\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
The growth rate of the company is in line with the “buy in” rating in 2021
The company achieved a revenue of 7.194 billion yuan in 2021, with a year-on-year increase of 68.07%; The net profit attributable to the parent company was 1.518 billion yuan, a year-on-year increase of 214525%; The net profit deducted from non parent company was 895 million yuan, turning losses into profits year-on-year. The company’s equity of Shanghai Anlogic Infotech Co.Ltd(688107) and videocore technology increased significantly, increasing the net profit attributable to the parent company by 586 million yuan. Benefiting from the high prosperity of the industry, the gross profit margin of the company’s sales in 2021 reached 33.19%, an increase of 10.69 PCT year-on-year. We added a new profit forecast for 2024 and raised the forecast for 20222023. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.598/2.076/2.759 billion (the original value in 20222023 will be RMB 1.547/1.49 billion), the corresponding EPS will be RMB 1.13/1.47/1.95, and the corresponding PE of the current stock price will be 45.4/34.9/26.3 times, maintaining the “buy” rating.
The product structure and customer structure have been significantly improved to achieve high-quality development
In 2021, the company’s device and integrated circuit segment achieved revenue of 3.813 billion yuan and 2.293 billion yuan respectively, with a year-on-year increase of 73.08% and 61.50% respectively. The company actively optimizes the product structure and speeds up the breakthrough of products in the high-end field. In 2021, the main drive module of electric vehicle based on v-generation IGBT and FRD chip independently developed by the company has passed the test in many customers in China, and has been supplied in batches in some customers. The company’s MEMS sensor revenue exceeded 260 million yuan, with a year-on-year increase of more than 80%. Most Chinese mobile phone brand manufacturers have used the company’s acceleration sensors in large quantities. The company’s discrete devices have begun to accelerate their entry into high-end markets such as new energy vehicles and photovoltaic. In addition, the revenue of the company’s advantageous product IPM exceeded 860 million yuan, with a year-on-year increase of more than 100%, which is widely used in the head white power customers and industrial frequency conversion market.
The 12 inch capacity expansion was smooth, and the profitability of major wafer manufacturing subsidiaries was significantly improved
The company’s 5 / 6-inch and 8-inch production lines maintained high capacity utilization and optimized the product structure at the same time. The profitability of Shilan integration and Shilan Jixin improved significantly. The gross profit margin of Shilan Jixin reached 20.70% in 2021 and achieved annual profit for the first time. The production capacity of the 12 inch production line of the subsidiary Shilan Jike continues to climb, and has realized the mass production of multiple products including high-voltage superjunction MOS, sgtmos and IGBT, with an annual output of more than 200000 chips. With the accelerated construction progress of phase II project, the 12 inch line process and product platform will be further improved. The company will continue to promote the amount of vehicle gauge power chips and circuits on the 12 inch line, providing important support for the rapid development of the company.
Risk tip: capacity construction is less than expected; Decline in industry demand; Increased competition and decline in gross profit margin.
