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研報掘金丨華源證券:首予新潔能“增持”評級,有望受益於行業企穩回升
格隆匯 08-07 14:44
華源證券研報指出,新潔能功率半導體積累深厚,拓展高端應用接力成長。公司主要採用Fabless模式,並向封裝測試環節延伸。目前全資子公司電基集成已建設先進封測產線並持續擴充完善,實現部分芯片自主封測並形成特色產品。公司汽車電子產品覆蓋汽車電子全域控,多款型號應用於OBC、DC轉換、底盤控制、輔助駕駛等重要模塊。車規產品批量交付近130家Tier1及終端車企,2024年新增導入30餘家客户。華潤微、揚傑科技、斯達半導主要從事功率半導體器件生產,選取作為可比公司,2025-2027年平均PE分別為41、32、26倍。公司產品品類不斷豐富,下游應用持續拓展升級,有望受益於行業企穩回升,首次覆蓋,給予“增持”評級。
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