\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
Event overview:
The company released its 2021 annual report: the annual revenue was 1.7 billion yuan, yoy + 77%, the net profit attributable to the parent was 398 million yuan, yoy + 120%, and the net profit not attributable to the parent was 378 million yuan, yoy + 143%. The three indicators were consistent with the previous performance express. It is estimated that 21q4 company achieved revenue of 510 million yuan, QoQ + 7%, yoy + 73%, net profit attributable to parent company of 130 million yuan, QoQ + 16%, yoy + 179% in the current quarter, deducting net profit attributable to non parent company of 126 million yuan, QoQ + 15%, yoy + 215%.
In the past 21 years, the performance has increased rapidly, and the proportion of new energy business has further increased
1) the company is in a high-speed growth channel: 20q4-21q4. The quarter on quarter growth rate of the company’s revenue is 17%, 10%, 21%, 21% and 7% respectively. From the demand side, as the leader of domestic IGBT, the company fully benefits from the prosperity of the industry and domestic substitution; From the supply side, the company’s business expansion is synchronized with the 12 inch production expansion of Huahong semiconductor, and the production capacity is guaranteed. 2) Improvement of product structure and profitability: from 20q4 to 21q4, the non net profit margin deducted by the company in each quarter was 13.6%, 20.0%, 19.5%, 23.0% and 24.7%, rising quarter by quarter as a whole. In terms of gross profit margin, the company’s gross profit margin in 21 years was 36.55%, an increase of 5pct over 20 years. The improvement of profit is beneficial to the company’s increasing R & D, continuous development of high value-added products and optimization of product structure. 3) Increase in the proportion of new energy business: in 2021, the proportion of industrial control & Power revenue of the company decreased from 74% in 20 years to 63%, while that of new energy increased from 22% to 34%, and the frequency conversion white power remained unchanged at 4%.
A large number of photovoltaic products are installed, and the volume of vehicle regulated products is accelerated in 22 years
Photovoltaic: 650V / 1200vigbt modules and devices of the company are installed in large quantities at photovoltaic customers. The company has become an important supplier of many leading photovoltaic and wind power inverters. New energy vehicles: 1) in the past 21 years, the company’s vehicle specification level IGBT for main drive has continued to be used in large quantities, supporting more than Shanghai Pudong Development Bank Co.Ltd(600000) vehicles, including more than 150000 vehicles for class A and above models; 2) The category of “boarding” continues to expand, the company’s share in automotive air conditioning and charging pile semiconductor devices has further increased, and the vehicle specification sgtmosfet has begun to supply in small quantities. Third generation semiconductor: Several 800V project fixed points of sicmosfet modules have been added. As of September 8, 2021, sicmosfet orders on hand have reached 340 million yuan, and the delivery time is 22-23 years. In addition, the company’s SiC module has been further promoted and applied in locomotive traction auxiliary power supply and photovoltaic industry.
Self built production line opens medium and long-term growth space
The company’s 21m3 announced a 3.5 billion fixed increase project plan: 1) 1.5 billion yuan was used for the industrialization of high-voltage chips – the investment progress was 5.6% by the end of 21; 2) 500 million yuan was used for SiC chip industrialization – by the end of 21, the input was 3.4%; 3) 700 million yuan was used for the automation transformation of power module – the investment progress was 8.6% by the end of 21; 4) Supplementary working capital of 800 million yuan. After the project is completed, it is expected to have an annual production capacity of 3 Shenzhen Zhenye(Group)Co.Ltd(000006) -inch high-voltage power wafers, 60000 SiC wafers and 4 million power modules. This makes: 1) the company has the supply capacity of 3300v and above IGBT modules, which can further expand the scope of shipment to existing customers such as Shenzhen Inovance Technology Co.Ltd(300124) , Shenzhen Invt Electric Co.Ltd(002334) , Siemens; 2) The company will have its own vehicle specification sicmosfet chip, so as to improve the capacity guarantee ability of vehicle specification SiC module.
Investment advice
We maintain the forecast of the company’s net profit attributable to the parent company of RMB 610 / 870 million in 2022 / 23 unchanged, and add a new forecast of the company’s net profit attributable to the parent company of RMB 1.17 billion in 2024, corresponding to 98 / 68 / 51 times of PE. In view of the company’s leading position in the field of new energy IGBT, the company is expected to fully benefit from the acceleration of domestic substitution. Maintain the “buy” rating.
Risk tips
The industry boom is less than expected, the R & D progress is less than expected, the raised investment projects are less than expected, and the information and data used in the research report are not updated in time.
