You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
英傑電氣(300820):光伏電源龍頭 已完成半導體細分市場國產替代
格隆匯 06-28 00:01
公司是光伏硅料與硅片電源領域的龍頭,市佔率高達60-70%,預計將充分受益於光伏設備擴產大週期。此外,2017 年公司成為國內MOCVD 設備主要製造商中微半導體中國境內MOCVD 電源供應商,在半導體細分領域實現了國產替代。公司管理層穩定且優秀,自創立起已完成十餘款電源的國產替代,整體發展可能會比較有後勁。預計公司2021-2022 年歸母淨利潤分別為1.4、2.5 億元,首次覆蓋,給予“審慎推薦-A”評級,目標價為74-76 元。公司基本情況。公司成立於1996 年,2020 年2 月公司在創業板上市,實控人為董事長王軍與總經理周英懷,目前,王軍、周懷英分別持有公司34.58%、34.06%股份。公司主要產品為電源,應用於光伏、半導體、冶金、玻纖等領域。2020 年公司實現營業收入4.21 億元,同比下降5.04%;實現歸母淨利潤1.05 億元,同比下降5.83%。已成為光伏電源龍頭。公司多位高管有較長從業經歷,管理層穩定且重視技術研發。公司產品應用於光伏行業上游的光伏材料生產設備的電源控制,具備強競爭力,已有10 多年應用歷史。電源行業功率的精準保障對於最終產成品的品質至關重要,同時對於電源的質量穩定性要求也較高,公司電源產品具有高穩定性、高功率因數、高精確度等特點,多年來已經得到了客户的充分信任。目前,公司光伏行業產品主要用於多晶硅還原爐與單晶拉棒環節,市佔率高達60-70%。在半導體細分領域實現國產替代。公司所生產PD 系列可編程直流電源為核心產品,在MOCVD 及生長工藝、共蒸發法制備CIGS(銅銦鎵硒)薄膜過程中,對負載提供高精度、低紋波的直流電源,從而實現對工藝温度進行精確控制。自2015 年起,公司經過多年技術跟蹤與研發投入,成功研發出專用於LED 外延片生產設備的PD 系列可編程直流電源,實現產品定型並投入小批量生產,2016 年公司產品完成技術升級並於2017 年大批量生產並實現進口替代,是國內為數較少的能夠生產該類電源產品的供應商,併成為現階段國內MOCVD 設備主要製造商中微半導體中國境內MOCVD 電源的供應商。投資建議:預計公司2021-2022 年歸母淨利潤為1.4、2.5 億元,對應估值37倍、21 倍,首次覆蓋,給予“審慎推薦-A”評級。風險提示:光伏擴產進度低於預期,半導體業務進展不及預期。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account