\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
Event: the company released the first quarterly report of 2022; In the first quarter of 2022, the company realized an operating revenue of 2.001 billion yuan, an increase of 35.65% year-on-year; The net profit attributable to the parent company was 268 million yuan, an increase of 54.54% year-on-year; The non net profit attributable to the parent company was 260 million yuan, with a year-on-year increase of 59.41%.
The company has made continuous breakthroughs in high threshold markets such as new energy, automobile and white electricity, and all product lines have achieved substantial growth. The company is looking forward to the layout of the 12 inch production line, of which the construction target of phase I production capacity has been completed and mass production of multiple products has been realized. With the acceleration of the progress of phase II project, it will help the company further upgrade its products and promote the production of products meeting the requirements of vehicle regulations on the 12 inch production line; We are optimistic about the double logic of capacity release + product structure optimization and volume and price rise, which is expected to accelerate the development of various businesses of the company.
The company continued to promote the construction of 12 inch vehicle specifications & special processes to consolidate IDM’s core competitiveness. The subsidiary Shilan Jike has produced more than 200000 pieces of 12 inches in total, and the monthly production capacity has exceeded 36000 pieces as of December 21; With the accelerated construction progress of phase II project, the 12 inch line process and product platform of Shilan Jike will be further improved. The company will continue to promote the amount of power chips and circuits that meet the requirements of vehicle regulations on the 12 inch line, which is expected to occupy an advantage. In addition, according to the announcement of the resolution of the 34th meeting of the seventh board of directors, the company plans to invest in the construction of a 12 inch chip production line with an annual output of 360000 chips through Shilan Jixin, so as to further improve the company’s R & D and manufacturing of special process chips.
The downstream application of products continues to expand, driving the rapid growth of the company’s business. In 21 years, the company’s integrated circuit business revenue reached 2.293 billion yuan, a year-on-year increase of 61.5%; Among them, the company’s IPM module revenue exceeded 860 million yuan in 21 years, with a year-on-year increase of more than 100%. More than 38 million company IPM modules were used by many mainstream white machine manufacturers in China, with a year-on-year increase of 110%. Domestic substitution continued to be promoted. The company’s revenue of discrete device products in 21 years reached 3.813 billion yuan, a year-on-year increase of 73.1%; The subdivided products include MOSFET, IGBT, PIM and other R & D breakthroughs. In terms of application scenarios, the company has accelerated its entry into new energy vehicles, photovoltaic and other markets. The revenue of MEMS sensor products exceeded 260 million yuan, with a year-on-year increase of more than 80%. Among them, acceleration sensors and other products have achieved batch output on the 8-inch line, accelerating the expansion to white electricity, industry, automobile and other fields. In 21 years, the company’s revenue of LED products reached 708 million yuan, with a year-on-year increase of 81.05%. The company continued to consolidate the market share of traditional LED color screens, and accelerated the research and development of mini LED chips and customer expansion.
Silicon carbide MOSFET is poised to seize the development opportunity of new energy vehicles. The pilot line of silicon carbide power devices of the company has been connected in the first half of the year. At present, the company has completed the research and development of vehicle specification SiC MOSFET devices and is in the stage of sample delivery and mass production. In terms of production capacity, a 6-inch SiC power device chip production line will be built in Shiming gallium, which is expected to be connected in the third quarter of 22; The company accelerated the layout of SiC devices and modules, and firmly grasped the golden period of the extensive use of SiC modules in Shanxi Guoxin Energy Corporation Limited(600617) vehicles.
Investment suggestion: the company continues to give full play to the advantages of IDM mode, and the release of production capacity and the optimization of product structure drive the continuous growth of the company’s performance. We expect the net profit attributable to the parent company from 2022 to 2024 to be 1.577 billion yuan, 2.009 billion yuan and 2.522 billion yuan respectively.
Risk warning: the risk of orders falling short of expectations, the risk of new product development falling short of expectations, and the risk of supply chain caused by the epidemic
