\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
On April 28, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) disclosed that in the first quarterly report of 2022, 1q22 company achieved a revenue of 1.418 billion yuan, a year-on-year increase of 50.46%, and a net profit attributable to the parent company of 2.76 yuan, a year-on-year increase of 77.82%.
The performance is close to the upper limit of the notice, and the gross profit margin is further improved. 1q22 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) achieved a revenue of 1.418 billion yuan, an increase of 50.46% year-on-year and 22.65% month on month; 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 34.83%, close to the upper limit of the notice. In the first quarter, the company's gross profit margin was 36.73%, up 0.23pct month on month, reaching the highest level since 2018. The net profit margin was 20.48%, up 1.53pct month on month. In the first quarter, the power semiconductor industry continued to have a high outlook and downstream demand, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) accelerated the pace of capacity release, continuously improved the product structure, and both revenue and net profit hit a record high.
IGBT and SiC accelerated breakthroughs, and the product structure continued to improve Yangzhou Yangjie Electronic Technology Co.Ltd(300373) continue to increase investment in new product research and development, and achieve rapid breakthroughs in IGBT, SiC and other products. 2021: in terms of IGBT, the trench1200vigbt series modules of the company's 8-inch platform have received a large number of orders, and the single tube performance of 1200v40a and 650v50a / 75A series IGBT has been benchmarked with overseas mainstream manufacturers to achieve small batch delivery; In terms of SiC, Yangjie has launched SiC modules to the market, successfully developed 650V / 1200vsicsbd products, and made key progress in sicmos. With the continuous upgrading of Yangjie's product structure, the proportion of high-power MOS, IGBT and SiC products is expected to continue to increase. In the first quarter, Yangzhou Yangjie Electronic Technology Co.Ltd(300373) seized the development opportunity of new energy and continued to increase the proportion of revenue in new energy vehicles, photovoltaic and other fields, helping the company's performance to accelerate growth.
We will continue to promote the upgrading of production lines and accelerate the layout of 8-inch wafer production capacity and 8-inch wafer R & D and design Yangzhou Yangjie Electronic Technology Co.Ltd(300373) has its own 4-inch and 6-inch wafer production lines. It is expected that the production capacity of Yangzhou and Yixing factories will continue to be released in the future. At the same time, Yangjie has launched in-depth cooperation with SMIC Shaoxing to effectively obtain the supply of 8-inch wafer production capacity. It is expected that the 8-inch production capacity will also be steadily increased in the next two years. In terms of design, the company has mass produced 8-inch IGBT and promoted the expansion of 6-inch tsbd chip to 8-inch platform. In addition, the company's silicon wafer manufacturing and sealing test capacity continue to expand. The steady progress of a full range of capacity, wafer size and R & D will lay a solid foundation for the company's long-term growth.
Investment suggestion: at present, the company's product categories continue to be optimized, the production capacity continues to expand, the prosperity of the industry remains unchanged, the proportion of revenue in the field of new energy has increased steadily, and the performance is expected to continue to grow. We predict that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1104 / 1437 / 1853 million, with a year-on-year increase of 43.7% / 30.2% / 28.9%. The current market value corresponds to 30 / 23 / 18 times of PE, maintaining the "recommended" rating.
Risk warning: the risk that the release of production capacity is less than expected; Risk that the revenue growth of new products is less than expected; The risk of the epidemic affecting the company's production and downstream demand.
