\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
2022q1 performance forecast exceeded expectations, and revenue and profit increased year-on-year
The company expects to realize the net profit attributable to the parent company of RMB 233280 million in 2022q1, with a year-on-year increase of 50% – 80%, and the net profit deducted from non attributable to the parent company of RMB 232278 million, with a year-on-year increase of 51.72% – 82.26%. Based on the median value of the forecast, the net profit attributable to the parent company in 2022q1 increased by 32.70% month on month compared with 2021q4. The company expects the operating revenue of 2022q1 to exceed 1.366 billion yuan, with a year-on-year increase of more than 45%. The power semiconductor industry has a high outlook and full downstream demand. The company seizes the opportunity of domestic substitution, promotes the construction of raised investment projects, accelerates the release of new production capacity, actively promotes the development of new products and expands downstream application fields. We raised the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 758 / 1088 / 1234 million yuan (the original value is 754 / 926 / 1159 million yuan), the corresponding EPS will be 1.48/1.97/2.41 yuan, and the current share price will be 46.5/35.0/28.6 times PE, maintaining the “buy” rating.
MCC brand benefited from the normalization of overseas epidemic and achieved rapid growth
In August 2015, the company acquired the well-known overseas semiconductor brand “MCC”, and continued to promote the international strategic layout, strengthen the promotion of “Yangjie” and “MCC” dual brands, and focus on promoting the cooperation process with large multinational corporations. With the normalization of the epidemic abroad, the sales revenue of “MCC” brand of 2022q1 company doubled year-on-year, and the overall gross profit level of the company also increased accordingly.
Build a one-stop supply capacity of power semiconductors, and the growth rate of new products continues to shine
Based on the leading position of diode products, the company continues to march into advanced power semiconductors such as MOSFET, IGBT, SiC and Gan, and build a one-stop supply capacity of power semiconductors. The company integrated the R & D team, actively promoted the management and implementation of key R & D projects, and achieved outstanding performance of new products. In 2022q1, the sales revenue of new products such as IGBT, SiC and MOSFET increased by more than 100% year-on-year. With continuous R & D investment and active capacity expansion, the company is expected to grow from a diode leader to a power IDM manufacturer with leading comprehensive product strength with the help of the rapid volume of new products.
Risk tip: industry competition intensifies and gross profit margin declines; Decline in industry demand; The company’s capacity construction is less than expected and the introduction of customers is less than expected
