Star semiconductor (603290): fifteen years of cultivation will eventually become the IGBT domestic leader

Star semiconductor (603290): fifteen years of cultivation will eventually become the IGBT domestic leader

Star Semiconductor is a leading domestic IGBT company. It is currently the only company in China that has entered the top ten global IGBT market, with a global market share of 2%.

We are optimistic that the company as a core concept of domestic IGBT replacement can achieve high-speed growth, mainly based on the following views: “Front-end Fabless foundry + rear-end packaging self-development”, research and development technology replacement.

The company uses Fabless mode for foundry production of front-end IGBT chips.

The company is responsible for the device design and process design of the chip, which is produced by the foundry.

The subsequent IGBT chip packaging is completed by the company.

IGBT has strict requirements on package design, simulation modeling, and process control.

The company has 15 years of deep accumulation in IGBT devices and packaging technology, which has effectively guaranteed the reliability and market competitiveness of the company’s products.

  The increase in the penetration rate of new energy vehicles has driven the growth of IGBT demand.

IGBT is the core component of electric 杭州桑拿网 vehicles and is widely used in motor control, battery management, and charging pile management.

More than 120 IGBT chips / modules are needed in a pure electric vehicle.

As the penetration rate of global and emerging energy vehicles in the automotive market continues to increase, new energy vehicle related businesses are expected to become the largest increase in the IGBT market.

  Independently controllable acceleration of domestic substitution, market share continues to rise.

At present, the global IGBT market is firmly merged by international manufacturers, and the top five manufacturers merge more than 70% of the global IGBT market.

In the domestic power semiconductor market, the self-sufficiency rate of IGBT modules is the lowest among all power devices.

As a key device in industry, automotive, energy, etc., IGBT 无锡桑拿网 is the key to achieving autonomous controllability.

Since 2015, the company’s global market share has continued to increase.

We expect the company’s global market share to continue to rise, and is expected to reach 3 in 2021.

62%.

  Covered for the first time with a “Buy” rating.

We predict that the company’s revenue from 2019 to 2021 will be 7 respectively.

7.5 billion, 9.

7.1 billion yuan, 12.

9.9 billion yuan, EPS is 0.

83, 1.

19, 1.

54 yuan, corresponding to 42 for PE.

88, 29.

98, 23.

20.

  Risk reminder: New energy vehicle production expansion project is not progressing well; sales and growth of new energy vehicles are not up to expectations; Substitution risks brought by SiC and GaN products

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