\u3000\u3000 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) (300373)
Event: on January 10, the company released the performance forecast for 2021. It is estimated that the net profit attributable to the parent company will reach 720-790 million yuan in 2021, a year-on-year increase of 90-110%.
The release of new production capacity and the increase of share drive the great increase of performance. The company predicts that the net profit attributable to the parent company will reach 720-790 million yuan in 2021, with a year-on-year increase of 90-110%, of which the net profit attributable to the parent company in 21q4 will reach 150-230 million yuan in a single quarter, with a year-on-year increase of 33-98%; The net profit deducted from non parent company was 670-740 million yuan, a year-on-year increase of 81-101%, of which the net profit deducted from non parent company in 21q4 single quarter was 130-200 million yuan, a year-on-year increase of 13-81%. This is mainly due to the rapid release of new production capacity, which helped increase the revenue by more than 60% in 2021; The performance of the subsidiaries grew rapidly. The revenue of Yixing Jiexin, Chengdu Qingyang and Sichuan Yaji core increased by 230%, 65% and 330% respectively in 2021.
Product structure optimization and upgrading, IGBT rapid breakthrough. The company continues to optimize the product structure and promote the R & D and industrialization of high-end products such as high-end MOS, small signal and IGBT. In 2021, the company’s MOSFET product revenue increased by 130%, small signal product revenue increased by 82%, IGBT product revenue increased by 500%, and module product revenue increased by 35%. At the same time, the company has made rapid breakthroughs in the field of IGBT. Its single tube and module products have entered mainstream customers and suppliers such as photovoltaic, energy storage and industrial control. It is expected that IGBT revenue is expected to increase continuously in 22 years.
The risk of price reduction in the main business is less likely. Although the price of the power industry has increased frequently in the past 21 years, the company mainly focuses on the direct sales of key customers and adopts the share priority rather than price increase strategy. The gross profit margin of the company in the past 21 years is basically the same, and diodes and MOS are still upgrading to the field of vehicle regulations and new energy, so the possibility of price reduction is small.
Investment suggestion: according to the disclosure of the company’s performance forecast, we adjust the profit forecast. It is estimated that the net profit attributable to the parent company will be RMB 750 / 10.5 / 1.39 billion in 2021 / 22 / 23, and the corresponding PE will be 44 / 31 / 24x. Considering that the company is a leading power semiconductor enterprise in China, the product structure is optimized and upgraded, and the wafer capacity continues to expand, the “recommended” rating is maintained.
Risk tip: the industry boom is less than expected; R & D progress is less than expected; The capacity ramp is less than expected
