\u3000\u3000 Hangzhou Silan Microelectronics Co.Ltd(600460) (600460)
[matters]
The 2021 performance forecast announced that the net profit attributable to the parent company increased by 2145% – 2165% year-on-year. Hangzhou Silan Microelectronics Co.Ltd(600460) released the performance forecast. In 2021, the net profit attributable to the parent company was 1.52-1.53 billion yuan, with a year-on-year increase of 2145% – 2165%, deducting the non net profit of 910-930 million yuan, which was – 23.51 million yuan in the same period last year.
[comment]
The product structure is continuously optimized, the production line is fully utilized, the fair value of financial assets changes, and the net profit attributable to the parent company is thickened. In 2021, the net profit attributable to the parent company increased significantly, mainly due to 1) the company’s products continued to make breakthroughs in white power, communication, industry, photovoltaic, new energy vehicles and other markets, the revenue of power management chips, MEMS sensors, IPM, MOSFET, IGBT, SBD, TVs, FRD, led and other products increased significantly, the product structure continued to be optimized, the comprehensive gross profit margin improved, and the profitability increased significantly; 2) The subsidiary Shilan Jixin 8-inch has basically maintained full production, and the product structure has been continuously optimized. The subsidiary Shilan Mingxin LED chip production line has achieved full production and high yield, and achieved positive profit in 2021; 3) Shanghai Anlogic Infotech Co.Ltd(688107) when listed on the science and innovation board, the share of net assets held by the company is measured at fair value, and the net profit is increased by 530 million yuan. With the introduction of external investors, the share of net assets held by the company is adjusted, and the net profit is increased by 50 million yuan.
Non net profit deducted in 2021q4 decreased month on month. The net profit attributable to the parent company in 2021q4 was 790-800 million yuan, an increase of 3191.8% – 3248.1% year-on-year and 166.0% – 170.6% month on month; The net profit after deducting non-profit is RMB 220-240 million, and that in 2020q4 is RMB – 30 million, a month on month decrease of 16.4% – 21.1%. In 2021q4, the deduction of non net profit decreased month on month. We believe that it may be due to 1) the expansion of the company’s production line, the obvious increase in the number of personnel, the increase of employee salary, the increase of year-end bonus incentive, and 2) the increase of R & D investment, and the R & D expense rate may increase.
Profit forecast. We believe that as China’s power semiconductor IDM company, IPM module takes the lead in entering the white power market, with continuous capacity expansion plans, gradual ramp up of 12 inch line capacity, superposition of the company’s early layout of compound semiconductors, continuous optimization of product structure and timely superposition of equity incentives. Under the background of high prosperity of power semiconductor industry, the company may fully benefit. It is estimated that the company’s revenue from 2021 to 2023 will be 7.19/93.5/12.15 billion yuan, the net profit attributable to the parent company will be 1.52/15.3/1.71 billion yuan, the EPS will be 1.07/1.08/1.21 yuan / share, and the PE corresponding to the current stock price will be 48.54/48.29/43.10 times, giving the company a “overweight” rating. [risk tips]
The climbing of 12 inch production line is less than expected, the industry competition is intensified, and the R & D is less than expected.
