\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
In the past 21 years, the company turned losses year-on-year and made substantial profits. In 21 years, the company’s revenue was 7.194 billion yuan (YoY + 68%), the net profit attributable to the parent company was 1.518 billion yuan (YoY + 2145%), and the net profit not attributable to the parent company was 895 million yuan (YoY + 3908%); Among them, the corresponding income of devices (53%), integrated circuits (32%) and light-emitting diodes (10%) is 3.8 billion yuan (YoY + 73%), 2.3 billion yuan (YoY + 62%) and 700 million yuan (YoY + 81%). 4q’s revenue is 1.97 billion yuan (YoY + 49%%), with a corresponding deduction of 210 million yuan (YoY + 840%) of non parent net profit and a gross profit margin of 34.11% (YoY + 8.52pct).
IGBT has expanded rapidly in the field of photovoltaic and new energy vehicles. In the past 21 years, the main motor drive modules of new energy vehicles based on self-developed v-generation IGBT and FRD chips have been supplied in batches, photovoltaic IGBT devices have entered the main inverter manufacturers, and the products have been recognized by Byd Company Limited(002594) , Huichuan, sunshine and other customers. It is expected that IGBT products will increase rapidly with the release of 12 inch capacity in 22 years. In addition, the R & D of sicmosfet vehicle gauge devices has been completed, and the company will build a 6-inch SiC mass production line, which is expected to be connected to 3q in 22 years.
The progress of IPM modules and MEMS sensors is gratifying, and the multi product lines of integrated circuits go hand in hand. In 21 years, the company’s revenue of IPM modules for industrial and white power exceeded 860 million yuan (YoY + 100%), and the supply of IPM is expected to double in 22 years. MEMS sensor revenue exceeded 260 million yuan (YoY + 80%); Among them, acceleration sensors have been supplied in large quantities in most mobile phone manufacturers, and the shipment volume is expected to increase further in 22 years. In addition, Poe chip, DC-DC power chip, MCU and other products have expanded rapidly.
The supply of the industry continued to be tight, and the release of production capacity benefited significantly. At present, the supply of IGBT and medium and high-end MOSFET is still tight, and Infineon and other large international manufacturers have issued price increase letters one after another. Under this background, the company ushered in the release period of gold production capacity. In the 21st year, the company’s 5.6-inch production line and 8-inch production line increased by 14.90%; The production capacity of 40000 chips / month in phase I of the 12 inch line has been completed, and the annual chip output has exceeded 200000 chips. In 22 years, the company’s 12 inch production line will have a production capacity of 40000 pieces in phase I, which will enter the stable supply stage, and the production capacity construction of 20000 pieces / month in phase II will be steadily promoted.
The product structure is optimized and the ASP of each production line continues to improve. Thanks to the upgrading of product structure, the company’s 5 / 6-inch line ASP was 636 yuan (YoY + 5%) in the whole year of 21 years; 8-inch line ASP is 1681 yuan (YoY + 21%); 12 inch line asp3933 yuan, an increase of 11.7% over 1h21. In the past 22 years, with the increase in the proportion of MEMS sensors on the 8-inch line and IGBT and other medium and high-end devices on the 12 inch line, the domestic substitution process accelerated under the shortage market, and the company’s revenue is expected to continue to grow at a high level.
Investment suggestion: the downstream demand continues to be strong and the “buy” rating is maintained.
It is estimated that from 2022 to 2024, the company’s revenue will be 10.3/128/15.3 billion yuan, and the net profit attributable to the parent company will be 1.60/20.6/2.51 billion yuan. The corresponding PE of the current stock price is 48 / 37 / 31x respectively. The company’s photovoltaic and new energy vehicle IGBT expanded smoothly, the product capacity was upgraded, and the “buy” rating was maintained.
Risk tip: the ramp up of production capacity is less than expected, and the demand of downstream market is less than expected.
