I want to renew
2019/12/31 15:03:05 Source: Guotai Junan2019 / 12/31 15:03:05
Introduction to this report:
The single-crystal wafer boom continued in the year, and the downstream supporting of M12 wafers went smoothly. The production capacity of semiconductor wafers continued to be invested, and the rating of "overweight" was maintained.
Maintain "Overweight" rating. Maintain the forecast of EPS0.54 / 0.73 / 1.09 yuan in 2019-2021, and maintain target price of 15.41 yuan.
The monocrystalline silicon wafer boom will continue in 2020, and the downstream supporting of M12 silicon wafers will be smooth. Yixing's 8-inch production capacity will continue to be put into operation, and 12-inch production capacity will begin to move in. The single crystal share has reached about 65% in 2019, and the single crystal share is expected to increase to more than 80% in 2020. Polycrystalline component manufacturers will begin to switch to single crystals in large numbers.
Photovoltaic semiconductors are driven by two wheels, and institutional changes stimulate vitality. The monocrystalline wafer segment is a duopoly pattern with long-term profitability. At present, the production capacity of photovoltaic wafers in Central has exceeded 30GW, and there is still room for improvement in capacity through Industry 4.0 transformation. The nominal capacity of the fifth phase project is 25GW, and the production capacity of M12 wafers has been greatly improved. Significant results have been achieved in the development of semiconductor customers, and a total of 9 major product certifications have been passed for 58 global customers and batch supply has been achieved. The company's first phase of equity incentives has been completed, and the chairman has also increased its holdings. There will be equity incentives for four consecutive years. Innovative long-term incentives will reshape corporate governance.
catalyst. The 12-inch factory was put into production and sales were established, and the M12 customer verification was good.
risk warning. PV products have encountered international trade risks such as trade protection and exchange rate fluctuations.