\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
Event: on April 8, the company released the annual report of 2021. In 2021, the company achieved a total operating revenue of 1.707 billion yuan, a year-on-year increase of 77.22%; The net profit attributable to the shareholders of the listed company was 398 million yuan, a year-on-year increase of 120.49%; 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 143.27%; The basic earnings per share was 2.48 yuan / share, a year-on-year increase of 115.65%.
The boom of the new energy vehicle industry has promoted the rapid growth of the company’s performance: according to the data of China Automobile Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in mid February 2022 was 334000, a year-on-year increase of 1.8 times, and the boom of the new energy vehicle industry continued to rise. According to the company’s 2021 annual report, the operating revenue of the company’s new energy industry in 2021 was 571460500 yuan, with a year-on-year increase of 165.95%. The company’s vehicle specification level IGBT module for main motor controller continued to be produced in large quantities, with a total supporting of more than Shanghai Pudong Development Bank Co.Ltd(600000) new energy vehicles; The 1200V vehicle gauge level IGBT module based on the sixth generation trench field stop technology has added several main motor controller project points of 800V system pure electric vehicle. In terms of silicon carbide, the annual report disclosed that the company has added several main motor controller projects of 800V system using full SiC MOSFET modules. The company has profound technology accumulation and maintains good partnership with downstream customers, with obvious first mover advantages.
In the field of photovoltaic power generation, products are installed in large quantities, and the market share is expected to continue to expand. Under the “double carbon” goal, the photovoltaic power generation market is developing rapidly. According to the prediction of China Photovoltaic Industry Association, the global new photovoltaic installed capacity will reach 270330gw by 2025, and the compound growth rate will exceed 20% from 2020 to 2025. According to the company’s 2021 annual report, the 650V / 1200vigbt chips independently developed by the company and the modules and discrete devices supporting fast recovery diode chips have been installed and applied in large quantities in China’s mainstream photovoltaic inverter customers. With the overall demand of the photovoltaic power generation market and the expansion of the company’s own production scale, the company’s products are expected to be imported into more downstream high-quality customer supply chains in batch to realize the continuous expansion of market share.
Fixed increase fund-raising to expand production capacity and enhance the competitiveness of the company: in 2021, the company issued 106060 shares at the issuing price of 330.00 yuan / share, raising about 3.5 billion yuan. According to the company’s plan for non-public offering of A-Shares in 2021 (Revised Draft), the company plans to invest 1.5 billion yuan in the R & D and industrialization of high-voltage characteristic process power chips, and form an annual production capacity of 3 Shenzhen Zhenye(Group)Co.Ltd(000006) -inch high-voltage characteristic process power chips after reaching the production capacity; It is planned to invest 500 million yuan in SiC chip R & D and industrialization projects, and continue to promote the layout of wide band gap power semiconductor devices. After the project is completed, it is expected to form an annual production capacity of Dongfeng Automobile Co.Ltd(600006) -inch SiC chips; It is planned to invest 1.5 billion yuan for the automation transformation project of power semiconductor module production line and supplement working capital. The raised investment project will help the company further improve its competitiveness.
Investment suggestion: we expect the company’s revenue from 2022 to 2024 to be 2.56 billion yuan, 3.712 billion yuan and 5.382 billion yuan respectively, and the net profit attributable to the parent company to be 562 million yuan, 810 million yuan and 1.167 billion yuan respectively, maintaining the “Buy-A” investment rating.
Risk warning: the prosperity of the industry is lower than the expected risk; The risk of expanding production less than expected; Macroeconomic fluctuation risk.
