\u3000\u3 China Vanke Co.Ltd(000002) 156 Tongfu Microelectronics Co.Ltd(002156) )
Event: the company released the annual performance express of 2021. In 2021, the company achieved a total operating revenue of 15.812 billion yuan, an increase of 46.84% over the same period of last year. In 2021, the net profit attributable to shareholders of listed companies was 954 million yuan, an increase of 181.77% over the same period of last year.
Comments: the high growth of the company’s performance in 2021 is mainly due to the strong market demand of the company’s international and Chinese customers in 2021 due to the accelerated development of global intelligence, the growth of demand for electronic products and other factors; Facing the direction of high value-added products and market hotspots in the future, the company has actively arranged packaging technologies and production capacity such as chip, 2.5d/3d, fan out, wafer level and flip chip welding in the application fields of high-performance computing, memory, automotive electronics, display driver and 5g, forming a differentiated competitive advantage. Some projects and products have crossed the break even point in 2021, Began to enter the harvest period, and the core business continued to grow; At the same time, the company continues to accelerate the pace of technological innovation and fully carry out the construction of raised investment projects.
Equity incentive was launched in due time to demonstrate development confidence. The company issued the announcement of the equity incentive plan, which plans to grant 11.2 million stock options to the incentive objects, accounting for 0.84% of the company’s total share capital of 1329036928 shares on the announcement date of the incentive plan. The holders (incentive objects) of the employee incentive plan include directors (excluding independent directors), senior managers, core technicians, core business personnel and other employees who have a direct impact on the company’s business performance and future development (including branches, wholly-owned subsidiaries, holding subsidiaries, joint-stock subsidiaries, etc.). The total number of incentive objects granted by the incentive plan shall not exceed 870, including 5 directors (excluding independent directors) and senior managers. The exercise price of stock options granted by the incentive plan is 17.85 yuan / share, and the exercise assessment year of stock options granted is two fiscal years from 2022 to 2023. The plan is conducive to fully mobilize the enthusiasm and creativity of employees, attract and retain excellent management talents and core technical backbone, and improve the cohesion of employees and the competitiveness of the company.
Raise funds to expand production capacity and help further improve market competitiveness. The company plans to raise no more than 5.5 billion yuan by means of non-public offering of shares for the construction of raised investment projects, supplement working capital and repay bank loans. The five production-oriented raised investment projects are respectively the construction project of memory chip packaging and testing production line, the industrialization project of packaging and testing of high-performance computing products, the packaging and testing project of 5g and other new generation communication products, the expansion project of wafer level packaging products, and the expansion project of power device packaging and testing. After the above five production-oriented raised investment projects are completed, It is estimated that the annual revenue will increase by 3.759 billion yuan and the annual net profit will increase by 445 million yuan. All raised investment projects are carried out around the company’s main business. After the release of production capacity, the company can better seize market development opportunities and meet customer needs. The scale advantage is more prominent. The comprehensive product layout and strong large-scale production capacity complement each other. It is expected that the company’s market competitiveness will be further improved.
Post Moore era advanced packaging + third generation semiconductor is expected to divert to the chip industry, and the company is looking forward to the layout of relevant technologies. With the advent of the post Moore era, the local semiconductor sector has ushered in a golden period of accelerated catch-up. Advanced packaging and third-generation semiconductors have great prospects in chip manufacturing. The company has the ability to seal and test the third generation silicon carbide semiconductor, has carried out relevant business, and is looking forward to the layout of advanced packaging 3D sealing and testing technology. The demand for 5g terminals, flat-panel and multi-point automotive applications, as well as the downstream market of electric appliances and intelligent appliances, has increased. Aiot has entered the “accelerated stage” of development: the supporting intelligent technology has been mature and will grow rapidly in the next decade. The value of semiconductor in 2021 is expected to reach 250 billion yuan; The disruptive trend shown by automotive electronics can not be underestimated. With the accelerated penetration of aiot and new energy vehicles, the layout and admission of leading enterprises one after another, and the value and quantity of automotive semiconductors are expected to upgrade simultaneously. In 2025, the sales volume of new energy vehicles is expected to exceed 5 million. In 2030, the cost proportion of automotive electronics in the whole vehicle is expected to increase from 18% in 2000 to 45%; The increase in the proportion of 5g smart phones has led to a significant increase in the value of semiconductors. 5g smart phone related components such as RF and camera are expected to continue iterative upgrading. According to IDC, 5g mobile phone semiconductors will account for two-thirds of the mobile phone market revenue in 2021. Under the condition of overcoming the capacity shortage in the global semiconductor supply chain, the company maximizes the capacity, improves the efficiency of resource allocation, and tries its best to focus on meeting the order delivery needs of key strategic customers through effective organization.
Investment suggestion: the company has long-term growth momentum under the logic of continuous improvement of the prosperity of its industry + domestic substitution + continuous increase of terminal demand. It is expected that the company’s net profit in 2021 / 2022 / 2023 will be RMB 955 / 11.85/1.701 billion, maintaining the company’s “buy” rating.
Risk tip: the performance express is the preliminary accounting data, which is subject to the annual report data. The sales volume of downstream products is less than expected, the production capacity construction is less than expected, the product R & D is less than expected, the benefits of raised investment projects are less than expected, and new technologies, new processes and new products cannot be industrialized as scheduled
