\u3000\u3000 Jiangsu Jiejie Microelectronics Co.Ltd(300623) (300623)
Jiangsu Jiejie Microelectronics Co.Ltd(300623) its main business is to engage in the R & D, design, production and sales of power semiconductor chips and devices, and develop and produce a wide range of power semiconductor discrete devices. Three main core businesses: thyristor, protective device and MOSFET.
Jiangsu Jiejie Microelectronics Co.Ltd(300623) released the performance forecast. It is estimated that the annual attributable net profit in 2021 will be 468 million yuan to 510 million yuan, an increase of 65% to 80% year-on-year.
Jiangsu Jiejie Microelectronics Co.Ltd(300623) focused on the development direction of the main business, guided by the market and driven by innovation, seized the opportunity of accelerating the domestic substitution of power semiconductors, and continued to benefit from the upgrading of product structure and the growth of customer demand, Jiangsu Jiejie Microelectronics Co.Ltd(300623) operating revenue and net profit attributable to the company’s shareholders increased year-on-year, of which the main business revenue increased by more than 75% year-on-year during the reporting period.
Jiangsu Jiejie Microelectronics Co.Ltd(300623) by increasing R & D investment, talent introduction and team construction. The revenue of MOSFET series products operating in fabless mode increased by more than 175% year-on-year; In IDM operation mode, the revenue of small signal devices (ESD, etc.) increased by more than 120% year-on-year, and the revenue of TVs series products increased by more than 40% year-on-year.
Jiangsu Jiejie Microelectronics Co.Ltd(300623) through private placement, the capacity utilization of “power electronic device production line construction project” has increased steadily and continued to play a marginal effect. Among them, the revenue of thyristor series products in stock business increased by more than 40% year-on-year.
Core assumptions for future business:
From the first quarter to the third quarter of 2021, the gross profit margin of the company’s three main products, thyristors, protective devices and MOSFETs, was about 57%, 53% and 28%. Among them, thyristors and protective devices adopt IDM mode, with high gross profit margin; At present, the gross profit margin of MOSFET is low, which is mainly due to the fact that the company’s MOSFET products are currently sold out. 70% of the packages are outsourced and 30% are self sealed, and the cost of streaming is high. The company is gradually transforming from fabless mode to IDM mode. If the transformation is successful, the gross profit margin of MOSFET products can be increased to more than 35%. It is estimated that the gross profit margin of the company will remain above 51% in 2021 and 2022.
Since the IPO, with the continuous expansion of the company’s production, the total production capacity has reached 4.209 million semiconductor chips and 8.266 billion semiconductor devices. It strongly supports the company’s strategic policy of transformation to comprehensive IDM mode.
Profit forecast:
It is expected that the three core businesses of thyristor, protective device and MOSFET will continue to grow by 25%, 40% and 100% in 2022.
Benefiting from the continuous high growth of MOSFET business, it is expected that the revenue growth rate of the company in 2021 and 2022 will be 68% and 52% respectively, with a revenue scale of 1.69 billion yuan and 2.58 billion yuan.
It is estimated that the profit growth rate of the company in 2021 and 2022 will be 73.3% and 42.74% respectively, and the profit scale will be 491 million yuan and 701 million yuan. The corresponding PE was 39.66 times and 27.78 times, respectively. For Jiangsu Jiejie Microelectronics Co.Ltd(300623) (300623), maintain the “buy” rating.
Risk warning: policy risk, profit less than expected risk
