Main points of investment
On Thursday (August 3), a listed company named Science and Technology Innovation Board made an inquiry.
DeWitt (688693): the company is a chip design company using Fabless business model, mainly engaged in the design, R & D and sales of power semiconductors, and provide related technical services. From 2020 to 2022, the company realized operating income of 137 million yuan / 210 million yuan / 235 million yuan, YOY of 28.40%, 53.11% and 12.23%, respectively, and the compound annual growth rate of operating income for three years was 30.19%. The net profit of returning to the mother is-20 million yuan / 48 million yuan / 61 million yuan, and the YOY is-310.63%, 346.47% and 26.07%, respectively. It will turn losses into profits in 2021, with a compound annual growth rate of 87.05% for three years. During the latest reporting period, 2023Q1 achieved operating income of 61 million yuan, an increase of 3.23% over the same period last year, and net profit of 12 million yuan, down 31.14% from the same period last year. According to the preliminary forecast, the net profit attributed to the company's common shareholders from January to June 2023 is expected to be 25 million yuan to 31 million yuan, with a change range of-22.00% to-3.28% compared with the same period last year.
Investment highlights: 1, the company's products are mainly high-voltage plane MOSFET, in FRMOS, SiCMOS and other sub-areas of MOSFET in the forefront of the industry. The company's power device products are mainly high-voltage plane MOSFET, achieving a voltage range of 40-1500V coverage. At present, it has achieved sales to well-known IC design companies such as Jingfeng Mingyuan, Bieyi Micro, Xinpenwei, Canrui Technology and other well-known IC design companies. The products are widely used in XIAOMI, Midea, Xin Nuofei, Shangneng Electric, Weisheng Group and other enterprises. In addition, the company's FRMOS (fast recovery high voltage power MOSFET) products are in the industry leader. According to the statistics of Jiangsu Semiconductor Industry Association, the company's FRMOS market share ranks fourth in China in 2021 (the first three are Huarun Micro, Silan Micro, Huawei Electronics respectively); in terms of SiC power devices, the company is one of the few domestic companies covering 650V-1700V product design. 2. The high reliable product line has developed rapidly in recent years. The company focuses on differentiated power IC products in this field, and is the only domestic supplier in some products. The field of high reliability mainly includes aerospace, military, automotive, electric power, rail transit, petrochemical and other applications with high precision. The company mainly distributes power IC products in this field, and also includes a small number of power device products. The company's power IC is mainly PWM-controlled IC and grid-driven IC, which is different from the product types of comparable company Zhenradium Technology, Chengdu Huawei and Zhenhua scenery in this field. The competition pattern is good in the corresponding segments. The power IC products purchased by some customers from the company can not be replaced by other domestic suppliers at present. In each period of the reporting period, the number of highly reliable customers of the company's power IC was 3, 13 and 64 respectively, which formed sales to a number of leading domestic power supply enterprises and national key scientific research institutes, including company A muri 1, company E, unit H, company G, etc. As of March 23, 2023, the company's product category and project category excluding tax on-hand orders were 95.4742 million yuan, of which 83.83% came from high reliability and industrial control applications. The continuous development of high reliability areas is expected to support the company's performance development.
Comparison of listed companies in the same industry: according to the similarity of the main business, the comparable listed companies of Shilan Micro, Hua Wei Electronics, Xin Jie Neng, East Micro Semiconductor, Huarun Micro, Zhen Rum Technology and Zhenhua scenery are selected as comparable listed companies.
From the above comparable companies, the average revenue of comparable companies in 2022 is 3.463 billion yuan, comparable PE-TTM (excluding maximum / arithmetic average) is 46.30X, and sales gross profit margin is 46.21%. Comparatively speaking, the company's revenue scale is lower than the average level of comparable companies, and the sales gross profit margin is at the industry average level.
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.