华天科技: 2022年度业绩短期承压,产品+产能布局奠定23年业绩增长基石
（以下内容从天风国际证券《华天科技: 2022年度业绩短期承压,产品+产能布局奠定23年业绩增长基石》研报附件原文摘录）
Tianshui Huatian Technology (002185 CH) 2022年度业绩短期承压，产品+产能布局奠定23年业绩增长基石 2022 dragged by short-term industry factors; 2023E driven by capacity and product buildout BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2022年度报告，完成营业收入 119.06 亿元，同比下降 1.58%，实现归属于上市公司股东的净利润 7.54 亿元，同比下降 46.74%。 2022 earnings under pressure: Huatian added auto electronics customers; mass produced advanced packaging and high-computing power products Huatian Technology released 2022 earnings results with RMB11.91bn revenue, down 1.58% yoy, and RMB754m net profit, down 46.74% yoy. 点评：2022年度业绩承压，汽车电子客户开拓、高算力先进封装产品量产进展顺利，为长期发展蓄能。产量方面2022 年，公司共完成集成电路封装量419.19亿只，同比下降15.57%，晶圆级集成电路封装量138.95万片，同比下降3.18%。2022年公司业绩及产量下滑主因市场需求减弱和去库存等不利因素。22年度公司在客户布局方面，引入42家汽车电子客户，同时在产品布局方面公司大尺寸 FCBGA 高算力系列产品和高端存储产品均实现批量生产，为23年公司业绩增长奠定了坚实基础。 Other 2022 highlights: ·Output amounted to 41.92bn integrated circuit (IC) packages last year, down 15.57% yoy, and 1.39m wafer IC packages, down 3.18% yoy, as weakening market demand and destocking hurt business performance and production. ·Customers: Huatian added 42 automotive electronics customers. ·Products: it achieved mass production in large-scale FCBGA high-computing power series and high-end storage products, strengthening the fundamentals for its 2023E growth trend. 展望2023 年度，公司生产经营目标为全年实现营业收入135亿元，预计同比增长13.4%，主要聚焦于1）开发新客户增加订单2）先进封装方面，推进 2.5D Interposer（RDL+Micro Bump）项目的研发，布局 UHDFO、FOPLP 封装技术，加大在 FCBGA、汽车电子等封装领域的技术拓展，提升公司在先进封装领域的竞争力。3）实施并完成募资项目建设，加快产能释放等。 Outlook: Huatian shoots for 13.4% revenue growth target in 2023E The company has set production and operational targets for 2023E, including revenue of RMB13.5bn, implying growth of 13.4% yoy. The focus areas this year are: ·gain new customers and increase orders; ·sharpen its advanced packaging competitiveness by driving R&D in the 2.5D Interposer project (RDL + Micro Bump), build out UHDFO and FOPLP packaging technologies, and step up technological development in FCBGA, automotive electronics and other packaging fields; ·implement and complete the construction of fundraising projects to accelerate incremental production capacity releases. 产能产品及客户方面：协同各子公司拓展产能、优化客户结构，募投项目进展顺利 截至2022年末，公司已使用募集资金 43.28 亿元，为公司进一步扩大产业规模提供发展空间，推进战略客户开发和客户结构优化工作。在新生产基地建设方面，韶华科技已完成一期厂房及配套设施建设，并于 2022 年 8 月投产；华天江苏积极开展项目建设的各项准备工作；Unisem Gopeng 项目正在进行厂房建设。产能方面，2022年度公司集成电路封装产品已涵盖DIP/SDIP、SOT、SOP、SSOP、TSSOP/ETSSOP、QFP/LQFP/TQFP、QFN/DFN、BGA/LGA、FC、MCM（MCP）、SiP、WLP、TSV、Bumping、MEMS、Fan-Out 等多个系列。大尺寸 FCBGA 高算力系列产品和高端存储产品均实现批量生产。产品主要应用于计算机、网络通讯、消费电子及智能移动终端、物联网、工业自动化控制、汽车电子等电子整机和智能化领域。客户方面，2022年度公司导入客户 237 家，通过 6 家国内外汽车终端及汽车零部件企业审核，引入 42 家汽车电子客户，涉及 202 个汽车电子项目。 Production capacities, products and customers: Huatian subsidiaries expanded capacities; optimized customer mix; fundraising projects progressing smoothly Huatian used RMB4.33bn of fundraising proceeds as of end-2022 to expand the growth potential of its industry scale, and upgrade its customer structure and promote strategic customer development. Production base construction progress: subsidiary Shaohua Technology completed the construction of its phase I plant with support facilities, which commenced operation in August 2022. Huatian Jiangsu is making preparations