\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
Event: on March 29, the company released the performance forecast of Q1 in 2022. It is expected to realize the net profit attributable to the shareholders of the listed company of 233280 million yuan, with a year-on-year increase of 50% – 80%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was RMB 232278 million, with a year-on-year increase of 51.72% – 82.26%.
Power semiconductor has maintained a high boom and the company’s performance has been released rapidly: as a key device of electronic power control, power semiconductor has a variety of products and a wide range of application scenarios. Its application fields have been expanded from traditional industrial control to many markets such as new energy, rail transit, smart grid and variable frequency household appliances, and the market scale has grown steadily. According to the statistics of omdia, the global market scale of power semiconductor is expected to reach US $53.8 billion in 2024, and the Chinese market scale will reach US $19.7 billion, accounting for 36.6% of the global market. The company closely followed the market development and accelerated the release of production capacity. According to the performance forecast, in the first quarter of 2022, the company’s revenue increased by more than 45% year-on-year, and the net profit attributable to the parent company increased by 50% – 80% year-on-year, exceeding the growth rate of revenue.
Strengthen the dual brand operation of “Yangjie” and “MCC” and enhance the channel advantages: the company acquired MCC semiconductor in 2015, implemented the dual brand operation mode, mainly promoted the YJ brand in Asia, directly developed the industry’s top key customers and reached a strategic partnership with key customers through the sales mode in which key account managers and project managers are connected with rear R & D technology and delivery platforms; In the European and American markets, the company mainly promotes the MCC brand with us funded background. According to the annual report, the company has cooperated with digi-key, arrow group, future group, mouser and other global well-known channel providers to rapidly expand the proportion of overseas sales, explore global customers and continuously improve the share of MCC brand in the international market. According to the company’s performance forecast, with the normalization of the epidemic abroad, the sales revenue of MCC brand doubled year-on-year, the proportion increased, and the overall gross profit level of the company increased accordingly.
Improve the layout of power products and create new growth points of performance: the company adopts the parallel business model of IDM and fabless to continuously enrich its product line. According to the 2020 annual report, the company set up a power module production line in 2012 and officially entered the field of power semiconductors. In 2020, the company cut into MOSFET and IGBT, and the risk mass production of 8-inch wafer IGBT chips. In the same year, the company successfully developed and launched a full range of SiC modules and 650V SiC SBD products to the market. At present, based on the consumer electronics industry, the company focuses on high-end markets such as 5g communication, automotive electronics and security, promotes the R & D and industrialization of high-end products such as high-end MOS, small signal and IGBT, and the revenue of new products continues to grow. According to the performance forecast of the first quarter of 2022, the sales revenue of new products such as IGBT, SiC and MOSFET has increased by more than 100% year-on-year.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 4.397 billion yuan, 6.234 billion yuan and 8.242 billion yuan respectively, and the net profit attributable to the parent company will be 758 million yuan, 1.014 billion yuan and 1.267 billion yuan respectively, maintaining the “Buy-A” investment rating.
Risk tip: the risk of industry demand decline; The risk of intensified industry competition; Risk of new product development falling short of expectations
