\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 745 Wingtech Technology Co.Ltd(600745) )
Event: the company released its 2021 annual report on April 25, 2022. During the reporting period, the company realized an operating revenue of 52.729 billion, a year-on-year increase of 1.98%; The net profit attributable to the parent company was 2.612 billion, a year-on-year increase of 8.12%; The basic earnings per share was 2.11 yuan / share, a year-on-year increase of 2.43%. The company plans to distribute a cash dividend of 2.0382 yuan (including tax) to all shareholders for every 10 shares. The company released the first quarterly report of 2022 on April 25, 2022. During the reporting period, the operating revenue was 14.803 billion, a year-on-year increase of 23.44%; The net profit attributable to the parent company was 503 million, with a year-on-year increase of – 22.87%.
Anson semiconductor has obvious advantages and steady progress in R & D and production expansion: Anson semiconductor, a wholly-owned subsidiary of the company, is a world-famous semiconductor IDM company, which can deliver more than 90 billion products every year. According to the annual report, anser is a global leader in various sub sectors, including the world’s first shipment of diodes and transistors, the world’s second shipment of logic chips, the world’s first ESD protection devices and the world’s ninth shipment of power devices. According to the 2021 annual report, during the reporting period, the company invested 837 million yuan in the research and development of semiconductor business. At present, silicon-based gallium nitride power devices (ganfet) have been launched, silicon carbide diode products have been sampled, IGBT product streaming has been completed, and new analog IC products are also in the process of accelerated research and development. In terms of semiconductor capacity, according to the 2021 annual report, the company’s new 8-inch wafer production line at the wafer plant in Hamburg, Germany, has been successfully put into operation. At the same time, the Shanghai Lingang Holdings Co.Ltd(600848) 12 inch vehicle gauge wafer project invested by wentianxia, the controlling shareholder of the company, has also started construction in an all-round way. At present, the construction has been capped. Anse group has completed the acquisition of 100% equity of Newport wafer factory in the UK in 2021 and started the process of gradual conversion from OEM capacity to IDM’s own capacity. The total amount of funds raised by the company’s convertible bonds (Wentai convertible bonds) is 8.6 billion yuan. The funds raised are mainly used for the construction of intelligent manufacturing industrial parks in Wuxi, Kunming and India, the construction of Xi’an R & D center and the supplement of working capital, so as to better grasp the industrial opportunities in the fields of intelligent terminals and intelligent vehicles.
Automotive demand drives growth, and the semiconductor business has broad prospects: as one of the global leading companies of automotive semiconductors, Anse group has nearly 16000 product item numbers, and has established in-depth cooperative relations with key enterprises in the fields of new energy vehicles, power grid, power and communication in China. With the acceleration of EV shipments, the industry demand continues to be in a state of tight supply. According to the 2021 annual report, the consumption of xev single vehicle power semiconductor will increase from $90 to more than $330. In the era of gasoline vehicles, the global average application of Anse chips for single cars has reached more than 300. The number of particles of Anse products for electric vehicles is expected to increase several times, and the application output value is also expected to increase multiple levels. According to the 2021 annual report, during the reporting period, the company’s semiconductor business realized an external main business revenue of 13.803 billion yuan, a year-on-year increase of 39.54%, a gross profit margin of 37.17%, and a net profit of 2.632 billion yuan, a year-on-year increase of 166.31%. In the first quarter of 2022, the company’s semiconductor business continued to maintain month on month growth, realizing an external operating revenue of 3.697 billion yuan, a year-on-year increase of 9.62%, a gross profit margin of 42.94%, and a net profit of 854 million yuan, a year-on-year increase of 41.18%.
Diversified development of product integration business and accelerated development of optical modules: facing the market-oriented impact of the original product integration business, the company actively carries out strategic layout, expanding from consumption to industry, automobile, etc. The company continues to expand in terms of new customers and actively invests in the advanced research and development of wafer level packaging sip, mini / microled, automotive electronics, etc. According to the 2021 annual report, in the first quarter of 2022, the mobile ODM business progressed smoothly, and the non mobile business continued to obtain new customers and orders. In the future, with the mass production of the project, it will contribute to the revenue. The company gives full play to the scarcity of the original optical module business in the field of camera modules and the progressiveness of the sealing and testing technology ability, and actively promotes the R & D and certification of the optical module business. According to the 2021 annual report, the company has officially started the supply of dual camera products in November 2021, and will continue to promote the effective integration of the upstream and downstream of the optical module business industrial chain in the future.
Investment suggestion: we estimate that the company’s revenue from 2022 to 2024 will be 71.447 billion yuan, 94.311 billion yuan and 124.49 billion yuan respectively, and the net profit attributable to the parent company will be 3.8 billion yuan, 4.84 billion yuan and 5.901 billion yuan respectively, maintaining the “Buy-A” investment rating.
Risk tip: the R & D progress is less than expected, and the capacity construction is less than expected.
