\u3000\u3000 China Resources Microelectronics Limited(688396) (688396)
Event: the company released the performance forecast for 2021. It is estimated that the annual net profit attributable to the parent company will be 2.21-2.23 billion yuan, with a year-on-year increase of 129% – 132%; It is estimated that the annual net profit deducted from non parent company will be RMB 2.04-2.06 billion, with a year-on-year increase of 139% – 142%, and the company’s performance will maintain rapid growth.
Q4 performance meets expectations, and the company has full orders on hand. According to the performance forecast of 2021, the net profit attributable to the parent company in Q4 in a single quarter was 520-550 million yuan, with a year-on-year increase of 89.5% – 98.2%; Q4 single quarter deduction of non parent economic profit was 490-510 million yuan, with a year-on-year increase of 92.8% – 102.4%. In 2021, the company gave full play to the advantages of IDM mode, continued to improve the R & D capacity of core technologies, and further consolidated its leading position in the field of power semiconductors in China. The company has full orders on hand, abundant self owned capacity and high capacity utilization. The production capacity of 12 inch wafers put into operation in cooperation with large funds is expected to climb in the second half of 2022, with strong performance guarantee in the future.
New SiC MOSFET products are launched, and the layout of the third generation semiconductor is progressing smoothly. On December 17, 2021, the company announced the launch of a new 1200V SiC MOSFET independently developed by the company, which is another masterpiece after the launch of SiC diode products in 2020. The SiC MOSFET launched by the company this time has the advantages of good gate oxygen reliability, high current density, high switching speed, industrial reliability and small change of on resistance with temperature. The product performance can be compared with international first-line brands and can be applied to many fields such as new energy vehicle OBC, charging pile, industrial power source, photovoltaic inverter and wind power generation. At present, the company’s SiC MOS products are actively introduced into customers, and it is expected to form mass production and sales in 2022. The company is looking forward to the layout of the third-generation semiconductor devices, the progress of industrialization is leading in the industry, and is expected to occupy a favorable position in the SiC product segment in the future.
Release the equity incentive plan to demonstrate the company’s confidence in long-term development. The company issued a restricted stock incentive plan on December 25, 2021, which plans to grant no more than 15.07 million shares to the incentive objects, accounting for 1.1% of the total share capital. The first grant part is 1300 people, and the exercise price is 34.1 yuan. The company’s implementation of equity incentive is conducive to the deep binding of core technology and management talents, and helps the company’s long-term and stable development.
Profit forecast and investment suggestions. We raised the company’s performance expectations. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 2.21 billion yuan, 2.59 billion yuan and 2.94 billion yuan respectively, with the corresponding growth rates of 129.7%, 17.2% and 13.3% respectively. Considering the leading position of the company in the field of power semiconductor, the R & D of high-end products is progressing smoothly and there are plenty of orders on hand. It is expected to fully enjoy the substitution dividend of power semiconductor localization and maintain the “buy” rating.
Risk tip: the risk of industry prosperity descending; The company’s technology research and development progress does not meet the expected risk.
