\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
The company’s 2022q1 performance forecast met expectations and maintained the “buy” rating
The company released the performance forecast, and it is expected to realize the net profit attributable to the parent company of RMB 261295 million in 2022q1, with a year-on-year increase of 50-70%; It is expected to realize a net profit of 245277 million yuan, a year-on-year increase of 50-70%. We lowered the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.526/20.292697 billion (the original value is RMB 1.598/20.762759 billion), the corresponding EPS will be RMB 1.08/1.43/1.90, and the current share price will be 37.7/28.3/21.3 times that of PE. The company continued to optimize its product structure and made breakthroughs in high threshold markets such as automobile, communication, new energy, industry and white electricity. The company’s 12 inch production line expansion project is under way, which is expected to gradually release the production capacity of high-end products such as vehicle regulation IGBT and ensure the rapid growth of the company. We maintain the “buy” rating of the company.
The product structure is continuously optimized, and the high-quality + high-speed development can be expected in 2022
The main drive module of electric vehicle based on the v-generation IGBT and FRD chip independently developed by the company has passed the test in many customers in China and has been supplied in batches to some customers. It is expected to achieve large-scale growth in 2022. The company’s IGBT products are also expected to achieve mass supply in the photovoltaic new energy market in 2022. The company’s MEMS sensors have maintained high growth, and most Chinese mobile phone brand manufacturers have used the company’s acceleration sensors in large quantities. The company’s advantageous product IPM has been widely used in the head white power customers and industrial frequency conversion market, and continues to improve the market share. The company’s multi category products have made remarkable achievements in entering the high-end market, leading the deepening of localization and substitution in the power semiconductor industry. High quality and rapid development can be expected in 2022.
Capacity utilization remains high, and the 12 inch production line is expected to accelerate its climb in 2022h2, releasing more high-end capacity
In the first quarter of 2022, the company’s 5 / 6 / 8 / 12 inch production line maintained a high capacity utilization rate. We expect the industry to maintain a high boom in 2022, new energy vehicles, photovoltaic, energy storage and other important downstream markets to maintain rapid growth, and the company’s capacity utilization rate is expected to remain high throughout the year. With the advancement of the construction progress of phase II project, the company’s 12 inch production line is expected to accelerate the ramp up of production capacity in 2022h2. The company will continue to promote the amount of vehicle gauge power chips and circuits on the 12 inch line, providing important support for the company’s rapid development throughout the year.
Risk tip: capacity construction is less than expected; Decline in industry demand; Increased competition and decline in gross profit margin.
