新潔能(605111):21Q2業績創歷史新高 看好全年業績增長
一、事件概述7 月4 日公司發佈2021 上半年業績預吿,預計21H1 實現歸母淨利1.7-1.75 億元。二、分析與判斷受益行業高景氣,21Q2 業績創歷史新高公司公吿預計21H1 實現歸母淨利1.7-1.75 億元,同增207-216%,其中非經常性損益預計為400 萬元,按區間中值計算,21Q2 單季實現歸母淨利0.98 億元,創歷史新高,同增215%/環增30%,主要系半導體國產替代加快、新興應用興起,疊加上游代工產能緊張,公司所處行業細分領域景氣度持續升高,產品供不應求。同時,公司利用自身綜合優勢,積極開拓新興市場與開發重點客户,持續優化市場、客户與產品結構,促進了銷售規模的擴大與毛利率的提升。積極擴張產能,保障未來業績增長2020 全年公司8 寸片產量27.5 萬片/年,12 寸片產量1.32 萬片/年,合計約當30.5萬片/年8 寸產量,同增18%。隨着華虹12 寸平台產能持續爬坡,將為公司芯片代工產能增長提供有效支持。此外,公司已在積極開發海外芯片代工廠,並建立了初步合作關係。公司已在海外芯片代工廠實現第一顆產品的首批投產,並向另一芯片代工廠採購芯片作為產能補充。功率半導體高景氣持續,看好全年業績增長在疫情推動線上辦公,經濟復甦,以及5G、新能源新興產業帶動功率半導體需求提升的背景下,行業呈現訂單飽滿、庫存低位、供不應求、產品漲價的格局。公司作為國內功率半導體領軍企業之一,受益高景氣下漲價驅動毛利率提升,疊加代工產能積極擴張和產品、客户結構優化,全年業績有望實現大幅增長。三、投資建議根據業績預吿情況,我們上調盈利預測,預計2021/22/23 年公司歸母淨利為3.9/4.6/5.9 億元,對應PE 為58/50/39 倍,參考當前申萬半導體88 倍PE,考慮到公司受益高景氣週期和國產替代加速,業績有望持續增長,維持“推薦”評級。四、風險提示行業景氣不及預期;研發進展不及預期;產能爬坡不及預期。
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