\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
The full series layout of power semiconductors promotes the accelerated release of performance by taking advantage of the dividends of the new energy industry
The development of the company is mainly divided into three stages: (1) change of development direction: starting from the trading of electronic components with the investment and business scope of the predecessor Yangjie, the company has gradually expanded its business scope to the R & D, manufacturing and sales of electronic components. (2) Technology landing stage: in 2012, the company entered the field of power semiconductors. In 2017, the company established the R & D and market team of MOSFET, Fred and IGBT devices, and built 4-inch and 6-inch wafer production lines. In 2018, the 6-inch IGBT chip will be mass produced, and the 50A / 75A / 100a-1200v half bridge IGBT will be successfully developed in 2019. (3) Application expansion stage: in 2020, the company’s high-efficiency pmbd rectifier chip of automobile engine has been tested in many automobile factories, and successfully developed and launched a full range of silicon carbide modules and 650V silicon carbide SBD products to the market. In terms of application, based on the consumer electronics industry, the company focuses on high-end markets such as 5g communication, automotive electronics, security, photovoltaic micro inverter and so on.
High voltage products continued to expand, and new products such as IGBT and MOS opened the second growth curve
The company has a wide range of products, from diodes to MOSFET, IGBT and SiC. The company’s products are mainly divided into three categories: semiconductor silicon wafer, semiconductor chip and semiconductor discrete devices. The products cover all kinds of power semiconductor device chips, power diodes, triodes, rectifier bridges, MOSFETs, IGBTs, other power modules, etc. Semiconductor power devices are the main business segment of the company. From 2020 to 2021h1, the company’s semiconductor power devices achieved a revenue of RMB 2.059/1.574 billion, accounting for 78.69% / 75.69%, and the gross profit margin was 34.23% / 33.80%, with a year-on-year increase of 27.57% / 77.09%; Among them, the operating revenue of MOSFET in 2021 increased by 130% year-on-year, and the operating revenue of IGBT increased by 500% year-on-year. In 2020 / 2021h1, the operating revenue of discrete device chips of the company was 399 / 335 million yuan, accounting for 15.23% / 16.13%, with a year-on-year increase of 44.28% / 86.14% and a gross profit margin of 32.20% / 31.65%. The operating revenue of semiconductor silicon wafer in 2020 / 2021h1 was 31 / 20 million yuan, accounting for 4.88% / 7.2%, with a year-on-year increase of 39.78% / 180.47%.
Equity incentives are implemented to help the long-term and steady development of the company’s business
In August 2021, the company announced the draft of restricted stock incentive, granting 3.55 million restricted shares to 589 executives and technical backbones at a price of 24.90 yuan per share, accounting for 0.69% of the total share capital at that time. At the same time, the company has set up subsidiaries to layout the whole industry. The business of the subsidiaries covers the design, manufacturing and sales of chips and electronic components.
Investment suggestion: benefiting from the rapid growth of downstream market demand, the company continues to increase R & D investment, promote new product R & D and promote the rapid development of business; We expect the net profit attributable to the parent company to be 758 million yuan, 1002 million yuan and 1258 million yuan respectively. According to the consistent prediction of wind, the average PE of comparable companies in 22 years is 61 times. It is estimated that 55 times of PE will be given to the company, the corresponding market value is 55.1 billion yuan, the corresponding price is 107.55 yuan / share, and the buy rating will be given for the first time.
Risk warning: market competition risk, M & a management failure to meet the expected risk, and operation management failure to meet the expected risk; The 2021 performance express is the preliminary calculation result of the company’s financial department. The specific financial data will be disclosed in detail in the 2021 annual report
