宇晶股份: 國內稀缺8英寸SiC切磨拋裝備供應商,受益於國內8英寸SiC擴產

（以下内容从天风国际证券《宇晶股份: 國內稀缺8英寸SiC切磨拋裝備供應商,受益於國內8英寸SiC擴產》研报附件原文摘录）
　　Hunan Yujing Machinery (002943 CH) 国内稀缺8英寸SiC切磨抛装备供应商，受益於国内8英寸SiC扩产 Initiating coverage: 8” SiC production expansion drives scarce Chinese maker of cut-grind-polish machinery TP：RMB46.00 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 超25年行业打磨沉淀，切磨抛装备小巨人持续开拓。“设备+耗材+切片加工”一体化发展战略宇晶股份成立於1998年，2018年上市，主要产品及服务爲高硬脆材料切、磨、抛设备、高硬脆材料切割耗材、硅片及切片加工服务、 热场系统系列产品、光伏电站五大类，产品主要服务於光伏、半导体和消费电子等行业。 Little giant with over 25 years’ experience in cutting-grinding-polishing equipment Company profile: Hunan Yujing Machinery, which started out in 1998 and listed in 2018, supplies silicon carbide (SiC) slicing and processing equipment and consumables mainly to the photovoltaic (PV), semiconductor and consumer electronics industries. Its products and services are in five main categories: (1) machinery to cut, grind and polish ultra-hard and brittle materials; (2) cutting consumables for hard and brittle materials; (3) wafer slicing and processing services; (4) thermal system products; and (5) PV power stations. 2023受益於全球光伏装机总量持续增长，叠加公司“设备+耗材+切片加工”一体化发展战略逐步成型，根据公司 23 年业绩预告，23年公司实现归母净利润1.1-1.3亿，yoy+13%-34%，实现扣非归母净利润爲1-1.2亿，yoy+107%-149%。在手订单充足，爲公司业绩释放和未来成长提供有力支撑，消费电子业务有望受益於Vision Pro拉动的新一轮消费电子创新周期和设备创新升级需求。 Multi-pronged growth strategy: to leverage ramping global growth in PV installed capacities, Yujing gradually formed an integrated strategy in 2023 to develop its businesses in equipment and consumables as well as slicing and processing services. The company guides 2023E net profit at RMB110-130m (up 13-34%) and ex-nonrecurring net profit at RMB100-120m (up 107-149%). Ample orders on hand would support profit and future growth. We expect its consumer electronics business will benefit from a new cycle of consumer electronics and equipment innovations, along with upgrade demand driven by Apple’s Vision Pro headsets. 国内稀缺8英寸SiC切磨抛装备供应商，有望受益於国内8英寸SiC扩产。SiC具备优秀物理特性，有望对於第一代/第二代半导体实现一定程度替代。受益於汽车中SiC渗透率提升和工业应用，yole预计2028年SiC功率器件市场规模接近90亿美元，主要下游应用结构爲汽车和工业应用，占比分别爲74%和14%。国内SiC厂商积极扩产、SiC 6英寸向8英寸转移带动SiC加工设备需求，公司爲国内稀缺8英寸SiC切磨抛装备供应商，战略合作伙伴包括包括南砂晶圆、山东大学、中电化合物、东尼电子、合盛硅业、中电二所、三安光电，有望受益於国内8英寸碳化硅扩产和国产设备替代。 Scarce 8” SiC machine supplier benefits from Chinese market capacity expansion Silicon carbide edge: SiC is a semiconductor with excellent physical properties and the compound material could replace first and second-generation semiconductors to an extent. Semiconductor research consultancy Yole projects a SiC power device market of about USD9bn by 2028E with increasing SiC penetration into automotive and industrial applications; these are the two main downstream application markets, accounting for 74% and 14% respectively. Expanding domestic industry: Chinese SiC manufacturers are expanding production aggressively as the shift from 6-inch to 8-inch SiC drives up demand for SiC processing equipment. Yujing is a scarce supplier of 8-inch SiC cutting, grinding and polishing equipment in China. Its strategic partners include Guangzhou Summit Crystal Semiconductor, Shandong University, CEC Compound Semiconductor, Zhejiang Tony Electronic, Hoshine Silicon Industry, CETC’s Second Research Institute and Sanan Optoelectronics. Yujing stands to benefit from the expansion of Chinese 8-inch silicon carbide production and Chinese equipment substitution. 投资建议/Investment Ideas 投资建议：看好公司在切磨抛装备领域的行业竞争力和SiC领域行业拓展，预计公司23/24/25年营收爲13.67/21.29 /25.75亿元，yoy+70%/56%/21%，预计公司23/24/25年归母净利润爲1.2/2.4/3.2亿元，yoy+23%/100%/33%。我们给予公司2024年30倍PE，目标价爲46元/股，首次覆盖，给予“买入”评级。 Valuation and risks We like Yujing’s competitive strengths in the cutting, grinding and polishing equipment markets on SiC industry expansion. We forecast revenue will arrive at RMB1.37bn/ 2.13bn/2.58bn (up 70/56/21%) and net profit at RMB120m/240m/320m (up 23/100/33%) in 2023/24/25E. We assign to Yujing a 30x PE in 2024E, with our target price at RMB46. We initiate coverage of the stock with a BUY rating. 风险提示：光伏行业景气度不及预期、SiC应用渗透率不及预期、客户导入进展不及预期、订单收入确认不及预期风险、23年业绩预告爲初步核算，以正式年报爲准、股价波动较大风险 Risks include: weaker-than-expected PV market profitability; slower-than-expected SiC application penetration; slower-than-expected customer buildout; weaker revenue recognition of orders than expected; and high share price volatility. Note: 2023E performance is based on preliminary results and subject to the release of the company’s final annual results. 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