\u3000\u3000 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) (300373)
Event overview
The company released the performance forecast for 2021. It is estimated that the net profit attributable to the shareholders of the listed company will be 719 million yuan ~ 794 million yuan in 2021, with a year-on-year increase of 90% ~ 110%. Corresponding to Q4, the net profit attributable to the parent company in a single quarter will be 154 million yuan ~ 229 million yuan. Meanwhile, it is expected that the company’s operating revenue will increase by more than 60% year-on-year in 2021, corresponding to the annual revenue of more than 4.19 billion yuan.
The transformation of high-end products has achieved initial results, and stable growth can be expected in the future
In 2021, the company continued to increase R & D investment, actively promoted the implementation and management of key R & D projects, accelerated the R & D of new products and achieved certain results. From the perspective of product structure, the company has gradually enriched the product structure from the leading diode enterprises, accelerated the high-end products such as sgtmosfet and sj-mosfet, actively benchmarked international brands, gathered first-class talents in the IGBT sector, increased chip R & D investment, and conquered IGBT high-frequency series modules, IGBT frequency converter series modules and corresponding half bridge modules and PIM modules. According to the company’s announcement, 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%. We believe that with the gradual increase of the proportion of the company’s new product revenue, the company will realize the layout of a full range of power products of diode rectifier bridge, MOSFET, IGBT module and SiC, with stable growth in the future.
Import substitution is accelerated, and the demand is sufficient relying on the largest end consumer market
The company continues to explore the market, continue to maintain and improve its advantages in consumer electronics and civil markets, and actively expand or enter high-end markets such as new energy vehicles, charging stations (piles), automotive electronics, security, mobile portable terminals, military industry and power electronics; In the field of traditional household appliances, the company makes every effort to promote the alternative import strategy, gradually and accelerate the penetration, and expand the share of domestic devices; In emerging markets, with 5g entering the commercial stage, the upgrading of mobile phones is accelerated, the density of communication equipment and devices is higher, the fields of smart home, Internet of things and artificial intelligence are booming, and the demand for corresponding electronic components is doubled. Relying on the catalysis of China’s end consumer demand, including accelerated import substitution in new energy vehicles, consumer electronics (household appliances), industry and other fields, relevant power semiconductor device manufacturers are expected to fully benefit.
Investment advice
Considering the reasons for the smooth expansion of the company’s new products, we adjusted the previous profit forecast and raised the company’s revenue forecast of 3.8 billion yuan, 4.5 billion yuan and 5.3 billion yuan from 2021 to 2023 to 4.2 billion yuan, 5.5 billion yuan and 6.9 billion yuan; Raise the forecast of net profit attributable to shareholders of the parent company from 2021 to 2023 from 609 million yuan, 768 million yuan and 930 million yuan to 751 million yuan, 1008 million yuan and 1236 million yuan, corresponding to an increase of eps1.0 million yuan from 2021 to 2023 The forecasts of 19 yuan, 1.50 yuan and 1.82 yuan reach 1.47 yuan, 1.97 yuan and 2.41 yuan, corresponding to the closing price of 3.897 yen / share in June 2022, and the PE is 43.57/32.48/26.48 times respectively, maintaining the “buy” rating of the company.
Risk tips
The development of semiconductor industry is lower than expected; The company’s technological innovation is lower than expected, resulting in the breakthrough of new products lower than expected; Downstream application expansion and customer expansion are lower than expected.
