Benefiting from the high prospect of power semiconductor industry, the profit of A-share IGBT module leader Starpower Semiconductor Ltd(603290) ( Starpower Semiconductor Ltd(603290) ) increased by 1.2 times to nearly 400 million yuan in 2021.
From the perspective of the top ten shareholders, the attitude of foreign capital and public offering giants deviated: on the one hand, some foreign shareholders who missed the fixed increase last year “rolled the soil again”, entered the main shareholders of Listed Companies in the fourth quarter of last year, and went north to increase their holdings; On the other hand, the two Guangfa funds began to reduce their holdings.
vehicle gauge level IGBT module volume
According to the annual report, Starpower Semiconductor Ltd(603290) 2021 achieved an operating revenue of about 1.7 billion yuan, a year-on-year increase of 77.22%; The net profit was 398 million yuan, a year-on-year increase of 120.49%; The basic earnings per share is 2.48 yuan.
In the business segments, Starpower Semiconductor Ltd(603290) from the new energy industry, the revenue growth rate was the highest, reaching 166 times to 571 million yuan; The operating income of industrial control and power supply industry reached 1.065 billion yuan, an increase of about 50% over the same period last year; In addition, the company’s operating revenue from domestic and other industries increased by nearly 60% year-on-year.
In 2021, Starpower Semiconductor Ltd(603290) igbt module achieved prosperous production and sales, reaching 9.3 million and 8.78 million respectively, with a corresponding year-on-year increase of about 70%; The gross profit margin of semiconductor power semiconductor devices increased year-on-year by 5.12 percentage points to 36.55%.
It is reported that in the field of new energy vehicles, Starpower Semiconductor Ltd(603290) has successfully ranked among the main suppliers of automobile grade IGBT modules in China, and its market share has been expanding; In the field of new energy, the company has been the main supplier of many Chinese mainstream photovoltaic inverter customers and wind power inverter customers; In the field of industrial control, the company has become the main supplier of IGBT modules for many head frequency converter enterprises in China.
Specifically, last year, the vehicle specification level IGBT module applied to the main motor controller produced by star continued to increase in volume, supporting more than Shanghai Pudong Development Bank Co.Ltd(600000) new energy vehicles in total, including more than 150000 class A and above models. 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. At the same time, the vehicle specification level IGBT module applied to the main motor controller produced by the company has begun to be matched with the overseas market in large quantities. It is expected that the overseas market share will be further improved in 2022. In addition, the company’s vehicle specification sgtmosfet began to supply in small quantities.
In the field of photovoltaic power generation, Starpower Semiconductor Ltd(603290) uses independent 650V / 1200vigbt chips and modules and discrete devices supporting fast recovery diode chips to install and apply in large quantities in mainstream photovoltaic inverter customers in China. It is expected that the market share will increase rapidly in 2022.
foreign shareholder “rolling soil again”
Starpower Semiconductor Ltd(603290) also increased R & D efforts. Last year, R & D expenses exceeded 100 million yuan, an increase of about 40% year-on-year, accounting for 6.46% of revenue.
As a business plan, this year Starpower Semiconductor Ltd(603290) will continue to develop the semiconductor device market of new energy vehicles and fuel vehicles, provide vehicle specification level IGBT modules with full power, provide mature vehicle specification level SiC modules for high-end models, improve the product layout of auxiliary drive and vehicle power supply market, and provide customers with perfect products of auxiliary drive and vehicle power supply market; In the automotive electronic market for fuel vehicles, develop more standard power devices for fuel vehicles.
At the same time, in the field of wide band gap power semiconductor devices, the company will also continue to increase R & D investment, including increasing the R & D of SiC Power chips, launching independent vehicle specification SiC chips that meet the market demand, and carrying out the R & D of 3300v-6500v high-voltage IGBT.
Starpower Semiconductor Ltd(603290) is also continuing to layout the silicon carbide track. Last November, Starpower Semiconductor Ltd(603290) completed a non-public offering, raising a total of about 3.5 billion yuan at the issue price of 330 yuan / share, mainly invested in the R & D and industrialization projects of high-voltage characteristic process power chips and SiC chips.
At that time, Starpower Semiconductor Ltd(603290) fixed increase was subscribed by more than 100 institutions. Finally, 14 domestic and foreign shareholders including Runhui investment and advanced manufacturing industry investment fund phase II were shortlisted, and the sales restriction period was 6 months.
By the end of the fourth quarter of last year, most of the shareholders who subscribed for the fixed increase had not appeared in the list of the top ten shareholders; According to people close to the company, it is mainly due to the participation of multiple accounts.
Further, a number of foreign-funded institutions that “failed” to increase their holdings last year chose to increase their holdings. Among them, Quebec savings and investment group has become the ninth largest shareholder of listed companies, and the Central Bank of Norway and Abu Dhabi Investment Bureau have become the seventh and tenth largest circulating shareholders, with shareholding ratios of 0.66%, 1.09% and 0.87% respectively; In addition, Beishang capital increased its holdings of 1.92 million shares, increasing its shareholding ratio to 11.41%.
In contrast, Guangfa growth select hybrid managed by Qiu Jingmin also lost the company’s fixed increase subscription last year, but at the end of the period, the fund and another Guangfa Jufeng hybrid a managed by Qiu Jingmin chose to reduce a total of 390000 shares of Starpower Semiconductor Ltd(603290) and the proportion of shares held at the end of the period was 1.52% and 1.14% respectively.
In terms of market performance, Starpower Semiconductor Ltd(603290) since the fixed increase was completed on November 16 last year, the company’s share price has fallen by about 22% and once fell below the fixed increase issuance price in February; Then it rebounded gradually in March. As of April 8, the company’s share price closed at 347.7 yuan / share.
