Domestic semiconductor thermoelectric refrigeration technology leader. The company is one of the few providers of semiconductor thermoelectric technology solutions and applications in the whole industry chain at home and abroad, integrating semiconductor thermoelectric devices, systems and their whole machine applications, and the products are widely used in various emerging consumer electronics scenarios. Under the background of domestic substitution, the company has broken through the high-end field, and the application scene has been gradually expanded to communications, automotive, medical and other fields. In the future, the company is expected to benefit from the recovery of consumer electronics demand on the demand side, open up long-term incremental space for new scenarios and new applications, and enjoy domestic substitution on the supply side domestic market. Both sides of supply and demand are improving synchronously, and the expansion of production capacity and the upgrading of products grow in two dimensions.
The trend of consumption upgrading is clear, and the demand for semiconductor thermoelectric technology continues to emerge. Thermoelectric technology consumer electronics scene is mainly quality of life appliances, before the market is mainly concentrated in developed countries in Europe and the United States. With the trend of consumption upgrading in China, quality life appliances are expected to usher in a breakthrough in the domestic market in the future. According to Zhiyan consulting data, the company accounted for nearly 20% of the semiconductor refrigerated household freezers (beer machines, constant temperature refrigerators, etc.) exported in the past 19 years. In addition, the company has developed thermoelectric devices used in mobile phone heat dissipation clips and water ion hair dryers, which have sold well in the domestic market. As the impact of the epidemic fades, the company's consumer electronics products are expected to return to steady growth.
Breaking through the high-end field, the communication / automobile / medical increment is considerable. The company's products break through high-end fields and successfully cut into high value-added TEC applications such as communications, automotive, industry, aerospace and national defense. Its performance and reliability are comparable to those of international leading enterprises, and have cost advantages, and have domestic alternative market space. According to the data of Guanju Technology, there are about 70 million thermoelectric devices in the optical communications market in 2019; by 2024, the demand will increase to 330 million due to base station construction, with 19-24e CAGR as high as 36%. The company's high-performance miniature thermoelectric refrigeration devices for communication optical modules have been shipped in batches to a leading communication equipment customer in the world, becoming one of the few domestic manufacturers that can produce miniature thermoelectric refrigeration devices for temperature control of optical modules. there is considerable room for growth in the future. At the same time, the company's thermoelectric technology is also used in scenarios such as lidar and medical equipment, and the medical field has been introduced into well-known enterprises in the industry such as Huada Zhisheng and Shengxiang Biology, which is expected to benefit from the vigorous upward demand of the downstream application industry.
We forecast that the company will earn 1.44,2.05,2.86 yuan per share in 22-24 years, respectively. According to the comparable company's 22-year 31 times PE valuation, the corresponding target price is 44.64 yuan, and the buy rating is given for the first time.
Risk hint
The expansion of high-end products is not as expected, the overseas business is not as expected, the risk of exchange rate fluctuations, and the proportion of large customers of thermoelectric products is too high.
