业绩环比改善，高压超级结MOS 销量向好。公司2024Q3 实现营业收入2.61 亿元，环比+5.91%；归母净利润0.14 亿元，环比+8.30%；扣非归母263.33 万元，环比+94.54%；毛利率18.22%，环比+3.39pct。2023年以来，海外龙头厂商加大中国市场竞争力度、国内产能进一步释放叠加下游需求调整引致供求关系变化，功率半导体行业进入下行周期，产品价格呈现明显下降趋势，公司盈利能力有所减弱。公司积极优化产品组合策略，进行工艺平台迭代升级，2024Q3 继续保持主要产品高压超级结MOSFET 销量同比上升，营收毛利环比改善，带动盈利修复。Incidents:
Dongwei Semiconductor released its 2024 three-quarter report. The company achieved revenue of 0.681 billion yuan in the first three quarters, -11.62% year on year; net profit to mother 0.031 billion yuan, -76.73% year on year; net profit excluding non-return to mother of 4.296 million yuan, -96.37% year on year; and gross profit margin of 15.53%, -9.16 pct year on year.
Comment:
Performance improved month-on-month, and sales of high-voltage superjunction MOS improved. In 2024Q3, the company achieved operating income of 0.261 billion yuan, +5.91% month-on-month; net profit of 0.014 billion yuan, +8.30% month-on-month; withheld non-return of 2.6333 million yuan, +94.54% month-on-month; and gross profit margin of 18.22%, +3.39pct month-on-month. Since 2023, leading overseas manufacturers have increased their competitiveness in the Chinese market, and the further release of domestic production capacity combined with downstream demand adjustments has led to changes in supply and demand. The power semiconductor industry has entered a downward cycle. Product prices have shown a clear downward trend, and the company's profitability has weakened. The company actively optimizes its product portfolio strategy and carries out iterative process platform upgrades. The 2024Q3 continues to maintain a year-on-year increase in sales of its main product, high-voltage superjunction MOSFET, and a month-on-month improvement in gross profit, driving profit recovery.
The superjunction MOSFET is moving towards 12 inches, and the process continues to be optimized. 2024H1, the company's main products, high-voltage superjunction MOSFETs, medium- and low-voltage shielded gate MOSFETs, and TGBT products, have all completed the expansion from an 8-inch foundry to a 12-inch foundry, and production capacity utilization has increased significantly. Among them, in the field of high-voltage superjunction MOSFETs, third-generation and fourth-generation high-voltage superjunction MOSFET products have been delivered to the market in large quantities through their excellent performance. The fifth-generation superjunction MOSFET was delivered in small batches, and mass production is being actively prepared at the production line end.
The investment layout of industrial funds is upstream and downstream to help the collaborative development of the industrial chain. The industrial funds invested by the company mainly invest in enterprises and funds in upstream and downstream related fields of the semiconductor industry chain, such as the semiconductor industry and new energy. The investment projects include third-generation semiconductor materials, high-end advanced specialty process fabs, IGBT modules, automotive-grade high-reliability integrated solutions, and photovoltaic inverter companies.
The company's investment layout in the upstream and downstream industrial chains is conducive to enhancing the synergy effect of the industrial chain, achieving collaborative development, and promoting the company's continuous, rapid, stable and healthy development in the medium to long term.
Profit forecast and investment advice: We expect the company's revenue for 2024-2026 to be 0.98/1.17/1.4 billion yuan, respectively, and net profit to mother 0.9/0.13/0.21 billion yuan, respectively. The corresponding PE is 70x/47x/29x, respectively. Covered for the first time, a “gain” rating was given.
Risk warning: Recovery falls short of expectations; competitive landscape deteriorates; R&D falls short of expectations
