\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
The company achieved high performance growth in 2021 and maintained the “buy” rating
The company released an annual report, and achieved a revenue of 1.707 billion yuan in 2021, with a year-on-year increase of 77.22%; The net profit attributable to the parent company was 398 million yuan, a year-on-year increase of 120.54%. In the single quarter of 2021q4, the company realized a net profit attributable to the parent company of 132 million yuan, an increase of 18.14% month on month; Benefiting from the high prosperity of the industry, the company’s IGBT module is in short supply. In 2021q4, the gross profit margin is 40.81%, an increase of 4.97 PCT over 2021q3. The company has actively invested in R & D and market promotion, and the sales proportion of new energy vehicles in the market continues to increase. The large-scale photovoltaic market can be expected in 2022. We raised the profit forecast for 20222023 and added a new forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 649 / 920 / 1277 million yuan (the original value in 20222023 will be 591 / 832 million yuan), the corresponding EPS will be 3.80 / 5.39/7.48 yuan, and the corresponding PE of the current stock price will be 91.4 / 64.5 / 46.5 times. The company will maintain the “buy” rating.
The IGBT module of vehicle regulation has been continuously in large quantity, the proportion of class A and above has increased significantly, and the products have begun to go to sea
In 2021, the company’s vehicle regulation main drive IGBT module will be equipped with more than Shanghai Pudong Development Bank Co.Ltd(600000) new energy vehicles, about three times the supporting amount in 2020, including more than 150000 class A and above models, and the supply structure will be significantly improved. At the same time, the company further increased its share of semiconductor devices in new energy vehicles such as vehicle air conditioning, charging pile and electronic power steering. In 2021, the vehicle specification level IGBT module applied to the main motor controller produced by the company began to support the overseas market in large quantities. It is expected that the overseas market share will be further increased in 2022. The company’s products go to sea to support the overseas market, which represents the recognition of overseas customers for Chinese products. In the future, the company is expected to continue to dig for gold in the broad overseas new energy vehicle market, with a promising prospect.
Wide band gap power devices continue to be promoted, and products are gradually diversified
In 2021, various SiC modules launched by the company in locomotive traction auxiliary power supply system, new energy vehicle controller and photovoltaic industry have been further promoted and applied. In the field of new energy vehicles, the company has added several fixed points of 800V system main motor controller projects using all sicmosfet modules, which will provide a continuous driving force for the company’s SiC module sales growth from 2023 to 2029. The 800V high voltage platform of new energy vehicles has become a trend, which puts forward higher requirements for the performance of power devices, and will also drive the application of SiC devices in the main drive and charging module of new energy vehicles. The company is expected to fully benefit from the first release of vehicle regulation SiC module and create a second growth curve. In addition, the company’s products are gradually diversified: vehicle specification grade Sgt MOSFET began to be supplied in small quantities, IPM modules continue to expand in China’s white power, industrial frequency converter, servo controller and other industries, and the market share continues to increase.
Risk tip: capacity construction is less than expected; Industry competition intensifies and gross profit margin declines; Industry demand fell.
