\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
The company achieved high growth in 2022q1 and maintained the "buy" rating
The company released the first quarter report of 2022. In 2022q1, the revenue was 2.001 billion yuan, with a year-on-year increase of 35.65%; The net profit attributable to the parent company was 268 million yuan, a year-on-year increase of 54.54%; The gross profit margin was 31.43%, with a year-on-year increase of 2.1 PCT. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.526/2.029/2.697 billion, the corresponding EPS will be RMB 1.08/1.43/1.90, and the corresponding PE of the current stock price will be 39.0/29.3/22.0 times. The company continued to optimize its product structure and made breakthroughs in high threshold markets such as automobile, communication, new energy, industry and white electricity. The company's 12 inch production line expansion project is under way, and it is expected to gradually release the production capacity of vehicle regulations, IGBT and other high-end products in 2022. We maintain the company's "buy" rating.
It is planned to build a 12 inch chip production line to further consolidate IDM's leading position
The company announced the resolution of the board of directors that the company plans to invest in the construction of "360000 pieces of 12 inch chip production line project per year" through its holding subsidiary Shilan Jixin. The total investment of the project is 3.9 billion yuan, and the construction period of the project is 3 years. The new 12 inch production line planned by the company this time will further enhance the company's production capacity and consolidate the company's leading position in IDM in China, which is expected to provide stronger support for the company's product iteration and upgrading and the expansion and improvement of product platform.
The rapid growth of revenue scale of Shilan Jike provides important support for the growth of the company in 2022
Shilan Jike, a 12 inch wafer subsidiary of the company, realized a revenue of 787 million yuan and a net profit loss of 162 million yuan in 2021. In 2022q1, Shilan Jike achieved a revenue of 375 million yuan, accounting for 47.65% of the annual revenue in 2021. The single quarter loss narrowed to 21.71 million yuan, and its profitability is increasing with the increase of output. Subsequently, with the continuous promotion of the 12 inch production line expansion project, it is expected to form a monthly production capacity of 60000 pieces by the end of 2022. The annual revenue of Shilan Jike is expected to achieve rapid growth, and promote the volume of the company's vehicle gauge power chips and circuits on the 12 inch line, providing important support for the company's rapid development throughout the year.
The products have fully entered the high-end markets such as new energy and vehicle regulations, and the product structure has been continuously improved
The main drive module of electric vehicle based on the v-generation IGBT and FRD chip independently developed by the company has passed the test in many customers in China and has been supplied in batches to some customers. It is expected to achieve large-scale growth in 2022. The company's IGBT products are also expected to achieve mass supply in the photovoltaic new energy market in 2022. The company's multi category products have achieved remarkable results in entering the high-end market, and high-quality and rapid development can be expected in 2022.
Risk tip: capacity construction is less than expected; Decline in industry demand; The decline of gross profit rate and the intensification of competition.
