The company's 2Q23 revenue increased 136.55% compared with the same period last year. 1H23 realized revenue of 5.03 billion yuan (YoY-2.257%), net profit of 778 million yuan (YoY-42.57%), net profit of 732 million yuan (YoY-43.97%) and gross profit margin of 34.3% (YoY-3.17pct). 2Q23 achieved revenue of 2.683 billion yuan (YoY+1.97%,QoQ+14.4%) in a single quarter, net profit of 398 million yuan (YoY-45.9%,QoQ+4.5%), net profit of 396 million yuan (YoY-43.9%,QoQ+17.8%) and gross profit margin of 33.85% (YoY-4.54pct,QoQ-0.95pct).
Product and solution business structure optimization, IGBT and other products accelerate growth. The company's products and programs achieved income of 2.395 billion yuan, of which new energy accounted for 20%, cars accounted for 19%, and industrial equipment accounted for 17%. Among them, IGBT revenue was about 400 million yuan, an increase of 127% over the same period last year, industrial control and automotive electronic applications accounted for more than 85%, and high-power modules accelerated; MOS process platform continued to upgrade, high-voltage overjunction MOS in new energy vehicles, photovoltaic, energy storage, UPS, communications equipment rapid expansion, 1H23 growth of 100%; power IC, intelligent sensors and intelligent control products increased 125% year-on-year, of which IPM product revenue increased 208% Sales of special device TMBS modules have increased by more than 5.5 times compared with the same period last year; MOS's share of silicon carbide power device sales has gradually increased to more than 50%.
The manufacturing and service technology platform continues to upgrade, and the mask business increased by 27% compared with the same period last year. The income of 1H23 manufacturing and service is 2.545 billion yuan. In terms of manufacturing process platform, the company's 0.11um BCD technology platform has been verified by customer products, 0.15um digital BCD technology platform has been introduced to the market, 0.18micron analog BCD technology platform has reached the international advanced level, UHV capacitor technology platform has entered mass production, and 600V high voltage drive IC process platform continues to expand. In terms of packaging, the company's intelligent power modules are fully packaged; high-power devices such as LFPAK, TOLL, and TO247 are mass-produced for photovoltaic and energy storage, with panel-level packaging revenue up 92.32% year-on-year; mask business sales up 26.7% year-on-year, and the yield of new products is as high as 99.04%.
The 12-inch production capacity has been gradually released, and the technology development has been developed in multiple dimensions. At present, the company's 60-inch line is 230,000 pieces per month, and the 8-inch line is about 140,000 pieces per month. It is building a 12-inch line with 40,000 pieces per month, and the Chongqing 12-inch production line is climbing. On this basis, the company has made a number of progress in technology development, injecting power into the company's long-term development:
Based on 8-inch platform to develop the fifth generation of 650V micro-groove IGBT, the performance of the domestic leading, 1200V mature mass production. Chongqing 12-inch 2 super-knotted products have entered the sample delivery, some of them have entered the small batch stage; 36V high-precision bipolar simulation IC process platform breaks the monopoly of international companies in the domestic market; Dr MOS development sends samples.
Investment suggestion: we are optimistic about the manufacturing capacity of the company's characteristic process platform and the space for multi-dimensional development of products. It is expected that the company will achieve a net profit of 18.8 billion YoY-28%/+21%/+18% in 23-25, and the corresponding PE in 23-25 will be twice that of 41-34-29, maintaining the "overweight" rating.
Risk tips: downstream demand is not as expected, production line construction is not as expected, and so on.