利扬芯片:22年上半年营收增速亮眼,3nm测试高筑壁垒利好长期发展

（以下内容从天风证券《利扬芯片:22年上半年营收增速亮眼,3nm测试高筑壁垒利好长期发展》研报附件原文摘录）
　　Guangdong Leadyo IC Testing (688135 CH) 22年上半年营收增速亮眼，3nm测试高筑壁垒利好长期发展 1H revenue boost: Leadyo’s 3nm chip testing competitive barrier enhances its long-term growth prospects BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2022年半年度业绩报告，上半年归属于母公司所有者的净利润1359.92万元，同比减少65.69%；营业收入2.26亿元，同比增长41.83%；基本每股收益0.1元，同比减少65.52%。 Trump card: 3nm chip test capability competitive barrier aids long-term growth 1H revenue growth spike momentum: in Leadyo IC Testing’s 1H results release, revenue growth continued to dazzle with a 41.83% rise to RMB226m, while net profit fell 65.69% yoy to RMB13.6m. Basic EPS was down 65.52% yoy to RMB0.10. 点评：手握3nm芯片测试能力高筑壁垒利好长期发展，战略性布局新厂+股权激励+高研发投入期待厚积薄发。公司上半年营收同比+41.83%，维持亮眼增速。净利润同比-65.69%，原因系1）提前使用IPO资金进行拓厂扩产、股权激励，带来了短期的成本费用上升和利润下滑，看好公司后续的产能释放和业绩兑现。公司目前有息负债余额为人民币2.09亿元，较上年同期增长 482.69%；2）上半年研发费用0.35亿元，同比增长107%；综上，使得公司折旧、摊销、人力、电力等固定制造成本较上年同期大幅增加，3）因实施 2021 年股权激励计划，2022 年 1-6 月股份支付费用金额为0.15 亿元，剔除股权激励费用影响后，净利润同比减少大幅降低，为27.81%。 Strategic buildout: new plants, equity incentives and higher R&D investment: we attribute the drop in 1H net profit to the following factors: (1) Expansion and incentives: the advance use of IPO funds for plant expansion and equity incentives accompanied a short-term cost increase and profit decline. We anticipate future capacity releases and profitability improvements. Leadyo’s current interest-bearing liabilities amount to RMB209m, up 482.69% yoy. (2) Costs: R&D expenses swelled 107% to RMB35m in 1H and fixed manufacturing costs rose significantly yoy, including depreciation, amortization, labor and electricity. (3) 2021 incentive payouts: payouts made during January to June 2022 for the 2021 equity incentive plan amounted to RMB15m; excluding the impact, net profit would have dropped just 27.81% yoy. 全球第一颗3nm芯片的测试开发率先布局，高研发投入支撑下深耕高毛利中高端测试赛道。公司高端芯片成品高端测试平台收入毛利率达70%左右，随着芯片制程升级+复杂度不断提升，看好公司毛利长期快速发展。公司7月3nm先进制程工艺的芯片测试方案调试成功，标志着已完成全球第一颗3nm芯片的测试开发，将向量产测试阶段有序推进。高度重视研发体系的建设，持续增强研发投入特别是中高端芯片测试设备的研发投入，上半年研发费用 3,470.19 万元，同比增加 107.27%，占营业收入比例为15.34%，以满足中高端测试方案需求，提升测试效率。专利方面，本期新增专利获得21个，累计已获144个。 3nm chip test first mover: R&D investment; higher-end market; high gross profit We expect Leadyo’s gross profit to grow fast over the long term, as its high-end finished chip testing platform currently has a roughly 70% gross margin, with ongoing process upgrades and improving complexity. The company debugged the 3nm advanced process chip testing in July, completing testing development for the world’s first 3nm chip, and it expects mass production tests to phase smoothly. Its R&D agenda is evidenced by higher R&D investments, especially in mid-range to high-end chip testing equipment. R&D expenses in 1H amounted to RMB34.7m, up 107.27% yoy, accounting for 15.34% of revenue, to enable it to fulfill market demand for higher-end testing solutions and raise testing efficiency. Leadyo currently owns 144 patents, after adding 21 new patents in 1H. 独立测试重要性日渐凸显，公司美食街模式快速发展。公司绑定最优设备+软硬件开发带来较大客户粘性。举例来看，21.6月中国大陆第一台爱德万测试EXA SCALE V93000在利扬装机完成。同时公司差异化竞争优势包括：最优测试平台的选择以及相关软硬件开发，深度绑定客户为战略合作伙伴。上半年持续开发中高端领域客户，客户和产品结构发生变化，在高算力、5G 通讯、微处理器、工业控制等领域测试保持快速增长。芯片测试行业毛利率整体高于电子行业，看好公司处高毛利赛道+中高端客户绑定优势下业绩持续增厚。 