for a construction project. And the construction of the Unisem Gopeng project is in progress. Product coverage and capacities: Huatian’s IC packaging products as of 2022 cover DIP/SDIP, SOT, SOP, SSOP, TSSOP/ETSSOP, QFP/LQFP/TQFP, QFN/DFN, BGA/LGA, FC, MCM (MCP), SiP, WLP, TSV, bumping, MEMS, fan-out and other categories. It achieved mass production in large FCBGA high-calculus and high-end storage products. The products are mainly used in computers, network communications, consumer electronics and smart mobile terminals, Internet of Things, industrial automation controls, automotive electronics and other electronic whole-vehicle and smart markets. Customers: Huatian introduced 237 customers in 2022 and passed the audits for 6 Chinese and foreign automotive terminal and auto parts companies; it introduced 42 automotive electronics customers with 202 automotive electronics projects. 技术方面：面向高端技术需求，积累国际领先技术和产品创新优势，Chiplet工艺已实现量产 公司现有封装技术水平及科技研发实力处于行业领先，逐步掌握了国际上先进的新型高密度集成电路封装核心技术。截至2022年末公司完成了多项技术的研发和产品的量产。其中，1）3D Chiplet方面：实现了3D FO SiP 封装工艺平台的开发，现已具备由TSV、eSiFo、3D SiP构成的最新先进封装技术平台——3D Matrix。Chiplet技术已经实现量产，主要应用于5G通信、医疗、物联网等领域。2）高性能计算方面：已实现大尺寸 FCBGA 高算力系列产品的批量生产。3）存储方面：与客户合作开发 HBPOP 封装技术，实现了基于 TCB工艺的 3D Memory 封装技术的开发；已实现基于232 层 3D NAND Flash Wafer DP 工艺的存储器产品、长宽比达 7.7：1 的侧面指纹、PAMiD等产品的量产。4）第三代半导体方面：硅基GaN封装产品已量产。5）射频方面：已实现5G FCPA集成多芯片SiP等5G射频模组的量产，完成EMI工艺技术研发和产品导入；6）汽车电子方面，公司已通过ISO45001、ISO27001、ESD20.20等体系认证，进一步完善质量管理体系架构，汽车电子产品封装产量持续增长。7）其他技术：双面塑封技术、激光雷达产品完成工艺验证；单颗大尺寸HFCBGA、基于Open Molding工艺的大尺寸FCCSP产品已完成开发。现有封装技术水平及科技研发实力已处于国内同行业领先地位。 Tech prowess: met advanced tech requirements with leading global technology and product innovation advantages; chiplet process reached mass production Huatian’s packaging technologies and R&D capabilities are at the industry forefront and it has mastered globally advanced new core technologies in high-density IC packaging. It completed R&D on a number of technologies and achieved mass production by end 2022. These products include: ·3D chiplets: Huatian realized 3D FO SiP packaging process platform development and its advanced packaging technology platform comprises TSV, eSiFo and 3D SiP - 3D Matrix. It achieved mass production of these chiplets, which are mainly used in the 5G communication, medical care and IOT industries. ·High-performance computing: it realized mass production of large-scale FCBGA high-computing power series products. ·Storage: it collaborates with customers to develop HBPOP packaging technology and realize the development of 3D memory packaging technology based on the TCB process. It achieved mass production of memory products based on the 232-layer 3D NAND flash wafer DP process, side fingerprints with an aspect ratio of 7.7:1 and PAMiD. ·3G semiconductors: it mass produces silicon-based GaN packaging products. ·Radio frequency: it mass produces 5G radio frequency modules such as 5G FCPA integrated multi-chip SiP, and launched EMI process technology R&D and products. ·Automotive electronics: it passed ISO45001, ISO27001, ESD20.20 and other system certifications, which upgraded its quality management system structure, while packaging output for its automotive electronic products continues to grow. ·Other technologies: Huatian is at the forefront of the Chinese industry in packaging technological prowess, driven by its R&D capability. Its double-sided plastic packaging technology and laser radar products have completed process verification. And it has developed single large HFCBGA and large FCCSP products based on open molding technology. 