Recently, the IGBT module ed type independently developed by Saijing Technology (00580. HK) made a breakthrough and officially signed a procurement framework agreement with a well-known enterprise in China’s photovoltaic industry, including tens of thousands of ED type modules for its centralized photovoltaic inverter and other products.
Saijing technology told the reporter of Huaxia times: “with the smooth progress of the test, we believe that with the world-class technical level and product quality, the signing of this contract is only the beginning, and saijing’s independent technology IGBT module products will win more and more customers’ recognition and orders.”
First, the latest research report of Shanghai Securities gives a buy rating to saijing technology, with a target price of HK $5.17 per share, with 54.32% room for rise compared with the closing price on February 11.
first batch order
It is worth noting that this is the first batch order of saijing’s independent technology IGBT (insulated gate bipolar transistor) module, and it is also a milestone to obtain customer recognition and start batch sales and application.
Saijing independently developed IGBT module ed type, with saijing I20 and D20 chipsets as the core, and has multiple models of products such as 1200V / 750A and 1200V / 600A. With the “linear” optimization design that greatly improves the current sharing performance, it can achieve the industry-leading maximum working junction temperature of 175 degrees, and has a broad market in the fields of photovoltaic, wind power, electric vehicle, industrial electronic control and so on.
Saijing technology disclosed to the reporter of Huaxia times that at present, the IGBT module ed type independently developed by saijing has successively sent samples for testing to about 40 well-known customers in the downstream field.
Saijing technology’s traditional business is power electronic device manufacturing, which is mainly used in power transmission and distribution, electrified transportation, industry and other fields. In the field of power transmission and distribution, the company’s anode saturated reactor has been applied to more than 40 UHVDC projects in China. In the field of electrified transportation, Crrc Corporation Limited(601766) group and Byd Company Limited(002594) are the long-term partners of saijing. Industrial and other applications include power applications in industrial electrolysis, metallurgy, chemical industry, mining and other industries.
In 2018, saijing technology began to develop IGBT for electric vehicles and began transformation and upgrading. In 2019, it started IGBT R & D and production projects, and established Swiss swisssem and Zhejiang saijing semiconductor company. In 2020, the company released its first self-developed product, 1200V / 250A i20igbt chip and 1200V / 750A ed type IGBT module, and started the construction of production line at the same time. The company’s IGBT applications are mainly for electric vehicles, new energy power generation and industrial electronic control markets. The technical R & D team is from international manufacturer abb, and the management team is also from Infineon and other enterprises.
Saijing technology IGBT project has a total investment of 5.25 billion yuan and a phase I investment of 1.75 billion yuan. It plans to build two IGBT chip back process production lines and five IGBT module packaging and testing production lines. After completion, the company will have an annual production capacity of 2 million IGBT module products. In the later stage, the company will continue to improve its chip back line.
included in MSCI index
As a global index with strong guidance and influence, MSCI index is widely used as an investment benchmark by global portfolio managers. At present, more than 2000 international institutional investors use MSCI index as a benchmark. MSCI compiles and issues different indexes according to market, subject and other categories and based on research data, which can be used as a reference for customers’ investment decisions.
It is understood that the MSCI index will be reviewed once a quarter and rebalanced twice a year. The MSCI global standard index component China small index aims to measure the performance of small stocks in the Chinese market. It is an important embodiment of the international influence of the stock market and individual stocks.
On November 12, 2021, according to the quarterly adjustment results of the index released by MSCI, saijing technology will be officially included in the “MSCI China small stock index” after the closing on November 30. Insiders told reporters that this time, it was included in the “MSCI China small stock index”, which fully reflects the recognition of saijing technology’s business achievements and development prospects in the international capital market.
It is worth mentioning that saijing technology recently issued a profit warning. It is expected that the net profit attributable to the parent company will be reduced to 10 million to 20 million yuan in 2021. Saijing technology said that the main reason is the reduction of revenue caused by the reduction of orders in the traditional power transmission and distribution field; The gross profit margin of the company’s products decreased year-on-year; And the R & D expenditure generated by the insulated gate bipolar transistor project.
Looking forward to the future, the first securities research report believes that saijing technology I21 IGBT chip and silicon carbide products are in the R & D layout, and new products will continue to be launched in the next few years. The company is optimistic about the competitiveness of IGBT products and the acceleration of domestic substitution in the future. It is estimated that the revenue of the company in 2021, 2022 and 2023 will be 94 million, 1.3 billion and 1.75 billion respectively, and the net profit will be 30 million, 120 million and 180 million respectively. According to the segment valuation method, the traditional business will be given 15 times PE and 14 times PS for IGBT business in 2023, with a target price of HK $5.17/share.
