Among the top three semiconductor equipment companies supporting domestic fabs, Tuojing Technology (688072) is the largest increase in net profit in the first three quarters, but it is also the most miserable when the negative public opinion hit the stock price.

On the evening of October 20, Tuojing Technology released a third-quarter performance forecast, which is expected to achieve operating income of 950 million yuan to 1 billion yuan in the first three quarters of 2022, an increase of 154.08% to 167.45%. Net profit attributable to the parent was RMB230 million to RMB240 million, up 296.8% to 314.05% year on year; The non-net profit attributable to the parent deduction was 110 million yuan to 115 million yuan, and the loss was turned into a profit compared with the same period last year, an increase of 133 million yuan to 138 million yuan.

According to this calculation, the net profit of Tuojing technology in the third quarter was about 122 million yuan -132 million yuan, an increase of 1.6%-10%.

In the first three quarters of 2021, the operating income of Tuojing Technology was 374 million yuan, the net profit attributable to the owner of the parent company was 579.638 billion yuan, and the withholding net profit attributable to the owner of the parent company was -23.0521 million yuan.

Previously, Huahai Qingke (688120) released three quarterly reports on the evening of October 19, the first three quarters to achieve revenue of 1.133 billion yuan, an increase of 108.4%, to achieve a net profit of 343 million yuan, an increase of 131.41%; In the third quarter, the company achieved operating income of 416 million yuan, an increase of 66.32%. The net profit attributable to shareholders of listed companies was 157 million yuan, an increase of 102.47%.

The A-share semiconductor market value of the elder brother, semiconductor equipment companies in the eldest North China Chuang (002371), in October 11 announcement is expected, the first three quarters will achieve operating income of 9.444 billion yuan - 10.444 billion yuan, an increase of 52.98%-69.18%; Net profit returned to the mother was 1.555 billion yuan to 1.795 billion yuan, an increase of 136.16% to 172.62%; Non-net profit of 1.395 billion yuan to 1.615 billion yuan, an increase of 165.63% to 207.52%. It is expected that the operating income of the third quarter is 4 billion to 5 billion yuan, an increase of 55.94% to 94.93%; Net profit returned to the mother was 800 million to 1.04 billion yuan, an increase of 129.92-198.89%; Withholding non-net profit of 750 million yuan to 970 million yuan, an increase of 149.75% to 223.01%.

The performance of these three semiconductor equipment companies is relatively good, mainly benefited from the increasing demand for domestic semiconductor industry equipment, sales orders continued to grow. Moreover, from the announcement, the net profit growth of these three companies is the largest.

However, in the two days after the market resumed after the National Day holiday, Tuojing Technology was the most affected by the emotion and stock price, falling more than 30% in two days.

Semiconductor industry analyst Chen Hang pointed out that Nahua Chuang, Topjing technology, Huahai Qing Technology are the former core process equipment in semiconductors, is the most urgent area to be limited, and the customers of these three companies are from SMIC, Yangtze River storage and other domestic large factories, from the importance and sales proportion of the three companies are currently supporting the top three domestic fabs equipment.

In terms of challenges, there are whether downstream fabs can fully cooperate with equipment manufacturers, and use domestic products to avoid supply chain security issues at the possible short-term sacrifice of yield and research and development rhythm.

The opportunities lie in:

First of all, the mature process has become the absolute main force of the future expansion of domestic fabs, according to the current market demand, there is a huge expansion space, in addition, the mass production process of domestic semiconductor equipment companies is also concentrated in the mature process, which can be very suitable to support the expansion needs;

Secondly, the share of domestic equipment can actually cover far more than the share of actual use now, and the future space is huge;

Third, domestic equipment manufacturers are making progress, and the potential to cover the future is huge.

It is worth noting that from the perspective of circulating shareholders in the secondary market, at the end of the third quarter of 2022, the top ten circulating shareholders of Huahai Qingke are institutional investors, and the proportion of institutional investors in the top ten circulating shareholders increased from 12.08% at the end of the second quarter to 18.76% at the end of the third quarter; The number of shareholders at the end of the second quarter was down 63.64% relative to the June IPO, and at the end of the third quarter was down 33.31% from the end of the second quarter. The number of shareholders at the end of the second quarter was also 78.25 per cent lower than when it went public in April.