A：Company Basic Information
Full Name: StarPower Semiconductor Co., Ltd.
Stock Code: 603290.SH
Stock Abbreviation: StarPower Semiconductor
Region: Nanhu District, Jiaxing City, Zhejiang Province
Industry: Integrated Circuit Design
Establishment Date: April 27, 2005
Issue Price: 12.74 yuan
Founder: Shen Hua
Company Website: http://www.powersemi.com
Registered Address: No. 988, Keying Road, Nanhu District, Jiaxing City, Zhejiang Province
Total Share Capital: 23.937 million shares
Total Market Value: 24.297 billion yuan (as of October 22, 2024)
Business Scope: The main business is the design, research and development, production, and sales of power semiconductor chips and modules based on IGBT.
Company Profile: StarPower Semiconductor Co., Ltd. specializes in the design, research and development, production, and sales services of power semiconductor chips and modules based on IGBT. It is currently a leading enterprise in the field of power semiconductor devices in China. The company's headquarters is located in Jiaxing, Zhejiang, with subsidiaries in Shanghai, Chongqing, Zhejiang, and Europe, and R&D centers in China, Germany, and Switzerland in Europe. According to the latest report from Omdia, it ranked sixth in the global IGBT module market in 2021 and first among Chinese enterprises.
B：Value Investment Analysis
Key Financial Indicators:
Operating Income: In the first half of 2024, StarPower Semiconductor achieved a revenue of 1.533 billion yuan, a year-on-year decrease of 9.17%.
Net Profit: In the first half of 2024, the net profit attributable to the parent company was 275 million yuan, a year-on-year decrease of 36.10%.
R&D Investment: In the first half of 2024, StarPower Semiconductor's R&D expenses were 151 million yuan, a year-on-year increase of 33.86%, accounting for 9.86% of revenue.
Gross Margin: In the first half of 2024, StarPower Semiconductor's gross margin was 31.52%, a decrease of 4.66 percentage points year-on-year.
Net Profit Margin: In the first half of 2024, StarPower Semiconductor's net profit margin was 9.0%.
ROE: In the first half of 2024, StarPower Semiconductor's ROE was 7.3%.
Company Investment Value:
As a leading enterprise in the field of power semiconductor devices in China, StarPower Semiconductor has strong R&D capabilities and a rich product line. The company's market share in the IGBT module field continues to expand, competing with international companies and successfully becoming one of the main suppliers of automotive-grade IGBT modules in China. The company has laid out in emerging fields such as new energy vehicles, photovoltaics, and wind power, and is expected to fully enjoy the dividends of the industry's high growth.
Company Growth Potential:
StarPower Semiconductor has achieved rapid growth in the field of new energy vehicles. In the first half of 2024, the company's IGBT revenue in the new energy vehicle field was 164.8077 million yuan, an increase of 33.34% compared to 2018. The company's automotive-grade IGBT modules have been equipped with more than 20 terminal car brands, and the company's share of automotive air conditioning, charging piles, electronic power steering, and other new energy vehicle semiconductor devices continues to increase. With the rapid development of the new energy vehicle market, the company is expected to achieve greater breakthroughs and volume in the field of automotive IGBT.
Industry Support Policies:
StarPower Semiconductor benefits from the national support for the integrated circuit industry. In recent years, the state has introduced a series of policies, including tax incentives, financial support, R&D subsidies, etc., to promote the development of the integrated circuit industry. These policies have provided a good development environment and opportunities for companies like StarPower Semiconductor.
International Policy Risks:
The current international situation is complex and changeable. Trade frictions and technology blockades may have certain impacts on the company's supply chain and market expansion. However, StarPower Semiconductor actively responds to international policy risks by strengthening independent research and development and cooperation, striving to ensure the stable development of the company.
A.Top's Investment Review:
StarPower Semiconductor, as a leading domestic IGBT module company, has strong R&D capabilities and a rich product line. The company has laid out in emerging fields such as new energy vehicles, photovoltaics, and wind power, and is expected to fully enjoy the dividends of the industry's high growth. With the rapid development of the new energy vehicle market, the company is expected to achieve greater breakthroughs and volume in the field of automotive IGBT, showing good investment value and growth potential.