\u3000\u3000 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) (300373)
Event: on January 9, the company released the performance forecast for 2021. The net profit attributable to the shareholders of the listed company in 2021 is expected to be 718.7045 million yuan – 794.3576 million yuan, with a year-on-year increase of 90% – 110%; The net profit after deducting non recurring profits and losses is expected to be 6652045-740857600 yuan, with a year-on-year increase of 80.75% – 101.30%.
The prosperity of power devices is rising, and domestic substitution is accelerating: semiconductor power devices are basic functional components, which are widely used in 5g communication, new energy vehicles, industrial control, national defense and other fields. In 2021, under the background of the epidemic, home office will promote the growth of demand for consumer electronic products. At the same time, benefiting from the national new infrastructure policy and double carbon policy, the terminal market of power devices has broad prospects. As Chinese enterprises gradually break through the core technologies of high-end products in chip design and manufacturing, the dependence of China’s power semiconductor application market on imported devices will be weakened; Moreover, Sino US trade disputes and technology blockade will accelerate the process of China’s power semiconductor autonomy. The company seizes the opportunity of accelerating domestic substitution of power semiconductors, actively expands the market and releases new production capacity. During the reporting period, the group’s operating revenue increased by more than 60% year-on-year. The sales revenue of its subsidiaries Yixing Jiexin Semiconductor Co., Ltd., Chengdu Qingyang Electronic Materials Co., Ltd. and Sichuan yajixin Electronic Technology Co., Ltd. in 2021 increased by 230%, 65% and 330% year-on-year respectively.
The product structure has been upgraded, and IGBT has increased significantly year-on-year: the company continues to invest in the semiconductor field. The company has built 5000 m2 of China’s first-class R & D center laboratory and integrated R & D team, so as to speed up the R & D of new products. At present, the company has 4-inch and 6-inch wafer production lines, further plans 8-inch wafer production lines and corresponding medium and high-end power diode, MOSFET and IGBT packaging plants, and continues to invest in expanding wafer manufacturing and advanced packaging and testing capacity. In 2021, the company added a gallium nitride R & D team, forming a complete R & D and technical service system from wafer design and R & D to packaging product R & D, from silicon based to third-generation semiconductor silicon carbide and gallium nitride R & D, from pre-sales technical support to after-sales technical service. The company’s new product performance is outstanding. The revenue of MOSFET products increased by 130%, that of small signal products increased by 82%, that of IGBT products increased by 500% and that of module products increased by 35%.
Continue to invest in production expansion projects and enhance profitability: in 2020, the company raised a total of 1490.479 million yuan, and plans to invest 127.586 million yuan to build an ultra-thin micro power semiconductor chip packaging and testing project for intelligent terminals. Yangzhou Yangjie Electronic Technology Co.Ltd(300373) on the investor interaction platform, the company’s newly completed integrated circuit and power semiconductor packaging test phase I project has been put into operation on June 28, 2021. This will further strengthen the company’s packaging and testing capabilities in the field of ultra-thin and micro power semiconductor chips. In addition, in September 2021, the company signed the project investment agreement with Sichuan Ya’an Economic Development Zone, and the total investment is planned to be no less than 700 million yuan for the investment and construction of semiconductor single crystal material expansion project. The project is invested and constructed in three phases and is planned to be completed within five years. After the completion of the project, the production capacity of the company’s monocrystalline silicon rod, monocrystalline silicon polishing wafer and monocrystalline silicon epitaxial wafer will be expanded, the independent ability of the company’s upstream silicon wafer will be strengthened, and the industrial chain layout will be improved. The company will further meet the market demand, increase the market share, and improve the company’s production capacity and profitability.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be RMB 409 million, RMB 5038 million and RMB 6.315 billion respectively, and the net profit attributable to the parent company will be RMB 790 million, RMB 963 million and RMB 1.199 billion respectively, maintaining the “Buy-A” investment rating.
Risk tip: the industry boom is less than expected; R & D progress is less than expected; The expansion project is not as expected
