\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
The company achieved high performance growth in 2021 and maintained the "buy" rating
The company released its annual report, and achieved a revenue of 4.397 billion yuan in 2021, a year-on-year increase of 68.00%; The net profit attributable to the parent company was 768 million yuan, a year-on-year increase of 103.06%. The gross profit margin of the company's annual sales reached 35.11%, an increase of 0.84 PCT year-on-year. In the single quarter of 2021q4, the company achieved a revenue of 1.156 billion yuan, a year-on-year increase of 49.49%, and a net profit attributable to the parent company of 203 million yuan, a year-on-year increase of 75.64%. The company fully benefited from the full demand of the industry, accelerated the promotion of new products such as IGBT and MOSFET, and realized the rapid growth of annual performance. We added a new forecast for 2024 and raised the profit forecast for 20222023. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.054/13.07/1.572 billion (the original value in 20222023 will be RMB 1.008/1.234 billion), the corresponding EPS will be RMB 2.06/2.55/3.07, and the corresponding PE of the current stock price will be 33.1/26.7/22.2 times, maintaining the "buy" rating for the company.
New product R & D and sales have achieved great results, and the prospect of entering the high-end market in 2022 is promising
According to the performance forecast of 2021, the annual revenue of the company's new products such as MOSFET, small signal, IGBT and module increased by 130%, 82%, 500% and 35% respectively year-on-year. The company integrates the R & D team and actively promotes the management and implementation of key R & D projects: the trench1200vigbt chip based on the 8-inch platform has completed the serial development, and the corresponding IGBT Series module products have been put on the market in batches and received large orders. At the same time, the company successfully launched 1200v40a and 650v50a 75a series IGBT single tube products, with performance benchmarking with foreign mainstream manufacturers, and began small-scale production and delivery in the photovoltaic market, which is expected to continue to tap the new energy market with high growth in the future. The company grinds from many aspects such as product design, manufacturing and quality control, which provides a reliable guarantee for further expanding the development and production of vehicle gauge products. The revenue of vehicle gauge products is expected to increase further in 2022.
The company's long marketing board has been strengthened, and the international strategic layout has been continuously promoted
As the strength of the company, marketing and channel will continue to help the promotion and introduction of the company's products in key industries. In 2021, the company set up a professional industry manager mechanism, mainly focusing on new energy vehicle electronics, industrial control, Netcom, clean energy and other industries, and completed the full coverage of the top ten customers in the industry. In terms of channels, the company increased the layout of China's sales network, continued to promote the international strategic layout, strengthened the promotion of "Yangjie" and "MCC" dual brands, and focused on promoting the cooperation process with large multinational corporations. With the construction of overseas channels and the normalization of overseas epidemic, the company's overseas business is expected to achieve rapid growth in 2022.
Risk tip: capacity construction is less than expected; Decline in industry demand; Increased competition and decline in gross profit margin.
