The company's high performance growth in 2021, sufficient growth momentum, to maintain the "buy" rating on April 25, 2022, the company issued the 2021 annual report and the 2022 quarterly report. The company achieved revenue of 437 million yuan in 2021, + 60.13% year-on-year; net profit of 131 million yuan, + 51.44%; deduction of non-net profit of 127 million yuan, + 52.75%; gross profit margin of 46.77%, year-on-year-1.66pcts. The company's 2021Q4 achieved revenue of 124 million yuan in a single quarter, + 57.93% year-on-year,-4.10% month-on-month; net profit of 18 million yuan,-28.55%,-56.32%; and deduction of non-net profit of 18 million yuan,-26.08%, and-54.88%, respectively.
2022Q1 achieved revenue of 96 million yuan in a single quarter, + 12.92% year-on-year,-22.50% month-on-month; net profit of 20 million yuan,-41.87%, + 14.77%; and deduction of non-net profit of 20 million yuan,-30.60%, and + 10.41%. The company has strong technical strength, actively expand production, expand the power chip business, and have sufficient driving force for growth. We maintain the 2022-2023 performance forecast and add the 2024 performance forecast. It is estimated that the 2022-2024 net return profit will be 1.70x308 million, corresponding to EPS 2.583.09, and the current stock price corresponds to 24.1x15.9 PE 13.2 times, maintaining the "buy" rating.
The downstream demand is strong, actively expand production, expand the power chip business, the prospect can be divided into products, the company's revenue of semiconductor single crystal silicon wafer in 2021 is 282 million yuan, year-on-year + 48.46%, gross profit margin is 49.58%, year-on-year + 1.66pcts; semiconductor single crystal silicon rod income is 85 million yuan, year-on-year + 7.16%; gross profit margin reached 43.22%, year-on-year-8.19pcts The revenue of the newly added semiconductor power chips and devices business is 62 million yuan, with a gross profit margin of 37.79%. The company has completed the process debugging of the single crystal wafer project of raising investment and expanding production. While consolidating the market position of small-size silicon wafers, the company has steadily expanded the large-size silicon wafer market, based on the present, and planned for the long term. In 2021, the company set up a joint venture company, Jiangsu Gaoxin, with a stake of 51%, expanding power chips, realizing the integrated layout of upstream and downstream resources in the industry, and plans to complete the expansion of production capacity through the construction of new factories to further enrich the company's product types and create new growth points. In 2021, the company invested 15.06 million yuan in R & D, + 53.67% compared with the same period last year.
Most of the new global production capacity is 12-inch polished wafers, and the new production capacity of 8-inch and less silicon wafers is limited, and the supply is tight. The demand for 8-inch and below silicon wafers in areas such as logic chips and automotive chips is also expected to grow. Some areas can not be replaced by 12-inch silicon wafers, the company as a major supplier of semiconductor wafer materials, the prospect is promising.
Risk tips: the impact of the epidemic leads to a decline in demand, the company's R & D progress is not as expected, and competition aggravates the risk.