\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
Events
Hangzhou Silan Microelectronics Co.Ltd(600460) released the performance forecast for the first quarter of 2022: it is estimated that the net profit attributable to the parent company in Q1 of 2022 will be 261296 million yuan, with a year-on-year increase of 50% – 70%, and the net profit attributable to the parent company after deduction of non profits will be 245277 million yuan, with a year-on-year increase of 50% – 70%.
Key investment points
Q1 performance forecast is in line with expectations, focusing on industrial / automotive / photovoltaic fields
In 2022, each production line of Q1 company maintained a high capacity utilization rate, and its products continued to make breakthroughs in high threshold markets such as automobile, communication, new energy, industry and white electricity. The revenue of IPM, PIM, power management chip, MEMS sensor, MOSFET, SBD, TVs, switch tube, voltage regulator and other products increased significantly. At the same time, the product structure continued to be optimized, and the operating profit continued to maintain rapid growth.
Industry / photovoltaic field: the company’s IPM module is widely used in industry, household appliances and other fields. At present, the company has launched the second generation IPM module, which has higher precision, lower loss and higher reliability than the first generation IPM module. It is expected that the revenue of IPM module will continue to grow rapidly in the future. At the same time, the company’s electronic control MCU will continue to be used in industrial frequency converter, industrial UPS, photovoltaic inverter, textile machinery servo products Various frequency conversion fan applications and electric bicycles have been widely used in many fields. In addition, the company’s IGBT single tube has been gradually increased in some photovoltaic customers in China. Automotive field: in 2021, the main motor drive module of electric vehicle based on v-generation IGBT and FRD independently developed by the company has passed the test in many customers in China and supplied in batches to some customers. At present, the company is accelerating the production capacity construction of vehicle specification and industrial power module, and it is expected that the revenue of PIM module will grow rapidly in the future.
The production capacity continues to climb and fully benefits from adhering to IDM mode
In terms of chip OEM, the company’s 5 / 6 / 8-inch line was basically in full production in 2021, of which the total output of 5 and 6-inch production lines was 2554400 pieces (year-on-year + 7.54%), and ASP was about 650 yuan (year-on-year + 5.3%); The 8-inch production line has a total output of 657300 pieces (year-on-year + 14.90%), ASP is about 1757 yuan (year-on-year + 21.1%), and the current production capacity has reached 60000 pieces / month; The annual output of the 12 inch production line in 2021 is more than 200000 pieces (ASP is about 3844 yuan). It is expected that phase 2 will be put into operation in Q4 and realize the production capacity of 60000 pieces / month by the end of 2022. At present, the vehicle gauge IGBT and MOS have been on the 12 inch line. In addition, the 6-inch SiC power device production line of SMG is expected to be connected in Q3 in 2022
In terms of epitaxial wafers, Chengdu Shilan has formed an annual production capacity of 700000 silicon epitaxial wafers (covering the full size of 5, 6, 8 and 12 inches).
In terms of module packaging, Chengdu Jijia has formed an annual packaging capacity of 100 million intelligent power modules (IPM), 800000 industrial and automotive power modules (PIM), 1 billion power devices, 200 million MEMS sensors and 40 million optoelectronic devices.
Profit forecast
It is predicted that the company’s revenue from 2022 to 2024 will be 10.171 billion yuan, 13.036 billion yuan and 15.310 billion yuan respectively, and EPS will be 1.13, 1.44 and 1.75 yuan respectively. The corresponding PE of the current stock price will be 39, 31 and 25 times respectively, maintaining the “recommended” investment rating.
Risk tips
Downside risks of industry prosperity, lower than expected progress of capacity climbing, increased industry competition, changes in overseas policies, etc.
