\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
Due to the combination of core shortage and IGBT downstream demand, the company’s revenue and profit increased significantly in 2021. In 2021, the company realized a 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%. Affected by the lack of core and the explosion of demand in the downstream new energy industry, the company’s IGBT products increased both in volume and price in 2021. In 2021, the company sold 8.78 million IGBT modules, a year-on-year increase of + 67.88%
The price rise drives the gross profit margin up, and the cost rate continues to be diluted during the period under the scale effect. In 2021, the company’s gross profit margin was 36.73%, with a year-on-year increase of + 5.16pct; The net interest rate was + 60pct, 23.4% year-on-year. The price rise has driven the company’s gross profit margin to increase quarter by quarter. The gross profit margins of 2021q1-q4 company in a single quarter were 34.20%, 34.60%, 35.84% and 40.81% respectively. In 2021, the company’s management expense rate, sales expense rate and R & D expense rate were 3.02%, 1.43% and 6.46% respectively.
The proportion of new energy has increased significantly, and the penetration of photovoltaic and new energy vehicles has accelerated. In 2021, the company’s revenue in the field of new energy was 571 million yuan, a year-on-year increase of + 165.95%, and its proportion in revenue increased from 22.31% in 2020 to 33.48% in 2021; The revenue of industrial control field was 1.065 billion, a year-on-year increase of + 50.60%, accounting for 62.37% of the revenue; The income of frequency conversion white appliances and other industries was 60 million yuan, a year-on-year increase of + 59.48%, accounting for 3.52% of the income.
The first mover advantage in the field of vehicle regulation is significant, and 150000 class A and above models have been equipped. In 2021, the company’s main motor controller vehicle specification level IGBT module was greatly expanded, with a total supporting of more than Shanghai Pudong Development Bank Co.Ltd(600000) new energy vehicles, including more than 150000 class A and above models. At the same time, the company’s seventh generation micro trench trenchfs vehicle specification IGBT chip is successful, and it is expected to start mass supply in 2022. In addition, in 2021, the company added several main motor controller projects of 800V system using full sicmosfet module, so as to continuously consolidate the company’s competitive advantage in the field of vehicle regulation.
With the continuous release of the capacity of OEM factories, the share of domestic IGBT leading cities is expected to continue to increase. In the field of photovoltaic power generation in 2021, the company will use its own 650V / 1200vigbt chip and modules and discrete devices supporting fast recovery diode chip to install and apply in large quantities in China’s mainstream photovoltaic inverter customers. It is expected that the market share will increase rapidly in 2022. With the continuous release of the production capacity of Huahong and other OEM factories, the market share of the company in the field of photovoltaic IGBT is expected to further increase in 2022.
Profit forecast: we expect the net profit attributable to the parent company in 2022, 2023 and 2024 to be RMB 697, 966 and 1288 million respectively, corresponding to 85 / 61 / 46 times of the share price PE on April 8, maintaining the “buy” rating.
Risk tip: downstream demand slows down, product R & D and verification are less than expected, and production capacity is less than expected.
