\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
On March 29, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) disclosed the performance forecast for the first quarter of 2022. 1q22 company expects the revenue growth rate to exceed 45%, reaching more than 1.36 billion yuan; The net profit attributable to the parent company is expected to be 233280 million yuan, with a year-on-year increase of 50% – 80%; It is expected to realize a net profit of 232278 million yuan, a year-on-year increase of 51.7% – 82.3%.
The booming demand and high growth overseas led to Q1 performance exceeding our expectations. The revenue of Yangzhou Yangjie Electronic Technology Co.Ltd(300373) new energy accounted for more than 20% in the 21st year, benefiting from the continuous high outlook of the downstream, the revenue of Q1 increased by more than 45%, and the median net profit attributable to the parent company was 257 million yuan, with a year-on-year increase of 65% and a month-on-month increase of 33%. In terms of gross profit margin, we expect the company’s gross profit margin to increase in the first quarter, mainly due to the normalization of the overseas epidemic, the company’s “MCC” brand revenue doubled year-on-year, and the company’s comprehensive gross profit margin increased month on month driven by overseas high gross profit margin products.
New products have made rapid breakthroughs, and MOSFET and IGBT have entered the harvest period Yangzhou Yangjie Electronic Technology Co.Ltd(300373) is facing the critical period of the second product structure upgrade, and the early high-power MOSFET, IGBT, SiC and other products are expected to be released in 2022. In the first quarter of 2022, the sales revenue of new products such as IGBT, SiC and MOSFET increased by more than 100% year-on-year, and the product structure was continuously optimized.
The pace of capacity upgrading is accelerated, and the release of large-size wafers is accelerated. In terms of wafer production capacity, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) own 4-inch and 6-inch wafer production capacity continues to be released. At the same time, the company has carried out in-depth cooperation with SMIC Shaoxing to effectively obtain the supply of 8-inch wafer production capacity. At present, Yangjie 8-inch IGBT has mass production capacity and is expected to continue to increase production capacity in the future. In terms of sealing and testing, Yangjie’s sealing and testing capacity continues to increase rapidly, and it is expected that the sealing and testing capacity is expected to increase further in 2022. At the same time, Yangjie continues to strengthen the capacity expansion of packaging and testing and the capacity expansion of high-end products. The “ultra thin and micro power semiconductor chip packaging and testing project” will continue to promote the improvement of the company’s MOSFET and IGBT packaging and testing capacity.
Investment suggestions: the company’s current product categories continue to be optimized, the production capacity continues to expand, and the downstream prosperity continues, which is expected to continue to release performance. We predict that the net profit attributable to the parent company will be RMB 758 / 993 / 1256 million from 2021 to 2023, with a year-on-year increase of 100.4% / 31.1% / 26.5%. The current market value corresponds to PE of 50 / 38 / 30 times, maintaining the “recommended” rating.
Risk warning: the risk that the release of production capacity is less than expected; The risk that the revenue growth of new products is less than expected; The risk of the epidemic affecting the company’s production and downstream demand.
