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滬硅產業(688126):收入增長46.62% 市佔率有望進一步提升
格隆匯 08-18 00:00
事件: 8 月17 日,滬硅產業發佈2022 年半年報,公司實現營收16.46 億元,同比增長46.62%;歸母淨利潤為5505.69 萬元,同比下降47.71%,受公司全資子公司上海新昇參與投資基金的公允價值波動及確認的政府補助金額的影響,非經常性損益較上年同期減少5023.47 萬元;扣非歸母淨利潤為2512.17萬,同比實現扭虧為盈。 點評: 公司上半年營收創歷史新高,毛利率提升至21.85%,經營性現金流淨額同比增長234.29%,下游需求旺盛,經營質量持續向好。公司上半年營收為16.46億,同比增長46.62%;毛利率為21.85%,創歷史新高。2022 年上半年下游半導體產品需求持續旺盛,公司產能進一步釋放,300mm 大硅片產品銷量顯著增長。從單季度來看,Q2 營收為8.60 億元,同比增長46.19%,環比增長9.41%,創歷史新高。Q2 毛利率為22.47%,環比增加1.55 pct,創歷史新高,我們分析認為,隨着產能繼續釋放,毛利率將持續提升。2022 年上半年經營性現金流量淨額同比增長234.29%,合同負債較上年度末增長45.6%,部分客户支付的預付款項增加,經營質量持續向好。 公司上半年研發投入增長72.22%,SOI 硅片技術領先,絕緣體上功能薄膜襯底材料產品已完成部分客户送樣。公司2022 年上半年研發費用為9179.89萬元,同比增長72.22%,佔營收比例為17.46%。公司技術研發人員總數達到 545 人,同比增長11.91%。公司子公司新傲科技和 Okmetic SOI 硅片技術處於全球先進水平。公司子公司新硅聚合的絕緣體上功能薄膜襯底材料產品研發及產線建設進展順利,公司已完成部分客户送樣工作。 受益於下游行業景氣度提升,下游客户大規模擴產,國產替代進程加速,公司大硅片業務月出貨量屢創新高,市佔率有望進一步提升。公司 200mm 及以下硅片產能利用率維持高位,量價齊漲;2022 年上半年公司300mm 大硅片歷史累計出貨超過 500 萬片,月出貨量屢創新高。上海新昇300mm 高端硅片擴產項目建成後,公司 300mm 半導體硅片總產能將達到 60 萬片/月,進一步提高市場佔有率。公司200mm SOI 產能由 3 萬片/月提升至 4 萬片/月,更好地滿足射頻等應用市場需求的持續上漲;公司子公司芬蘭 Okmetic在芬蘭啟動 200mm 半導體特色硅片擴產項目,將進一步擴大面向 MEMS以及射頻等應用的 200mm 半導體拋光片產能。公司將進一步利用全球化佈局優勢,開拓國際市場,客户遍佈北美、歐洲、中國、亞洲其他國家或地區。 公司盈利預測及投資評級:公司把握半導體產業向國內轉移的歷史機遇,積極進行擴產大硅片產品。預計2022-2024 年公司歸母淨利潤分別為2.01 億元,3.40 億元和4.43 億元,對應現有股價PE 分別為293.66X,173.77X 和133.37X,維持“推薦”評級。 風險提示:(1)下游需求放緩;(2)擴產進度不達預期;(3)產品價格波動。
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