宏微科技:22H1符合预期,新能源IGBT&SiC持续发力

（以下内容从天风证券《宏微科技:22H1符合预期,新能源IGBT&SiC持续发力》研报附件原文摘录）
　　Macmic Science & Technology (688711 CH) 22H1符合预期，新能源IGBT&SiC持续发力 22H1 in-line results: new energy IGBT and SiC ramp-up BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：公司发布2022年半年度报告；2022年上半年公司实现营收3.33亿，同比增加41.98%；实现归母净利润0.32亿元，同比增加1.43%；实现扣非净归母利润0.26亿元，同比增加16.54%。 公司聚焦IGBT+FRED应用覆盖工业、光伏、电动汽车，下游应用景气度及需求高，有望带动营收快速增长；公司持续加大研发投入推进技术及产品迭代，保持自身核心竞争力；依托自身产品质量和服务，加大与各领域优质企业合作，受益龙头企业市场效应，不断拓展公司业务多领域发展。我们看好公司在光伏、新能源汽车和国产替代背景等推动下有望带动公司未来业绩的持续增长。 H1 ex-nonrecurring profit up 17%; expanding downstream market; more R&D MacMic reported 22H1 revenue of RMB333m, up 41.98% yoy, with net profit at RMB32m, up 1.43% yoy, and ex-nonrecurring profit at RMB26m, up 16.54% yoy. It focuses on insulated-gate bipolar transistor (IGBT) and fast-recovery epitaxial diode (FRED) chip applications for the industrial, photovoltaic (PV) and electric vehicle (EV) markets. Downstream applications are experiencing high and growing demand, which implies fast revenue growth potential. It is expanding R&D investment to push technology and product iterations so as to maintain its core competitiveness. MacMic’s collaborations with quality companies showcase its proprietary products and services, and synergy with leading players enabled the business to expand across multiple markets. We expect domestic substitution, along with PV and NEV market growth, to drive sustainable profit growth for the company in the future. 公司下游应用覆盖新能源高景气度赛道，带动22H1营收高增长。公司产品应用于工业控制包含变频器、伺服电机、UPS电源等，新能源发电光伏逆变器，电动汽车电控系统和充电桩等领域，公司所处赛道景气度高，下游客户订单饱满，随着产能的提高，产品带动营收快速增长，22H1公司收入同比增长41.98%。受益于工控基本盘稳定增长，新能源汽车及光伏等下游应用需求旺盛和国产化替代的推动下，有望带动公司营收持续增长。 New energy downstream drove H1 revenue spike: high NEV and PV demand MacMic’s products are used in industrial controls such as inverters, servo motors and UPS power supply systems. Its markets include new energy power generation, PV inverters, EV electronic control systems and charging piles. It is favorably positioned in a high-profit industry that enjoys ample orders from downstream customers. On incremental production capacity increases, product growth helps to accelerate revenue growth. H1 revenue rose 41.98% yoy on stable growth in industrial controls, strong demand for downstream applications such as NEVs and PVs, and the promotion of import substitution. Hence, we expect revenue will continue to grow. 车用/光伏/工业IGBT+SiC产品研发持续推进，研发投入同比高增长。22H1公司研发费用投入0.23亿元，同比增加97.61%，研发成果包含：1）公司M5i微沟槽650V系列在光伏领域的单管产品上获得验证和批量交付；2）微沟槽 IGBT 技术在 12 寸平台上的首次尝试， M4i 750V 和 M6i 1200V 的研发制样；3）首颗M7i微沟槽1200V的IGBT产品通过客户认证并获得小批量订单；4）通用型和非标定制型的车用820A/750V模块产品，获得客户认证并批量交付使用；5）光伏逆变器用80A逆变模块上半年大批量交付客户安装使用；立项800A/1200V光伏大功率模块预计2023年批量交付。第三代半导体方面，公司电动汽车电压1200V、电流300A-600A的SiC模块目前处于开发阶段期。 Near-double R&D spending enhanced auto, PV, industrial IGBT and SiC products The company’s R&D investment amounted to RMB23m in H1, a hefty yoy rise of 97.61% that yielded good outcomes: ·Its M5i micro-groove 650V series has been verified by customers and led to batch deliveries of single-tube PV products. ·Micro-trench IGBT technology: first attempt at a 12-inch platform; M4i 750V and M6i 1200V: R&D and sample preparation. ·M7i micro-trench 1200V IGBT products: passed customer certification at the first attempt and led to small batch orders. ·820A/750V module products: both generic and non-standard customized versions for the automotive market have been certified by customers with batch deliveries. ·80A inverter modules for PV inverters: delivered to customers for installation and use in large quantities in H1; and it is developing 3G semiconductor products for EV SiC modules with 1200V voltage and 300A-600A current specs. 公司下游覆盖新能源头部客户，以需求导向进行产品拓展。公司不断依托自身产品质量和龙头客户的市场效应不断拓展自身业务领域。1）工控领域上：与台达集团、汇川技术、英威腾、合康新能等多家变频器企业，松下、佳士科技、奥太集团、上海沪工等多家电焊机行业知名企业合作；2）新能源发电领域：客户包括A 公司、阳光电源、固德威、格瑞瓦特等多家知名企业；3）电动汽车领域：电控系统及空调系统客户包括比亚迪、汇川技术、臻驱科技等；充电桩客户包括英飞源、英可瑞、优优绿能、特来电等知名企业。 Market-leader customers: proprietary products and ripple effect expand demand ·Industrial controls: inverter customers include Delta Power Solutions, Inovance Technology, INVT Electric and Hiconics Eco-energy Technology, while household appliance and welding machinery names include Panasonic, Jasic Technology, Aotai Group and Shanghai Hugong. ·New energy power generation: Sungrow, GoodWe and Growatt. ·EVs: electronic control and air-conditioning systems: BYD, Inovance Technology, Zhenqu Technology; charging piles: Infypower, Increase Tech, UUGreenPower and TELD. 投资建议/Investment Ideas 盈利预测与投资建议：公司下游应用涉及新能源高景气度赛道，随着公司增加固定资产或新增折旧及摊销费用，此外公司限制性股票激励计划落地进而增加摊销费用；我们收入维持预期，归母净利下调预测，将2022-2024年归母净利预测由1.02/1.74/2.82亿元调整为0.95/1.62/2.77亿元，维持公司“买入”评级。 Forecast and risks MacMic is favorably positioned in a lucrative market with new energy downstream applications. Factoring in fixed asset buildup, new depreciation and amortization expenses, as well as the implementation of its restricted stock incentive plan, which would increase amortization expenses, we maintain our revenue forecast while nudging down our net profit forecast. Our revised net profit forecast is RMB95m/162m/277m for in 2022/23/24E (previously RMB102m/174m/282m). We maintain our BUY rating. 风险提示：技术迭代及产品研发不及预期风险；供应商供应不及预期风险；固定资产折旧风险；市场竞争加剧及占有率下降风险；下游新需求导致业绩波动风险 Risks include: tech iteration and product development failing to meet expectations; supply risks; fixed asset depreciation risk; intensifying competition leading to shrinking market share; and new downstream demand resulting in profit volatility. 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