Hangzhou Silan Microelectronics Co.Ltd(600460) (600460)
The company issued an equity incentive plan to demonstrate long-term development confidence and maintain the “buy” rating
The company issued the draft stock option incentive plan, The company plans to grant 21.5 million stock options to 2467 incentive objects (20.27 million shares are granted for the first time and 1.23 million shares are reserved), accounting for 1.52% of the total share capital, and the exercise price is 51.27 yuan / share. The stock options granted for the first time are divided into four exercise periods, and the proportion of unlocking exercisable rights in each period is 25% of the total incentive shares. According to the performance goal of the incentive draft, the company’s cumulative revenue from 2021 to 2024 will increase by 767% compared with 2020, indicating the company’s long-term commitment to performance Develop confidence. This equity incentive is also the company’s first equity incentive in more than ten years, reflecting the company’s increasing emphasis on talents, which is conducive to the company’s cohesion of core talents and long-term stable development. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.058/13.08/1.536 billion, corresponding to EPS of RMB 0.75/0.92/1.08, and the corresponding PE of the current stock price is 79.8/64.5/54.9 times. The company maintains the “buy” rating.
Capital increase and equity participation company: Shiming gallium, overweight compound semiconductor
The company announced that the company plans to increase capital of 90 million yuan and 210 million yuan respectively with Xiamen semiconductor investment group. Shiming gallium is mainly responsible for the production and manufacturing of compound semiconductor chips. The company, together with Xiamen semiconductor investment group, will increase the capital of Shiming gallium, which will accelerate the construction and operation of compound semiconductor production lines. In addition, according to the agreement, within one month after this round of capital increase, the company will transfer the 4.72% equity of Shiming gallium held by Xiamen semiconductor investment group. At that time, the company’s shareholding in Shiming gallium will increase from 30% to 34.72%. According to the agreement, the company will continue to transfer the equity of Shiming gallium held by Xiamen semiconductor investment group in the future, and will hold no less than 51% equity within 5 years after Shiming gallium is officially put into operation, so as to realize the holding of Shiming gallium.
With strong product strength and abundant production capacity, the company is optimistic about the long-term development of the company
In the first half of 2021, the company sold 18 million white power IPM modules and continued to lead the domestic substitution; The company’s IGBT products continue to expand customers in the automotive and photovoltaic fields, which is expected to achieve rapid growth; The company’s MEMS sales exceeded 140 million yuan in the first half of 2021, with a year-on-year increase of more than 290%. The company’s red light, infrared and other compound semiconductor chips have been mass produced and introduced into key customers, and the pilot line of SiC power devices has been connected. The company has strong competitiveness in many types of power semiconductor products, analog products and MEMS products, and continues to promote the development of third-generation semiconductor products. With the support of abundant production capacity, the company’s various products are expected to continuously increase market share, benefit from the accelerated domestic substitution of semiconductors, and have broad development prospects.
Risk warning: production line construction is not as expected; Industry competition intensifies and gross profit margin declines; Industry demand fell.
