东微半导:22H1业绩高增长,高压功率新品迭代持续推进

（以下内容从天风证券《东微半导:22H1业绩高增长,高压功率新品迭代持续推进》研报附件原文摘录）
　　Suzhou Oriental Semiconductor (688261 CH) 22H1业绩高增长，高压功率新品迭代持续推进 22H1 fast growth on high-voltage power product iterations BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2022年半年报；2022年上半年公司营收4.66亿元，同比增加45.33%；实现归母净利润1.17亿元，同比增长125.42%；实现扣非净利润1.11亿元，同比增长130.30%。 Super-junction MOSFET and TGBT products fueled 125% profit spike in H1 Key financials: Oriental Semi released 22H1 results with revenue at RMB466m, a yoy increase of 45.33%; net profit came to RMB117m, up 125.42%, while ex-nonrecurring net profit arrived at RMB111m, up 130.30%. 公司高压超级结MOSFET产品关键技术指标达到国际领先厂商可比的水平，持续扩大在光伏逆变、储能应用、UPS领域的应用。公司产品结构进一步优化，中高端MOS&TGBT产品快速增长，第三代半导体产品进展顺利；受益新能源汽车及工业高需求，高业绩增长领域占比提升；新技术及产品不断迭代，市场竞争力进一步加强。我们看好公司受益于新能源汽车及工业通讯电源等领域的发展,公司未来业绩有望持续增长。 Key technical indicators for its high-voltage super-junction MOSFET products reflect comparable standards with international leading manufacturers. Oriental Semi is expanding into photovoltaic (PV) inverters, energy storage applications and UPS applications as it continues to optimize its product mix. This has led to drive rapid growth in mid to high-end MOS and TGBT products, while it has progressed smoothly in 3rd-gen semiconductor products. High demand in NEVs and other new energy markets has raised its share of high-growth markets as it iterates new technologies and products to strengthen competitiveness. We expect the rising markets of NEVs and industrial communications power supply will drive the company‘s future growth. 高压功率器件应用占比快速提升，技术迭代+结构优化带动盈利能力提升。2022H1公司中高端产品超级结MOSFET和TGBT产品营收占比快速提升：超级结MOSFET产品实现营收3.64亿元，yoy+52.16%，占比78.11%；Tri-gate IGBT产品实现营收1710.46万元，同比2021H1增长超过70倍；公司积极布局第三代功率半导体器件如SiC MOSFET 相关器件，开发在顺利进行。公司技术持续迭代，产品结构优化及涨价因素带动毛利率上升，22H1毛利率同比增加6.71pcts，达到33.46%；净利率上升8.9pcts，达到25.05%。 Product matrix and iterative optimization drove high-voltage power devices Revenue from mid to high-end products such as super-junction MOSFET and TGBT spiked in H1 as super-junction MOSFET products generated RMB364m, up 52.16% yoy, accounting for 78.11% of the total. Tri-gate IGBT revenue came to RMB17.1m, rising more than 70x from 21H1. Oriental Semi is building out 3rd-gen power semiconductor devices like SiC MOSFET devices. Its tech iterations, product structure optimization and price increases drive up gross margin: H1 gross margin rose 6.71ppt yoy to 33.46% and net margin rose 8.9ppt to 25.05%. 汽车+工控占比达70%，受益新能源需求带动业务快速增长。2022H1公司70%营收主要来自汽车及工业级业务；受益新能源需求增长，带动新能源汽车直流充电桩、通信电源、储能和光伏逆变器、新能源车车载充电机等产品快速增长，其中公司汽车直流充电桩占主营收占比17%，yoy+60%；车载充电机营收占比14%，约为上年同期收入水平的14.5倍；工业及通讯电源类营收占比21%，yoy+58%；光伏逆变器同比增长快速，yoy+300%，占比10%。 Autos and industrial controls comprised 70% of H1 revenue on NEV demand Automotive and industrial-grade products accounted for 70% of total revenue in 22H1 on fast rising demand in new energy markets such as NEV DC charging piles, communication power supplies, energy storage and PV inverters, and NEV in-vehicle chargers and other products. Automotive DC charging piles accounted for 17% of core revenue, yoy+60%, and in-vehicle chargers accounted for 14%, about 14.5x that of 21H1; while industrial and communication power products accounted for 21%, up 58% yoy, and PV inverters grew rapidly at 300% yoy to account for 10%. 产品技术迭代升级持续推挤，第二代TGBT已实现批量验证。高压超级结MOSFET、中低压屏蔽栅MOSFET和TGBT产品的新一代技术在稳步推进，从8英寸向12英寸工艺平台拓展顺利；自有知识产权技术TGBT技术产品通过多个客户验证且批量应用，第二代高性能产品技术研发成功。公司上半年产品规格型号达到1958款，高压超级结MOSFET产品（包括超级硅MOS）1150款，中低压屏蔽栅MOSFET产品710款，TGBT产品98款。第三代高压超级结MOSFET实现大规模出货，第四代产品实现批量出货。其中公司第二代TGBT多个高密度电流型号产品进行批量验证；高速大电流功率器件600/650V Hybrid-FET器件规格数量及出货不断增长。 Iterative tech upgrades: 2nd-gen TGBT verified by customers for batch supply Oriental Semi is making steady advances in new-gen technologies such as high-voltage super-junction MOSFETs, and low to medium voltage shielded-gate MOSFETs and TGFTs, while it expanded its process platform from 8-inch to 12-inch. Its proprietary IP tech driven TGBT products have been verified by multiple customers and applied in batches, while it has developed 2nd-gen high-performance product technology. It has a total of 1,958 product models with specifications as of H1: 1,150 high-voltage super-junction MOSFET models (including super-silicon MOS), 710 low-voltage shielded-gate MOSFET models and 98 TGBT models. It has achieved large-scale shipments for 3rd-gen high-voltage super-junction MOSFETs, while its 4th-gen products have reached bulk shipments. Currently, multiple 2nd-gen TGBT high-density models have been verified for batch supply. Its high-speed high-current power devices with 600/650V hybrid-FET specifications are growing alongside rising shipment numbers. 投资建议/Investment Ideas 盈利预测与投资建议：公司新品不断推出且结构进一步优化有望带动公司盈利能力进一步提升，我们上调公司盈利预测，将2022-2024年净利润预测由2.51/3.52/4.64亿元调整为2.68/3.71/4.94亿元，维持公司“买入”评级。 Forecast and risks We believe that Oriental Semi‘s profit prospects are rising as it rolls out new products and optimizes its product matrix. Hence, we upgrade our net profit forecast to RMB268m/371m/494m for 2022/23/24E (previously RMB251m/352m/464m), while we maintain our BUY rating. 风险提示：市场竞争加剧风险；供应商集中风险；供应链管理风险；产品结构单一风险；产品及技术研发不及预期风险；下游需求不及预期风险 Risks include: intensifying competition; supplier concentration risk; supply chain management risk; single-product structure risk; worse-than-expected product and technology R&D outcomes; and lower downstream demand than expected. 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