\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 23 Jiangsu Jiejie Microelectronics Co.Ltd(300623) )
The company’s performance increased rapidly in 2021 and maintained the “buy” rating
The company released its annual report, and achieved a revenue of 1.773 billion yuan in 2021, with a year-on-year increase of 75.37%; The net profit attributable to the parent company was 497 million yuan, a year-on-year increase of 75.34%. Benefiting from the high prosperity of the industry, the company’s annual gross profit margin reached 47.70%, an increase of 1.00 PCT year-on-year. In the single quarter of 2021q4, the company achieved a revenue of 427 million yuan, a year-on-year increase of 33.46%, and a net profit attributable to the parent company of 108 million yuan, a year-on-year increase of 20.41%. We added a new profit forecast for 2024. Considering that the proportion of MOSFET business of the company has increased and the overall gross profit margin may decline slightly, we lowered the forecast for 20222023. It is estimated that the net profit attributable to the parent company in 20222024 will be 592 / 801 / 1072 million yuan (the original value in 20222023 will be 687 / 875 million yuan), the corresponding EPS will be 0.80/1.09/1.46 yuan, and the current share price will be 27.2/20.1/15.0 times PE. The proportion of MOSFET and other new power devices of the company continues to increase, and the production capacity is gradually expanded. It is expected to deeply benefit from the localization process of power semiconductors, and maintain the “buy” rating for the company.
Research and development focuses on MOSFET, and the business income increases rapidly, which has become the pillar of growth
The company focuses on the research and development of MOSFET business. According to the annual report, 19 projects under research are invested in MOSFET related, involving planar high-voltage MOS, sgtmos, trench MOS, sjmos, vehicle specification MOS and advanced packaging. With the company’s strong R & D investment and market promotion in MOSFET business, the company’s MOSFET revenue has increased rapidly, and the supply of vehicle regulated products has been realized. Jiejie Shanghai, a subsidiary mainly engaged in sgtmosfet, achieved a sales revenue of 54.26 million yuan in 2021h1. The customer certification and introduction in 2021h2 accelerated, forming a sales revenue of 175 million yuan in the whole year, and has begun to contribute profits. With the continuous improvement of the company’s MOSFET product number and the gradual emergence of customer verification results, the company is expected to become an important growth source of the company in 2022, and its proportion in revenue will continue to increase.
The three major capacity construction projects are advancing steadily, which is expected to ensure growth and improve product structure
The company is actively promoting the construction progress of “power semiconductor vehicle specification level packaging and testing industrialization project”, Nantong “high-end power semiconductor device industrialization project” and “6-inch power chip and packaging and testing production line and supporting construction project”, consolidating the company’s chip manufacturing capacity and advanced packaging and testing capacity of MOSFET and protective devices, so as to provide support for the improvement of the company’s product structure and entering high-end fields such as new energy vehicles, Ensure the long-term growth of the company.
Risk tip: capacity construction is less than expected; Decline in industry demand; Increased competition and decline in gross profit margin.
