Shilan’s Micro net profit reached a single quarter high

Semi annual performance report of Shilan micro: in the first half of 2021, the total operating revenue of the company was 3.308 billion yuan and the net profit was 421 million yuan, which significantly turned losses into profits. Main sources of income: electronic components account for about 50% and integrated circuits account for about 30%.

IC performance is growing rapidly, and new production capacity will be released in the second half of the year.

The fastest growing main business is integrated circuits, with a revenue of 1.12 billion yuan in the first half of the year, a year-on-year increase of 1.5 times, mainly due to the increase in the shipment of 8-inch chips. In the first half of the year, the production capacity was about 320000 pieces, with a production capacity increase of 33.43%. In the second half of the year, it is expected to increase the production capacity of 12 inch chips, and the monthly production capacity is expected to double to 35000 pieces / month( At the end of June, the production capacity was 14000 pieces / month)

The demand for power devices continues to be hot, and the price increase is expected to continue in the second half of the year

Among the electronic components, the focus is on power devices, IGBT, MOSFET and other products, which benefit from the hot demand of new energy vehicles, and the corresponding performance growth rate has also exceeded 85%. In addition, the demand for IPM and MEMS is also very hot, but it accounts for a small proportion of the company’s revenue. Among them, IPM module benefits from the growth of white power demand and continues to increase in volume. At the same time, it is expected that the demand for IPM module will continue to grow rapidly in the second half of the year.

Performance focus

The company’s operating revenue grew at a rolling rate of 74.33% in the four seasons, and the products were full production and full sales. The company’s net profit hit a record high in a single quarter, reaching 262 million yuan in 2021q2, an increase of 65% month on month. In 2021, the company’s net profit just turned from loss to profit, and made a profit of 421 million yuan in the first half of the year. It can be seen that the company’s sales gross profit margin and net profit margin increased both.

This is largely due to the price increase of 8-inch wafer and power semiconductor products. The return on net assets increased by nearly 6 times in half a year. It can be seen from the performance and benefits that the company has entered a rapid growth trend.

OEM mode is more profitable

The company adopts IDM mode, which makes the product iteration cycle shorter than Fab plant, faster production capacity launch and higher gross profit margin. In the field of power semiconductors, IDM OEM is easier to realize profits than fabless, product iteration and certification in terms of efficiency; In terms of enterprise benefits, IDM is easier to achieve cost control and improve gross profit margin. This is also the main reason why shilanwei can develop so rapidly.

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