Universal Scientific Industrial(Shanghai)Co.Ltd(601231) (601231)
Event: huanxu recently announced its investment in gallium nitride Systems Co., Ltd.
Core view
Layout of third-generation semiconductor materials and coding power electronics strategy. Gansystems is gallium nitride (GAN) is a leading company of compound semiconductors. Because Gan materials can provide faster switching frequency, better heat dissipation performance and higher power, they are widely used in vehicle chargers, DC-DC converters and electric vehicle traction inverters, data center power supplies, mobile phone chargers, and devices that need fast charging, lower power consumption and more miniaturization. Gansystems The products have been commercially used in Dell laptop, Harman charger, Philips high-power lamps, epowerlabs automotive electronics and other fields. Huanxu invested and signed a strategic business agreement with Gan systems. Gansystems will become huanxu's strategic supplier in gallium nitride semiconductor applications and cooperate to promote Gan power electronic products to the market, especially the power module market of electric vehicles.
The future of automotive electronics business can be expected. As a leading manufacturer in the automotive electronics market, the company has been recognized as a long-term partner by well-known tram manufacturers all over the world, with more than 30 years of experience. Main products include voltage regulator, rectifier, battery management system, charging power module, hydraulic control module, motor controller, external LED lighting IEPB (integrated electric parking brake), control unit or control panel for on-board information and entertainment information, providing complete DMS solutions and global manufacturing services. It has been introduced into the vehicle functional safety standard iso26262, obtained the certification of relevant manufacturing parts of iso26262, and has been recognized by the original automobile manufacturer and primary supplier. The introduction of new products went smoothly in the first half of the year, and electric vehicles were officially mass produced in the second half of the year Power system and heat dissipation system application products. The company's power module has recently obtained orders from customers in Europe, America and Japan. It is expected to officially mass produce IGBT and SiC Power Modules for electric vehicle inverters in 22 years.
SIP is an industry leader in miniaturization technology. At present, the company's SIP products mainly involve WiFi module, UWB module, millimeter wave antenna module, fingerprint identification module, smart watch and TWS headset module. The company continues to expand the application of miniaturization technology, develop SOM (systemonmodule), SIPset and other modular products, apply them to industrial Internet of things devices, such as mobile industrial handheld devices, industrial application tablet computers, industrial on-board computers and other products, broaden the application field of SIP technology, and open up the growth space of SIP business outside major customers.
Financial forecast and investment suggestions
We predict that the earnings per share of the company will be 0.88/1.15/1.44 yuan in 21-23 years respectively (the original forecast for 21-22 years is 0.97/1.21 yuan, mainly reducing the revenue of consumer electronics business and the forecast of gross profit margin). According to the 21-year average PE valuation of comparable companies, the corresponding target price is 21.96 yuan, maintaining the buy in rating.
Risk statement
Major customer orders fluctuate; Price fluctuation of raw materials; The application and promotion of SIP technology is not as expected.
