深度报告-20230220-华创证券-芯朋微-688508.SH-深度研究报告_受益行业景气度复苏_模拟新贵内生外延打开成长空间_29页_2mb (1).pdf

2009 1210 2023 02 20 688508 94.3 74.99 PMIC 2005 PMIC AC-DC DC-DC Gate Driver 2017/PD 20192021 CAGR 49.9%CAGR 74.4%PMIC 2023 TI PI 2021 45.9%34.4%15.6%2022 9.7 2022-2024 0.90/1.78/2.60 EPS 0.80/1.57/2.30 2023 60 PE 94.3/“”ReportFinancialIndex 2021A 2022E 2023E 2024E()753 720 1,003 1,391(%)75.4%-4.4%39.3%38.7%()201 90 178 260(%)101.8%-55.1%96.6%46.1%()1.78 0.80 1.57 2.30()42 94 48 33()5.6 5.3 4.9 4.5 2023 2 17 0755-82755859 S0360517100004 S0360521120002()11,331.94()7,676.84()84.98()57.57(%)9.64()12.87 12/108.89/48.22(12)-48%-27%-5%16%22/02 22/05 22/07 22/09 22/12 23/022022-02-182023-02-17 300 688508 2009 1210 AC-DC DC-DC+AC-DC DC-DC+PMIC 2022 9.7 1 2 3 2022-2024 7.20/10.03/13.91 41.4%41.0%40.1%2022-2024 0.90/1.78/2.60 EPS 0.80/1.57/2.30 2023 60 PE 94.3/“”688508 2009 1210 3 PMIC.6.6.8+.10+PMIC.12.12.13 1.13 2 C.15 3.16 4&.17.19.19.20.22.23.25 688508 2009 1210 4 1.6 2.7 3 2022 9.7 4 2021.8 5 2017-2022Q1-3.8 6 2017-2022Q1-3.8 7 2017-2022Q1-3%.9 8 2017-2022Q1-3%.9 9 2017-2021.9 10 2017-2021.9 11 2019Q3-2022Q3.10 12 2017-2022Q1-3/.10 13.10 14 2020 IC.11 15.11 16 2019-2022E.11 17 2012-2021.11 18.12 19 2016-2025E IC.13 20 2016-2025E IC.13 21 AC DC.13 22.13 23+.14 24.14 25.14 26.15 27.15 28 2020.16 29.16 30 2020 20W PD.16 31 2020 20W PD.16 32 5G.17 33 2017-2022E.17 688508 2009 1210 5 34.17 35.18 36 2021.18 37 PMIC.18 38.19 39 A/.19 40 A/.19 41 A.20 42 2017-2022Q1-3.20 43 2017-2021.20 44 2020 vs 2021.21 45 2022H1.21 46 2017-2021.22 47 2017-2021/.23 48 2022.23 49.24 50.25 688508 2009 1210 6 PMIC 2005 IC 2005-2008 2006 PWM/2008 700V MOS AC-DC 2008-2020 2010-2019 2020-2020 2021 Gate driver DC-DC 2022 1 AC-DC DC-DC Gate Driver AC-DC DC-DC Gate Driver 2019“+”18W 20W 2022 40W“+PD”2021 AC-DC Gate Driver 688508 2009 1210 7 2 2022 9 30.31%6.63%2021 Gate Driver DC-DC 3 2022 9 10 2020 2021 48/114 120/130 1.1%/1.2%688508 2009 1210 8 4 2021 1 5 3.85%0.04%2 4 3.08%0.04%3 4 3.08%0.04%4 4 3.08%0.04%5 4 3.08%0.04%109 83 63.85%0.74%26 20.00%0.23%130 100.00%1.15%2019 3.35 2021 7.53 CAGR 49.93%2022 2022 7.07.5 0.42%7.06%0.81 50.32%60.25%5 2017-2022Q1-3 6 2017-2022Q1-3 40%2022-10%0%10%20%30%40%50%60%70%80%0123456782017 2018 2019 2020 2021 22Q1-3 yoy%-60%-40%-20%0%20%40%60%80%100%120%0.00.51.01.52.02.52017 2018 2019 2020 2021 22Q1-3 yoy%688508 2009 1210 9 25%7 2017-2022Q1-3%8 