\u3000\u3 Guocheng Mining Co.Ltd(000688) 187 Zhuzhou Crrc Times Electric Co.Ltd(688187) )
Event:
On April 12, the company issued the announcement on voluntary disclosure of the holding subsidiary’s investment in silicon carbide chip production line technical capacity improvement construction project.
The company plans to invest 462 million yuan to expand the SiC chip production line. In order to enhance the company’s influence in the third generation semiconductor industry and occupy the highland of the third generation semiconductor industry, the company’s subsidiary CRRC times semiconductor plans to invest 462 million yuan to carry out the construction project of improving the technical capacity of SiC chip production line on the basis of the company’s completed SiC chip line.
The project will be carried out in the existing Tianxin Industrial Park in Zhuzhou, with a construction period of 24 months. The company will transform and upgrade the silicon carbide chip line plant in Tianxin Industrial Park, Zhuzhou City, Hunan Province, transform existing equipment, add process equipment and process auxiliary equipment, and add information software or implement services; Clean room decoration, supporting factory expansion and new public equipment. The construction period is about 24 months.
Sicmos process will be upgraded to grooved gate, and the production capacity will be expanded from 4-inch 10000 chips to 6-inch 25000 chips. After the completion of the project, the company will improve the technical capacity of the existing planar gate sicmosfet chip to meet the R & D capacity of grooved gate sicmosfet chip, increase the existing 4-inch SiC chip line to 6 inches, and increase the annual capacity of the existing 4-inch SiC chip line to 10000 pieces / year to 25000 pieces / year of 6-inch SiC chip line.
SiC chip mass production line is mainly oriented to the field of new energy vehicles and rail transit, and its competitive advantage continues to consolidate. Through the SiC chip line built during the 13th Five Year Plan period, the company has achieved a breakthrough in the field of SiC technology from scratch. At present, the company has completed the development and technology accumulation of the first generation of technical products in the field of SiC devices, and formed the complete ability of mature SiC chip products “design manufacture test module”. The company’s SiC products have achieved application demonstration in subway, new energy vehicles, photovoltaic and other market fields.
Yole predicts that the market space of SiC power devices will reach US $6.297 billion by 2027. According to yole report, the global silicon carbide power device market will maintain a compound annual growth rate of 34% from 2021 to 2027, and the market scale will increase from US $1090 million in 2021 to US $6297 million in 2027. Among them, the automotive field will be the largest application market of silicon carbide in the future. In 2027, the silicon carbide Market in the automotive sector will reach US $4.986 billion, accounting for 79.18% of the total.
Profit forecast: we expect the net profit attributable to the parent company in 2022, 2023 and 2024 to be RMB 2.38/27.45/3.089 billion respectively, corresponding to the PE of the stock price on April 12 to be 27 / 24 / 21 times respectively, maintaining the “buy” rating.
Risk tip: the investment in new railway construction continues to decline, and the construction and import of IGBT and SiC are less than expected.
