\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
The year-on-year growth rate of the parent company was RMB 12.03 billion (the year-on-year growth rate of the parent company was RMB 12.07 billion) (the annual net profit in 2027 was RMB 12.01 billion); Among them, in the single quarter of 2021q4, the company realized a revenue of 510 million yuan (a year-on-year growth rate of 72.94% and a month on month growth rate of 6.69%), and a net profit attributable to the parent company of 398 million yuan (a year-on-year growth rate of 120.49% and a month on month growth rate of 49.47%). The per capita income was about 1.65 million yuan, a year-on-year increase of 21.7%.
Continuous volume of vehicle gauge level IGBT module: the company’s vehicle gauge level IGBT module applied to the main motor controller is continuously 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. According to the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles announced by the passenger Federation in 2021, there are 3.288 million units, and 2.01 million units above class A. assuming that most of the sales of the company’s main motor controller IGBT modules are in China, the carrying rate in China is about 18.2%, and that of vehicles above class A is about 7.5%. The company has broad room for improvement in China. At the same time, the company’s share of semiconductor devices in new energy vehicles such as vehicle air conditioner, charging pile and electronic power steering has further increased, and the IGBT module of main motor controller has begun to support the overseas market in large quantities. In 2021, the sales growth rate of the company in the field of new energy was 165.95%, and the sales growth rate of electric passenger vehicles in China was 179.6%, indicating that the company has caught the ride of medium Shanxi Guoxin Energy Corporation Limited(600617) high prosperity and is optimistic about the prospect of the continuous improvement of the market share of the company’s on-board IGBT.
Silicon carbide module has been recognized by customers and the research and development of coded SiC chip: the company continues to layout wide band gap power semiconductor devices. Various SiC modules launched in locomotive traction auxiliary power supply system, controller of new energy vehicle industry and photovoltaic industry have been further promoted and applied. The company’s vehicle specification SiC module has been designated by many vehicle enterprises and Tier1 customers outside China. As of September 8, 2021, the company has obtained orders for vehicle specification SiC MOSFET module with a total amount of 340 million yuan, and the delivery period agreed in the orders is 20222023. The company actively promotes the autonomy of SiC chips. After the completion of the fixed increase in 2021, it is expected to invest 500 million yuan in the research and development of SiC chips, so as to further improve the supply guarantee ability and product competitiveness of the company’s vehicle specification SiC modules. The company added several main motor controller projects of 800V system using full SiC MOSFET modules. According to IHS data, the market scale of silicon carbide power devices is expected to exceed US $10 billion by 2027, and the compound growth rate from 2018 to 2027 is close to 40%. It is optimistic about the growth potential of SiC.
Consolidate the industrial control market and promote the localization of high-voltage power chips: the company will make full use of the advantages of the company’s 650V / 750V, 1200V and 1700V independent chip products to continue to make efforts in the field of industrial control and power supply and improve the market share. At the same time, the company relies on high-voltage chip R & D and 45000v technology, and uses the capital of high-voltage chip industry to increase 3300v. After the completion of the project, it is expected to form an annual production capacity of 300000 pieces of 6-inch high-voltage characteristic process power chips, with an annual income of about 900 million yuan.
Investment suggestion: the company has successfully promoted in the booming new energy market, and increased R & D efforts in the fields of silicon carbide and high-voltage chips. We are optimistic about the continuous improvement of the company’s market share and the ability to realize self-development and self-production of high-end chips. It is estimated that the operating revenue of the company from 2022 to 2024 will be 2.811 billion yuan, 4.084 billion yuan and 5.684 billion yuan respectively, with a year-on-year increase of 64.68%, 45.30% and 39.19%, and the net profit attributable to the parent company will be 632 million yuan, 904 million yuan and 1.248 billion yuan respectively, with a year-on-year increase of 58.57%, 43.09% and 38.04%. At present (April 8, 2022), it corresponds to pe93.04% 91, 65.63 and 47.54, giving the company 110 times PE in 2022, corresponding to the target price of 407.29 yuan, maintaining the “buy” rating.
Risk tips: the risk of deterioration of the international situation, the risk of repeated outbreaks, the risk of lower reaches demand falling short of expectations, and the risk of production expansion projects falling short of expectations