2017-2022Q1-3%2021 3.46+89.07%45.91%2021 2.59+55.09%34.35%2021 1.18+122.64%15.63%+9 2017-2021 10 2017-2021 2022 0%5%10%15%20%25%30%35%40%45%50%2017 2018 2019 2020 2021 22Q1-3-5%0%5%10%15%20%25%30%2017 2018 2019 2020 2021 22Q1-3 0123456782017 2018 2019 2020 2021 0%10%20%30%40%50%60%2017 2018 2019 2020 2021 688508 2009 1210 10 2020 2022 11 2019Q3-2022Q3 12 2017-2022Q1-3/+2000 5 4 2019 2021Q2 2023“”2022Q4 13 2022 2035 2020 IC CR5 70%TI PI 0204060801001201401601800.00.20.40.60.81.01.21.41.61.82.0-6.00-5.00-4.00-3.00-2.00-1.000.001.002.003.002017 2018 2019 2020 2021 22Q1-3 688508 2009 1210 11 14 2020 IC 15 2020 PMIC C 20W&5G 4.0 2021 Gate driver 16 2019-2022E 17 2012-2021 2022 2021+2022 9.7,21%,15%ADI,13%Maxim,12%,10%,29%0%5%10%15%20%25%30%35%40%45%50%0200400600800100012002019 2020 2021 2022E yoy%-10%-5%0%5%10%15%20%25%0500100015002000250030002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 yoy%688508 2009 1210 12+PMIC DC/DC AC/DC 18 DC/DC DC/DC/PWM LDO AC/DC Power Mosfer OVP OCP Transmitter Receiver LED LCD Frost&Sullivan 2020 PMIC AIOT Frost&Sullivan 2020 328.8 2025 525.6 CAGR 9.83%2020-2025 CAGR 14.77%688508 2009 1210 13 19 2016-2025E IC 20 2016-2025E IC Frost&Sullivan Frost&Sullivan+AC-DC DC-DC Gate Driver 5G 4.0 GaN SiC AC-DC Transparency Market Research 2030 AC-DC 190 DC-DC LDO Gate Driver 22%6%2021 80.98 22.09 AC-DC DC-DC Gate Driver 21 AC DC 22 PI 2019 Transparency Market Research 1+“”Euromonitor 2021 2097.2 0%2%4%6%8%10%12%14%16%18%01002003004005006002016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E yoy%0%2%4%6%8%10%12%14%16%18%0501001502002502016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E yoy%0501001502002019 2030 AC DC,14%DC-DC,13%,12%LDOs,9%,8%BMIC,8%Gate driver,6%,4%,4%,22%688508 2009 1210 14 23+24 PI MPS AC-DC AC-DC 25 PI-80%-60%-40%-20%0%20%40%60%80%100%120%140%0.01.02.03.04.05.06.07.08.09.010.02021-11 2022-03 2022-07 2022-11 QoQ050010001500200025002021 2023E 05,00010,00015,00020,00025,0002016 2017 2018 2019 2020 2021 2022M1-10 688508 2009 1210 15 26 2 C Type-C Type-C 3C 3C 2024 Type-C 27 2020 iPhone 12 USB PD BCC Research 2022 27.43 ASP Type-C 688508 2009 1210 16 28 2020 29 65W 65W 30 2020 20W PD 31 2020 20W PD 18W PD 20W&18W 20W 33W 65W 3 IC 1 5G 5G,12.90 IoT,8.54,4.90,2.35,1.60,1.37,0.03 0510152025302016 2017 2022E PI 锜 PI 锜 688508 2009 1210 17 2030 5G 4G 1-1.2 500-600 2 2018 2022 7736.35 