\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 73 Yangzhou Yangjie Electronic Technology Co.Ltd(300373) )
The company issued the 2021 annual report. In 2021, the company achieved a revenue of 4.397 billion, a year-on-year increase of 68.00%; The net profit attributable to the parent company was 768 million, a year-on-year increase of 103.06%; Deduct non net profit of 708 million, with a year-on-year increase of 92.48%; The gross profit margin was 35.11%, with a year-on-year increase of 0.84pct. In 2021, the company's performance achieved rapid growth, mainly due to the high popularity of power semiconductors and the continuous strong demand in the downstream. The company accelerated the release of production capacity and the rapid improvement of the performance of new products. In 2021, the company's MOSFET product revenue increased by 130%, small signal product revenue increased by 82%, IGBT product revenue increased by 500% and module product revenue increased by 35%.
The boom continued, and the performance of 2022q1 remained strong. The company released the performance forecast for the first quarter of 2022. It is expected that the company will realize the net profit attributable to the parent company of 233 ~ 280 million in 2022q1, with a year-on-year increase of 50% ~ 80%; Deduct non net profit of 232 ~ 278 million, with a year-on-year increase of 51.72% ~ 82.26%. In the first quarter, the high-performance of power semiconductor continued. The company accelerated the release of new production capacity and actively promoted the development of new products. Among them, new products such as IGBT, SiC and MOSFET performed well, and the sales revenue increased by more than 100% in the first quarter of 2022.
Vigorously develop and actively promote projects in hand. In 2021, the company invested 242 million in R & D, an increase of 111 million over the previous year, and the R & D expense rate was 5.01%. The company continues to promote R & D projects. At present, 8-inch 1200vigbt chip products have been put into the market and received a large number of orders; MOSFET products have passed the audit of many head customers; SiC module and 650vsicsbd and 1200V series sicsbd products have been successfully developed. Sicmos products have completed 1000 hour verification and entered the assessment stage; Fred rectifier chip has achieved mass production of 200V ~ 1200V, and 650V and 1200V freewheeling chips have been shipped in batch.
In the golden period of domestic substitution, the scale of power market has increased steadily. According to ihsmarkit data, it is estimated that the global diode market scale will increase from US $4.326 billion to US $4.662 billion and CAGR 1.5 billion from 2019 to 202451%； China's diode market will increase from US $1439 million to US $1554 million, CAGR 1.5% 55%。 According to yole data, from 2020 to 2026, the global silicon-based MOSFET market will increase from US $7.5 billion to US $9.4 billion, and the global IGBT market will increase from US $5.4 billion to US $8.4 billion. In 2018, IGBT accounted for about 27.5% of the global power device market, and the proportion will increase to 28.1% by 2024. At present, China's power semiconductor market occupies an important position in the global market, but it still mainly depends on imports in medium and high-end MOSFET and IGBT devices, and there is a wide space for domestic substitution.
Products continue to make breakthroughs, and IDM mode has delivery advantages. The company began mass production of 8-inch 1200vtrenchigbt chips and modules, and received a large number of orders. 1200v40a, 650v50a 75A series IGBT single tube products began small batch mass production and delivery; The company adopts IDM mode, which has the advantages of cost optimization of the whole industrial chain and perfect technology and process. We expect the company's revenue in 2022, 2023 and 2024 to be 5.935/77.75/10.691 billion yuan respectively, and the net profit attributable to the parent company to be 1.118/13.51/1.848 billion yuan; Corresponding to pe29 6/24.5/17.9x。 Maintain the "buy" rating.
Risk warning: product development is less than the expected risk, and capacity expansion is less than the expected risk.
