\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
[matters]
Hangzhou Silan Microelectronics Co.Ltd(600460) issued the announcement of 2022q1 performance pre increase Hangzhou Silan Microelectronics Co.Ltd(600460) announced that the net profit attributable to the parent company in 2022q1 was 260300 million yuan, with a year-on-year increase of 50% – 70%, and the net profit deducted from non net profit was 240280 million yuan, with a year-on-year increase of 50% – 70%, which was basically in line with expectations.
[comments]
Non net profit deducted in 2021q1 achieved positive growth month on month. The net profit attributable to the parent company in 2022q1 was lower than that in 2021q4 (790 million yuan) on a month on month basis. The main reason was that Shanghai Anlogic Infotech Co.Ltd(688107) invested by the company was listed on the science and innovation board, which confirmed that there were more profits and losses from changes in fair value, and the deduction of non net profit increased by 17.6% – 33.3% on a month on month basis. The main reason was that the company’s production lines maintained a high capacity utilization rate, and the company’s products continued to make breakthroughs in high threshold markets such as automobile, communication, new energy, industry and white power, such as IPM, PIM, power management chips The operating revenue of MEMS sensors, MOSFETs, SBDs, TVs, switches, regulators and other products has increased significantly, the product structure has been continuously optimized, and the operating profit has maintained a rapid growth.
The revenue of IPM and PIM may continue to grow steadily, and new progress has been made in semiconductor compounds. Relying on the 5, 6 and 8-inch chip production lines that have been running stably and the 12 inch chip production lines and advanced compound chip production lines that are rapidly increasing, the company has established a new product and process technology R & D team, and successively completed the R & D of high-voltage BCD, ultra-thin chip slot gate IGBT, ultra junction high-voltage MOSFET, high-density slot gate MOSFET, fast recovery diode, MEMS sensor, SiC MOSFET devices and other processes. In 2021, the company’s IPM module revenue exceeded 860 million yuan, with a year-on-year increase of more than 100%. It is widely used in downstream household appliances and frequency conversion products of industrial customers, including air conditioners, refrigerators, washing machines, range hoods, ceiling fans, household fans, industrial fans, water pumps, elevator door machines, sewing machines, electric tools, industrial frequency converters, etc. the number of IPM modules exceeded 38 million, with a year-on-year increase of 110%. The company launched the second generation IPM modules, Compared with the next generation IPM, it has higher accuracy, lower loss and higher reliability. It is expected that the revenue of IPM module will maintain rapid growth. In 2021, the main motor 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. At present, the company is accelerating the construction of automobile grade and industrial grade power module capacity, and the company’s PIM module may become the performance growth point. In 2021, the company has engineering samples of GaN compound power semiconductor devices on silicon for internal evaluation. The pilot line of SiC power devices has been connected in the first half of the year, and the R & D of vehicle specification SiC MOSFET devices has been completed. A comprehensive reliability evaluation is being carried out. It will be sent to customers for evaluation and mass production will begin. The company has started to build a 6-inch SiC power device chip production line in Xiamen Shiming gallium company, which is expected to be connected in the third quarter of 2022.
Profit forecast. We believe that as China’s power semiconductor IDM company, IPM module takes the lead in entering the white power market, with continuous capacity expansion plans, gradual ramp up of 12 inch line capacity, superposition of the company’s early layout of compound semiconductors, continuous optimization of product structure and timely superposition of equity incentives. Under the background of high prosperity of power semiconductor industry, the company may fully benefit. We slightly raised the company’s revenue from 2022 to 2023 to 10.04/12.59 billion yuan, raised the net profit attributable to the parent company to 1.52/1.83 billion yuan, increased the predicted value of revenue and net profit attributable to the parent company in 2024 to 15.15/2.25 billion yuan, EPS to 1.08/1.29/1.59 yuan / share respectively, and the PE corresponding to the current stock price to 41.54/34.54/28.12 times, giving the company the rating of “overweight”.
[risk tips]
The climbing of 12 inch production line is less than expected, the industry competition is intensified, and the R & D is less than expected.
