On April 18, Will Semiconductor Co.Ltd.Shanghai(603501) ( Will Semiconductor Co.Ltd.Shanghai(603501) , SH) released the annual report of 2021. In 2021, Will Semiconductor Co.Ltd.Shanghai(603501) achieved an operating revenue of about 24.1 billion yuan, an increase of 21.59% year-on-year; The net profit attributable to shareholders of listed companies was about 4.48 billion yuan, a year-on-year increase of 65.41%.
The reporter of the daily economic news noted that the growth rate of net profit in Will Semiconductor Co.Ltd.Shanghai(603501) 2021 exceeded that of operating revenue because the growth rate of cost was lower than that of revenue.
"The unit price of the company's low-end products will be reduced in 2021, and the unit price of the company's low-end products will be reduced accordingly." Will Semiconductor Co.Ltd.Shanghai(603501) indicates.
In addition, Will Semiconductor Co.Ltd.Shanghai(603501) disposed of the equity of three subsidiaries in 2021, contributing more than 500 million yuan of investment income.
semiconductor design business continues to grow
In 2021, Will Semiconductor Co.Ltd.Shanghai(603501) 's semiconductor design and sales business realized an operating revenue of about 20.38 billion yuan, a year-on-year increase of 18.02%; The agency and sales business of electronic components achieved an operating revenue of about 3.66 billion yuan, a year-on-year increase of 47.28%.
"The growth of the company's semiconductor design business revenue in the reporting period is mainly due to the substantial growth of the company's image sensor solutions in the fields of automobile and security." Will Semiconductor Co.Ltd.Shanghai(603501) explanationp align="center" style="text-align:center;"> Image source: screenshot of annual report of Will Semiconductor Co.Ltd.Shanghai(603501) 2021
In terms of products, the top five products or businesses contributing to Will Semiconductor Co.Ltd.Shanghai(603501) gross profit are CMOS image sensor products, tddi (touch and display drive integrated chip), semiconductor distribution, TVs (transient voltage suppressor) and power IC, which contributed 5.471 billion yuan, 1.195 billion yuan, 551 million yuan, 250 million yuan and 236 million yuan gross profit to Will Semiconductor Co.Ltd.Shanghai(603501) in 2021p align="center" style="text-align:center;"> Image source: screenshot of annual report of Will Semiconductor Co.Ltd.Shanghai(603501) 2021
According to the illustration in Will Semiconductor Co.Ltd.Shanghai(603501) annual report, the three application fields of its image sensor solutions are smart phones, security monitoring and automotive electronics, accounting for 57%, 18% and 14% respectively.
\u3000\u3000 "In the field of vehicle mounted, due to the comprehensive improvement of the penetration rate, loading rate and pixels of image sensors, the company has made full use of the opportunities brought by the simultaneous increase of volume and price, and achieved a significant increase in sales scale and market share. In the field of security, smart cities, smart homes and other application scenarios based on big data analysis have also put forward higher quality and quantity requirements for image sensors. During the reporting period, the company has produced high-end and medium-end security products Products have achieved rapid growth. " Will Semiconductor Co.Ltd.Shanghai(603501) indicates.
In addition, Will Semiconductor Co.Ltd.Shanghai(603501) said that its touch and display solutions also made great breakthroughs in 2021. On the basis of inheriting the advantages of Synaptics products and technology, the touch and display business continues to promote product iteration and new product development. With the help of the group's good supply chain and sales system, tddi products have been mass produced in many first-line mobile phone brand customer schemes, bringing new revenue and profit growth points to the company.
higher unit price and higher proportion of products
In 2021, wafer tension is the main tone of the semiconductor industry Will Semiconductor Co.Ltd.Shanghai(603501) under this background, the gross profit margin has increased significantly. The gross profit margin of Will Semiconductor Co.Ltd.Shanghai(603501) in 2021 is about 34.49%, while that in 2020 is about 29.91%.
It is worth noting that the increase in gross profit margin of Will Semiconductor Co.Ltd.Shanghai(603501) is related to its operation mode on the one hand Will Semiconductor Co.Ltd.Shanghai(603501) adopts fabless operation mode, focuses on the design and R & D of integrated circuit chips, and adopts professional third-party enterprise OEM mode in production, manufacturing, packaging and testing.
"When the industry's capacity supply is tight, there is uncertainty about whether the capacity of the wafer factory and the sealing and testing factory can guarantee the company's procurement demand. At the same time, with the switching of the capacity of the wafer factory and the sealing and testing factory in different products, the upgrading of the production line, or the change of the company's procurement unit price, if the procurement unit price of outsourced processing services increases, it will have an adverse impact on the company's gross profit." Will Semiconductor Co.Ltd.Shanghai(603501) scale.
The reporter of the daily economic news noted that another important reason for the increase of Will Semiconductor Co.Ltd.Shanghai(603501) gross profit margin is that the company adjusted its product structure in 2021 and increased the proportion of products with high unit price.
In terms of sales volume, in 2021, Will Semiconductor Co.Ltd.Shanghai(603501) 's main products include silicon-based liquid crystal projection display chip (LCOS), camera cube chip, TVs, MOSFET (metal oxide semiconductor field effect transistor) and Sales of Schottky, RF and micro sensors showed a downward trend.
"The sales volume of the company's semiconductor design business products decreased slightly year-on-year, mainly due to the fact that in 2021, the company focused its product portfolio more on medium and high-end products with higher unit price, and accordingly reduced the sales of low-end products with lower unit price." Will Semiconductor Co.Ltd.Shanghai(603501) indicatesp align="center" style="text-align:center;"> Image source: screenshot of annual report of Will Semiconductor Co.Ltd.Shanghai(603501) 2021
In addition, in 2021, Will Semiconductor Co.Ltd.Shanghai(603501) realized an investment income of about 614 million yuan, an increase of 593 million yuan compared with the previous year, which is also another important factor affecting Will Semiconductor Co.Ltd.Shanghai(603501) net profit.
The main two parts of investment income are "investment income from disposal of long-term equity investment" and "profit from re measurement of remaining equity at fair value after loss of control". The two parts are about 460 million yuan and 100 million yuan respectively.
In 2021 Will Semiconductor Co.Ltd.Shanghai(603501) disposed of three subsidiaries, namely 100% equity of Beijing Taihe Zhiheng Technology Co., Ltd., 52.92% equity of Wuxi Weigan Semiconductor Co., Ltd. and 100% equity of Wuhan Weier Investment Management Co., Ltd. The investment income from the disposal of the three companies is about 174 million yuan, 285 million yuan and 3.499 million yuan respectively, of which Wuxi Weigan Semiconductor Co., Ltd. has a profit of about 100 million yuan from remeasuring the remaining equity according to the fair value.
"Beijing Taihe Zhiheng Technology Co., Ltd. and Wuxi Weigan Semiconductor Co., Ltd. mainly design, develop and sell satellite live broadcast chip products and micro sensor products respectively, which account for a small proportion of the company's main business income and have little impact on the company's operation after the sale." Will Semiconductor Co.Ltd.Shanghai(603501) indicates.