15.92%3 4.0 IC 32 5G 33 2017-2022E Wind 2021 Gate driver 5 2022 GaN GaN GaN 34 4&2021 8.4%IEA 050100150200250 5G 01000200030004000500060007000800090002017 2018 2019 2020 2021 2022E 688508 2009 1210 18 2021 660 2025 1590 CAGR 24.58%2022M1-10 528 107.67%35 36 2021 IEA&IC IC IC 37 PMIC EET+2022 4 0200400600800100012001400160018002016 2017 2018 2019 2020 2021 2025E-20%0%20%40%60%80%100%120%140%160%180%01002003004005006002016 2017 2018 2019 2020 2021 22M1-10 yoy%,23%,21%,20%,12%,8%,5%,5%,4%/,2%2021-2025E CAGR=24.58%688508 2009 1210 19 2023 2000 5 4 2019 5G 2021Q2 2023 38 Wind IC 2021H2 IC 39 A/40 A/Wind 2022Q3 IC-60%-40%-20%0%20%40%60%0501001502002000Q22001Q12001Q42002Q32003Q22004Q12004Q42005Q32006Q22007Q12007Q42008Q32009Q22010Q12010Q42011Q32012Q22013Q12013Q42014Q32015Q22016Q12016Q42017Q32018Q22019Q12019Q42020Q32021Q22022Q12022Q4 YoY0123456789102020/12/31 2021/3/31 2021/6/30 2021/9/302021/12/31 2022/3/31 2022/6/30 2022/9/300501001502002502020/12/31 2021/3/31 2021/6/30 2021/9/302021/12/31 2022/3/31 2022/6/30 2022/9/30 688508 2009 1210 20 41 A Wind 2017 13%2021 2022Q1-3 1.29 24.43%42 2017-2022Q1-3 43 2017-2021 2021 215 75%57 36.1%2020 2 43 2021 3 68 70%79.30%-40%-20%0%20%40%60%80%100%120%140%2021/3/31 2021/6/30 2021/9/30 2021/12/31 2022/3/31 2022/6/30 2022/9/30 0%5%10%15%20%25%30%00.20.40.60.811.21.42017 2018 2019 2020 2021 22Q1-3%69%70%71%72%73%74%75%76%0501001502002502017 2018 2019 2020 2021%688508 2009 1210 21 44 2020 vs 2021 Wind 15 70%2022 6 30 86 66 101 45 2022H1 1 SOI LIGBT 500V 1200V 2 90%70%3 200V1200V 1300V 40%30%500-1200V 4 40V1200VSmartMOS MOS 5 CS 6 7 QR 50%EMI 020406080100120140160180博士 硕士 本科 专科 其他学历2020 2021 688508 2009 1210 22 8 ESD Latch-up EFT 9 600V RESURF LDMOS PN 10 IPM 24 48 LDO 11 Neo-Switcher 12 Neo-Charger 40V 90%5A-13 14 15 GaN EMI,46 2017-2021 AC-DC DC-DC 01234562017 2018 2019 2020 2021 688508 2009 1210 23 2021/264.27/70.62 47 2017-2021/Wind 2022 9.7 400V/800V OBC PDU 48 2022 1 3.98 3.39 2 4.88 4.28 3 2.46 2.02 11.32 9.69 1 2 3 2022-2024 7.20/10.03/13.91 41.4%41.0%40.1%1 2017 2020 AC-DC+Gate Driver 0501001502002503002017 2018 2019 2020 2021 688508 2009 1210 24 2022-2024 5.55%/31.48%/32.12%42.08%/42.16%/42.03%2 2022 2022-2024-32.36%/54.02%/63.04%30.19%/30.51%/30.80%3 2022-2024 25.68%/49.80%/28.92%55.24%/52.46%/51.20%49 2020 2021 2022E 2023E 2024E 1.83 3.46 3.65 4.80 6.34 YoY 