Securities code: Zhuzhou Crrc Times Electric Co.Ltd(688187) securities abbreviation: Zhuzhou Crrc Times Electric Co.Ltd(688187) Zhuzhou Crrc Times Electric Co.Ltd(688187) investor relations activity record No.: 2022001
Investor relations activity category □ specific object research □ analyst meeting
□ media interview \uf0a3 performance briefing
□ press conference □ Roadshow
□ site visit
\uf0a3 others (please describe other activities in words)
Name and name of the participant and name of the person name and name of the name and name of the participant and name of the name and name of the participant and name of the name and name of the participant and name of the name and name of the name and name of the participant and name of the name and name of the name and name of the participant and name of the participant and name of the participant and name of the name and name of the participant and name of the name and name of the participant and name of the name and name of the participant and name of the name of the participant 60199 China International Capital Corporation Limited(601995) of the \ Cathay Pacific Property Insurance Co., Ltd., China Pacific Insurance Investment Management HK, JP Morgan, Morgan Stanley Securities, point72, Credit Suisse AG, Galaxy fund, Jingshun Great Wall Fund Management Co., Ltd About 600 investors including Wells Fargo Fund Management Co., Ltd. and Boshi Fund Management Co., Ltd.
Time: 17:10-18:30, March 29, 2022
Location teleconference
Name of receptionists of listed companies: Mr. Shang Jing, executive director and general manager, Mr. Liu Zehua, deputy general manager and chief financial officer, and Ms. long Furong, Minister of securities law department.
Main contents of Q & a session:
Introduction to the main contents of investor relations activities question 1: Rail Transit electrical equipment was under great pressure last year, with a year-on-year decline of 11%. At the railway work conference in January this year, the goal is not particularly ideal. The total mileage of the national railway is more than 3000 kilometers, and the mileage of the high-speed railway is only more than 2000 kilometers, Will there be a relative challenge to the purchase cost of rolling stock this year? How about the budget and growth rate of rail transit electrical equipment business revenue this year? Answer: in the past two years, due to the impact of the epidemic, the vehicle utilization rate is not high, resulting in insufficient demand. In 2021, the purchase of motor cars is relatively small, and 2021 is the most difficult year. With the mitigation or elimination of the epidemic, it is expected that the demand for new lines and new cars will gradually recover. In addition, the demand for intercity railway will also grow in the future. Question 2: how much is the revenue contribution of IGBT among the 1.068 billion power semiconductor devices? What is the year-on-year growth rate? What is a growth target for this year? Is the intermediate difference between the company’s semiconductor revenue and the semiconductor subsidiary’s revenue a reflection of internal matching and internal offset items? Answer: the revenue of the company’s semiconductor sector is about 1.5 billion (external revenue is 1.068 billion, IGBT revenue is about 900 million, power grid IGBT is more than 200 million, automobile IGBT is nearly 200 million, and new energy power generation is tens of millions), Among them, the semiconductor company is about 1.31 billion and dynex company is about 220 million. In 2021, the external sales revenue of power semiconductor was 1.068 billion, an increase of 33.26% compared with 2020. In 2022, new energy vehicles have a large proportion of growth compared with 2021, and the demand is very strong. At the same time, with the company’s vehicle IGBT production capacity climbing, the market share is expected to increase significantly. In the field of wind and solar power generation, the company has also made layout. The company’s 1700V IGBT products are very mature and will be promoted rapidly after the increase of production capacity. In the field of power grid, the “24 AC and 14 DC” UHV project planned by the State Grid in the 14th five year plan is expected to have 13 UHV lines of “10 AC and 3 DC” in 2022. We have a good share of several projects that have been started in 2021. Question 3: the company has shipped the electric drive of SiC as a whole. How is the progress of SiC MOS as a whole? Did last year’s electric drive shipment mark the company’s breakthrough in SiC MOS devices? How is the current progress of automotive SiC project? Answer: the development path of SiC is similar to that of IGBT. It is more difficult to make high voltage first, and then extend to medium and low voltage after maturity. At present, SiC applications are mainly focused on 3300v. High voltage products have been verified in the early stage, and field applications will be expanded in 2022; Last year, the company released a batch of SiC Based Products for the existing silicon carbide drive system. Question 4: now some subsidiaries of power grid related groups also make their own IGBT of this power grid. For some customers who used to make medium and low voltage products, such suppliers will also cut into the relatively strong power grid and wind power of the company. How to maintain the competition moat of the company in the future? Answer: wind power, photovoltaic and energy storage are important development directions of the company. These fields will drive the construction of power grid at the transmission end.
