\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
On March 28, Hangzhou Silan Microelectronics Co.Ltd(600460) released its annual report for 21 years. The company achieved a revenue of 7.194 billion yuan, a year-on-year increase of 68.07%, and a net profit attributable to the parent company of 1.518 billion yuan, a year-on-year increase of 214525%; Deduction of non net profit of 895 million yuan, a significant year-on-year turnaround.
21q4 expense provision affects profit performance, and the 22-year guidance shows confidence. Q4 achieved a revenue of 1.972 billion yuan, an increase of 49.80% year-on-year and 3.06% month on month; The gross profit margin was 34.11%, with a slight decrease of 0.88pct month on month; The net profit attributable to the parent company is 790 million yuan; Deducting non net profit of 208 million yuan, a month on month decrease of – 27.10%. The decrease in non net profit deduction was mainly due to: 1) about 45 million asset impairment losses were accrued in Q4, mainly due to the decline in the price of inventories and the impairment of construction in progress; 2) The investment in R & D is large, with an increase of about 30 million month on month compared with Q3; 3) The company’s investment in 12 inch production line increased, and the long-term equity investment income calculated through the equity method decreased (calculated through the investment income account, but it belongs to operational impact). The company expects to achieve a revenue of about 10 billion yuan (a year-on-year increase of about 39%) in 2022, and the total operating cost will be controlled at about 8.5 billion yuan (a year-on-year increase of about 41%), fully demonstrating the company’s confidence in development.
The production capacity continued to increase and the product structure was steadily upgraded. At the end of the year 21, the company produced more than 36000 pieces in 12-inch month. We expect it to reach 60000 pieces by the end of the year 22, which will become IDM company with the largest production capacity in China. And the value of the company’s products continued to increase. For example, in the second half of 21, the revenue of Shilan integrated 5 / 6-inch single chip reached 662.87 yuan, an increase of 4.30% compared with the first half of the year, and the revenue of 8-inch single chip was 182735 yuan, an increase of 8.73% compared with the first half of the year, reflecting the steady upgrading of product structure.
IGBT and other high-end products accelerated breakthroughs, and the downstream made efforts to the industrial and automobile markets. In terms of IGBT, the company’s vehicle IGBT modules are continuously verified and shipped in Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , Zero run, Huichuan, Byd Company Limited(002594) , etc; Photovoltaic wind power is similar to mainstream manufacturers such as sunshine and Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) etc; Home appliance IPM module is widely used in home appliance and industrial frequency conversion market, and is gradually replacing Japanese manufacturers. The revenue in 21 years exceeded 860 million yuan, and the second generation IPM module is launched; In the field of industrial control, we have also increased cooperation and supply with Huichuan, Shenzhen Invt Electric Co.Ltd(002334) etc.
In terms of SiC, the company has completed the research and development of vehicle specification level sicmosfet devices, is in the process of comprehensive reliability evaluation, and will send them to customers for evaluation and start mass production; And the 6-inch SiC production line started to be built in Xiamen Shilan minggan is expected to be connected in Q3 in 22 years; Gan also has engineering samples for internal evaluation.
In terms of MEMS, the company’s revenue exceeded 260 million yuan, accelerometers and other products entered head customers such as hmov, and will accelerate the expansion to white electricity, industry, automobile and other fields.
In terms of analog chips, the company launched a series of mobile phone fast charging and car charging products, covering the power range of 20w-65w, and launched a variety of POE (Ethernet power supply) chips for security, including a variety of DC-DC power chips. The long-term goal is to focus on vehicle regulations and industrial power management and signal chain market.
Investment suggestion: we expect the net profit attributable to the parent company in 2022 / 23 / 24 to be RMB 1.441/2.095/2.664 billion respectively, and the corresponding current price (closing price of 2022.4.1) PE to be 47 / 32 / 25 times respectively. We are optimistic about the progress of high-end upgrading of the company’s products, the steady progress of IGBT, MEMS and third-generation semiconductor businesses, and the growth potential is more worthy of expectation. Maintain a “recommended” rating.
Risk tip: cyclical fluctuation risk of the industry; The risk that the technical iteration is not as expected; Risks of capacity climbing and customer development falling short of expectations
