\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 460 Hangzhou Silan Microelectronics Co.Ltd(600460) )
Event overview:
The company released the 22q1 quarterly report: the revenue was 2.001 billion yuan, yoy + 36%, QoQ + 1%, the net profit attributable to the parent was 268 million yuan, yoy + 55%, qoq-66%, and the net profit not attributable to the parent was 260 million yuan, yoy + 59%, QoQ + 25%. Both profits are within the previous performance forecast range. In terms of profit margin, the gross profit margin of Q1 is 31.43%, yoy + 2.10pct, qoq-2.68pct, and the net profit margin deducted from non parent company is 13.00%, yoy + 1.94pct, QoQ + 2.45pct.
Capacity utilization remained high and Q1 performance grew rapidly month on month
1) the performance of 22q1 increased rapidly month on month: the net profit deducted from non parent company of 21q4 decreased by 27% month on month, mainly due to the provision of R & D / year-end bonus and other expenses at the end of the year, as well as the depreciation of fixed assets. The net profit of non parent company deduction in 22q1 increased by 25% month on month, mainly due to the high downstream boom. On the one hand, the company ushered in the improvement of product structure, and the revenue of IPM, PIM (Automotive & Industrial), PMIC, MEMS, MOSFET, SBD, TVs, switch and other products increased significantly. On the other hand, the capacity utilization rate of each production line remained high, which jointly improved the profit scale and profit margin. 2) The net cash flow from operating activities shows the momentum of rapid expansion of the company: the net cash flow from operating activities of 22q1 company is – 290 million yuan, a decrease of about 250 million yuan compared with the same period of last year, mainly due to the expansion of sales scale, the increase in the purchase of raw materials and taxes, and the increase in cash paid to employees. Correspondingly, the company’s inventory at the end of Q1 was 2.13 billion yuan, an increase of 220 million yuan over the end of 21, the accounts receivable increased by 160 million yuan to 1.89 billion yuan during the reporting period, and the employee compensation payable decreased from 290 million yuan at the end of 21 to 160 million yuan at the end of 22q1, a decrease of 137 million yuan.
Continuous breakthroughs in high-end market and high-end customers
Automobile: the v-generation IGBT electric drive module independently developed by the company has passed the test of many customers and has realized batch shipment. The introduction of discrete devices in the automobile field is accelerating. Photovoltaic / energy storage: MCU products continue to be applied in the field of photovoltaic inverter, and MOSFET / IGBT products also open the photovoltaic market space. Home appliances / industry: IPM module continues to penetrate into various frequency conversion products of home appliances / industrial customers. In addition, the company’s newly launched second-generation IPM module will help the rapid growth of revenue. Security: launched a variety of POE (Ethernet power supply) chips, including a variety of DC-DC power chips, and the overall solution is China’s leading.
In the past 21 years, many production lines have gone hand in hand, and the advantages of IDM in the past 22 years have been fully demonstrated
5 / 6 / 8-inch chips: in the 21st year, the company’s 5 / 6 / 8-inch chip production line was in full load, with a total output of 2.5544 million 5 / 6-inch chips (Shilan integration) (213000 chips per month) and 6573008-inch chips (Shilan Jixin) (55000 chips per month). The investment in the 8-inch line will be increased in 2022. Epitaxial wafers: Chengdu Shilan 5 / 6 / 8-inch epitaxial wafers are in stable operation, and 12 inch epitaxial wafers are successfully put into production. By the end of 21, a total annual production capacity of 700000 epitaxial wafers will be formed. In 22 years, the company will increase the investment of 12 inch epitaxial wafers. Packaging (Chengdu Jijia): at the end of the 21st century, it has formed an annual packaging capacity of 100 million IPM modules, 800000 industrial and automotive PIM modules and 1 billion power devices. 12 inch line (Shilan Jike): 12 inch phase I construction has been completed, with a monthly production capacity of more than 36000 pieces, and phase II construction has been started in 21 years, with a planned annual production capacity of 240000 pieces. In 2022, the company will promote the production of vehicle specification level power chips and IC in 12 inches, so as to grasp the opportunity of new energy. Compound semiconductor: 21h1 silicon carbide device pilot line, Xiamen 6-inch (Shiming gallium) silicon carbide power chip production line, and 22q3 line is expected.
Investment advice
Hangzhou Silan Microelectronics Co.Ltd(600460) with the firm expansion of production, on the one hand, it develops new downstream fields, and on the other hand, a single customer continues to improve the types and value of products available. We maintain the forecast of the company’s net profit attributable to the parent company of RMB 1.4/2/2.3 billion in 2022 / 23 / 24, with the corresponding PE of 42 / 31 / 26 times. With reference to the current 70 times PE (TTM) of Shenwan semiconductor, we maintain the “buy” rating.
Risk tips
The industry boom is less than expected, the R & D progress is less than expected, and the customer development is less than expected.