战略方面：两家子公司于2022年度落地，Unisem持续带来海外坚实客户基础 1）全资子公司上海华天集成电路有限公司于2022年度6月在上海自由贸易试验区临港新片区正式成立，主要从事集成电路晶圆和成品测试业务，有助于利用上海市集成电路设计及制造企业集聚优势，更好满足客户集成电路测试订单需求，进一步提升公司整体竞争能力和盈利能力。2023年度公司将启动并完成华天上海厂房建设，同时统筹做好设备安装相关生产准备工作。控股子公司天水华天芯胜科技有限公司于2022年6月在甘肃省天水市设立，旨在改善现有天水厂区发展空间不足的问题，进一步提高公司集成电路封装测试生产能力，扩大公司主营业务的规模，扩展公司生产布局，实现公司持续稳定发展。 Strategy: two new subsidiaries in 2022 and Unisem’s huge export customer base Shanghai Huatian Integrated Circuit: the wholly owned subsidiary was formally established in June 2022 in the Lingang New Area in the Shanghai Pilot Free Trade Zone. The company mainly tests IC wafers and finished products. Huatian Technology leverages on its IC subsidiary’s IC design and manufacturing focus in Shanghai to better meet the needs of customers with IC testing orders, and enhance its overall competitiveness and profitability. The company started and is slated to complete the construction of the Huatian Shanghai plant in 2023E, while coordinating production preparations for equipment installation. Holding subsidiary Tianshui Huatian Xinsheng Technology was established in Tianshui City, Gansu Province in June 2022. It mitigates the problem of current insufficient development space in the Tianshui factory area, and improves IC packaging and testing production capacities, expands its main business scale, and expands the production network, which enhances its sustainable development. 2）公司于 2019 年 1 月完成对马来西亚主板上市公司 Unisem 的收购，打开海外广阔市场。公司收购世界知名的马来西亚半导体封测供应商UNISEM。UNISEM客户来源分布十分广泛，其主要合作企业Broadcom、Qorvo、Skyworks等公司实力强大，均为全球著名领先的射频方案提供商，市场前景较为广阔，2023年度公司将继续推进Unisem Gopeng 项目厂房建设。 Huatian Technology gained access to a vast export market when it completed the acquisition of Unisem, which listed on the Kuala Lumpur Stock Exchange main board (Malaysia) in January 2019. Unisem is a world-renowned Malaysian semiconductor packaging and testing supplier with a wide range of customer resources. Its main partners include established players such as Broadcom, Qorvo and Skyworks, all of which are world-renowned RF solution providers. We believe its market prospects have a broad reach. The company is proceeding with the construction of the Unisem Gopeng project plant through 2023E. 投资建议/Investment Ideas 投资建议：公司具有市场、技术、战略规划多层面叠加竞争优势，业务具备长期增长动能，受需求减弱和去库存等不利因素影响，公司业绩承压，我们下调2023/2024年盈利预测，归母净利润由19.87/22.97亿元下调至9.72/13.09亿元，预计2025年实现归母净利润16.43亿元，维持公司“买入”评级 Valuation and risks Huatian Technology holds multiple competitive advantages in terms of markets, technologies and strategies, which drive its long-term business growth momentum. Macro factors pressured business performance in 2022, including weakening demand and industry destocking. We lower our net profit forecast to RMB972m/1.31bn for 2023/24E (previously RMB1.99bn/2.30bn) and add our net profit forecast for 2025E at RMB1.64bn. We maintain our BUY rating on the stock. 风险提示：下游产品销量不及预期、产能建设不及预期、原材料价格波动 Risks include: lower-than-expected downstream product sales volumes; lower-than-expected production capacity construction; and raw material price volatility. 