\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
The company achieved high growth in 2022q1 and maintained the "buy" rating
The company released the report for the first quarter of 2022. In 2022q1, it achieved a revenue of 1.418 billion yuan, a year-on-year increase of 50.46% and a month on month increase of 22.65%; The net profit attributable to the parent company was 276 million yuan, with a year-on-year increase of 77.82% and a month on month increase of 35.87%, close to the upper edge of the performance forecast. The gross profit margin of the company's 2022q1 sales reached 36.73%, with a year-on-year increase of 3.22 PCT, maintaining a high level of profitability. The company has fully benefited from the full demand of the industry, accelerated the promotion of new products such as IGBT and MOSFET, increased the sales of overseas brands at a high speed, and achieved brilliant performance in 2022q1. We raised the profit forecast. It is estimated that the company's net profit attributable to the parent company from 2022 to 2024 will be RMB 1.071/13.12/1.574 billion (the original value is RMB 1.054/13.07/1.572 billion), the corresponding EPS will be RMB 2.09/2.56/3.07, and the corresponding PE of the current stock price will be 33.3/27.2/22.7 times, maintaining the "buy" rating of the company.
The sales of new products are bright, and the market share of photovoltaic and new energy vehicles is expected to further increase in 2022
According to the company's first quarter performance forecast, the sales revenue of new products such as IGBT, SiC and MOSFET of 2022q1 company increased by more than 100% year-on-year. In terms of IGBT, the company successfully launched 1200v40a and 650v50a 75A series IGBT single tube products in 2021, with performance benchmarking with foreign mainstream manufacturers. It is expected to be delivered in large quantities in the field of photovoltaic inverter in 2022, becoming an important growth source of the company. The company grinds from many aspects such as product design, manufacturing and quality control, which provides a reliable guarantee for further expanding the development and production of vehicle gauge products. As a leading diode enterprise, the company has the world's largest 4-inch production capacity, and the relevant wafer and packaging and testing capacity are expanding according to the plan, which is expected to provide sufficient capacity support for the company's total revenue and vehicle regulation product revenue.
Benefiting from the normalization of overseas epidemic prevention and control, the company's overseas brands have achieved rapid growth
In August 2015, the company acquired the well-known overseas semiconductor brand "MCC", and continued to promote the international strategic layout, strengthen the promotion of "Yangjie" and "MCC" dual brands, and focus on promoting the cooperation process with large multinational corporations. With the construction of overseas channels and the normalization of overseas epidemic, the company's overseas business doubled year-on-year in 2022q1, making an important contribution to the company's performance. As the company's MCC brand has a long history and high market popularity overseas, its products are directly benchmarked with ansenmey and other overseas first-line brands, and its gross profit margin is significantly higher than that of products sold in the Chinese market, which also supports the year-on-year increase of the company's gross profit margin in 2022q1.
Risk tip: capacity construction is less than expected; Decline in industry demand; Increased competition and decline in gross profit margin.
