\u3000\u3000 Tongfu Microelectronics Co.Ltd(002156) (002156)
Tongfu Microelectronics Co.Ltd(002156) released the performance forecast for 2021. The company expects to realize a net profit attributable to the parent company of 930 ~ 1 billion yuan in 2021, yoy + 174.80% – 195.48%, with a median of 965 million yuan, yoy + 185.1%; Deduct the net profit not attributable to the parent company of 790 ~ 860 million yuan, yoy + 281.35% – 315.15%, with a median of 825 million yuan, yoy + 298.2%. In 2021q4, the net profit attributable to the parent company is 227-297 million yuan, yoy + 196.1-287.5%, qoq-24.9% – 1.8%, with a median value of 262 million yuan, yoy + 241.8%, qoq-13.4%; 2021q4 deduction of non parent net profit of RMB 158 ~ 228 million, yoy + 179.9% ~ 304.3%, qoq-41.6% ~ 15.6%, median value of RMB 193 million, yoy + 242.1%, qoq-28.6%.
Thanks to the rapid development of global digital intelligence and strong demand from customers abroad, the company’s annual performance increased significantly year-on-year. In high value-added fields such as high-performance computing, storage, automotive electronics, display driver and 5g, the company actively deployed packaging technologies and production capacity such as chipet, 2.5d/3d, fan out, WLP and flip chip. Some projects and products crossed the breakeven point and entered the harvest period in 2021, and the core business continued to grow.
The non-public offering plan for 2021 was released to further industrialize and large-scale packaging business. The company plans to raise no more than 5.5 billion yuan. The projects raised include the construction project of memory chip packaging and testing production line (Hefei), with a total investment of 960 million yuan and 720 million yuan of raised funds. The total investment of high-performance computing product packaging and testing industrialization project (Sutong) is 980 million yuan, and the raised funds are 830 million yuan. The total investment of 5g new generation communication product packaging and testing project (Chongchuan) is 990 million yuan, and the raised funds are 910 million yuan. The total investment of wafer level packaging product expansion project (Chongchuan) is 980 million yuan, and the raised funds are 890 million yuan. The total investment of power device packaging, testing and production expansion project (Chongchuan) is 570 million yuan, and the raised funds are 510 million yuan. Replenish working capital and repay bank loans of 1.65 billion yuan. In the background of the strong demand for semiconductor industry, the localization of integrated circuits, the transfer of overseas orders to Chinese mainland and the tight capacity of the test, the Tongfu Microelectronics Co.Ltd(002156) plans to increase the market share and enhance the company’s performance.
The industrial trend is more and more clear, and actively expand production to meet industrial opportunities. On the basis of increasingly clear industrial trends, Tongfu Microelectronics Co.Ltd(002156) benefits from multiple alpha such as AMD, MTK and Chinese customers, and has a first mover advantage in terms of long-term layout in storage, display drive and automotive electronics. Further increase and expand production, enhance scale, optimize product structure, and improve market position and core competitiveness, so as to achieve continuous high growth of income. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 965 / 1306 / 1596 million respectively, maintaining the “buy” rating.
Risk tip: the downstream demand is less than expected, and the development of new markets is less than expected.
