\u3000\u3000 Starpower Semiconductor Ltd(603290) (603290)
The company's performance in 2021 exceeded expectations and maintained the "buy" rating
The company released the performance forecast, and it is expected to realize the net profit attributable to the parent company of 390-400 million yuan in 2021, with a year-on-year increase of 115.85% - 121.38%; It is expected to realize a net profit of 370-380 million yuan, a year-on-year increase of 138.07% - 144.51%. In the single quarter of 2021q4, the company expects to realize a net profit attributable to the parent company of 123-133 million yuan, an increase of 9.70% - 18.59% month on month, and the performance exceeds our expectations. In 2021, the company fully benefited from the high prosperity of the new energy industry, actively carried out R & D investment and module packaging capacity construction, and the proportion of new energy related businesses continued to increase. We raised the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 393 / 591 / 832 million (the original value is RMB 377 / 528 / 742 million), the corresponding EPS will be RMB 2.30 / 3.46 / 4.88, and the current share price will be 145.9 / 97.0 / 68.9 times PE, maintaining the "buy" rating for the company.
High intensity R & D investment and continuous optimization of product structure
The company continues to increase R & D investment and continuously develop high value-added products with market competitiveness. In terms of new energy vehicles, the company has successfully developed a new generation of vehicle specification 650V / 750vigbt chip based on the seventh generation micro trench F-S technology, which is equal to the most advanced generation of overseas products. It is expected to start mass supply in 2022. In terms of new energy, the company uses the modules and discrete devices of independent IGBT chips to start mass installation and application in China's mainstream photovoltaic inverter customers. The company's products continue to grow in large quantities in the fields of photovoltaic, wind power and energy storage. The proportion of revenue from new energy related businesses continued to increase, and the product structure continued to be optimized.
Increase capital to subsidiaries, SiC and high-voltage power chip business is expected to create the second growth curve of the company
In November 2021, the company announced that it planned to use the raised funds to increase the capital of its subsidiary star Microelectronics by 1.978 billion yuan. Star Microelectronics will build a 6-inch wafer production line with an annual output of 360000 pieces (300000 high-voltage power chips + 60000 SiC chips). With the help of this project, the company will accelerate the R & D and industrialization of high-voltage IGBT, and is expected to further penetrate the products into power grid, rail transit and other fields in the future. The company also actively promotes the R & D and production line construction of SiC chips, and will realize all self-research and self-production of SiC chips and modules in the future. 800V high voltage platform for new energy vehicles has become a trend, which puts forward new requirements for the performance of power semiconductor devices. The main drive and charging module using SiC power chip will greatly improve the charging and discharging efficiency, improve the mileage, shorten the charging time and alleviate the mileage anxiety of consumers under the same battery capacity. The company's SiC module products have been used in the core electronic control system of Yutong new energy bus. It is expected to extend to the new energy passenger vehicle market in the future, fully benefit from the accelerated penetration of SiC main drive and charging module in the new energy vehicle market, and create the second growth curve of the company.
Risk tip: capacity construction is less than expected; Industry competition intensifies and gross profit margin declines; Decline in industry demand
