\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 745 Wingtech Technology Co.Ltd(600745) )
Event: the company released the 21st Annual Report and the first quarterly report of the 22nd year. The company’s 21-year revenue increased by 2% to 52.7 billion yuan, and the net profit attributable to the parent increased by 8% to 2.61 billion yuan. 1q22’s revenue increased by 23% year-on-year to 14.8 billion yuan, and the gross profit margin increased by 2.2 percentage points year-on-year to 17.7%. Affected by the total increase of 470 million yuan in management and R & D expenses brought by new projects, the net profit attributable to the parent decreased by 23% year-on-year to 500 million yuan, deducting 630 million yuan of non attributable net profit.
Anser exceeded expectations in the first quarter: anser’s external revenue increased by 40% to 13.8 billion yuan in 21 years, with a gross profit margin of 37.2% and a net profit increase of 166% to 2.63 billion yuan; 1q22 achieved an external revenue of nearly 3.7 billion yuan, a year-on-year increase of nearly 10%, a gross profit margin of 42.9%, and a net profit of 850 million yuan, a year-on-year increase of 41%. The acquired Newport plant in the UK will bring IGBT and other manufacturing capacity and capacity growth this year and next year. The Shanghai Lingang Holdings Co.Ltd(600848) 12 inch wafer factory built by major shareholders is installing electromechanical equipment and is expected to release mass production capacity in 23 years. The company’s newly established R & D centers in Shanghai, Malaysia and Texas will continue to expand high profit margin product lines such as analog, medium and high voltage MOSFET, IGBT, SiC and Gan. Ansteel’s revenue of automotive semiconductors exceeded 6 billion yuan in 21 years, which will benefit from the growth trend of single vehicle consumption of new energy vehicles.
Continue to expand product integration categories: the external revenue of product integration business in 21 years was 38.7 billion yuan, with a gross profit margin of 8.7% and a net profit of 180 million yuan. In 1q22, the external revenue increased by 20% year-on-year to 10.3 billion yuan, with a gross profit margin of 9.4%. The R & D expenses of new projects caused a net loss of 40 million yuan. The company has actively expanded its non mobile phone business, has passed the audit and certification of many head laptop customers around the world, and many projects are about to enter the stage of mass production; And launched 2U dual rack server and other self-developed products, winning the server projects of many well-known customers. The company has established cooperative relations with many OEMs and Tier1 in the business of intelligent cockpit and intelligent Internet connection. The research and development of projects supporting the head smart car brand is progressing smoothly and is about to enter the stage of mass production.
Optical modules are progressing smoothly: the net loss of delta holdings was 335 million yuan in 21 years. The supply of dual camera modules was officially started in November of 21 years, and the net loss of 1q22 was significantly reduced to 39 million yuan. The company has advanced sealing and testing technology and the research and development ability of some sealing and testing equipment, and is expected to deeply cut into the optical track that continues to create a Zhejiang Nhu Company Ltd(002001) long.
Upgrading of three business synergies: the company promotes three business synergies in the fields of wafer level packaging such as SIP, vehicle gauge module products, mini / microled and optical innovative products, and is expected to accelerate growth in the fields of consumer electronics, automobile and industry.
We predict that the company’s earnings per share for 22-24 years will be 2.99/4.12/5.49 yuan respectively (the original forecast for 22-23 years is 3.50/4.73 yuan respectively, mainly reducing the ODM business income and raising the income and gross profit margin of Anson semiconductor). According to the 22-year 30 times PE valuation of the comparable company, the corresponding target price is 89.70 yuan, maintaining the buy rating.
Risk tips
The risk of industry demand falling short of expectations, the risk of intensified industry competition and the risk of order uncertainty.
