The 21-year net profit of homing increased 44%, 56%, 4Q21 and 54% compared with the same period last year. The company issued a 2021 performance forecast. It is estimated that the net profit of 2021 will be 125 million yuan, an increase of 44.13% and 55.66% over the same period last year. The net profit after deducting non-return will be 120 million yuan, an increase of 44.90% and 56.97% over the same period last year. Among them, the net profit of 4Q21 is 11.44 million yuan and 21.44 million yuan (YoY-54.02% Murray 13.83%, QoQ-71.89% Murray 47.32%), and the net profit after deducting non-return is 11732173 million yuan. 4Q21 showed a large decline, we expect to be mainly due to weaker downstream demand and customer inventory, as well as upstream polysilicon material prices, etc., under the influence of the company's full-year return net profit is lower than our previous forecast of 156 million yuan.
Full accumulation of technology in the early stage to ensure the smooth progress of fund-raising projects
As a member of the National Semiconductor equipment and Materials Standardization Technical Committee, the company has sufficient technical reserves, and the original crystal rod production and grinding chip processing technology and fund-raising project products have technical versatility. At the same time, the company also has a polishing pilot line, and the existing products are in mass production, and the reserve of related personnel and technology will provide a guarantee for the smooth progress of the listing project.
In 2021, the company completed the acquisition of Nantong Gaoxin and injected into the new joint venture company "Jiangsu Gaoxin". Jiangsu Gaoxin's main products are high-frequency and high-voltage diodes, which are widely used in microwave ovens, laser printers, photocopiers and other fields. After the acquisition of Gao Xin, the company completed the layout of the whole industry chain of single crystal silicon rods, wafers and discrete devices. At the same time, according to the announcement of September 1, 2021, the company plans to sign an investment agreement with the Management Committee of Rugao Industrial Park. Jiangsu Gaoxin as the main implementation of the "device chip silicon diffusion sheet, special high voltage and automotive high power diode production project", the total investment of the project is not less than 1 billion yuan. The company's business further extends downstream to create the advantage of the whole industry chain.
Investment advice: maintain a "buy" rating
Based on the company's latest results, we expect the company's 21-23 net return profit to be $1.30cm 2.10pm 297 million (the previous value is 1.56pm 2.54pm $364 million), EPS $1.31pm 2.10pm $2.98, and PE 46.3pm 28.8x20.3x corresponding to the share price on January 27, 22, maintaining the "Buy" rating.
Risk tips: demand is lower than expected, the progress of fund-raising projects is not as expected, and the risk of upstream price increases.