28.73%89.47%5.55%31.48%32.12%44.69%46.01%42.08%42.16%42.03%1.67 2.59 1.75 2.70 4.39 YoY 79.82%54.88%-32.36%54.02%63.04%28.69%34.20%30.19%30.51%30.80%0.53 1.18 1.48 2.22 2.86 YoY 27.11%222.83%25.68%49.80%28.92%43.47%55.01%55.24%52.46%51.20%0.27 0.31 0.32 0.32 0.32 YoY-54.30%114.84%2.71%0.00%0.00%34.74%37.14%31.20%31.20%31.20%4.29 7.53 7.20 10.03 13.91 YoY 28.11%75.44%-4.44%39.34%38.71%37.69%43.00%41.41%40.96%40.12%2022-2024 0.90/1.78/2.60 EPS 0.80/1.57/2.30 5 2023 60 PE 94.3/“”688508 2009 1210 25 50 PE 2021 2022E 2023E 2024E 85.5 59.7 46.6 35.8 70.5 81.3 46.5 33.4 141.0 95.2 61.6 40.0 13.3-53.0 83.5 28.6 18.9 130.2 60.7 31.7 65.8 62.7 59.8 33.9 Wind 2023 2 17 IC IC 688508 2009 1210 26 Table_ValuationModels2 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 710 949 949 915 753 720 1,003 1,391 16 48 57 100 429 422 592 833 111 160 216 293 5 4 6 8 33 13 21 34 10 17 20 25 102 123 168 230 26 38 42 50 0 0 0 0 132 180 211 245 434 174 159 157-7-7-7-7 1,406 1,467 1,570 1,729 2-1-1 0 0 0 0 0 0-5-2-2 5 5 5 5 0 0 0 0 69 110 182 232 17 18 22 15 73 67 39 42 35 16 28 23 16 21 28 36 212 94 186 272 65 59 72 78 0 2 2 2 228 262 326 393 0 0 0 0 1,634 1,729 1,896 2,122 212 96 188 274 0 0 0 0 11 6 10 14 0 0 0 0 201 90 178 260 51 55 74 108 0 0 0 0 0 0 0 0 201 90 178 260 5 2 4 7 NOPLAT 194 84 171 253 9 3 3 4 EPS()1.78 0.80 1.57 2.30 3 3 3 3 38 54 90 115 106 117 174 237 2021 2022E 2023E 2024E 0 0 0 0 0 0 0 0 75.4%-4.4%39.3%38.7%12 6 7 8 EBIT 108.4%-56.7%104.3%47.8%12 6 7 8 101.8%-55.1%96.6%46.1%118 123 181 245 1,515 1,605 1,715 1,877 43.0%41.4%41.0%40.1%1 1 0 0 26.7%12.6%17.7%18.7%1,516 1,606 1,715 1,877 ROE 13.3%5.6%10.4%13.8%1,634 1,729 1,896 2,122 ROIC 19.2%6.1%11.6%15.5%7.3%7.2%9.5%11.5%2021 2022E 2023E 2024E 1.0%0.5%0.6%0.6%257 11 92 122 13.3 12.5 9.0 7.3 204 94 188 281 12.3 11.5 8.1 6.3-25-21-45-62 16-57-71-129 0.5 0.4 0.5 0.7 22-3 20 35 53 68 68 66 40-2 0-3 38 45 39 39-515 213-63-91 75 96 89 86-144-52-68-88()-5 0 0 0 1.78 0.80 1.57 2.30-366 265 5-3 2.27 0.10 0.81 1.08-20 15-29-65 13.37 14.16 15.13 16.56 3 0 0 0-34-68-98-91 P/E 42 94 48 33 16 0 0 0 P/B 6 5 5 5-5 83 69 26 EV/EBITDA 35 74 37 25 688508 2009 1210 27 TMT 2019 2016 2017 3 2020 2019 2021 2021 1 2022 2022 688508 2009 1210 28 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 688508 2009 1210 29(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%“”“”26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522