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Tianshui Huatian Technology (002185 CH) 2022年度业绩短期承压，产品+产能布局奠定23年业绩增长基石 2022 dragged by short-term industry factors; 2023E driven by capacity and product buildout BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2022年度报告，完成营业收入 119.06 亿元，同比下降 1.58%，实现归属于上市公司股东的净利润 7.54 亿元，同比下降 46.74%。 2022 earnings under pressure: Huatian added auto electronics customers; mass produced advanced packaging and high-computing power products Huatian Technology released 2022 earnings results with RMB11.91bn revenue, down 1.58% yoy, and RMB754m net profit, down 46.74% yoy. 点评：2022年度业绩承压，汽车电子客户开拓、高算力先进封装产品量产进展顺利，为长期发展蓄能。产量方面2022 年，公司共完成集成电路封装量419.19亿只，同比下降15.57%，晶圆级集成电路封装量138.95万片，同比下降3.18%。2022年公司业绩及产量下滑主因市场需求减弱和去库存等不利因素。22年度公司在客户布局方面，引入42家汽车电子客户，同时在产品布局方面公司大尺寸 FCBGA 高算力系列产品和高端存储产品均实现批量生产，为23年公司业绩增长奠定了坚实基础。 Other 2022 highlights: ·Output amounted to 41.92bn integrated circuit (IC) packages last year, down 15.57% yoy, and 1.39m wafer IC packages, down 3.18% yoy, as weakening market demand and destocking hurt business performance and production. ·Customers: Huatian added 42 automotive electronics customers. ·Products: it achieved mass production in large-scale FCBGA high-computing power series and high-end storage products, strengthening the fundamentals for its 2023E growth trend. 展望2023 年度，公司生产经营目标为全年实现营业收入135亿元，预计同比增长13.4%，主要聚焦于1）开发新客户增加订单2）先进封装方面，推进 2.5D Interposer（RDL+Micro Bump）项目的研发，布局 UHDFO、FOPLP 封装技术，加大在 FCBGA、汽车电子等封装领域的技术拓展，提升公司在先进封装领域的竞争力。3）实施并完成募资项目建设，加快产能释放等。 Outlook: Huatian shoots for 13.4% revenue growth target in 2023E The company has set production and operational targets for 2023E, including revenue of RMB13.5bn, implying growth of 13.4% yoy. The focus areas this year are: ·gain new customers and increase orders; ·sharpen its advanced packaging competitiveness by driving R&D in the 2.5D Interposer project (RDL + Micro Bump), build out UHDFO and FOPLP packaging technologies, and step up technological development in FCBGA, automotive electronics and other packaging fields; ·implement and complete the construction of fundraising projects to accelerate incremental production capacity releases. 产能产品及客户方面：协同各子公司拓展产能、优化客户结构，募投项目进展顺利 截至2022年末，公司已使用募集资金 43.28 亿元，为公司进一步扩大产业规模提供发展空间，推进战略客户开发和客户结构优化工作。在新生产基地建设方面，韶华科技已完成一期厂房及配套设施建设，并于 2022 年 8 月投产；华天江苏积极开展项目建设的各项准备工作；Unisem Gopeng 项目正在进行厂房建设。产能方面，2022年度公司集成电路封装产品已涵盖DIP/SDIP、SOT、SOP、SSOP、TSSOP/ETSSOP、QFP/LQFP/TQFP、QFN/DFN、BGA/LGA、FC、MCM（MCP）、SiP、WLP、TSV、Bumping、MEMS、Fan-Out 等多个系列。大尺寸 FCBGA 高算力系列产品和高端存储产品均实现批量生产。产品主要应用于计算机、网络通讯、消费电子及智能移动终端、物联网、工业自动化控制、汽车电子等电子整机和智能化领域。客户方面，2022年度公司导入客户 237 家，通过 6 家国内外汽车终端及汽车零部件企业审核，引入 42 家汽车电子客户，涉及 202 个汽车电子项目。 Production capacities, products and customers: Huatian subsidiaries expanded capacities; optimized customer mix; fundraising projects progressing smoothly Huatian used RMB4.33bn of fundraising proceeds as of end-2022 to expand the growth potential of its industry scale, and upgrade its customer structure and promote strategic customer development. Production base construction progress: subsidiary Shaohua Technology completed the construction of its phase I plant with support facilities, which commenced operation in August 2022. Huatian Jiangsu is making preparations for a construction project. And the construction