The "core shortage tide" under the mismatch of global semiconductor chip supply and demand in 2021 can increase the income of A-share related listed companies by "a few Dou meters"? With the disclosure of the annual report, the answer is gradually revealed.
On the evening of February 23, power management chip enterprise Shanghai Bright Power Semiconductor Co.Ltd(688368) (688368. SH) disclosed the first annual report of semiconductor enterprises of Kechuang board. In 2021, the company achieved a main revenue of 2.302 billion yuan, a year-on-year increase of 108.75%; The net profit attributable to the parent company was 677 million yuan, a year-on-year increase of 883.72%; The net profit attributable to the parent company after deduction was 579 million yuan, a year-on-year increase of 1993.67%.
At the same time of rapid performance growth, among the rare listed semiconductor companies with large dividends, Shanghai Bright Power Semiconductor Co.Ltd(688368) took out a lot of "sugar pie" of real gold and silver: it is planned to distribute a cash dividend of 40 yuan (including tax) for every 10 shares, with a total dividend of 248 million yuan, accounting for 36% of the net profit attributable to the parent company.
Despite the bright growth rate of the annual performance, the decline of the global semiconductor cycle in the fourth quarter still had a significant impact on the performance of Shanghai Bright Power Semiconductor Co.Ltd(688368) - the revenue and net profit in a single quarter decreased by 37.15% and 56% respectively month on month. At present, the internal structure of the semiconductor industry has been loosened, and the price of consumer analog chips has gradually returned to the historical average. Under the high performance base of the previous year, the pressure for consumer analog chip enterprises to maintain high performance growth in 2022 is not small.
the performance decreased significantly in the fourth quarter, and the dividend was 250 million
In 2021, the upstream capacity supply of the global semiconductor chip industry was insufficient, and the demand side increased explosively due to the increase of automobile sales and the increase of home office demand caused by covid-19 epidemic. The industry as a whole was in a state of imbalance between supply and demand.
Shanghai Bright Power Semiconductor Co.Ltd(688368) it is mainly engaged in LED drive chip, motor drive chip, AC / DC power chip, DC / DC power chip and other product series. At present, the research and development focus is AC / DC chip and high current DC / DC chip for CPU / GPU power supply. Driven by the strong demand for LED lighting products, the main source of revenue, and full production and sales, the company's performance increased significantly last year.
From the perspective of subdivided products, with the increase of smart home application scenarios, the sales growth of smart LED power driver chips is much higher than that of general LED products. The proportion of the former in the overall sales revenue also increased from 36.78% in the same period of last year to 46.19%, an increase of 9.41 percentage points.
Among them, the output of intelligent LED driver chips was 2.411 billion, the production and sales rate was 96.96%, the sales volume increased by 81.15% over the previous year, and the sales volume of general LED driver chips decreased by 1.47% year-on-year to 4.155 billion. Shanghai Bright Power Semiconductor Co.Ltd(688368) said that the company has optimized the structure of LED lighting products and improved the delivery priority of intelligent LED lighting driver chips.
In addition, Shanghai Bright Power Semiconductor Co.Ltd(688368) 's sales revenue of motor drive products increased by nearly 70% over the same period of last year, but the scale is still small, at 38.1375 million; Some products with built-in and external AC / DC power supply chips have been successfully mass produced and have not yet made a significant contribution to the performance. At the same time, the improvement of unit price, the optimization of product structure and the increase of investment income of joint-stock companies also promoted the significant growth of performance in Shanghai Bright Power Semiconductor Co.Ltd(688368) 2021.
In terms of fund holdings, according to the 2021 annual report, there are 10 funds with heavy positions Shanghai Bright Power Semiconductor Co.Ltd(688368) , of which the fund with the largest number is Ruiyuan growth value hybrid a, which increased its holdings of 123300 shares in the fourth quarter of last year. E fund value growth hybrid fund is the seventh largest shareholder, holding 340000 shares. Huaxia Kechuang board 50ETF and Dongfang hongruiyuan set up flexible allocation hybrid funds in three years, reducing 262500 shares and 93900 shares respectively in the fourth quarter.
A noteworthy phenomenon is that the performance of Shanghai Bright Power Semiconductor Co.Ltd(688368) in the fourth quarter fell significantly, which may also confirm the current round of semiconductor high-profile cycle, with a downward inflection point in the fourth quarter of last year.
