\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 745 Wingtech Technology Co.Ltd(600745) )
Core view
1q22 revenue increased by 23% year-on-year, and the loss of net profit affected by changes in fair value decreased year-on-year. In 2021, the company’s revenue was 52.7 billion yuan (yoy2%), the net profit attributable to the parent company was 2.6 billion yuan (yoy8%), the net profit not attributable to the parent company was 2.2 billion yuan (yoy4%), the gross profit margin was 16.17% (+ 0.97pct), and the net profit margin was 4.77% (+ 0.01pct). 1q22’s revenue was 14.8 billion yuan (yoy23%, qoq5%), and the net profit attributable to the parent company was 500 million yuan (yoy-23%, qoq-12%). The decrease in net profit was mainly due to the loss of 279 million yuan due to changes in fair value caused by stock price fluctuations, with a gross profit margin of 17.75%, a year-on-year increase of 2.19 PCT and a month on month increase of 2.45 CT; The net interest rate was 3.32%, down 2.12pct year-on-year and 0.51pct month on month. In order to develop new products and businesses, the company invested 3.7 billion yuan in R & D in 2021, accounting for 7% of its revenue, of which 1 billion yuan was capitalized and 2.7 billion yuan was expensed.
The net profit of semiconductor 1q22 increased by 41%, increased R & D and expanded product line. The company’s 21-year semiconductor revenue is 13.8 billion yuan (yoy39.5%), gross profit margin is 37.17%, and net profit is 2.6 billion yuan (yoy166%). Downstream applications are mainly automobiles (44%), mobile and wearable devices (23%), industry and electricity (23%), computer equipment (5%) and consumption (5%); The product lines are mainly transistors (50.33%), MOSFET power tubes (27.53%), analog and logic ICs (16.57%). 1q22 revenue is 4 billion yuan (yoy9.6%), gross profit margin is 42.94%, and net profit is 850 million yuan (yoy41%). According to the research data of xinmou, in 21 years, Anse group became the sixth largest power semiconductor company in the world, rising three places, and firmly ranked first in China’s power semiconductor company. In the past 21 years, the company invested 837 million yuan in Semiconductor R & D to further strengthen the R & D of medium and high voltage MOSFET, compound semiconductor products SiC and Gan products, IGBT and analog products.
New products and customers of product integration business entered the harvest period, and the loss of optical module business narrowed. In 2021, the company’s product integration business revenue was 38.7 billion yuan (yoy-7%), the gross profit margin was 8.71%, the net profit was 184 million yuan, and the R & D investment was 2.782 billion yuan. 1q22 has a revenue of 10.3 billion yuan (yoy20%), a gross profit margin of 9.44%, and a net loss of 40 million yuan. 1q22 mobile phone ODM business is progressing smoothly, and non mobile phone business continues to obtain new customers and orders. The main reason for the loss is that non mobile phone business still has relevant expenses in the early stage of project R & D and trial production, and will contribute revenue with the mass production of the project in the future. In 2021, the net loss of optical module business was 335 million yuan, and the loss attributable to the parent company was 234 million yuan. The net loss of 1q22 narrowed to 39 million yuan and the net loss attributable to the parent company was 27 million yuan. After resuming the supply of dual cameras in November last year, the company is actively promoting the verification of new item numbers and further promoting the application of products in vehicle optics, AR / VR optics, laptop and other fields.
Investment suggestion: the high prosperity of semiconductor continues, other businesses gradually improve and maintain the “buy” rating. We expect the company’s net profit attributable to the parent company to be 4.2/55/6.6 billion yuan from 2022 to 2024 (the value before 20222023 is 5.2/6.2 billion yuan), with a year-on-year growth rate of 62 / 31 / 19%; EPS is 3.39/4.42/5.26 yuan, and the PE corresponding to the share price on April 25, 2022 is 17.7/13.5/11.4x respectively. The company’s semiconductor business continued its high boom, the profitability of product integration business and optical module business improved, and maintained the “buy” rating.
Risk tip: the release of production capacity is less than expected, the import of customers is less than expected, and the demand is less than expected.
