\u3000\u3000 Starpower Semiconductor Ltd(603290) (603290)
Event: on January 26th, the company issued the announcement of performance increase in 2021. It is estimated that the net profit attributable to shareholders of Listed Companies in 2021 will be 390 million yuan to 400 million yuan, an increase of 209.3174 million yuan to 219.3174 million yuan compared with the same period of last year, an increase of 115.85% to 121.38% year-on-year. It is estimated that the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will be 370 million to 380 million yuan, an increase of 214.5864 million yuan to 224.5864 million yuan compared with the same period of last year, a year-on-year increase of 138.07% to 144.51%.
The prosperity of the power semiconductor industry continued and the performance exceeded market expectations: due to the impact of the epidemic on the overseas supply side and the pull of the demand side of Shanxi Guoxin Energy Corporation Limited(600617) power generation, new energy vehicles and other aspects, IGBT was out of stock in various fields, and the prosperity of the industry continued to rise. According to Jibang consulting, the scale of China’s IGBT market will maintain growth. By 2025, the scale of China’s IGBT market is expected to reach 52.2 billion yuan, with a compound annual growth rate of 19.11%. It is the fastest-growing semiconductor power device in the segment market. The company’s financial statements disclosed that in the first three quarters of 2021, the operating revenue was 325 million, 394 million and 478 million respectively, with a year-on-year increase of 135.7%, 41.41% and 89.85%, the net profit attributable to the parent company was 75 million, 79 million and 113 million respectively, with a year-on-year increase of 177.23%, 47.27% and 110.54%, and the gross profit margin was 34.2%, 34.6% and 35.84% respectively. The performance maintained high growth.
The sales volume of new energy vehicles continued to improve, and the domestic substitution demand for IGBT was strong: the China Automobile Association released the production and sales data of new energy vehicles in December. In December 2021, the output of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 518000, with a month on month increase of 13.35%, and the sales volume was 531000, with a month on month increase of 18%, continuing to maintain the upward trend of prosperity. China has the world’s largest new energy vehicle industry, and its development scale will maintain rapid expansion for a long time, with broad market space. According to the disclosure of the company’s interim report, the vehicle specification level IGBT module produced by the company and applied to the main motor controller continues to be in large quantity, with a total supporting of more than 200000 new energy vehicles. It is expected that the supporting quantity will further increase in the second half of the year. At the same time, the company’s share of semiconductor devices used in vehicle air conditioning, charging pile, electronic power steering and other new energy vehicles will further increase. With the gradual release of production capacity and benefiting from the domestic substitution trend, the company’s revenue scale in the field of new energy vehicles is expected to continue to expand.
Completed the fixed increase of 3.5 billion yuan to enhance the company’s strength: the company issued the 2021 plan for non-public development of A-share shares on September 11, 21, which plans to raise a total amount of no more than 3.5 billion yuan, and plans to invest 1.5 billion yuan to build the R & D and industrialization project of high-voltage characteristic process power chip and 500 million yuan to build the R & D and industrialization project of SiC chip, 700 million power semiconductor module production line automation transformation project was built. The company announced on November 16, 2001 that the issuance price was 330.00 yuan / share, the number of shares issued was 10606060, and the total amount of funds raised was 349999800.00 yuan, which was successfully increased.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 1.637 billion yuan, 2.374 billion yuan and 3.228 billion yuan respectively, and the net profit attributable to the parent company will be 392 million yuan, 523 million yuan and 706 million yuan respectively, maintaining the “Buy-A” investment rating.
Risk tip: the prosperity of the industry is lower than expected; Product development is not as expected; Market development is less than expected.
