are losing money or making small profits.

The price-to-earnings ratio and price-to-sales ratio in this article are calculated using the TTM method, that is, the data for the 12 months up to the latest financial report (including forecast). The price-to-book ratio is calculated using the LF method, that is, based on the latest financial report data. The quantile calculation range of the three is from the company's listing to the latest announcement date.

When the P/E ratio and price-to-book ratio are negative, the current quantile is not displayed, which will cause the line chart to be interrupted.