\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
Event overview:
The company released the annual report: the revenue in 21 years was 7.194 billion yuan, a year-on-year increase of + 68%, the net profit attributable to the parent was 1.518 billion yuan, a year-on-year increase of + 2145%, and the net profit not attributable to the parent was 895 million yuan, which was a turnaround from 20 years. It is estimated that the company achieved a revenue of 1.972 billion yuan in 21q4, with a month on month ratio of + 3% and a year-on-year ratio of + 50%. The net profit attributable to the parent company in this quarter was 790 million yuan, with a month on month ratio of + 166% and a year-on-year ratio of + 3288%. The net profit deducted from non attributable to the parent company was 208 million yuan, with a month on month ratio of – 27% and a year-on-year turnaround.
Grasp the high boom and greatly improve the profitability
Under the high boom of the semiconductor industry, the company’s IC, power, MEMS and led business revenue increased significantly, and the comprehensive gross profit margin improved significantly, resulting in a significant increase in profits. By item, the revenue of power discrete devices is 3.8 billion yuan, yoy + 73%; IGBT automobile electric drive module has been supplied in batches; IPM module has more than 38 million white electricity in 21 years, yoy + 110%; MCU has been widely used in the fields of industry, photovoltaic and variable frequency household appliances; The shipment volume of mobile phone fast charging chipset has been greatly improved; PMIC has launched a number of POE (Ethernet power supply) chips to meet the needs of security and other fields; In the field of LED, the gross profit margin of shimingxin LED chip production line was increased to 16.88%, making a profit throughout the year, and the revenue of meikale photoelectric was + 80% year-on-year. Under the economic resonance of many fields in the downstream, the company’s revenue has grown rapidly, and its net profit has achieved loss reversal or explosive growth. In addition, the net assets of Shanghai Anlogic Infotech Co.Ltd(688107) , videocore technology enjoyed by the company were adjusted according to the fair value at the end of the period, which increased the profit by 530 million and 50 million respectively, and further thickened the profit attributable to the parent company.
Continuous breakthroughs in high-end market and high-end customers
Automobile: the v-generation IGBT electric drive module independently developed by the company has passed the test of many customers and has realized batch shipment. The introduction of discrete devices in the automobile field is accelerating. Photovoltaic / energy storage: MCU products continue to be applied in the field of photovoltaic inverter, and MOSFET / IGBT products also open the photovoltaic market space. Home appliances / industry: IPM module continues to penetrate into various frequency conversion products of home appliances / industrial customers. In addition, the company’s newly launched second-generation IPM module will help the rapid growth of revenue. Security: launched a variety of POE (Ethernet power supply) chips, including a variety of DC-DC power chips, and the overall solution is China’s leading.
In the past 21 years, many production lines have gone hand in hand, and the advantages of IDM in the past 22 years have been fully demonstrated
5 / 6 / 8-inch chips: in the 21st year, the company’s 5 / 6 / 8-inch chip production line was in full load, with a total output of 2.5544 million 5 / 6-inch chips (Shilan integration) (213000 chips per month) and 6573008-inch chips (Shilan Jixin) (55000 chips per month). The investment in the 8-inch line will be increased in 2022. Epitaxial wafers: Chengdu Shilan 5 / 6 / 8-inch epitaxial wafers are in stable operation, and 12 inch epitaxial wafers are successfully put into production. By the end of 21, a total annual production capacity of 700000 epitaxial wafers will be formed. In 22 years, the company will increase the investment of 12 inch epitaxial wafers. Packaging (Chengdu Jijia): at the end of the 21st century, it has formed an annual packaging capacity of 100 million IPM modules, 800000 industrial and automotive PIM modules and 1 billion power devices. 12 inch line (Shilan Jike): 12 inch phase I construction has been completed, with a monthly production capacity of more than 36000 pieces, and phase II construction has been started in 21 years, with a planned annual production capacity of 240000 pieces. In 2022, the company will promote the production of vehicle specification level power chips and IC in 12 inches, so as to grasp the opportunity of new energy. Compound semiconductor: 21h1 silicon carbide device pilot line, Xiamen 6-inch (Shiming gallium) silicon carbide power chip production line, and 22q3 line is expected.
Investment advice
Hangzhou Silan Microelectronics Co.Ltd(600460) with the firm expansion of production, on the one hand, it develops new downstream fields, and on the other hand, a single customer continues to improve the types and value of products available. In view of the high prosperity of the industry and the continuous improvement of the company’s shipment volume and gross profit margin, we raised the company’s net profit attributable to the parent company in 2022 / 23 / 24 to 1.4/2/23 billion yuan (previously predicted that the net profit attributable to the parent company in 22-23 years was 1.2/1.5 billion yuan, with a large difference mainly due to the profit and loss of changes in the fair value of net assets that could not be expected before), and the corresponding PE was 55 / 39 / 34 times. With reference to the current 100 times PE (TTM) of Shenwan semiconductor, we maintained the “buy” rating.
Risk tips
The industry boom is less than expected, the R & D progress is less than expected, and the customer development is less than expected.
