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賽晶電力電子(00580.HK):輸配電業務穩健增長,擬改名“賽晶科技“,維持“買入”評級,目標價 2.3港元
格隆匯 08-25 13:55

機構:國元證券

評級:買入

目標價: 2.3港元

投資要點 

受益於新基建推進,公司上半年輸配電業務增長明顯

受益於國網在輸變電領域投資力度加強,公司上半年輸配電業務增長明顯:特高壓直流輸電領域,公司交付了“青海-河南”、“陝北-武漢”、“雅中-江西”三個 800KV 工程以及“雲貴互聯”部分訂單,銷售收入同比+94%至0.95 億元;柔直領域,公司主要交付了“烏東德項目”及如東海上風電工程相關訂單,銷售收入同比+16%至 3.23 億元。且受益於結構的改善,輸配電板塊毛利率同比+2.3pct 至 31.8%。

軌交增長迅猛,新能源與冶金業績下滑:

受益於產品在大功率電力機車、中國標準化動車組、CRH5 高寒動車組等領域的良好表現,公司軌交業務收入同比+57%至 0.71 億元。但受新能源補貼退坡影響,公司在新能源汽車領域收入同比-76%。工業及其他領域方面,由於公司去年上半年出售九江賽晶 43%股份,相關收入-78%至 0.17 億元。

費用管控顯效,研發投入保持較高水平:

公司上半年銷售/管理費用率錄得 3.5%/8.3%,同比下降 2.2/0.9pct。同期研 發投入為 0.43 億,同比+40.4%,研發支出佔收入比例提高 1.4pct 至 6.3%。其中 IGBT 相關支出 1144 萬,同比增長 10 倍以上。

擬改名“賽晶科技”,聚焦 IGBT 發展戰略:

公司自 2019 年啟動 IGBT 項目以來,已經完成了研發團隊組建、首款產品的論證和設計、啟動生產基地建設等工作。目前,首款賽晶 i20 芯片已經進入流片階段,應用上述芯片的首款 1200V/600A ED-Type IGBT 模組也已經進入樣品封裝測試的階段。我們認為,IGBT 將是公司未來發展的新方向,發展前景廣闊。因此,公司也擬變更公司名稱為“賽晶科技集團有限公司”。

維持“買入”評級:

我們調整公司 2020/2021 年歸母淨利潤至 1.65/1.82 億元,上調目標價至 2.3港元,維持“買入”評級。

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