\u3000\u3000 Starpower Semiconductor Ltd(603290) (603290)
Event:
The company issued the announcement of annual performance increase in 2021.
There is strong demand in downstream areas, and the annual performance is expected to grow rapidly. The company expects to realize a net profit attributable to the parent company of RMB 390-400 million in 2021, with a year-on-year increase of + 115.85% to + 121.38%; The net profit attributable to the parent company after non deduction was 370-380 million yuan, a year-on-year increase of + 138.07% to + 144.51%.
The performance of 2021q4 continues to grow month on month, and the company’s IGBT leading advantage is remarkable. 2021q4 is expected to realize a net profit attributable to the parent company of 123-133 million yuan, with a year-on-year increase of + 165.21% to + 186.69% and a month on month increase of + 9.71% to + 18.59%; The net profit attributable to the parent company after non deduction was 119-129 million yuan, with a year-on-year increase of + 197.29% to + 222.37% and a month on month increase of + 7.93% to + 17.03%.
China’s IGBT is the leader, and the market share continues to increase. The company has been deeply engaged in the field of IGBT for many years, and its global module market share has continued to increase in recent years. According to the omdia report, the Starpower Semiconductor Ltd(603290) IGBT module ranked sixth in the world in 2020, one place higher than that in 2019. The global market share reached 2.8%, with a year-on-year increase of + 0.3pct. It is still the only company in China to enter the top 10 global IGBT modules.
The company has been deeply engaged in IGBT for many years and has obvious first mover advantages in the field of vehicle regulations. In 2013, the company developed the vehicle specification level IGBT module. In 2019, the company’s vehicle specification level IGBT module was equipped with more than 20 terminal vehicle brands, with a total of more than 160000 new energy vehicles. The number of IGBT modules supporting the main motor controller of 2021h1 company exceeds 200000 new energy vehicles. In addition, the sixth generation trench fs650v / 750vigbt chips and modules of 2021h1 company have been designated by a number of new energy vehicle owners’ motor controller platforms, which is expected to gradually release revenue from 2023.
SiC chips are arranged in the self built production line. It is expected that the volume of SiC modules is expected to accelerate in 2022. The company plans to build its own production line and carry out the R & D and industrialization of SiC chips. It is expected that the production capacity of 6-inch SiC chips will reach 60000 pieces / year. In 2015, the company overcame silver paste sintering, copper wire bonding and other technologies and developed SiC module series. At present, the company’s vehicle specification SiC module has been designated by many vehicle enterprises and Tier1 customers at home and abroad. As of September 8, 2021, the company’s vehicle specification sicmosfet has placed orders of 343 million yuan. At present, the company’s designated vehicle specification SiC module projects and outstanding orders all use imported chips.
Profit forecast:
We expect the net profit attributable to the parent company in 2021, 2022 and 2023 to be RMB 390 million, 586 million and 758 million respectively, corresponding to the PE of the share price on January 27 to be 138 / 92 / 71 times respectively, maintaining the “buy” rating.
Risk tips:
Product development is less than expected, customer expansion is less than expected, and the volume of new energy vehicles is less than expected.