of the Unisem Gopeng project is in progress. Product coverage and capacities: Huatian’s IC packaging products as of 2022 cover DIP/SDIP, SOT, SOP, SSOP, TSSOP/ETSSOP, QFP/LQFP/TQFP, QFN/DFN, BGA/LGA, FC, MCM (MCP), SiP, WLP, TSV, bumping, MEMS, fan-out and other categories. It achieved mass production in large FCBGA high-calculus and high-end storage products. The products are mainly used in computers, network communications, consumer electronics and smart mobile terminals, Internet of Things, industrial automation controls, automotive electronics and other electronic whole-vehicle and smart markets. Customers: Huatian introduced 237 customers in 2022 and passed the audits for 6 Chinese and foreign automotive terminal and auto parts companies; it introduced 42 automotive electronics customers with 202 automotive electronics projects. 技术方面：面向高端技术需求，积累国际领先技术和产品创新优势，Chiplet工艺已实现量产 公司现有封装技术水平及科技研发实力处于行业领先，逐步掌握了国际上先进的新型高密度集成电路封装核心技术。截至2022年末公司完成了多项技术的研发和产品的量产。其中，1）3D Chiplet方面：实现了3D FO SiP 封装工艺平台的开发，现已具备由TSV、eSiFo、3D SiP构成的最新先进封装技术平台——3D Matrix。Chiplet技术已经实现量产，主要应用于5G通信、医疗、物联网等领域。2）高性能计算方面：已实现大尺寸 FCBGA 高算力系列产品的批量生产。3）存储方面：与客户合作开发 HBPOP 封装技术，实现了基于 TCB工艺的 3D Memory 封装技术的开发；已实现基于232 层 3D NAND Flash Wafer DP 工艺的存储器产品、长宽比达 7.7：1 的侧面指纹、PAMiD等产品的量产。4）第三代半导体方面：硅基GaN封装产品已量产。5）射频方面：已实现5G FCPA集成多芯片SiP等5G射频模组的量产，完成EMI工艺技术研发和产品导入；6）汽车电子方面，公司已通过ISO45001、ISO27001、ESD20.20等体系认证，进一步完善质量管理体系架构，汽车电子产品封装产量持续增长。7）其他技术：双面塑封技术、激光雷达产品完成工艺验证；单颗大尺寸HFCBGA、基于Open Molding工艺的大尺寸FCCSP产品已完成开发。现有封装技术水平及科技研发实力已处于国内同行业领先地位。 Tech prowess: met advanced tech requirements with leading global technology and product innovation advantages; chiplet process reached mass production Huatian’s packaging technologies and R&D capabilities are at the industry forefront and it has mastered globally advanced new core technologies in high-density IC packaging. It completed R&D on a number of technologies and achieved mass production by end 2022. These products include: ·3D chiplets: Huatian realized 3D FO SiP packaging process platform development and its advanced packaging technology platform comprises TSV, eSiFo and 3D SiP - 3D Matrix. It achieved mass production of these chiplets, which are mainly used in the 5G communication, medical care and IOT industries. ·High-performance computing: it realized mass production of large-scale FCBGA high-computing power series products. ·Storage: it collaborates with customers to develop HBPOP packaging technology and realize the development of 3D memory packaging technology based on the TCB process. It achieved mass production of memory products based on the 232-layer 3D NAND flash wafer DP process, side fingerprints with an aspect ratio of 7.7:1 and PAMiD. ·3G semiconductors: it mass produces silicon-based GaN packaging products. ·Radio frequency: it mass produces 5G radio frequency modules such as 5G FCPA integrated multi-chip SiP, and launched EMI process technology R&D and products. ·Automotive electronics: it passed ISO45001, ISO27001, ESD20.20 and other system certifications, which upgraded its quality management system structure, while packaging output for its automotive electronic products continues to grow. ·Other technologies: Huatian is at the forefront of the Chinese industry in packaging technological prowess, driven by its R&D capability. Its double-sided plastic packaging technology and laser radar products have completed process verification. And it has developed single large HFCBGA and large FCCSP products based on open molding technology. 