East micro semiconductor (688261)
Events
Dongwei semi guide released its annual report for 2021: it achieved an operating revenue of 782 million yuan, a year-on-year increase of 153.28%, a net profit attributable to its parent company of 147 million yuan, a year-on-year increase of 430.66%, and a net profit attributable to its parent company of 141 million yuan, a year-on-year increase of 588.67%.
Key investment points
IGBT mass produced and shipped for the first time, and its profitability was greatly improved
In terms of product segmentation, in 2021, the company’s super junction MOS / shielded gate MOS / super silicon MOS / IGBT achieved revenue of 570 million yuan (year-on-year + 128.27%) / 206 million yuan (year-on-year + 246.85%) / 2.15 million yuan (year-on-year + 432.63%) / 5.68 million yuan (first mass production and shipment); In terms of gross profit margin, the overall gross profit margin of the company in 2021 was 28.72% (year-on-year + 10.87pct), with a significant increase in profitability; In terms of period expenses, the expense rate (excluding R & D) in 2021 was 2.14% (year-on-year -1.72 PCT), including sales expense rate of 0.96% (year-on-year -0.68 PCT), management expense rate of 1.94% (year-on-year -0.17 PCT) and financial expense rate of – 0.76% (year-on-year -0.86 PCT).
Continue to increase R & D investment and further enrich the product matrix
In 2021, the company’s R & D investment increased by 159.07% year-on-year to 41 million yuan. At present, the company has more than 1790 product specifications and models, including 1100 high-voltage super junction MOS (including super silicon MOS), medium and low-voltage sgt641 and igbt52.
Progress of each product line of the company in 2021:
High voltage super junction MOS: the fourth generation greenmos high voltage super junction has been successfully developed, and it is expected to start mass supply in 2022; The development of medium and low voltage super junction MOS based on deep trench super junction technology is carried out smoothly, and the development of high voltage super junction MOS above 1000V is successful, with mass production capacity; High voltage super junction MOS based on 12 inch advanced process has entered large-scale stable mass production and a large number of industrial application fields; The development of the next generation super junction MOS based on the 12 inch process is progressing smoothly.
Medium and low voltage shielded gate MOS: 25v-30v low voltage ultra-high speed shielded gate MOS has been successfully developed and mass produced, laying a foundation for expanding the CPU power supply chip of data center power server; 150V shielded gate MOS was successfully developed and mass produced, and the development of 200V and 250V voltage specifications was carried out smoothly; Continue to expand the shielded gate MOS platform based on the 12 inch advanced process, form the specifications of multiple voltage platforms and realize mass production.
Super silicon MOS: the second generation of super silicon power MOS has been successfully developed, and the third generation of super silicon MOS has been developed.
Tri gateigbt: the new generation IGBT device technology tgbt of 650V, 1200V and 1350v based on independent patent technology has been successfully developed and mass produced and shipped. The first generation tgbt has reached the international mainstream technology level of the seventh generation IGBT, the development of the second generation tgbt technology has been carried out smoothly, and the development of IGBT based on 12 inch advanced process has been carried out smoothly.
Deeply plough the industrial / automotive field and strengthen the global end customer base
In 2021, the company’s revenue in the automotive and industrial fields accounted for more than 60%, of which the new energy vehicle charging pile field accounted for more than 20%, an increase of about 190% over the same period last year; Various industrial and communication power supply fields accounted for more than 10%, an increase of more than 140% over the same period last year; The inverter sector accounted for about 5%, an increase of more than 200% over the same period last year; The field of vehicle charger accounts for about 5%, which is about 10 times the income level in the same period of last year.
The company has accumulated many well-known end brand customers all over the world: users in the field of electric pile of new energy vehicles include Shenzhen Increase Technology Co.Ltd(300713) , yingfeiyuan, Qingdao Tgood Electric Co.Ltd(300001) , Yonglian technology, Shenzhen Sinexcel Electric Co.Ltd(300693) , youyou green energy, etc; Users in the field of new energy vehicle charger and photovoltaic include Byd Company Limited(002594) , Zhuhai Enpower Electric Co.Ltd(300681) , Shenzhen Invt Electric Co.Ltd(002334) , suneng technology, Hemai shares, Contemporary Amperex Technology Co.Limited(300750) , etc; Users in the field of 5g base station power supply and communication power supply include Weidi technology, Shenzhen Megmeet Electrical Co.Ltd(002851) etc; Users in the field of industrial power supply include gosbao electric, Jin Shengyang, Shenzhen leineng, general electric, etc; Users in the field of consumer electronics include oppo, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Haier Group, Midea Group Co.Ltd(000333) , Skyworth Group, Konka, etc.
In addition, the company has actively explored overseas markets. At present, it has made good progress in the European market, sending test and certification of electric tools, vehicle charger, industrial power supply, industrial control, household appliances, industrial lighting and other fields.
Profit forecast
It is predicted that the company’s revenue from 2022 to 2024 will be 1.177 billion yuan, 1.633 billion yuan and 2.130 billion yuan respectively, and the EPS will be 3.81, 5.12 and 6.67 yuan respectively. The corresponding PE of the current stock price will be 41, 31 and 24 times respectively, maintaining the “recommended” investment rating.
Risk tips
The downside risk of industry prosperity, the risk that the progress of raised investment projects is less than expected, the risk that the progress of new products is less than expected, the risk of intensified industry competition, the risk of changes in overseas policies, etc.
