Is Luwei Optoelectronic Worth Buying?

Worth subscribing to. 1. Stock offering project: the issue price is 25.08 yuan, and the issue price-earnings ratio is 70.3 1 times. In absolute terms, the issue price is not outrageous. Second, bonus points: the performance has continued to grow in the past three years, and the interim results have increased ahead of schedule. The company's earnings per share since 20 17 are: 0.3; 0. 1 1; -0.09; 0.34; 0.52。 Earnings per share in the first quarter of this year was 0. 16 yuan. In the first half of 2022, it is estimated that the net profit attributable to the mother will be about 35 million yuan to 42 million yuan, up about 102.7 1% to 143.26% year-on-year. Third, plus points: consumer electronics concept, semiconductor concept, stuck neck concept, the track is good. Mask is a key high-tech material in semiconductor chip manufacturing. It is not only one of the essential core materials in chip manufacturing, but also the quality directly determines the final performance of the chip. Therefore, mastering the mask industry chain is also a key link in the field of chip semiconductor autonomy in China. Luwei Optoelectronics is committed to the research, development, production and sales of mask plates. Products are mainly used in flat panel display, semiconductor, touch and circuit board industries, and are the benchmark and blueprint for transferring graphics in the downstream microelectronics manufacturing process. At present, the company has achieved the mass production of semiconductor masks at 250nm process nodes, meeting the application of advanced semiconductor chip packaging, semiconductor devices, advanced fingerprint module packaging, high-precision sapphire substrate (PSS) and other products; In addition, the company has mastered the manufacturing core technology of 180nm/ 150nm node semiconductor mask, and accumulated certain research results. Fourth, plus points: customer quality. Based on the two core product lines of flat panel display mask and semiconductor mask, the company has gradually formed a business development pattern of "screen with core". In the field of flat panel display, customers include BOE, Huaxing Optoelectronics, CLP Panda, tianma microelectronics, Company C, and Truly. In the field of semiconductors, customers include some leading domestic chip companies and their supporting suppliers, such as Silaway, Fang Jing Science and Technology, Huatian Science and Technology, Tongfu Microelectronics, etc., reducing the number of sub-items: lack of upstream supply chain links. The upstream material of the semiconductor photomask is a processed synthetic time plate. At present, only two companies in the world have mask substrate finishing: Japan HOYA and South Korea LG-IT. The company lacks the processing ability of mask and chromium plating, and it is difficult to realize the autonomy of products. Sixth, reduce sub-items: greater dependence on big customers. During the reporting period, the total sales amount of Luwei Optoelectronics to the top five customers was 67 million yuan, 65.438+22 million yuan, 265 million yuan and 236 million yuan respectively, accounting for 46.25%, 55.89%, 65.94% and 66.33% of the operating income of each period respectively, and the proportion increased year by year. Among them, BOE has been the company's largest customer during the reporting period, accounting for 33% in 2020 and 200211-September. Seventh, sub-item: the procurement of major raw materials is relatively concentrated. During the reporting period, the amount of raw materials purchased by the company from the top five suppliers was 58,407,654,38+0,000 yuan, 65,438+0,657,654,38+0,654 in 38 yuan. Eighth, reduce the sub-item: the gross profit margin drops. From 20 18 to 20211-September, the gross profit margin of Luwei Optoelectronics' main business was 39.65%, 2 1.43%, 23. 14% and 26.78% respectively. Among them, the gross profit margin of the seasonal mask board is 45.23%, 65,438+09.12%, 265,438+0.32% and 25.54%, and the gross profit margin of the soda mask board is 38.44%, 32.4 1% and 34.35. From 20 18 to 2021-September, the R&D expenses of Luwei Optoelectronics were 8,205,500 yuan, 1979 1700 yuan, 28,358,200 yuan and150 respectively. Tenth, reduce failures: the capacity utilization rate is insufficient, and the production and sales rate drops. The company's main products are mask plates, from 20 18 to 2021+0-September, and the capacity utilization rates are 77.07%, 64.97%, 74. 13% and 72.2 1% respectively. The production and marketing rates are 99.47%, 94.53%, 65,438+0.065, 438+0.59% and 98.43% respectively. Eleventh, reduce the breakdown: there are fewer invention patents and more practical patents. By September 30th, 20021year, the company had 62 authorized patents, including 8 invention patents and 54 utility model patents. Twelfth, reduce segmentation: the asset-liability ratio is higher than that of peers. From 20 18 to 20211-September, the asset-liability ratio (consolidated statement) was 72.77%, 7 1.32%, 65.70% and 60.94% respectively. The average inter-bank asset-liability ratio (consolidated statement) is 26.39%, 26.3 1%, 32.05% and 35.26% respectively. Thirteenth, comprehensive evaluation: the company is in the key link of semiconductor production, and there is not much suspense in being fired on the market. Due to the lack of upstream supply chain, the company is subject to people and cannot achieve autonomy. The big worry is that the capacity utilization rate is insufficient, indicating that the downstream demand is insufficient; The debt ratio is high, the gross profit margin drops, the R&D investment drops, and it relies heavily on big customers. In view of the company's position in the industry and the current market atmosphere where every "core" has to be blown up, there is no risk of breaking on the first day of listing.