\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
Event: on March 11, the company released the announcement of 2021 annual performance express. In 2021, the company achieved a total operating revenue of 1.707 billion yuan, a year-on-year increase of 77.22%; The operating profit was 451 million yuan, a year-on-year increase of 120.13%; The net profit attributable to the shareholders of the listed company was 398 million yuan, a year-on-year increase of 120.54%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 378 million yuan, a year-on-year increase of 143.33%.
The prosperity of the downstream photovoltaic power generation field is rising, and the company has ushered in good market opportunities: according to the monthly dispatching data of the Energy Bureau, in January 2022, the country’s newly added photovoltaic installed capacity was 7.38gw, with a year-on-year increase of 212%, of which the distributed installed capacity was about 4.69gw, with a year-on-year increase of 252%, and the centralized installed capacity was 2.68gw, with a year-on-year increase of 160%. The photovoltaic power generation market has a good start in the new year. According to the prediction of China Photovoltaic Industry Association, the new PV installed capacity in China will reach 75-90gw in 2022, and the new PV installed capacity in the world will reach 195240gw. The rising prosperity in the field of photovoltaic power generation will drive the demand for power devices, and IGBT has gradually replaced MOSFET as the core device of photovoltaic inverter with its excellent characteristics of high voltage resistance, high current resistance and voltage drive. According to the company’s 2021 semi annual report, as an important supplier of many photovoltaic power generation inverter head enterprises in China, the company is expected to benefit from the current good market opportunities and achieve greater breakthroughs in performance.
The vehicle specification level IGBT module continues to increase in volume, helping the company achieve rapid growth in performance: according to the company’s 2021 semi annual report, the vehicle specification level IGBT module produced by the company for the main motor controller continues to increase in volume, supporting more than 200000 new energy vehicles in total; 650V / 750V IGBT chips and modules supporting fast recovery diode chips based on the sixth generation trench fieldstop technology add fixed points of main motor controller platforms of multiple models, which will drive the sales growth of IGBT modules in the field of new energy vehicles of the company; The new generation of 650V / 750V IGBT chips based on the seventh generation micro trench field stop technology is also expected to be supplied in batches in 2022. According to the data of China Automobile Association, in mid February 2022, the output of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 368000, with a year-on-year increase of 196.8%, the sales volume was 334000, with a year-on-year increase of 203.6%, and the prosperity continued to rise. According to the company’s 2021 semi annual report, at present, the company has become one of the main suppliers of vehicle specification grade IGBT module products in China. With the advantages of technology accumulation and rapid response to customers’ personalized needs, the company is expected to realize the continuous expansion of market share and help the rapid growth of performance.
Continue to increase R & D investment and layout wide band gap power semiconductor devices: the company attaches importance to product innovation and technology R & D, and continues to increase R & D investment to accumulate product and technology advantages and enhance core competitiveness. According to the company’s plan for non-public offering of A-Shares in 2021, in order to grasp the market opportunities of new energy vehicles and policy opportunities in the field of third-generation semiconductor power devices and promote the localization process of SiC chips, the company plans to invest 500 million yuan of raised funds in SiC chip R & D and industrialization projects, with a construction cycle of 3 years, The production capacity of Dongfeng Automobile Co.Ltd(600006) -inch SiC chips per year will be formed after reaching the production capacity, which will help the company further improve the product structure and capacity layout, consolidate and enhance the market position, and provide a sustainable driving force for the company’s performance growth.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 1.707 billion yuan, 2.56 billion yuan and 3.712 billion yuan respectively, and the net profit attributable to the parent company will be 398 million yuan, 563 million yuan and 809 million yuan respectively, maintaining the “Buy-A” investment rating.
Risk warning: the prosperity of the industry is lower than the expected risk; Market competition intensifies risks; Risk of product development falling short of expectations
