宏微科技:功率IGBT小巨人,光伏&新能源汽车双轮驱动

（以下内容从天风证券《宏微科技:功率IGBT小巨人,光伏&新能源汽车双轮驱动》研报附件原文摘录）
　　Macmic Science & Technology (688711 CH) 功率IGBT小巨人，光伏&新能源汽车双轮驱动 Initiating coverage: PV and NEV businesses drive growth of power IGBT market’s little giant TP:RMB106.73 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 聚焦IGBT+FRED，公司功率半导体的技术与产品积累雄厚 公司成立于2006年，经过多年的深耕，公司已掌握了自主研发设计市场主流IGBT和FRED芯片的能力，公司产品已涵盖IGBT、FRED、MOSFET芯片及单管产品100余种，IGBT、FRED、MOSFET、整流二极管及晶闸管等模块产品400余种，产品性能均处于行业先进水平。 IGBT and FRED focus: power semiconductor edge and a full product matrix From its inception in 2006, MacMic has gained R&D and design independence in mainstream IGBT and FRED chips. Its advanced-tech products cover over 100 types of IGBT, FRED, MOSFET chips and single-transistor products, as well as over 400 types of IGBT, FRED, MOSFET, rectifier diodes and thyristor modules. 公司注重研发投入，凭借技术优势积累了丰富的优质客户资源 1Q22，公司研发费用率为8.53%，同行业可比公司平均水平为6.01%。公司高于行业平均水平的主要原因系公司承担了多项科研项目，如“国家02重大专项-工业控制与风机高压芯片封装和模块技术研发及产业化-001课题和004课题”、“国家02重大专项-4,500V新型高压功率芯片工艺开发与产业化-005课题”等与公司主营业务相关的国家级重大科技专项及多项省级科研项目。凭借技术优势，公司已积累了丰富的优质客户资源，并与台达集团、汇川技术、佳士科技等众多知名企业客户建立了稳定且良好的合作关系。 R&D investment and national-scale projects with quality customer resources Its 8.53% R&D expense ratio (as of 1Q22) is higher than the 6.01% peer average because it took part in China’s 02-priority special projects such as industrial control and wind turbine high-voltage chip modules, module technology development and industrialization series 001 and 004, and 4,500V high-voltage power chip process development and industrialization series 005. Other R&D projects related to its main business were on both national and provincial levels. With MacMic’s tech advantages, it has built up rich quality customer resources and strong and stable ties with corporate names like Delta Power Solutions, Inovance Tech and Jasic Technology. 公司IGBT新品突破顺利，产品线将进一步丰富 公司手握多项研发项目，下游覆盖光伏、新能源和汽车领域。在光伏领域，2021年公司成功推出第五代M5i产品，性能可对标世界领先水平，目前该系列产品正批量交付，第七代IGBT M7i已完成芯片技术平台的开发和验证，目前成品已获客户的初步验证；在汽车领域，2021年公司400A/750V车用6单元IGBT模块产品成功通过客户认证，已进入小批量交付阶段；820A750V车用6单元IGBT模块产品已完成设计定型，客户认证及全自动模块生产线的导入工作，为大批量订单交付做好了准备；1500A/1200VSiC模块产品已完成设计开发并通过客户端测试验证。随着各项研发项目的完成，公司产品线将进一步扩充产品线，扩大业务范围。 IGBT breakthroughs have led to a rich product portfolio R&D projects include downstream sectors like photovoltaics (PV), new energy and automotive. ·PV: MacMic launched its 5th-generation M5i series in 2021, whose performance is on par with those made by global leaders, and this series is now being delivered in bulk. Its 7th-generation IGBT M7i series has completed the development and verification of the chip technology platform and the finished products have received initial verification by customers. ·Automotive: its 400A/750V automotive 6-cell IGBT modules passed customer certifications in 2021 and have reached the stage of small batch deliveries. Its 820A750V automotive 6-cell IGBT modules have finalized the design and completed its customer certification. It has rolled out a fully automated module production line and is ready to make large-batch deliveries. And its 1500A/1200V SiC modules have completed the design development and passed customer verification. Its product lines and business scope is expanding as it completes its R&D projects. 投资建议/Investment Ideas 投资建议：我们预计公司2022-2024实现收入8.61/13.39/20.10亿元；实现净利1.02/1.74/2.82亿元。可比公司方面，根据wind一致性预测，23年PS为9.51倍，考虑到公司目前处于业务快速发展期、公司收入体量小增长弹性较大，作为fabless公司且产品以IGBT为主，估值主要对标斯达半导，给予公司2023年11倍PS，对应市值为147.29亿元，对应价格106.73元/股，首次覆盖给予买入评级。 Valuation and risks: We expect 2022/23/24E revenue of RMB861m/1.34bn/2.01bn and net profit of RMB102m/174m/ 282m. Based on a Wind peer consensus PS of 9.51x for 2023E and other factors, including MacMic’s current rapid growth, small revenue volume with high- growth elasticity, IGBT product leadership despite being a fabless company, as well as benchmarking the company against main peer StarPower, we assign an 11x 2023E PS. This derives a market cap of RMB14.73bn and a target price of RMB106.73. Hence, we initiate coverage of MacMic with a Buy rating. 风险提示：供应商供给不及预期风险、技术升级及产品迭代不及预期风险、下游需求导致业绩波动风险、固定资产折旧风险、市场占有率较低的风险 Risks include: lower volumes from suppliers than expected; less-than-expected technology upgrades and product iterations; performance fluctuations from downstream demand factors; fixed asset depreciation; and a shrinking market share. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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