This report is read as follows:
Taiji Co., Ltd. is a leading manufacturer of high-power devices in China. The company has mass-produced IGBT and laid out the third-generation semiconductor research and development, which will deeply benefit the development of the power device industry in the future.
Main points of investment:
Investment suggestion, target price is 30.09 yuan. We estimate that the return net profit of the company from 2019 to 2021 is-2.11,1.41 and 169 million yuan, and the EPS is-0.99,0.66 and 0.80 yuan respectively. The company will be given 13 times PS in 20 years, corresponding to the stock price of 30.09 yuan.
The company is the domestic leader in power semiconductor devices, and is involved in the field of pan-cultural business. The semiconductor business is sound and not affected by goodwill impairment. The company's main products are power thyristors, IGBT modules and other power devices, and its acquisition of the other side of the spring to carry out pan-cultural business. Due to the decline in the performance of the pan-cultural business, the company plans to make a large goodwill impairment and almost all of the impairment can be completed. The risk of a sharp decline in the company's performance in the future will also be further reduced.
The market scale of power semiconductor devices driven by downstream demand is increasing, and the domestic IGBT market is growing rapidly. The company will deeply benefit from the development of the industry. According to Yole, the global market for power semiconductor devices is expected to reach US $22.15 billion by 2023. At the same time, driven by downstream applications, China's IGBT market demand will reach 3 billion US dollars in 2020. The company takes the lead in the market share of thyristors and modules in China, has built a closed test line for high-power IGBT modules and the continuous expansion of production and sales of IGBT modules, which will deeply benefit the development of the industry in the future.
The company continues to expand IGBT products, and layout of the third generation semiconductor power device products. The company uses fund-raising projects to expand IGBT module products with high power density and high performance applications, and the planned new closed test line is also compatible with the R & D and production of MOSFET and third-generation semiconductor power devices, so as to cultivate new driving forces for the company's performance growth.
Risk hint. The risk caused by the continuous loss of pan-cultural business; the risk that the company's technology research and development is not as expected; the risk caused by the fluctuation of industry cycle.
