\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 231 Universal Scientific Industrial(Shanghai)Co.Ltd(601231) )
Performance summary: in 2021, the company achieved an operating revenue of 55.3 billion yuan, a year-on-year increase of 15.9%. The net profit attributable to the parent company was 1.86 billion yuan, a year-on-year increase of 6.8%.
Steady growth in performance and improvement in product structure. In 2021, 1) revenue side: the company’s operating revenue grew steadily, mainly benefiting from the rapid growth of industrial and automotive electronics EMS / ODM business, the consolidated contribution of French Feixu group, the continuous production of new production lines in Mexico and Taiwan, and the rapid growth of orders. From the perspective of business structure, the business of communication / consumer electronics / computer and storage / industrial / automotive electronics achieved revenue of 21.21/185.7/47.9/72.8/2.61 billion yuan respectively, with a year-on-year increase of 4.6% / 7.9% / 25.3% / 67.3% / 54.0%. 2) Profit side: the net profit attributable to the parent company increased slightly, and the profit level decreased slightly. The gross profit margin of the company was about 9.6%, year-on-year -0.83pp; The net interest rate was about 3.4%, year-on-year -0.27pp. 3) Expense side: the company’s sales expense is about 310 million yuan, with a year-on-year increase of 41.7%, and the sales expense rate is about 0.56%, with a year-on-year decrease of 0.11pp; Administrative expenses; Administrative expenses and R & D expenses increased slightly, with expense rates of 2.1% / 3% respectively, a year-on-year decrease of 0.24pp/0.34pp; The financial expenses were about 200 million yuan, with a year-on-year increase of 112%, mainly due to the increase of relevant costs of convertible corporate bonds.
The globalization strategy has been further promoted smoothly, and the volume of vehicle specification level power semiconductor business can be expected. Since the company acquired France Feixu group in December 2020, the businesses of the two companies have been gradually coordinated. With the endorsement of Feixu, the possibility of direct cooperation between the company and foreign enterprises has been increased. At present, the company’s internationalization strategy has been preliminarily realized. In 2021, the overseas revenue was 13.77 billion yuan, accounting for 24.9% of the total revenue. In addition, in November 2021, the company announced its investment in gansystems and signed a cooperation agreement. The company may expand its power module business through the third generation semiconductor. At present, the company has obtained orders from customers in Europe, America and Japan for IGBT and SiC power modules used in inverter for electric vehicles. The business is expected to be officially mass produced in 2022. Under the current global trend of automotive electrification, the demand for automotive power semiconductors will grow rapidly in the next few years, and the company’s automotive electronics business is expected to contribute important performance increment in the long term.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 2.11/27.2/3.4 billion respectively, and the net profit attributable to the parent company will maintain a compound growth rate of about 20% in the next three years. Considering the company’s industry-leading strength in the SIP field, it is expected to benefit from the repair of Apple’s industrial chain, the accelerated volume of wearable products and the smooth promotion of automotive electronics business in the future, and maintain the “buy” rating.
Risk warning: international trade friction escalating; Risk of intensified market competition and unstable product sales; SIP demand is lower than expected; The growth of mobile phones and aiot was lower than expected.
