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发布时间:2020-06-13 10:44

On the evening of April 7, the new shares of star half Guide (603290. SH) disclosed the annual report of 2019. The company's total annual operating revenue was 779 million yuan, an increase of 15.41% year on year; the net profit attributable to the parent company was 135 million yuan, an increase of 39.83% year on year; the net cash flow from operating activities was about 88326600 yuan, a decrease of 26.4% year on year.
Sida's main business is the design, development and production of power semiconductor chips and modules based on IGBT (insulated gate bipolar transistors). Its downstream customers are mainly located in industrial control and power industry, new energy industry, frequency conversion white home appliances and other industries.
Downstream corresponds to new energy and other emerging industries, and benefits from the rise of semiconductor plate after the Spring Festival. On February 4, Sida semiconductors went out of 23 boards after listing on the main board, setting a new high number of new boards in recent two years. In the middle and late March, the company's share price has been revised back. As of April 8, the total market value is 20 billion yuan, and the price earnings ratio (TTM) is 175 times. The valuation is not low in the semiconductor industry.
From the perspective of market pattern, the global IGBT market is mainly monopolized by European and Japanese enterprises. The company's chip part adopts independent R & D products, but there is still a situation of outsourcing chips. Under the influence of the epidemic, what are the opportunities and challenges faced by StarCraft?
Profit increased nearly 40% year on year
IGBT is a kind of high-power power electronic device, which is mainly used in inverter and other inverter circuits. It transforms DC voltage into AC with adjustable frequency to realize precise regulation and control. It is widely used in motor energy saving, rail transit, smart grid, aerospace, home appliances, automotive electronics, new energy power generation, new energy vehicles and other fields.
Star semiconductors sell in the form of IGBT modules to the outside world, with IGBT chips and fast recovery diode chips as its core. Its main customers include listed companies such as invetion (002334. SZ) and Huichuan Technology (300124. SZ).
According to the data of ihsmarkit's 2018 report quoted in the prospectus, in 2017, the global market share of IGBT module suppliers ranked 10th, and Starr is the only Chinese enterprise in the top ten in the world.
In 2019, the company achieved an operating revenue of 779 million yuan, a year-on-year increase of 15.41%; the net profit attributable to the parent company was 135 million yuan, a year-on-year increase of 39.83%.
The company's sales in various sub sectors have increased. The industrial control and power supply industries are still the main sources of income. The new energy industry, frequency conversion white household appliances and other industries have seen rapid growth in income.
Among them, the operating revenue of industrial control and power industry is 581 million yuan, up 10.54% year-on-year; the operating revenue of new energy industry is 165 million yuan, up 33.34% year-on-year; the operating revenue of frequency conversion white home appliances and other industries is 30.083 million yuan, up 36.71% year-on-year.
Control expense, net interest rate increase
In 2019, the semi leading gross profit rate of Sida was 30.61%, an increase of 1.2 percentage points year on year, returning to the level of gross profit rate in 2017. The decrease of gross profit rate in 2018 is mainly due to the increase of sales proportion of product series with lower gross profit rate and current level.
Compared with the gross profit rate, the company's net interest rate increased higher year-on-year, with a net interest rate of 17.33% in 2019, an increase of 2.96 percentage points year-on-year.
According to the financial report, the year-on-year growth rate of the company's net profit attributable to the parent company is higher than that of its revenue. In addition to the increase of gross profit rate, the control of expenses is also a key factor.
In 2019, the company's R & D expense was 53.9965 million yuan, up 10.1% year on year; management expense was 23.8514 million yuan, up 8.73% year on year; sales expense was 15.283 million yuan, up 1.16% year on year. The year-on-year growth rate of R & D expense, management expense and sales expense is lower than that of revenue, and the growth rate has declined to some extent compared with the previous year.
Increase in raw material stock and decrease in net operating cash flow
Under the background of profit growth, the net operating cash flow of star semi lead decreased. In 2019, the company's net cash flow from operating activities was about 88.3266 million yuan, down 26.4% year on year.
This is related to the increase of inventory and accounts receivable of the company during the reporting period.
By the end of 2019, the company's inventory was 197 million yuan, an increase of 52.9015 million yuan or 36.61% over the beginning of the year, mainly due to the company's increased stock of purchased raw materials in response to the impact of trade friction on the supply chain.
At the end of 2019, the company's receivables reached 217 million yuan, an increase of 85.23003 million yuan or 64.56% over the beginning of the year. The turnover days of receivables increased from 74 days in 2018 to 81 days in 2019.
The domestic IGBT market scale is about 15.3 billion yuan. Can it resist the impact of the epidemic?
The positive expectation of investors is to open up growth space through import substitution.
According to the report on the development and market of China's IGBT industry in 2019 by gibon consulting, the market size of China's IGBT in 2018 is expected to be 15.3 billion yuan, up 19.91% year on year. New energy, energy conservation and environmental protection "12th Five Year Plan" may become the driving force of domestic IGBT development. The following is the size of domestic IGBT market in recent years disclosed in the prospectus of star semi Guide:
At present, the global IGBT market is dominated by foreign giants such as Infineon, Mitsubishi, Fuji electric and abb. About 90% of the domestic IGBT market relies on imports.
According to IHS research data, in 2018, the global IGBT market reached US $6.2 billion, with the top three manufacturers accounting for more than 60% of the market, and the industry market concentration is relatively high.
According to the prospectus, Sida semiconductors has successfully developed and designed a full range of IGBT chips and fast recovery diode chips independently, and they have achieved mass production. At present, the IGBT chips and fast recovery diode chips purchased from abroad can be replaced by the chips independently developed and designed. However, the company still has the situation of outsourcing chips, which are independently developed by the company because customers need a certain validation time for the batch use of the company's self-developed chips

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