\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
Event: on April 8, 2022, the company released its annual report for 2021, realizing an operating revenue of 1.707 billion yuan, 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 + 120.49%.
Benefiting from the high prosperity of the downstream, the performance has increased significantly. The company achieved a revenue of 510 million yuan in 2021q4, a year-on-year increase of + 72.94%; The net profit attributable to the parent company was 132 million yuan, a year-on-year increase of + 183.22%, another record high. The company’s industrial control industry revenue was 1.065 billion yuan, a year-on-year increase of + 50.60%, accounting for 62.37% of the revenue; The revenue of the new energy industry was 571 million yuan, a year-on-year increase of + 165.95%, accounting for 33.48% of the revenue; The revenue of frequency conversion white household appliance industry was 60 million yuan, with a year-on-year increase of + 59.48%, accounting for 3.52% of the revenue. All subdivided industries achieved steady growth. Among them, in 2021, the company’s vehicle regulation level master IGBT module is equipped with more than Shanghai Pudong Development Bank Co.Ltd(600000) new energy vehicles, and more than 150000 class A and above models. The company competes with international enterprises on the same platform, the market share is expanding, and the proportion of new energy vehicle business is expected to continue to increase.
The lack of core accelerated the localization of power devices, and the company’s gross profit margin climbed quarter by quarter. Benefiting from the increase in the proportion of self-developed chips and the scale effect, as well as the leading bargaining advantage of the company under the rise in the price of wafer foundry, the company realized that the gross profit margin of 2021q1-q4 was 34.20% / 34.60% / 35.84% / 40.81% respectively, climbing quarter by quarter.
The technology of vehicle gauge chip continues to make breakthroughs, and SiC is laid out to reserve development momentum. In 2021, the company realized mass production of 1200V and 1700vigbt chips based on the sixth generation trenchfieldstop technology on the 12 inch production line; A new generation of vehicle specification 650V / 750V / 1200vigbt chip based on the seventh generation micro trench trenchfieldstop technology has been successfully developed, and it is expected to start mass supply in 2022. In addition, the company has added several main motor controller project points of 800V system using full sicmosfet modules, which will provide a continuous driving force for the company’s SiC module sales growth in 202329.
Investment suggestion: due to the continuous prosperity of downstream industries and the continuous improvement of the company’s market share, we predict that the company’s revenue in 202224 will be 2.649/38.20/5.166 billion yuan, and the net profit attributable to the parent company will be 6.27/8.60/1.114 billion yuan, maintaining the “overweight” rating.
Risk warning: industry competition intensifies; Downstream demand growth and IGBT self research / production expansion progress were lower than expected.
