\u3000\u3000 Hebei Sinopack Electronic Technology Co.Ltd(003031) (003031)
CETC No. 13 Institute is the largest shareholder, and the performance of the strongest domestic electronic ceramic shell is growing rapidly: Hebei Sinopack Electronic Technology Co.Ltd(003031) layout of four categories of ceramic products: electronic ceramic shell for communication devices, electronic ceramic shell for industrial lasers, consumer electronic ceramic shell and substrate, and automotive electronic parts. It is the largest high-end electronic ceramic shell manufacturer in China. The company’s performance grew rapidly, with a compound growth rate of 37% in revenue from 2016 to 2020 and 38% in net profit attributable to the parent company from 2016 to 2020. As of January 15, 2022, the 13th Research Institute of China Electronics Technology Group holds 49.68% of the shares of the company and is the largest shareholder of the company. CETC No. 13 Institute is an important supply base of high-end core electronic devices and new technology innovation base of semiconductor new devices in China, providing strong support for Hebei Sinopack Electronic Technology Co.Ltd(003031) technology R & D, industrial application and even future M & A.
Ceramic materials are the core materials for packaging high-end electronic components, with broad localization space: electronic ceramics are widely used in the manufacturing of electronic components and are an indispensable basic material for the manufacturing of electronic components. In the field of microelectronic packaging, ceramic shell has better moisture resistance, linear thermal expansion rate and thermal conductivity than metal and plastic shell, and is more stable in electrothermal mechanical performance. It is the main component of high-end electronic device packaging. In the global ceramic packaging market, Chinese manufacturers have a low market share in revenue. According to QY research data, in 2019, Kyocera and NGK / NTK accounted for 43.16% and 38.43% respectively, Hebei Sinopack Electronic Technology Co.Ltd(003031) accounted for 3.52%, ranking second among Chinese manufacturers, and Chaozhou Chaozhou Three-Circle(Group) Co.Ltd(300408) ranked first only accounted for 5.04%. Electronic ceramic shell is mainly used in the application scenarios of high-end components such as aerospace and military industry, with high technical barriers. Under the factors of policy support, strong demand, monopoly of overseas giants and urgent demand for localization, the localization of electronic ceramics has broad prospects.
It has obvious competitive advantages and is expected to become a world-class electronic ceramic manufacturer in the future with the support of the major shareholder CETC No. 13 Institute. The technical barriers of electronic ceramics are reflected in three aspects: R & D and production of new electronic ceramic materials, simulation design of semiconductor shell and production process, all of which require long-term R & D investment and experience accumulation. Hebei Sinopack Electronic Technology Co.Ltd(003031) technology is leading in China. In terms of materials, Hebei Sinopack Electronic Technology Co.Ltd(003031) has independently mastered three ceramic systems; In terms of design, the company has advanced design means and design software platform. For example, it can design and develop 400g optical communication device shell, which is equivalent to the technical level of similar foreign products; In terms of process technology, the company has a full set of multi-layer ceramic shell manufacturing technology. In addition, the 13th Research Institute of China Electronics Technology Corporation, the major shareholder of the company, is a leader in semiconductor technology in China and has a large number of high-quality assets. Since its establishment, the 13 institutes have successively created more than 60 first places in China in the semiconductor field and achieved more than 3100 scientific research achievements. They are subordinate to eight professional departments, three research laboratories, seven pilot lines and seven holding high-tech industrial companies. In the future, they are expected to give relevant support to the company’s technology, M & A and industrial ecology to help the rapid development of the company.
Profit forecast and investment rating: Hebei Sinopack Electronic Technology Co.Ltd(003031) technology is leading in China. The No. 13 Institute of CETC, the largest shareholder, has strong semiconductor technology and has many research laboratories and high-tech companies, which is expected to provide technical and industrial support to the company. We expect the company’s revenue from 2021 to 2023 to be RMB 1196 / 1692 / 2280 million respectively, and the net profit attributable to the parent company to be RMB 129 / 164 / 206 million respectively. The current price corresponds to 91 / 72 / 57 times of PE. It is covered for the first time and given a “buy” rating.
Risk warning: the promotion of products in the field of consumer electronics is not as expected; Industry competition intensifies; Trade frictions increase risks.
