2010年上市，赛晶科技（“公司”）是输配电行业、新能源行业以及工业领域中的阳极饱和电抗器、层叠母排、功率半导体等核心器件供应商，亦是国内自主研发阳极饱和电抗器主要供应商之一。2019年，公司开启IGBT和IGBT模块的研发和制造，并于2020年发布首款产品。公司随后完成了IGBT芯片、ST分装IGBT模块，SiC芯片及模块以及车规级BEVD的研发和制造。公司是国内IGBT企业中，第一批量产12寸晶圆的企业。Zhongtai International released a research report stating that with the planning and initiation of grid projects, as well as the increasing demand for self-developed IGBT chips and module products in the photovoltaic, energy storage, electric vehicle, and other markets, the revenue targets for Sun.King Tech (00580) in 2024-2025 are 1.6 billion and 2 billion yuan respectively, with a year-on-year growth of 52% and 25%. The target net income for 2024 is 7,000-8,000 million yuan, a year-on-year growth of over 100%. By 2025, the revenue from self-developed IGBT products is expected to increase to 0.2 billion yuan.
Key views of Zhongtai International are as follows:
Supplier of core components in the transmission and distribution, and new energy industry chain
Listed in 2010, Sun.King Tech ('the Company') is a core device supplier in the power transmission and distribution industry, new energy industry, and industrial sector, supplying anode saturation reactors, stacked busbars, power semiconductors, and other core devices. It is also one of the main suppliers of domestically developed anode saturation reactors in China. In 2019, the company began research and manufacturing of IGBT and IGBT modules, and released its first product in 2020. The company then completed the research and manufacturing of IGBT chips, ST packaged IGBT modules, SiC chips and modules, and vehicle-grade BEVDs. Among domestic IGBT companies, the company was among the first to mass produce 12-inch wafers.
Steady progress in the transmission and distribution business
Since 2009, the company has rapidly become a major supplier of ultra-high-voltage flexible DC transmission equipment, participating in almost all DC projects in China. In 2023, the revenue from the power transmission and distribution sector accounted for 39.5%, with a gross margin of 48.0%. The 'Fourteenth Five-Year Plan' proposes strengthening the construction and utilization efficiency of special high-voltage transmission projects and other clean energy transmission channels, imposing higher requirements on equipment. During the 'Fourteenth Five-Year Plan' period, State Grid plans to construct special high-voltage projects involving over 0.03 million kilometers of lines, with a total investment of CNY 380 billion. As a core device supplier of ultra-high-voltage DC transmission, the company is expected to benefit significantly.
Self-developed IGBT, positioning for domestic substitution
The company focuses on the research and development of 1200V–1700V voltage-level IGBT products, gradually achieving domestic substitution using domestically developed technologies. In 2023, the company initiated the research and development of vehicle-grade module HEEV and EVD, as well as silicon carbide (SiC) MOSFET modules and EVD silicon IGBT modules. In the same year, the company completed the construction and debugging of the second module testing production line. In the first half of 2024, the company launched the third-generation power semiconductor SiC MOSFET, with a resistance as low as 1200V/13mΩ, reaching the same level as international mainstream companies. The company is poised to break the almost monopolistic situation of high-end IGBT chips by foreign companies and become a beneficiary of domestic chip substitution.
Risk Warning: 1) Underperformance in self-developed business; 2) IGBT market competition; 3) Hong Kong stock liquidity risk.
