WANYE ENTERPRISES(600641):CORP DAY TAKEAWAYS:POSITIVE OUTLOOK ON ”1+N” PRODUCT PLATFORM

类别:公司 机构:招银国际证券有限公司 研究员:Alex Ng/Lily Yang/Hanqing Li 日期:2022-06-20

  We hosted an investor call with Wanye Enterprises during our Technology Corporate Day. Mgmt. was optimistic on booming demand from domestic semiconductor equipment driven by localization and domestic foundries’ rapid capacity expansion. Its subsidiary, Kaishitong, is a domestic ion implanter leader with major focus on low-energy large beam ion implanter and high-energy ion implanter, and mgmt. expected strong order visibility in 2023. Mgmt. believed the company will leverage its leading technology, R&D expertise and “1+N” product platform to drive future growth.

      Kaishitong’s ion implanter to accelerate client penetration; good order visibility in FY23E. Kaishitong obtained batch orders including 12-inch low- energy large beam ion implanter and low-energy large beam ultra-low temperature ion implanter from major customers, with order amount exceeding RMB680mn in 1Q22. On 26 Apr 2022, Kaishitong successfully delivered the first batch of multiple sets of large beam ion implanters’ orders to customers. Mgmt. expected fast penetration into customers once product competence is verified, and remained confident on order visibility going into 2023.

      Jiaxin Semiconductor to benefit from robust 8 & 12-inch production demand. Subsidiary Jiaxin Semiconductor offers an established front-end equipment product line, including etching, film deposition, rapid heat treatment, annealing and cleaning equipment. Mgmt. expected strong demand from domestic 8-inch &12-inch capacity expansion, and targeted an annual output of 2,450 new equipment (95%+ of total equipment) and 50 re-manufactured equipment in the future.

      “1+N” product platform strategy to drive growth momentum. Mgmt.believed the dual layout of Kaishitong’s ion implanter and Jiaxin Semiconductor’s products provides a solid foundation of “1+N” platform strategy, which offers customers with greater flexibility in selecting various front-end equipment. We believe this strategy will provide long-term growth opportunities and further drive market share gain in front-end equipment market.