\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
The company released its annual report for 2021: in 2021, the company achieved a revenue of 4.397 billion yuan (a year-on-year growth rate of 68.00%), and a net profit attributable to the parent company of 768 million yuan (a year-on-year growth rate of 103.06%); Among them, in the single quarter of 2021q4, the company realized a revenue of 1.156 billion yuan (year-on-year growth rate of 49.49%, month on month growth rate of - 0.48%), and a net profit attributable to the parent company of 203 million yuan (year-on-year growth rate of 75.64%, month on month growth rate of - 7.68%). The company's main products are all kinds of power electronic device chips. In 2021, the company seized the opportunity of domestic substitution, promoted the construction of raised investment projects and accelerated the release of new production capacity. Achieve double breakthroughs in R & D and revenue in new fields such as MOSFET and IGBT. Among them, the revenue of MOSFET products increased by 130% and that of IGBT products increased by 500% year-on-year. The company continued to expand its production of semiconductor silicon wafers, achieving a rapid growth of 159.98%. The company maintained a growth trend in the first quarter of 2022. The operating revenue increased by more than 45% year-on-year, the net profit attributable to the parent company increased by 50% - 80% year-on-year, and the sales revenue of new products such as IGBT, SiC and MOSFET increased by more than 100% year-on-year.
The high-end products are progressing smoothly, and the overseas revenue has increased significantly: the company has successfully launched 1200v40a and 650v50a 75A series IGBT single tube products, with performance benchmarking with foreign mainstream manufacturers. The products have been recognized by customers and began small-scale production and delivery; The company has successfully customized MOSFET products to meet customers' needs in PD power supply, security and other fields, and completed the comprehensive optimization and upgrading of MOSFET product design, manufacturing process and quality system, providing a reliable guarantee for further expanding the development and production of vehicle regulation products; The company has increased investment in the third generation of semiconductors, and has successfully developed and launched SiC modules and a full range of 650vsicsbd and 1200V series sicsbd products to the market. Sicmos has made key progress. The company implements the dual brand sales strategy at home and abroad, with overseas sales accounting for 24.02%. The company has achieved significant growth in overseas business. The growth rate of overseas sales in 2020 was 13.68% and reached 61.62% in 2021. Overseas gross profit margin is 40.7%, higher than China's gross profit margin of 32.68%.
Orderly capacity expansion and sustained growth momentum: the company's ultra-thin chip semiconductor sealing and testing project for intelligent terminals will provide the company with an output value of 200300 million yuan in the second half of 2021. After the end of 2022, it can provide an annual output value of about 1.5 billion yuan, and will continue to expand production and upgrade production lines in the future. The electronic grade high-power semiconductor wafer project of new energy vehicle of Yangzhou Jieli, a subsidiary, was started in February 2021, with a target annual production capacity of 12 million chips. It is expected to be put into use in the second quarter of 2022. Chengdu Qingyang, a subsidiary, obtained an additional investment of Yangzhou Yangjie Electronic Technology Co.Ltd(300373) 2898 million yuan in 2021, promoting the steady expansion of silicon wafer production capacity.
Investment suggestion: the company has been shortlisted in the top three of "China's top ten semiconductor power device enterprises" selected by China Semiconductor Industry Association for several consecutive years. It is optimistic that the company will seize the opportunity of domestic substitution of power devices and realize the good prospect of product structure upgrading and capacity expansion. It is estimated that the operating revenue of the company from 2022 to 2024 will be 5.818 billion yuan, 7.467 billion yuan and 9.556 billion yuan respectively, with a year-on-year increase of 32.34%, 28.34% and 27.97%, and the net profit attributable to the parent company will be 978 million yuan, 1.252 billion yuan and 1.601 billion yuan respectively, with a year-on-year increase of 27.27%, 28.07% and 27.85%. At present (April 21, 2022), it corresponds to pe3.5 billion yuan 74, 27.90, 21.83 times. Give the company 42 times PE in 2022, corresponding to the target price of 80.22 yuan. For the first time, give a "buy" rating.
Risk warning: the risk of new product promotion is not as expected, the risk of epidemic spread, the risk of deterioration of the international situation, and the construction of the company's production expansion project is not as expected
