\u3000\u3000 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) (300373)
The annual performance of 2021 is expected to achieve year-on-year high growth
The company released the performance forecast for 2021. It is expected to realize the net profit attributable to the parent company of 719-794 million yuan, a year-on-year increase of 90% – 110%, and deduct the net profit not attributable to the parent company of 665-741 million yuan, a year-on-year increase of 80.75% – 101.30%. Based on the median value of the forecast of net profit attributable to the parent company in 2021, the company realized a net profit attributable to the parent company of RMB 192 million in the single quarter of 2021q4, with a year-on-year increase of 65.65%. The company fully benefited from the demand of downstream new energy vehicles, photovoltaic, industrial control and other industries, accelerated the promotion and introduction of new products such as IGBT and MOSFET, and achieved rapid growth of annual performance. Based on this, the company implements sufficient incentives for employees, and relevant bonus expenses have a significant impact on the profit of 2021q4 single quarter. We raised the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 754 / 926 / 1159 million (the original value is RMB 681 / 852 / 1047 million), the corresponding EPS will be RMB 1.47 / 1.81 / 2.26, and the current share price will be 43.4 / 35.4 / 28.2 times PE, maintaining the “buy” rating.
Innovation leads and product structure is continuously optimized
Based on the leading position of diode products, the company continues to march into advanced power semiconductors such as MOSFET, IGBT, SiC and Gan, and build a one-stop supply capacity of power semiconductors. The company integrated the R & D team, actively promoted the management and implementation of key R & D projects, and achieved outstanding performance of new products. In 2021, the company’s revenue of MOSFET, small signal, IGBT and module products increased by 130%, 82%, 500% and 35% respectively year-on-year. With continuous R & D investment and active capacity expansion, the company is expected to grow from a diode leader to a power IDM manufacturer with leading comprehensive product strength with the help of the rapid volume of new products.
Benefiting from the market pull of photovoltaic new energy, the company is optimistic about the prospect of 2022
As a leading enterprise of photovoltaic diodes, the company has established a good cooperative relationship with photovoltaic inverter customers and accumulated relevant experience in supporting photovoltaic industry. In 2021, the product revenue in the photovoltaic field accounted for about 20% of the company’s total revenue. The company is constantly improving the technical level and production capacity of MOSFET, IGBT and SiC products. At present, some products have been applied to the field of photovoltaic inverter. In 2022, with the further promotion of the goal of “carbon neutralization”, the global installed capacity of photovoltaic and energy storage is expected to further increase. The company will deeply benefit from the domestic substitution in the field of new energy, realize the customer introduction and large volume of MOSFET, IGBT and SiC products in the photovoltaic field, and create a new growth point.
Risk tip: industry competition intensifies and gross profit margin declines; Decline in industry demand; The capacity construction was less than expected.