Rising profile in independent tech testing with a multiple-market business model Leadyo uses optimal equipment where it combines software and hardware development to raise customer stickiness. For example, it installed the first Advantest EXA Scale V93000 in China in June 2021. The company’s competitive advantages include optimal test platform selection, along with software and hardware development, and strong ties with customers, which are deemed strategic partners. In 1H, it established higher-end customers in adjusting its customer and product structures, aiming to sustain fast growth in the markets of high computing power, 5G communications, microprocessors and industrial controls. The chip testing market generally enjoys higher gross margins than the electronics industry. Thus, we believe the company’s high gross profit business and higher-end customer ties will continue to drive a profit uptrend. 下游应用全面布局，汽车测试领域持续深耕。公司已在5G通讯、传感器、物联网、指纹识别、金融 IC卡、北斗导航、汽车电子等新兴应用领域取得优势。汽车业务方面，公司在2018年获得与汽车电子相关的认证，目前涉及到的汽车电子芯片有MCU、多媒体主控芯片、传感器等领域，均有一定的测试技术储备，满足设计公司的测试需求。目前公司惯性传感器芯片测试项目已处验收阶段，车用 MCU 控制芯片、5G 射频PA芯片测试及CIS 测试系统研发持续进行，相关技术均处国内领先地位。 Wide downstream applications; building up its automotive testing business Leadyo’s solutions cover emerging applications such as 5G communications, sensors, IOT, fingerprint identification, financial IC cards, BeiDou navigation and automotive electronics. In automotives, it earned automotive electronics certification in 2018. Its automotive chips business includes MCUs, multimedia main control chips and sensors, where it has sufficient technology reserves to fulfill testing demand by design companies. Its inertial sensor chip testing project is currently at the acceptance stage. Meanwhile, ongoing R&D improves testing solutions for automotive MCU chips, 5G RF PA chips and CIS systems. Leadyo’s tech know-how enables its leadership of the Chinese market. 再融资计划有序进行，项目达产后年均可产生收入约6.46亿元，实施股权激励彰显长期发展势头。公司发布2021年度向特定对象发行A股股票证券募集说明书，向特定对象发行股票募集资金总额不超过 13.07亿元，将用于东城利扬芯片集成电路测试项目及补充流动资金，建设完成后公司将释放更多的晶圆测试产能（12 英寸并向下兼容8英寸）和芯片成品测试产能，可检测 SIP、CSP、BGA、PLCC、QFN、LQFP、TQFP、QFP、TSOP、SSOP、TSSOP、SOP、DIP 等各类中高端封装的芯片，项目达产后年均可产生收入约6.46亿元；公司IPO 募集资金较原计划提前使用完毕，目前产能陆续释放。另外，公司在上海和东莞分别新增一处测试基地并逐步投入试产/运营阶段。公司向11名包括高管及技术骨干授予44万股限制性股票，长期发展势头稳健。 Refinancing going smoothly; project commencement could add RMB646m p.a. The implementation of equity incentives reflects its aim to drive a long-term growth momentum. Leadyo’s 2021 A-share issuance prospectus, targeting specific personnel, indicated that not exceeding RMB1.31bn would be raised to fund its Dongcheng IC testing project as well as provide supplementary liquidity. When construction is completed, it would add capacities for wafer testing (12 inches and backward-compatible 8 inches) and finished chip testing, as well as testing for SIP, CSP, BGA, PLCC, QFN, LQFP, TQFP, QFP, TSOP, SSOP, TSSOP, SOP, DIP and other higher-end chip packaging solutions. Production commencement could bring potential income of about RMB646m p.a. Leadyo’s IPO funds were used earlier than planned, with production capacities being released one after another. New testing bases have also been established in Shanghai and Dongguan, which are undergoing trial production and operational stages. The company granted 440,000 restricted shares to 11 senior executives and technical backbone staff to drive a stable long-term growth momentum. 投资建议/Investment Ideas 盈利预测：公司受益中高端客户占比提升及产品结构优化，叠加产能释放产生效益，业绩有望持续增长。预计公司2022/2023/2024年净利润1.6/2.1/2.5亿，维持公司“买入”评级 Profit forecast and risks We believe Leadyo’s performance will keep improving on a rising proportion of higher-end customers and product structure optimization, along with production capacity releases. We expect net profit of RMB160m/210m/250m in 2022/23/24E and maintain our BUY rating on the stock. 风险提示：销售区域集中、劳动力成本上升、疫情加重、研发技术人员流失 Risks include: sales market overconcentration; rising labor cost; worsening pandemic impact; and brain drain of R&D staff. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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