\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
Steady performance growth, double brand operation to improve profitability
The company's main products include rectifier devices, small signal, MOSFET, IGBT and SiC series power products, which are widely used in consumer electronics, security, industrial control, automotive electronics, new energy and other fields. Through the dual brand operation of "Yangjie" and "MCC", the "Yangjie" brand focuses on China and the Asia Pacific market, and the MCC brand focuses on the European and American market to achieve global market channel coverage. In 2021, the company achieved an operating revenue of 4.397 billion yuan, a year-on-year increase of 68.03%; The net profit attributable to the parent company was 768 million yuan, a year-on-year increase of 103.06%. The performance forecast of Q1 in 2022 exceeded expectations, and the net profit attributable to the parent company is expected to be 233280 million yuan, with a year-on-year increase of 50-80%.
Diode leading enterprises, grasp the power semiconductor market
The power semiconductor market has a broad space. According to omdia data, the global power semiconductor market will be about 46.4 billion US dollars in 2019 and is expected to grow to 52.2 billion US dollars by 2024. The company is the leader in China's diode market, with rectifier bridge products accounting for 20.5% of the global market, ranking first in the world; In the field of power diodes and power TVs, the company accounts for 6.3% of the global power semiconductor market.
Large volume of MOSFET / IGBT / SiC products, product and downstream structure optimization
According to the Q1 performance forecast in 2022, the sales revenue of the company's new products such as IGBT, SiC and MOSFET increased by more than 100% year-on-year. The new business is expected to accelerate the release and optimize the product structure in 2022. The company has actively promoted the research and development of power semiconductor chips. The trench1200v IGBT chip based on the 8-inch platform has been developed, and the corresponding modules have been put on the market in batches. A large number of orders have been obtained. 1200V 40A and 650V 50A / 75A series single tube products have been launched, and small batch production and delivery have begun.
IDM and fabless developed in parallel, and the wafer production capacity was accelerated
The company has its own 4-inch and 6-inch silicon-based production capacity, which is expected to increase by more than 30% in 2022; Among them, the capacity of 4-inch production line is expected to increase to 1.5 million pieces / month, and the capacity of 6-inch production line is expected to increase to 100000 pieces / month by the end of the year. At the same time, the company cooperates with SMIC Shaoxing to manufacture 8-inch wafers for medium and high-end power devices, and the production capacity is expected to increase by 50% in 2022.
Investment advice
It is estimated that from 2022 to 2024, the net profit attributable to the parent company of the company will be RMB 1.026 billion, 1.330 billion and 1.768 billion, and the corresponding P / E ratio will be 32.19, 24.83 and 18.68 times. The company will be given a "buy" rating for the first time.
Risk tips
The downstream demand is lower than expected, the upstream raw material price increases, and the R & D progress is lower than expected
