\u3000\u3 Bohai Water Industry Co.Ltd(000605) 358 Hangzhou Lion Electronics Co.Ltd(605358) )
Domestic semiconductor silicon chip leading enterprises, with significant performance growth in 2021, maintained the "buy" rating
The company released its annual report for 2021 on March 9, 2022, with a revenue of 2.541 billion yuan in 2021, a year-on-year increase of + 69.17%; The net profit attributable to the parent company was 600 million yuan, a year-on-year increase of + 197.24%; Deduct non net profit of 584 million yuan, a year-on-year increase of + 288.83%; The gross profit margin was 44.90%, with a year-on-year increase of + 9.61pcts. It is calculated that the company achieved a revenue of 788 million yuan in a single quarter in 2021q4, a year-on-year increase of + 67.86% and a month on month increase of + 8.67%; The net profit attributable to the parent company was 196 million yuan, a year-on-year increase of + 175.77% and a month on month increase of + 0.41%; Deduct non net profit of 210 million yuan, a year-on-year increase of + 253.17% and a month on month increase of + 10.13%. The performance has increased significantly, mainly due to strong market demand, optimized product structure and timely increase of selling price. The company has sufficient growth momentum. We raised the profit forecast for 20222023 and added the profit forecast for 2024. The net profit attributable to the parent company in 20222024 is expected to be 941 (+ 0.25) / 13.37 (+ 1.10) / 1.671 billion yuan, and EPS is expected to be 206 (+ 0.06) / 2.92 (+ 0.24) / 3.65 yuan, The current share price corresponding to PE is 51.0 / 35.9 / 28.7 times, maintaining the "buy" rating.
The industry is highly prosperous, the company actively expands production and has sufficient growth momentum
In terms of business, the company's silicon wafer business revenue in 2021 (1) was 1.459 billion yuan, with a year-on-year increase of + 49.85%, a gross profit margin of 45.45% and a year-on-year increase of + 4.79 PCTs, mainly because the 6-inch and 8-inch production lines of semiconductor silicon wafer business were in full load operation, and the scale of 12 inch silicon wafer was obvious. By the end of 2021, the production capacity reached 150000 pieces / month, and the technical capacity has covered the logic circuits of technical nodes above 14nm, Image sensor devices and power devices cover the technical nodes required by customers and have been shipped on a large scale. At present, the main products sold include polished wafer, test wafer and epitaxial positive wafer. The company plans to hold Guojing semiconductor (400000 pieces / month, 12 inch light doped silicon wafer production capacity, in the customer introduction stage), and has signed an equity acquisition agreement, which is expected to enhance the strength of light doped silicon wafer; (2) The revenue of power devices was 1.007 billion yuan, with a year-on-year increase of + 100.34%, a gross profit margin of 50.95% and a year-on-year increase of + 21pcts. The company continued to optimize its product structure, and photovoltaic products continued to increase, accounting for 46% of the total shipments of power devices in the whole year, accounting for 43% ~ 47% of the global sales of photovoltaic chips in the whole year; The shipment volume of grooved chips increased significantly, with a year-on-year increase of 260%; Flat Schottky fixed products + 170% year-on-year; The orders of SBD and MOS chips related to power supply far exceed the actual production capacity, and the supply exceeds the demand throughout the year; (3) GaAs chip revenue was 44 million yuan, up + 474.32% year-on-year, with a production capacity of 70000 pieces / year. It has more than 60 high-quality customer groups, including Angrui micro and xinbaite, and the company has sufficient growth momentum.
Risk warning: the downstream demand is less than expected, the market competition intensifies, and the technical iteration is not timely.
