East micro semiconductor (688261)
East micro semiconductor: China's leading high-voltage MOSFET, with four categories developing together: the company has four categories: high-voltage super junction MOSFET, medium and low-voltage shielded gate MOSFET, super silicon MOSFET and tgbt, with more than 1700 kinds of MOSFET products and 154 types of IGBT products. In addition, the company plans to continuously develop SiC devices and new silicon-based high-voltage power devices. According to omdia, in 2020, the company accounted for 3.8% of the global high-voltage super junction market and about 8.6% of China's high-voltage super junction market. It is a leader in China and a major customer of Huahong semiconductor high-voltage MOSFET. According to the performance express, the company achieved a revenue of 780 million yuan in 2021, a year-on-year increase of 153.28%. Thanks to the increase of gross profit margin and the continuous improvement of expense rate during the period, the company realized a net profit attributable to the parent of 146 million yuan, a year-on-year increase of 429.12%.
Driven by the demand for new energy vehicles, charging piles and 5g base stations, medium and high voltage power devices continue to enjoy a high boom: (1) benefiting from the general trend of new energy vehicles, automotive power semiconductors usher in a golden opportunity. In 2021, the global sales volume of new energy vehicles reached 6.74 million. It is estimated that the CAGR of new energy passenger vehicles will reach 38.78% from 2021 to 2025, and the single vehicle value of power devices of new energy vehicles will increase significantly. (2) The penetration rate of charging pile is improved, bringing broad increment of power semiconductor. Infineon statistics, the value of 100kW charging pile power devices can reach 200300 US dollars. (3) 5g commercial acceleration, driving strong demand for power devices. According to Infineon data, compared with traditional MIMO antennas, the value of power devices in massive MIMO antennas has increased from $25 to $100.
Leading technology, guaranteed production capacity and high-quality customers create the moat of the company: we are optimistic about the long-term development of the company. With China's leading technology, guaranteed production capacity of suppliers, high-quality customer resources and other competitive advantages, the company will benefit from the domestic alternative dividend period.
1) the technical level of medium and high voltage power devices is leading. The company has obvious performance advantages in high-performance power devices, especially in high-voltage superjunction, and its product price highlights the competitiveness of the company's products. In 2019, the average price of MOSFET Power Devices in China was 1.04 yuan / piece, and the global price was 1.25 yuan / piece, while the average price of the company was 2.19 yuan / piece, of which the price of superjunction MOSFET was 2.36 yuan / piece; 2) With in-depth cooperation with China's head wafer factory, the production capacity can be fully guaranteed. The company's wafer suppliers include Huahong Hongli, Guangzhou Yuexin and dbhitek. It is one of the leading manufacturers of 12 inch power devices in China. With the climbing of Huahong's 12 inch production line, the company is expected to obtain more sufficient production capacity guarantee. 3) High quality customer resources. The company focuses on the industrial market. Its customers include Huawei, Byd Company Limited(002594) , yingfeiyuan, etc. terminal enterprises are gradually liberalizing the certification of domestic power devices, and the company will benefit from the rapid development of the industry.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 146 / 235 / 349 million yuan, EPS will be 2.17 / 3.49 / 5.17 yuan, and the corresponding PE will be 86 / 53 / 36 times respectively. Considering that the average power of IGBT is 22.5 times that of IGBT, which is 56 times higher than that of IGBT in the market in 2006. For the first coverage, give a "recommended" rating.
Risk warning: industry competition intensifies; Downstream demand is lower than expected; The expansion of production is less than expected
