China Resources Microelectronics Limited(688396) (688396)
[matters]
New breakthroughs were made in R & D achievements and new SiC products were released. The company released new SiC products. The second generation of sicjbs products have breakdown voltage of 650V and 1200V, conduction current of 2a-50a and leakage current of 100ua, and the technology has reached the international leading level; The breakdown voltage of sicmos products is 1200V, the on current is 10a-120a, and the on resistance is 15mr-300mr.
The manufacturing technology of IGBT products of the company is comprehensively upgraded, and the performance parameters are benchmarked with foreign countries. According to the company’s 2020h1 financial report, the company’s IGBT has reduced the chip area by upgrading the product technology of the 6-inch platform. At the same time, the company’s manufacturing process technology has been comprehensively improved to 8 inches, and the independently developed 8-inch 650V and 1200vigbt process platform has been established. The 1200v40afs-igbt products produced by the company have achieved mass production in the industrial field; The technical parameters of the new generation 650v40afs-igbt samples have reached the level of foreign benchmarking products, and samples have been sent to customers for evaluation.
The downstream application fields of IGBT products have been expanded, and the revenue has gradually increased. Relying on continuous technological upgrading, the IGBT products produced by the company have the following characteristics: 1) using trench FS process and ultra-thin wafer processing technology; 2) Low on voltage and low switching loss; 3) High reliability and strong applicability. On this basis, through the modularization of IGBT chips, the company further extends the downstream industrial chain and improves the competitiveness of products in mature application fields. At present, it has successfully expanded to industrial and white power fields. In the first half of 2021, the revenue of IGBT products increased by 94% year-on-year.
[comment]
Forward looking SiC layout, covering a complete range of power device industries. In terms of the company’s forward-looking layout of SiC devices and SiC diodes, the company announced in July 2020 that the first 6-inch SiC commercial production line in China was built and officially put into operation. At present, the sicjbs product series covers 650V and 1200V, which are mainly used in the fields of photovoltaic inverter, communication power supply, server and energy storage equipment. The comprehensive performance index of the new generation sicjbs independently developed by the company has reached the advanced level in the industry, and a variety of products have been mass produced. In 2021, the company continued to launch new products, continue to expand the SiC field and fill the gap covered.
Profit forecast. The company is a leading semiconductor enterprise in China with integrated operation capabilities of the whole industrial chain, such as chip design, wafer manufacturing, packaging and testing, with complete product coverage. We expect that with the continuous expansion of the company’s production capacity and the continuous breakthrough of SiC and IGBT technologies, the company’s performance may achieve stable growth. It is estimated that the company’s revenue from 2021 to 2023 will be 9.31/109.9/12.75 billion yuan, the net profit attributable to the parent company will be 2.23/25.6/2.92 billion yuan, the EPS will be 1.83/2.11/2.40 yuan / share, and the PE corresponding to the current stock price will be 34.35/29.92/26.25 times. The company will be re covered and rated as “overweight”.
[risk tips]
SiC technology breakthrough is less than expected, capacity expansion is less than expected, and industry competition is intensified.
