Event: on April 12, the company released its annual report of 2021, with an annual operating income of 2.47 billion yuan, an increase of 36.2% over the same period last year, and a net profit of 150 million yuan, an increase of 67.8% over the same period last year.
The downstream market continues to thrive, with both production and sales of silicon wafers booming. Under the background of the continuous improvement of the global semiconductor industry in 2021, the demand for semiconductor wafers also shows a sustained exuberant situation. As the company's production capacity continues to rise, the output and sales of silicon wafers have increased significantly, with an annual operating income of 2.47 billion yuan, an increase of 36% over the same period last year, and a net profit of 150 million yuan, an increase of 68% over the same period last year. but the improvement was more than 50% over the previous year.
300mm large silicon wafer capacity climbing, scale effect appears. In 2021, the production line of 300,000 300mm semiconductor wafers per month was completed, with full coverage of logic, storage, CIS and other applications, and capacity utilization and shipments continued to rise. For the whole year, the company achieved 688 million yuan in 300mm wafer revenue, an increase of 118% over the same period last year, and its gross profit margin rose from-34.82% to-6.17%. It is expected to turn a loss into a profit this year.
5 billion fixed increase to support capacity expansion, long-term layout of the semiconductor materials industry chain. The company's total increase of 5 billion yuan has been approved by the CSRC, of which Shanghai Xinyi will add 300,000 wafers / month 300mm wafer production capacity on the basis of 300,000 wafers / month production capacity; Xinao Technology will build a 300mm high-end silicon-based material R & D pilot line with an annual production capacity of 400000 wafers. In addition, the company also carries out horizontal and vertical strategic layout in the semiconductor materials industry, participates in investing in optical mask and crystal pulling furnace equipment companies, and improves the domestic supply chain.
Profit forecast: the company's revenue from 2022 to 2024 is expected to be 35.3 billion yuan, with a net profit of 2.10 million yuan and a net profit of 2.8 billion yuan, maintaining the "recommended" rating.
Risk tips: (1) product verification is lower than expected; (2) demand for silicon wafers affected by the epidemic continues to be depressed; (3) the improvement of product yield is too slow.