Main points of investment
Next Wednesday (August 2), there will be an inquiry by Xiechang Technology, a listed company on the gem.
Xiechang Technology (301418): the company has constructed a business system for the coordinated development of "upstream power chips + downstream motion control products". From 2020 to 2022, the company achieved operating income of 484 million yuan / 525 million yuan / 537 million yuan, YOY of 3.43%, 8.51% and 2.23%, respectively, with a compound annual growth rate of 4.69%. The net profit of homing was 97 million yuan / 103 million yuan / 106 million yuan, and the YOY was 2.70%, 6.20%, 3.25% and 4.04%, respectively. During the latest reporting period, 2023Q1 achieved an operating income of 118 million yuan, an increase of 16.85% over the same period last year, and a net profit of 22 million yuan, up 3.13% over the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 42 million yuan to 46 million yuan from January to June 2023, changing from-3.12% to 6.11% over the same period last year.
Investment highlights: 1. Through investment and M & A, the company has completed the layout of the three elements of electronics, power and control, the product line is more perfect, and the business develops in coordination. In the early days, the company focused on the motion controller business, and in 2014, through the acquisition of the main supplier case Semiconductor, it gradually extended to the field of upstream power chips, and built a business system for the coordinated development of "upstream power chips + downstream motion control products". In 2017, the company horizontally expanded the motion control module to cover the unexplored market areas of motion controller products.
From the beginning of 60V-75V N-type MOSFET, it gradually extends to medium voltage and low voltage fields above 150V/200V and below 20V/30V, so far the company has set up four R & D platforms: grooved MOSFET, medium and low voltage SGT MOSFET, high voltage overjunction MOSFET and IGBT, and has a relatively complete product line layout. 2. The company supplies high cost-effective products to domestic first-line medium-and large-scale electric vehicle factories with outstanding market share. The company focuses on the low-cost process technology route, through reducing the number of mask layers, improving chip integration and other low-cost process technology route, superimposed such as aluminum shell lightweight technology, MOSFET spring clamping technology and a series of raw materials and labor cost reduction programs, to produce cost-effective products with market competitiveness. The company's motion control products are mainly oriented to the field of electric vehicles, and the downstream customers are mainly medium and large electric vehicle factories. Now it has established a close cooperative relationship with many domestic first-line electric vehicle manufacturers, such as Yadi Group, Luyuan Group, Emma Group and so on. According to the company's prospectus, with an output of 59.04 million electric vehicles in 2022, a single electric vehicle is equipped with a motion controller, and the company's motion controller accounts for 15.40% of shipments. As the new GB continues to promote the integration of the downstream electric vehicle industry, the company's share may be expected to increase.
Comparison with listed companies in the same industry: comprehensively considering the business and product types, Huichuan Technology, Heertai and Besdack in the motion controller industry are selected; and Fumanwei, Weir shares and Xinjiineng in the power chip industry are comparable listed companies of Xiechang Technology; from the above comparable companies, the average income in 2022 is 8.771 billion yuan and the sales gross profit margin is 26.33%. Excluding negative and extreme values, the comparable PE-TTM (arithmetic average) is 46.80X; comparatively speaking, the revenue scale of the company is lower than the industry average, and the gross profit margin is higher than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.