\u3000\u3 Shengda Resources Co.Ltd(000603) 290 Starpower Semiconductor Ltd(603290) )
Events
Starpower Semiconductor Ltd(603290) released the first quarterly report of 2022: the company achieved an operating revenue of 542 million yuan, a year-on-year increase of 66.96%, a net profit attributable to the parent company of 151 million yuan, a year-on-year increase of 101.54%, and a net profit attributable to the parent company of 145 million yuan, a year-on-year increase of 123.32%.
Key investment points
The month on month growth continued, and the net profit attributable to the parent company in a single quarter doubled year-on-year
In Q1 of 2022, the company achieved a revenue of 542 million yuan (YoY + 66.96%, mom + 6.4%), a net profit attributable to the parent company of 151 million yuan (YoY + 101.54%, mom + 14.71%), and a net profit attributable to the parent company of 145 million yuan (yoy + 123.32%, mom + 14.26%). In terms of gross profit margin, the overall gross profit margin of 2022q1 company is 40.81%; In terms of period expenses, the expense rate (excluding R & D) during 2022q1 is 1.77% (year-on-year -0.94pct), of which the sales expense rate is 1.02% (year-on-year -0.05pct), the management expense rate is 2.45% (year-on-year + 0.69pct), and the financial expense rate is – 1.70% (year-on-year -1.81pct). In addition, in 2022, the R & D expenses of Q1 company were 35 million yuan (year-on-year + 71.56%), and the R & D expense rate reached 6.51%.
China’s leading IGBT enterprise, focusing on automotive and photovoltaic applications
New energy vehicles:
1) the vehicle specification level IGBT module applied to the main motor controller continues to be used in large quantities, supporting more than Shanghai Pudong Development Bank Co.Ltd(600000) new energy vehicles in total, including more than 150000 class A and above models. At the same time, the share of semiconductor devices in vehicle air conditioning, charging pile, electronic power steering and other new energy vehicles is further increased; 2) The vehicle specification level IGBT module applied to the main motor controller has begun to be matched with the overseas market in large quantities. It is expected that the overseas market share will be further increased in 2022; 5) Sgtmos of vehicle specification level is supplied in small quantities.
Photovoltaic field:
The modules and discrete devices using independent 650V / 1200vigbt chips and supporting fast recovery diode chips are installed and applied in large quantities in China’s mainstream photovoltaic inverter customers. It is expected that the market share will increase rapidly in 2022.
Orders were placed vigorously in the high boom of the industry, and the fixed increase of 3.5 billion production capacity helped the growth
The company has a strong demand for orders under the high boom of the industry:
The 650V / 750V vehicle specification level IGBT module will add multiple fixed points of double electric control hybrid and pure electric vehicle type main motor controller platform, and the 1200V vehicle specification level IGBT module will add multiple fixed points of 800V system pure electric vehicle type main motor controller project, which is expected to provide a continuous driving force for the sales growth of new energy vehicle IGBT module from 2023 to 2029; The addition of several main motor controller project points of 800V system using full sicmosfet modules is expected to provide a continuous driving force for the sales growth of SiC modules from 2023 to 2029.
3.5 billion fixed code capacity increase to boost growth:
It is expected that after the completion of the project, the annual production capacity of 300000 pieces of 6-inch high-voltage characteristic process power chips / 60000 pieces of 6-inch SiC chips / new power semiconductor modules with an annual output of 4 million pieces will be formed.
We believe that at present, as a leading enterprise in the field of IGBT in China, the company has made rapid progress in the field of new energy vehicles and power generation. With the overweight layout of fixed increase projects and the capacity expansion of high-voltage power chips, SiC chips and modules, the company has a clear long-term path planning. While continuously enriching the product structure, the company has completed the breakthrough of the bottleneck of module capacity, and is expected to grow at a high speed under the resonance of the downstream of the high boom and the wave of domestic substitution.
Profit forecast
It is predicted that the company’s revenue from 2022 to 2024 will be 2.803 billion yuan, 4.065 billion yuan and 5.411 billion yuan respectively, and the EPS will be 3.73, 5.35 and 7.10 yuan respectively. The corresponding PE of the current stock price will be 92, 65 and 49 times respectively, maintaining the “recommended” investment rating.
Risk tips
Downside risk of industry prosperity, risk of product R & D progress falling short of expectations, risk of capacity construction falling short of expectations, risk of intensified industry competition, risk of overseas policy changes, etc.
