\u3000\u3000 Hebei Sinopack Electronic Technology Co.Ltd(003031) (003031)
Event: the company announced that it plans to issue shares to purchase assets and raise supporting funds and related party transactions, and intends to issue shares to purchase the assets and liabilities of gallium nitride communication base station RF chip business held by it from CETC 13, and plans to issue shares to CETC 13, Huibo Xinsheng and Huibo Xinye to purchase 100% of the equity of Bowei company held by it, It is proposed to issue shares to the 13th Institute of CETC, digital light, smart core Internet, CETC investment, capital science and technology development, Shunyi science and innovation, Guolian Zhixin and SDIC Tianjin to purchase 100% equity of Guolian Wanzhong.
CETC’s subordinate enterprises have been deeply engaged in the field of electronic ceramics for many years: the controlling shareholder of the company is China Electronics Technology Group Co., Ltd., and its main products include optical communication device shell, wireless power device shell, infrared detector shell, high-power laser shell, acoustic meter crystal oscillator shell, 3D optical sensor module shell, 5g communication terminal module shell, aluminum nitride ceramic substrate Ceramic components and integrated heaters are widely used in optical communication, wireless communication, industrial laser, consumer electronics, automotive electronics and other fields. The 2021 semi annual report disclosed that the company has always focused on the field of electronic ceramics, with independent intellectual property rights in three core technology fields: key core materials of electronic ceramics and metallization system, semiconductor shell design simulation technology and key technology of multi-layer ceramic co firing at high temperature, creating the field of ceramic shell products of Chinese optical communication devices, It has broken the technical blockade and product monopoly of foreign industry giants, realized the import substitution of ceramic shell products of optical communication devices, and sold widely in the international market.
CETC has actively explored the resource integration of its listed companies, and the company has cut into the field of Compound Semiconductors: this transaction is the overall deployment of the development of China’s CETC industry. It has injected the reorganization of gallium nitride communication base station RF chips and devices, silicon carbide power chips and their application businesses into the listed company to build the company into a company with gallium nitride communication base station RF chips and devices Silicon carbide power chips and their applications, electronic ceramics and other core business capabilities of high-tech enterprises in the semiconductor field. After the completion of this transaction, the assets and liabilities of gallium nitride communication base station RF chip business, 100% equity of Bowei company and 100% equity of Guolian Wanzhong will be injected into the listed company, and the listed company will add gallium nitride communication base station RF chips and devices, silicon carbide power chips and their application business. This transaction is expected to expand the business structure of listed companies and enhance the core competitiveness of listed companies.
With the rapid development of 5g, new energy power generation and new energy vehicles, the prosperity of compound semiconductor market is rising: Gan is the key material of 5g base station and data center devices, and is expected to shine in the field of fast charging. Yole expects the global Gan power device market to reach US $1.3 billion in 2023. At present, SiC is mainly used in high-power scenarios such as new energy vehicles and their supporting charging piles. According to ihsmarkit data, the market scale of SiC power devices is about US $610 million in 2019. Driven by the rapid development of new energy vehicles and the demand of “new infrastructure” projects such as photovoltaic power generation, the market scale of SiC power devices will reach US $3 billion in 2025, with an average annual compound growth rate of 30.4%. The company cuts into the field of compound semiconductors and is expected to expand market space.
Investment suggestion: without considering the acquisition factors for the time being, we expect the company’s revenue from 2021 to 2023 to be 1.118 billion yuan (+ 37%), 1.454 billion yuan (+ 30%), 1.962 billion yuan (+ 35%), net profit attributable to the parent company to be 138 million yuan (+ 40.59%), 189 million yuan (+ 36.83%), 256 million yuan (+ 35.47%), EPS to be 1.24 yuan, 1.7 yuan and 2.3 yuan respectively, corresponding to 85 times of PE 62 times and 46 times, giving a “Buy-A” investment rating for the first time.
Risk warning: the assets purchased by fund-raising are less than expected; The prosperity of the industry is lower than expected; Market development is less than expected.
