受益于半导体行业景气度的持续复苏，下游客户需求增长及公司加强市场拓展、优化产品结构等因素的影响，公司硅片和功率器件芯片销量同比实现了大幅增长。折合 6 英寸的硅片销量为1096.59 万片，同比+53.73%，其中12 英寸硅片销量75.30 万片（折合 6 英寸为 301.20 万片），同比增长 128.11%；功率器件芯片销量130.79 万片，同比+1.61%。2024Q3 reversed losses month-on-month, and the company's development continued to improve, maintaining a “buy” rating
The company released its 2024 three-quarter report. 2024Q1-Q3 achieved revenue of 2.277 billion yuan, +13.10%; net profit to mother -0.054 billion yuan, -0.24 billion yuan; net profit after deducting non-return to mother -0.036 billion yuan, -0.097 billion yuan; and gross sales margin of 13.60%, -12.44pcts year-on-year. 2024Q3 achieved revenue of 0.818 billion yuan, +21.94% year over month, +4.86% month on month; net profit to mother 0.013 billion yuan, +6.64% year on year, +0.016 billion yuan; net profit without return to mother 0.006 billion yuan, -47.75% year on year, -28.11% month on month; gross sales margin of 15.78%, -7.80 pcts year on month, +1.23 pcts month on month. The main reasons for 2024Q1-Q3 losses are: (1) fixed costs such as depreciation expenses increased a lot year-on-year during the reporting period; (2) unit sales prices of silicon wafer products and power chip products declined; and (3) fair value change losses due to falling stock prices held in listed companies. Considering that the company's 2024Q3 revenue and net profit to mother continued to improve year-on-month, we maintain the company's profit forecast. We expect net profit to be 0.204/0.507/0.796 billion yuan for 2024-2026, and the current stock price corresponding to PE is 88.2/35.4/22.6 times. We are optimistic about the long-term development of the company's semiconductor material platformization and maintain a “buy” rating.
The semiconductor industry continues to recover, and the company's silicon wafer and power chip shipments are growing steadily
Benefiting from the continued recovery in the semiconductor industry, the company's sales volume of silicon wafers and power device chips increased significantly over the same period last year due to factors such as increased demand from downstream customers and the company's enhanced market expansion and optimized product structure. Sales of 6-inch silicon wafers were 10.9659 million wafers, +53.73% year-on-year, of which 12-inch silicon wafers sold 0.753 million wafers (equivalent to 6-inch 3.012 million chips), an increase of 128.11%; sales of power device chips were 1.3079 million wafers, +1.61% YoY.
The company's RF chip business customer certification went smoothly, and various products began to be released quickly
Benefiting from a complete breakthrough in product technology and smooth customer verification, the RF chip verification process has basically covered mainstream domestic mobile phone chip design customers, and domestic replacement has been accelerated; multi-specification, small-batch, multi-purpose, and high-value-added special-purpose products have continued to be released, and low-orbit satellite customers have passed verification and begun mass shipments. In terms of sales volume, 2024Q1-Q3, the company's compound RF chip sales volume was 0.0272 million chips, +199.86% over the same period last year.
In a single quarter, 2024Q3, the company's compound semiconductor RF chip sales volume was 0.0096 million chips, +111.34% year over year and +11.20% month over month.
Risk warning: downstream demand falls short of expectations; capacity release falls short of expectations; customer acquisition falls short of expectations.