The technical barrier of high-voltage IGBT is very high, and it is in rapid iteration. The company is an IDM model, with advantages in product iteration speed. It is expected that the competitive strength of the company in the high-pressure field will continue. In addition, the company’s great advantage is that it has an IGBT application technology team with a scale of thousands of people, involving many businesses, including rail transit, power grid, automobile, wind power photovoltaic, ship, air conditioning, etc. the company’s IGBT products have very sufficient and convenient application conditions. Q5: in terms of IGBT pricing strategy, the semiconductor business began to make profits last year. From the upstream raw material end, does the price rise related to power semiconductor raw materials put great pressure on the overall cost of the company? Is it in the process of booming demand and shortage in the whole industry? Is the price from the supplier side? Even if the company is an excellent domestic supplier, is the current environment more friendly to the company from the perspective of pricing? Answer: the whole industry is out of stock. Not only IGBT, but also the company’s sensors are in great demand. The company’s supply chain is indeed under great pressure due to the price rise of various raw materials, but the company also hopes that the price rise of raw materials will not bring more pressure to customers as far as possible. Due to the influence of the company in the industry, the partners still have full trust in the company. Although the company faces great problems in guarantee and supply, the company will also actively respond. Question 6: when will the second phase of IGBT be converted to fixed assets? Did the 2021 financial report record the revenue of IGBT phase II products into the revenue of power semiconductor? Answer: at present, it has been partially converted to fixed assets. Affected by the epidemic, equipment commissioning is delayed, and the phase II production capacity is not reflected much in the income in 2021. Question 7: semiconductor equipment is very tight. How can the company solve the problem of tight equipment? How is the progress of IGBT phase III? Has the site been determined? Answer: the production line needs to be laid out in advance. The current phase II production line was planned three years ago, including equipment, process and route. The company has more experience now. At present, IGBT phase III is under internal discussion. At present, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China exceeds the expectation. Please pay attention to the relevant announcements of the company for production line planning. Question 8: in terms of photovoltaic IGBT, are the current customers mainly state-owned enterprises or both state-owned enterprises and private enterprises? Answer: at present, the head enterprises are corporate customers. Question 9: what is the planning and progress of IGCT for wind power converter? Answer: at present, only abb and the company have large-scale supply capacity. At present, it is being applied with complete machine factories in China. The company has rich experience. IGCT was mainly used in metallurgy and ships before, and will be used in offshore wind power and power grid in the future. Question 10: from the perspective of customers, supply exceeds demand. The company should climb the slope as soon as possible. This may be the biggest challenge this year, right? Answer: we will climb the slope as soon as possible and improve the supply as soon as possible. The advantages of the company’s supply chain in automobile drive, wind power converter and photovoltaic converter are emerging rapidly. We will also accelerate the corresponding market capacity and improve the market share of new energy vehicles and wind solar energy storage and power generation. Question 11: in case of shortage, does the company’s IGBT supply the semiconductor internal plant first? Is it for internal and then external? Answer: this supply is a very complex state. It will be comprehensively evaluated. It is also very important to provide guarantee for them. Internal and external customers are equally important. Question 12: can you introduce some production bases of the automobile business department? What kind of support will the local government give to the company when it selects a site? Answer: the current production capacity is Wuxi and Zhuzhou bases. In addition, it is arranged with nearby supporting facilities such as Nezha and FAW. In terms of new energy, under the overall organization of CRRC, the company cooperates with some local energy companies to carry out joint supporting layout. Question 13: the capacity of passenger cars in 2021 is insufficient. What brands will make some new progress in 2022? Which brands will become the largest source of automobile revenue in 2022? Answer: at present, there are a large number of car companies, and which car company can sell well cannot be accurately judged in advance. At present, the company’s IGBT and sensors are highly in short supply. At present, the most important task of the company is to increase supply.
Question 14: the income and depreciation of the second phase of fixed assets transfer will increase. In this case, what is the income of the second phase of fixed assets transfer this year?
Answer: through the company’s internal operation and management capabilities, such as “digital electrical” management, the company’s profitability can be improved after depreciation and increased sales.
Question 15: 85000 sets of electric drives for new energy vehicles will be delivered in 2021, which is not included in the income of vehicle IGBT?
Answer: it’s separate, because some of the electric drives provided by the company are our own IGBT, and some customers will also ask to use the IGBT of foreign leading enterprises. Different car enterprises have different projects.
List of accessories (if any)
Date: March 29, 2022
