\u3000\u3000 Hebei Sinopack Electronic Technology Co.Ltd(003031) (003031)
Precision ceramic shell faucet, domestic alternative space is broad
The company focuses on high-end electronic ceramic shell, breaks through the overseas monopoly blockade of products, and realizes the import substitution of ceramic shell of optical communication devices. At the same time, the company's products are an important bridge for high-end semiconductor components to realize the connection between internal chips and external circuits, which plays an important role and influence on the performance of semiconductor components.
In the future, with the commercialization of 5g communication and the construction of data center, the demand for electronic components, new energy fuels and other fields will increase, superimposing the trend of domestic substitution. It is expected that the market scale of China's electronic ceramics industry will continue to maintain a high-speed growth trend, and may exceed 114.5 billion yuan in 2023. The company is expected to enjoy the Growth Logic of domestic substitution in the boom.
The key links are independent and controllable, relying on core technology to create "China Kyocera"
We believe that the company has core competitiveness in the key links of Ceramic R & D and production, and is expected to reproduce the development track of Kyocera in the future and become a leading enterprise in the global ceramic field. At the material level, the company independently controls three ceramic systems and their matching metallization systems; At the design level, the company has advanced design means and design software platform to optimize the structure, wiring, electricity, heat and reliability of ceramic shell; In terms of process technology, the company has established a perfect processing platform for alumina ceramics and aluminum nitride ceramics, including alumina multilayer ceramic process, high-temperature thick film metallization process, brazing assembly process, nickel plating and gold plating process.
The major shareholder, CLP No. 13 Research Institute, continued to empower and cut into the gallium nitride track to open the second growth curve
The controlling shareholder of the company is CETC 13 Institute, which is a comprehensive semiconductor core electronic device research unit with scale, technology and perfect supporting structure in China. The company is its only and important listing platform. On January 16, 2022, the company announced that it planned to issue shares to inject communication assets, integrate the industrial chain within the controlling shareholders, cut into the gallium nitride chip track, and is expected to open the second growth curve.
Profit forecast and investment suggestions
As the leader of China's precision electronic ceramic shell, backed by CLP No. 13 Institute, the company fully enjoys the downstream high boom transmission and the wave of domestic substitution. The company's performance has increased steadily year by year. Without considering the injection of communication assets, we expect the operating revenue of the company from 2021 to 2023 to be RMB 1.103/14.48/1.869 billion respectively, and the net profit attributable to the parent company to be RMB 142/1.94/263 million respectively. For the first time, give a "overweight" rating.
Risk tips: risks related to international trade frictions, increased market competition, technological upgrading, business risks caused by the epidemic, the risk of asset acquisition falling short of expectations, and the risk of recent stock price fluctuations
