\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 745 Wingtech Technology Co.Ltd(600745) )
Event: the company issued the 2021 annual report. In 2021, the revenue reached 52.729 billion yuan, a year-on-year increase of + 1.98%; The net profit attributable to the shareholders of the listed company was 2.612 billion yuan, a year-on-year increase of + 8.12%; The non net profit deducted was 2.201 billion yuan, a year-on-year increase of + 4.17%. The company released the first quarter report of 2022. In 2022q1, the revenue reached 14.803 billion yuan, a year-on-year increase of + 23.44%; The net profit attributable to the shareholders of the listed company was 503 million yuan, a year-on-year increase of - 22.87%; Deduct the non net profit of 633 million yuan, a year-on-year increase of - 5.51%.
Comments: in 2021, the company's revenue and net profit increased, and the volume and price of the semiconductor sector increased in 2022q1. The ODM sector invested the profits of its existing business in R & D to create the second growth curve in the future. The supply of delta dual camera products in the optical sector started, and the overall loss continued to decrease. The overall Q1 profit is affected by the change of non operating fair value, and the operating profit performs well.
According to the official account of the semiconductor industry alliance, the layout of the company's semiconductor + optical + Display + terminal business form has been completed, and "China Samsung" is poised to take off. Endogenous development + International M & a path is poised to take off and build a huge industrial layout of analog / power semiconductor + optical module + Mini / microled + intelligent terminal. The company has become the most comprehensive company in China from semiconductor to optics, display and terminal products. In the first stage, the ODM business will be formed into a strong hardware traffic platform. In the second stage, the vertical integration will be accelerated, more components will be developed, their supply capacity will be enhanced, and a safe and controllable supply system will be formed. In the third stage, the semiconductor will be taken as the leader to promote the transformation of the company's strategy from service-oriented to product-oriented. Some domestic power devices have been replaced. The shipment volume of ANSYS semiconductor power devices, a subsidiary, ranked first in China in 2021 and sixth in the world. In 2022q1, both volume and price have increased. The company's product structure has been continuously optimized, and the revenue share of high gross profit logic simulator and MOSFET devices has continued to increase. With the rapid increase of electric vehicle penetration, single vehicle power semiconductor is expected to show multiple level improvement, resulting in rapid growth of the industry. The company's vehicle regulated power semiconductor business is expected to enter the stage of medium and long-term high-speed growth. Acquisition of Newport production line to expand production capacity, completion of structural capping of Lingang vehicle specification wafer factory, and continuous enhancement of competitive barriers. The company's new 8-inch wafer production line at the wafer factory in Hamburg, Germany, has been successfully put into operation. Anse group has completed the acquisition of 100% equity of Newport wafer factory and started the process of gradual conversion from OEM capacity to IDM's own capacity. The integration of the production capacity and process of Newport wafer factory in the fields of vehicle specification IGBT, power MOSFET, analog chip and compound semiconductor with the existing product and process capacity of Anse group will help promote the company to seize the dual opportunities brought by the era of electric vehicles and aiot.
ANSYS semiconductor entered the analog chip market and the new Dallas design center was officially launched. On March 24, Anson semiconductor announced that its new design center in Dallas, Texas was officially launched. Dallas design center focuses on the development of analog signal conversion and power management IC, marking another important step for ANSYS semiconductor towards the established goal of becoming a global leader in basic semiconductors in 2030. It will help Nexperia strengthen and expand its analog IC product portfolio, power management IC and signal conditioning IC.
When the optical module goes to the next city, delta optical imaging technology will become a major core competitiveness, and batch supply of dual camera products has been started. Guangzhou delta was originally a key subsidiary of Ofilm Group Co.Ltd(002456) and was responsible for supplying camera modules to specific overseas customers. Relying on Wentai product R & D and semiconductor empowerment, the optical imaging ability of delta technology is expected to have greater development space. With the development of optical technology and the opening of market space in the fields of lot, intelligent vehicle and meta universe, it will further improve its profitability and comprehensive competitiveness.
Display the forward-looking layout of components, open the core potential such as mini / microled, and display the track. Mini / microled has great development potential in consumer electronics and automotive electronics market. From technology research and development to product production, the company is based on the platform capability of semiconductor business IDM, gives full play to the advanced sealing and testing advantages of itshi subsidiary ITEC automation equipment, applies the scale in the company's product integration business, makes semiconductor optics and display into the company's main business core competitiveness, and further promotes the in-depth coordination between product integration and semiconductor business. The smart phone ODM leader is deeply bound to head customers, the proportion of non mobile phone business has increased rapidly, and new products and new customers have entered the harvest period. Jiaxing, Wuxi and Kunming continued to expand production, and the utilization rate of their own production capacity increased. The company has the advantages of 4G + smart phones, such as low-end models + low-end models, low-end models + low-end models, low-end models + low-end models, high-speed customer turnover, etc., and has the ability to accelerate the delivery cycle of Samsung + smart phones. The company's outsourcing proportion of laptop, tablet and server is significantly higher than that of mobile phones. It plans to increase the proportion of non mobile phone business revenue from 5% to 30% by 2023. Investment suggestion: the short-term pressure on the performance of 2022q1 company is mainly due to the related expenses of ODM business and non mobile phone business in the early stage of project R & D and trial production, and the performance does not meet our original forecast. We lowered the revenue and net profit expectation of 21-23 to RMB 3.356/5.243/7.854 billion to RMB 3.517/46.00/5.975 billion respectively in 22-24 years, corresponding to eps2.5 billion 82 / 3.69 / 4.79 yuan / share, long-term optimistic about the future growth of the company and maintain the "buy" rating.
Risk tip: the prosperity of semiconductor downstream is lower than expected, the penetration rate of new energy vehicles is lower than expected, the climbing speed of new production capacity is lower than expected, and there is a risk of goodwill impairment