In the fourth quarter of 2021, the revenue and net profit of Shanghai Bright Power Semiconductor Co.Ltd(688368) decreased by 37% and 56% month on month, respectively, to 477 million yuan and 104 million yuan. In that quarter, the net cash generated from the company's operating activities was - 4 million yuan, which was the only quarter with net operating cash outflow in the whole year.
End of price increase dividend or facing growth pressure
From the perspective of performance pre disclosure, it is a common phenomenon that the performance of head semiconductor chip stocks increased significantly year-on-year. However, in this round of chip shortage and price rise, some chip stocks earn only the money of product premium, and some enterprises take advantage of the high scenery to further consolidate their position in the customer supply chain system.
In the secondary market, driven by the high boom and domestic substitution, although the semiconductor industry had twists and turns last year, the overall yield still led the main indexes. As a big bull in the semiconductor sector last year, Shanghai Bright Power Semiconductor Co.Ltd(688368) share price doubled in more than three months, up to 580 yuan. Since then, the semiconductor has rapidly entered the deep adjustment, and the maximum callback range in the Shanghai Bright Power Semiconductor Co.Ltd(688368) range once exceeded 50%, but the cumulative increase of the whole year is still good, reaching 86.57%. As of February 24, Shanghai Bright Power Semiconductor Co.Ltd(688368) shares were reported at 239.83 yuan, down 25.08% this year.
A number of people in the semiconductor industry interviewed by the first finance and economics reporter believe that the overall prosperity of the semiconductor industry in 2022 is still upward. Under the adjustment of the internal structure of the industry, the differentiation of subdivided tracks may intensify.
"The mismatch between supply and demand, the sharp increase in demand and the rise in the price of single products are the main logic driving the sharp rise of the semiconductor sector last year. The individual stocks of the science and Innovation Board fluctuate greatly, which is due to the lack of liquidity of the sector. For a long time, the high boom is no longer or the prospect is difficult to exceed expectations, which is the reason for the continuous correction of the semiconductor chip stocks in the recent stage." A TMT industry analyst told the first financial reporter.
For analog chip enterprises, compared with overseas giants such as Infineon, Texas Instruments and Italian French semiconductor, the scale of Chinese enterprises is still relatively small, and the change of performance growth rate fluctuates more with the prosperity of the industry. "From the perspective of capital expenditure, demand and inventory of the global semiconductor industry, the prosperity of the semiconductor industry will gradually transition to the later stage of the cycle in 2022. Sub sectors with high demand for automotive intelligence, electrification and photovoltaic will still face tight supply." The analyst said.
The analyst also said that according to the stability classification of analog chip track products, Shanghai Bright Power Semiconductor Co.Ltd(688368) the main LED lighting driver chip track belongs to the consumer electronics level, which is lower than the industrial communication level and automotive electronics level. "Under the high base of performance in the second and third quarters of last year, it is difficult to see the performance of consumer analog chip enterprises exceeding the expected performance this year. The internal supply structure of the industry has been adjusted. The price of consumer related chips will fall due to the gradual recovery of supply, and the bonus period of" core shortage and price rise "has ended." He told reporters.
In fact, the harsh requirements of industrial communication level and automotive electronics level on product quality also add greater and more stable value. It is a "sharp weapon" for large international manufacturers to maintain considerable income scale and growth. China's technical reserves in this regard still fall far behind overseas enterprises.
Take Texas Instruments as an example. According to the data of IC insights, the proportion of the company's revenue from industrial and automotive electronics increased from 24% and 13% in 2013 to 37% and 20% in 2020 respectively, and the proportion of consumer electronics and communication revenue decreased from 37% and 16% in 2013 to 27% and 8% in 2020 respectively. During this period, the net profit scale of Texas Instruments increased from 13 billion yuan to 36.5 billion yuan.
"With the gradual withdrawal of large international manufacturers from the medium and low-end consumer electronics market with low added value, it provides an opportunity for the rapid growth of relevant Chinese enterprises. At present, the total market share of China's top ten power management chip enterprises accounts for less than 10%, and the main logic of performance growth and valuation growth is domestic substitution." The aforementioned analyst said.
