\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 584 Jcet Group Co.Ltd(600584) )
The company’s performance grew rapidly and maintained the “buy” rating
The company released its annual report for 2021 on March 30, 2022, and achieved a revenue of 30.502 billion yuan in 2021, a year-on-year increase of + 15.26%; The net profit attributable to the parent company was 2.959 billion yuan, a year-on-year increase of + 126.83%; Deduct non net profit of RMB 2.487 billion, a year-on-year increase of + 161.22%; The gross profit margin was 18.41%, with a year-on-year increase of + 2.95pcts. It is calculated that the company achieved a revenue of 8.585 billion yuan in a single quarter in 2021q4, a year-on-year increase of + 11.48% and a month on month increase of + 6.01%; The net profit attributable to the parent company was 843 million yuan, with a year-on-year increase of + 56.08% and a month on month increase of + 6.26%; Deduct non net profit of 813 million yuan, a year-on-year increase of + 156.89% and a month on month increase of + 10.69%; The gross profit margin was 19.84%, with a year-on-year increase of + 4.4pcts and a month on month increase of + 1.04pcts. The short-term operating rate of the sealed test fluctuates. We lowered the 20222023 and added the 2024 performance forecast. It is estimated that the net profit attributable to the parent company in 20222024 will be 36.23 (- 1.02) / 4.013 (- 3.95) / 4.725 billion yuan, the corresponding EPS will be 2.04 (- 0.05) / 2.26 (- 0.22) / 2.66 yuan, and the current share price will be 12.1/10.9/9.3 times that of PE. In the long run, the company’s advanced packaging will continue to develop with sufficient growth momentum and maintain the “buy” rating.
Optimize product layout, accelerate the R & D of advanced technology and improve the company’s core competitiveness
The company’s revenue in 2021 is divided by application fields: Communication Electronics accounts for 40.0%, consumer electronics 33.8%, computing electronics 13.2%, industrial and medical electronics 10.3% and automotive electronics 2.6%. In terms of subsidiary companies, Xingke Jinpeng had a revenue of US $1.656 billion, a year-on-year increase of + 23.52%, and a net profit of US $1378128 million, a year-on-year increase of + 500.76%; Changdian Chuzhou had a revenue of 1.354 billion yuan, a year-on-year increase of + 14.30%, and a net profit of 260 million yuan, a year-on-year increase of + 26.98%; Changdian Suqian had a revenue of 1.227 billion yuan, a year-on-year increase of + 28.33%, and a net profit of 154 million yuan, a year-on-year increase of + 43.90%; Changdian advanced had a revenue of 2.104 billion yuan, a year-on-year increase of + 5.44%, and a net profit of 416 million yuan, a year-on-year increase of + 29.74%; Changdian Korea had a revenue of US $1.478 billion, a year-on-year increase of + 19.74%, and a net profit of US $683442 million, a year-on-year increase of + 17.16%. The company has industry-leading advanced packaging technologies (such as SIP, WL-CSP, FC, ewlb, Pip, pop and xdfoitm Series) as well as mixed signal / RF IC testing and resource advantages in important fields such as 5g communication, high-performance computing, consumer, automobile and industry, and has realized large-scale production. In 2022, the company will promote the implementation of the five-year plan for technology development, and carry out forward-looking research and development on more than 30 advanced technologies in eight categories, such as 5g / 6G RF high-density system packaging and testing, super large-scale high-density QFN packaging, 2.5d/3dchiplet, high-density multi stack storage technology, and plans to invest 6 billion yuan in fixed assets in 2022, with sufficient growth momentum.
Risk warning: the development of customers is less than expected, the market demand is less than expected, and the integration and improvement of Xingke Jinpeng is limited.
