2023H1 公司受制于行业景气度偏弱、市场需求疲软，总营业收入承压，硅抛光片产能利用率下降，部分硅片产品价格有所下调，同时叠加部分半导体功率器件产品销售价格下调，导致公司毛利率下降，归母净利润承压。分业务看，硅片业务受制于存储器和消费电子产品需求下降，2023H1 收入7.55 亿元，同比-18.48%，2023Q2 收入4.02 亿元，环比+13.97%；半导体功率器件业务受制于消费电子类功率器件市场不景气，2023H1 收入5.38 亿元，同比-10.69%，2023Q2 收入2.80亿元，环比+8.37%；化合物半导体射频芯片业务受益于产品技术突破，在手订单同比大幅增长，2023H1 营收同比大幅增长，负毛利率情况有所收窄，亏损有所减少；从存货看，2023Q2 存货13.87 亿元，环比-0.19 亿元，库存水位下降；从公司产品结构来看，2023H1 公司光伏用旁路二极管控制芯片、车规级功率器件芯片的产销量大幅提升。随着2023H2 行业景气度逐渐回升，大硅片国产替代持续推进，公司成长动力充足。2023H1 performance is under pressure, valuations are low, and “buy” ratings are maintained
The company released its semi-annual report for 2023. 2023H1 achieved revenue of 1,342 million yuan, -14.22% year-on-year; net profit of 174 million yuan, -65.49%; net profit after deducting non-return net profit of 50 million yuan, -89.00% year-on-year; gross profit margin of 27.27%, -20.26pcts year-on-year. Calculated for 2023Q2, we achieved revenue of 710 million yuan in a single quarter, -12.17% year on month, +12.30%; net profit of 139 million yuan, year on year, -47.51% year on month, +304.25% month on month; net profit after deducting non-return net profit of 27 million yuan, -88.00% year on year, +12.95% month on month; gross profit margin 25.13%, year on year -19.84 pcts, month over month, -4.54 pcts. Considering factors such as weak consumer market demand, we lowered our performance forecast for 2023-2025, expected 2023- Net profit for 2025 was 6.94 (-2.13) /8.22 (-5.18) /11.26 (-476) million yuan, corresponding EPS was 1.03 (-0.31) /1.22 (-0.76) /1.66 (-0.69) yuan. The current stock price corresponding to PE is 32.5/27.5/20.1 times. The company's silicon products have excellent technical strength and low valuations, maintaining a “buy” rating.
Short-term performance is under pressure, industry prosperity is rebounding, domestic silicon substitution is being promoted, and the company's growth momentum is sufficient
2023H1 is constrained by weak industry prosperity, weak market demand, total revenue is under pressure, the capacity utilization rate of silicon polishing wafers has declined, prices of some silicon wafer products have been lowered, and sales prices of some semiconductor power device products have been lowered. At the same time, the company's gross margin has declined, and the company's net profit is under pressure. By business, the silicon business was constrained by falling demand for memory and consumer electronics products. 2023H1 revenue was 755 million yuan, -18.48% year on year, 2023Q2 revenue was 402 million yuan, +13.97% month on month; semiconductor power device business was constrained by the slump in the consumer electronics power device market, 2023H1 revenue was 538 million yuan, -10.69% year on year, and 2023Q2 revenue was 280 million yuan, +8.37% month on month; compound semiconductor RF chip business benefited from product technology breakthroughs, and orders on hand were significant. Growth, 2023H1's revenue increased sharply year-on-year, negative gross margin narrowed, and losses decreased; in terms of inventory, 2023Q2's inventory was 1,387 million yuan, or -19 million yuan over the previous year, and inventory levels fell; judging from the company's product structure, the production and sales volume of 2023H1's photovoltaic bypass diode control chips and automotive-grade power device chips increased dramatically. As the prosperity of the 2023H2 industry gradually picks up, domestic substitution of large silicon wafers continues to advance, and the company has sufficient momentum for growth.
Risk warning: Market demand falls short of expectations; market competition intensifies; product verification progress falls short of expectations.