战略方面：两家子公司于2022年度落地，Unisem持续带来海外坚实客户基础 1）全资子公司上海华天集成电路有限公司于2022年度6月在上海自由贸易试验区临港新片区正式成立，主要从事集成电路晶圆和成品测试业务，有助于利用上海市集成电路设计及制造企业集聚优势，更好满足客户集成电路测试订单需求，进一步提升公司整体竞争能力和盈利能力。2023年度公司将启动并完成华天上海厂房建设，同时统筹做好设备安装相关生产准备工作。控股子公司天水华天芯胜科技有限公司于2022年6月在甘肃省天水市设立，旨在改善现有天水厂区发展空间不足的问题，进一步提高公司集成电路封装测试生产能力，扩大公司主营业务的规模，扩展公司生产布局，实现公司持续稳定发展。 Strategy: two new subsidiaries in 2022 and Unisem’s huge export customer base Shanghai Huatian Integrated Circuit: the wholly owned subsidiary was formally established in June 2022 in the Lingang New Area in the Shanghai Pilot Free Trade Zone. The company mainly tests IC wafers and finished products. Huatian Technology leverages on its IC subsidiary’s IC design and manufacturing focus in Shanghai to better meet the needs of customers with IC testing orders, and enhance its overall competitiveness and profitability. The company started and is slated to complete the construction of the Huatian Shanghai plant in 2023E, while coordinating production preparations for equipment installation. Holding subsidiary Tianshui Huatian Xinsheng Technology was established in Tianshui City, Gansu Province in June 2022. It mitigates the problem of current insufficient development space in the Tianshui factory area, and improves IC packaging and testing production capacities, expands its main business scale, and expands the production network, which enhances its sustainable development. 2）公司于 2019 年 1 月完成对马来西亚主板上市公司 Unisem 的收购，打开海外广阔市场。公司收购世界知名的马来西亚半导体封测供应商UNISEM。UNISEM客户来源分布十分广泛，其主要合作企业Broadcom、Qorvo、Skyworks等公司实力强大，均为全球著名领先的射频方案提供商，市场前景较为广阔，2023年度公司将继续推进Unisem Gopeng 项目厂房建设。 Huatian Technology gained access to a vast export market when it completed the acquisition of Unisem, which listed on the Kuala Lumpur Stock Exchange main board (Malaysia) in January 2019. Unisem is a world-renowned Malaysian semiconductor packaging and testing supplier with a wide range of customer resources. Its main partners include established players such as Broadcom, Qorvo and Skyworks, all of which are world-renowned RF solution providers. We believe its market prospects have a broad reach. The company is proceeding with the construction of the Unisem Gopeng project plant through 2023E. 投资建议/Investment Ideas 投资建议：公司具有市场、技术、战略规划多层面叠加竞争优势，业务具备长期增长动能，受需求减弱和去库存等不利因素影响，公司业绩承压，我们下调2023/2024年盈利预测，归母净利润由19.87/22.97亿元下调至9.72/13.09亿元，预计2025年实现归母净利润16.43亿元，维持公司“买入”评级 Valuation and risks Huatian Technology holds multiple competitive advantages in terms of markets, technologies and strategies, which drive its long-term business growth momentum. Macro factors pressured business performance in 2022, including weakening demand and industry destocking. We lower our net profit forecast to RMB972m/1.31bn for 2023/24E (previously RMB1.99bn/2.30bn) and add our net profit forecast for 2025E at RMB1.64bn. We maintain our BUY rating on the stock. 风险提示：下游产品销量不及预期、产能建设不及预期、原材料价格波动 Risks include: lower-than-expected downstream product sales volumes; lower-than-expected production capacity construction; and raw material price volatility. 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