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派瑞股份(300831):新股询价定价报告

Perry Co., Ltd. (300831): IPO Pricing Report

華鑫證券 ·  Apr 15, 2020 00:00  · Researches

The company's main business is the research and development, production, testing and sales of power semiconductor devices and devices. Power semiconductor device, which can also be called power electronic device or power semiconductor device, is the core converter device of power generation, transmission and distribution, power conversion, energy storage and other equipment, which is used for power distribution, conversion and control. Its control of electric energy is similar to that of faucet valves, which can accurately and efficiently control and transform current, voltage, power, frequency and phase. it is widely used in electric power, rail transit, iron and steel metallurgy, machinery manufacturing, environmental protection, petroleum, chemical industry, automobile manufacturing, shipbuilding, mining, nuclear industry, military industry and other fields. The company's products can be divided into three categories: thyristors for high-voltage DC valves, common components and power electronic devices.

(1) the company is funded and established by the West Power Station, which inherits the technology accumulation of the West Power Station over the years. The West Power Institute has laid a technical foundation for the research of power semiconductor devices and their application technology in China. The technical basis and development of the seven rectifier plants in China are closely related to the West Power Institute. Relying on the first-mover advantage, Xidian has established a high popularity and reputation in the industry, which has laid a solid technical foundation for the accumulation of customer resources. Xidian and the company have undertaken a number of major equipment localization projects filed by the National Development and Reform Commission, such as "5-inch high-power thyristor development", "6-inch thyristor industrialization", etc., and participated in a number of projects supported by the Ministry of Science and Technology, such as "UHV high-power 6-inch light-controlled thyristor development", "6-inch 8000A/6500V gate commutated thyristor (IGCT) development" and so on. The company has independent intellectual property rights of 6-inch super-power electronically controlled thyristors and 5-inch super-power light-controlled thyristors, which have been successfully applied to many UHVDC transmission projects in China. The company has built a world-class power semiconductor device R & D and production base, with first-class power production and testing equipment.

(2) relying on many years of successful cooperation experience and the background of state-owned assets, the company's main customers include Xu Ji Electric, Xi'an West Power and so on. These customers are all leading enterprises in their field, and their products have a high market share in the domestic market. The company's business development has a high quality customer base.

The company has been engaged in the research, development and production of high-power semiconductor devices for a long time, with more than 200 product specifications, which are widely used in DC transmission, metal melting, industrial heating, electrolytic plating, welding machine, frequency converter, soft start, motor speed regulation, power distribution, power regulator, UPS, reactive power compensation products and other fields. The company has a large number of high-quality customer base, especially the leading enterprises in some application fields, with high reputation and popularity in many fields, the company's products have become a symbol of high-end and quality, forming a good brand effect.

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