Product optimization, full production of production line and significant improvement of comprehensive gross profit margin of products make Hangzhou Silan Microelectronics Co.Ltd(600460) (600460. SH) net profit in 2021 expected to reach a record high, and its performance growth also ranks first among A-share semiconductor companies at present. The appreciation of other non current financial assets held by the company has also become another focus. On January 21, the financial Associated Press reporter learned from Hangzhou Silan Microelectronics Co.Ltd(600460) that the company has full orders and high production pressure, especially the supply of high-end MOS tubes is in short supply, which can not meet the needs of major customers.
On the afternoon of January 21, Hangzhou Silan Microelectronics Co.Ltd(600460) disclosed the announcement of annual performance increase in 2021. It is expected that the net profit will increase by 1.45 billion yuan to 1.464 billion yuan over the previous year, with a year-on-year increase of 2145% – 2165%. The financial Associated Press reporter noted that the stock option incentive plan was planned in Hangzhou Silan Microelectronics Co.Ltd(600460) 2021, and the performance target is that the cumulative revenue from 2021 to 2024 will increase by 767% compared with 2020.
It is worth mentioning that one of the reasons for the sharp increase in Hangzhou Silan Microelectronics Co.Ltd(600460) net profit in 2021 is that other non current financial assets held by it have increased in value. Specifically: Shanghai Anlogic Infotech Co.Ltd(688107) was listed on the science and innovation board in November 2021, and the share of net assets enjoyed by the company was adjusted according to the fair value at the end of the period, resulting in an increase in net profit of 534 million yuan; Since external investors were introduced into SMIC technology in 2021, the share of net assets enjoyed by the company was adjusted according to the fair value at the end of the period, resulting in an increase in net profit of 52.29 million yuan.
For the reasons for the pre increase in performance, Hangzhou Silan Microelectronics Co.Ltd(600460) said that in 2021, the company basically completed the production capacity construction goal set at the beginning of the year, and the company’s products continued to make breakthroughs in high threshold markets such as white power, communication, industry, photovoltaic and new energy vehicles; The operating profit of power management chip, MEMS sensor, IPM (intelligent power module), MOSFET, IGBT, SBD, TVs, FRD, led and other products increased significantly. It should be pointed out that in the wafer manufacturing link that has attracted much attention, the 8-inch line of Shilan Jixin, a holding subsidiary of Hangzhou Silan Microelectronics Co.Ltd(600460) in 2021, basically maintained full production and achieved annual profit; Another holding subsidiary, shimingxin LED chip production line, also achieved annual profit.
The financial Associated Press reporter noted that recently, insiders pointed out that the market’s concerns about the future performance of Hangzhou Silan Microelectronics Co.Ltd(600460) are mainly focused on the price reduction of MOS and the replacement of IGBT by silicon carbide. In this regard, the relevant person in charge of Hangzhou Silan Microelectronics Co.Ltd(600460) told the financial associated press that silicon carbide has certain advantages in automobile application, but at present, the cost is very high, it is difficult to realize industrialization in the short term, and the volume can not meet the growth demand of automobiles, so IGBT is the mainstream in the future, “Nowadays, IGBT has high cost performance and technology is still improving. Major international manufacturers, including Infineon, believe that IGBT and silicon carbide are a combination in the future.”
Rich product matrix is one of the main advantages of Hangzhou Silan Microelectronics Co.Ltd(600460) . The aforementioned person in charge of the company further said that the pilot line of SiC Power Devices of the company has been connected in the second quarter of 2021, but the development and maturity of relevant technologies will take time. In addition, Hangzhou Silan Microelectronics Co.Ltd(600460) also plans to gradually control relevant platform companies in the field of overweight compound semiconductors.
As for the price reduction of MOS, at present, the market is mainly focused on planar MOS and low-pressure MOS, and the price of super junction MOS is still strong. It is understood that at present, the proportion of superjunction MOS in Hangzhou Silan Microelectronics Co.Ltd(600460) MOS has exceeded 50%, so the impact of price reduction of planar MOS and low-pressure MOS will gradually become smaller.
At present, a number of semiconductor sector enterprises have disclosed performance forecasts. From the observation, the overall performance of the semiconductor industry maintains a high growth rate, and the growth rate of upstream design and wafer manufacturing is higher than that of package testing:
Among wafer manufacturing and design enterprises, China Resources Microelectronics Limited(688396) (688396. SH) is expected to make a net profit of about 2.209 billion yuan to 2.233 billion yuan last year, an increase of 1.29 times to 1.32 times; Wuxi Etek Microelectronics Co.Ltd(688601) (688601. SH) estimated that the net profit last year was about 160 million yuan, an increase of about 1.39 times; Wuxi Nce Power Co.Ltd(605111) (605111. SH) it is estimated that last year’s net profit increased by 192.78% – 196.37% year-on-year; The China Wafer Level Csp Co.Ltd(603005) (603005. SH), which is mainly engaged in chip sealing and testing, is expected to have a net profit of 550 million yuan to 575 million yuan in 2021, with a year-on-year increase of 44.65% – 50.67%; The Naura Technology Group Co.Ltd(002371) (002371. SZ) of semiconductor equipment is expected to make a net profit of 940 million yuan to 1.208 billion yuan last year, with a year-on-year increase of 75% – 125%.
