\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 56 Sai Microelectronics Inc(300456) )
4q21 deduction of non net profit improved, with a year-on-year increase of 261%. In 2021, the annual revenue was 929 million yuan (yoy21%), the net profit attributable to the parent was 206 million yuan (yoy2%), and the net profit not attributable to the parent was 36 million yuan (yoy544%). Among them, the revenue of 4q21 is 290 million yuan (yoy26%, qoq19%), the net profit attributable to the parent is 115 million yuan (yoy-10%, qoq516%), and the net profit not attributable to the parent is 47 million yuan (yoy261%, qoq990%). In terms of profitability, in 2021, the gross profit margin increased by 0.11pct to 45.59%, the net profit margin decreased by 4.41pct to 20.09%, and the R & D rate increased by 3.15pct to 28.69%. In 2021, the company’s MEMS business revenue accounted for 88%, Gan business accounted for 0.3%, and the original navigation business accounted for 10%. At present, the navigation business has been stripped off, and the company will fully focus on the semiconductor field represented by MEMS and Gan in the future.
Beijing 8-inch MEMS mass production line has been put into production, and the yield has reached 87%. The MEMS business of the company has production lines in Sweden and Beijing, of which Sweden has two 8-inch production lines Fab1 & fab2, positioning pilot test + small batch production, which are used for MEMS process development and MEMS wafer manufacturing. In 2021, the production capacity is 84000 pieces, the capacity utilization rate is 56.61%, and the yield is 71.96%. Beijing 8-inch fab3 production line was put into production in 2q21. It is positioned for large-scale mass production. In 2021, the production capacity will be 30000 pieces, with a capacity utilization rate of 14.07% and a yield rate of 87.35%. The reason for the low capacity utilization rate is that in the early stage of the completion and operation of the production line, it will take some time for process development, product verification and mass production of products facing customer needs. While the phase I capacity of fab3 (10000 pieces / month) is climbing, the company continues to carry out the construction of phase II capacity (20000 pieces / month).
Gan industrial chain continues to be laid out, and product promotion has achieved initial results. The company continues to lay out the Gan industrial chain and has an 8-inch Gan epitaxial wafer production line in Qingdao, with a capacity of 10000 chips in 21 years, a capacity utilization rate of 10.13% and a yield rate of 99.27%. The low capacity utilization rate is due to the insufficient capacity of Gan chip cooperative OEM. Meanwhile, the company’s joint-stock subsidiaries are promoting the construction of phase I capacity of Gan chip manufacturing line (5000 pieces / month). In terms of product promotion, based on its own 8-inch silicon based Gan epitaxy and 6-inch silicon carbide based Gan epitaxy growth technology, the company actively carried out cooperation and interactive verification with customers, and began to sign batch sales contracts for GaN epitaxial wafers and deliver them successively; On the other hand, the company has launched several Gan power chip products and entered small batch trial production. It has cooperated with well-known power supply, household appliances and communication enterprises to carry out chip system level verification and testing, and began to sign batch sales contracts for GaN chips and deliver them successively.
Investment suggestion: the company continuously releases its production capacity and maintains the “buy” rating
We estimate that the company’s net profit attributable to the parent company from 2022 to 2024 will be RMB 277 / 397 / 528 million (the value before 20222023 will be RMB 275 / 411 million), with a year-on-year growth rate of 35 / 44 / 33%; EPS is 0.38/0.54/0.72 yuan, and the PE corresponding to the share price on March 30, 2022 is 48 / 33 / 25X respectively. The company completed the divestiture of old business, focused on MEMS and Gan business, continuously released new production capacity and maintained the “buy” rating.
Risk warning: the release of production capacity is less than expected; Customer verification is not as expected; Downstream demand was lower than expected.
