Investment Rating - The report maintains a "Buy" rating for the company [5][20]. Core Views - The company is a leading player in the domestic power semiconductor industry, actively expanding its customer base in the automotive and AI server sectors despite a weak demand in the photovoltaic storage market [5][21]. - The company's revenue for 2023 was 1.477 billion yuan, a decrease of 18.46% year-on-year, while the net profit attributable to the parent company was 323 million yuan, down 25.75% year-on-year [20][21]. - The gross margin has shown improvement since Q2 2023, reaching 31.77% in Q4 2023, indicating successful market penetration and product advantages [22][21]. Financial Forecast - The company expects revenue growth rates of 23%, 29%, and 23% for 2024, 2025, and 2026, respectively, with projected revenues of 1.814 billion, 2.340 billion, and 2.875 billion yuan [6][5]. - The net profit attributable to the parent company is forecasted to be 405 million, 512 million, and 706 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 28, 22, and 16 [5][6]. - The company’s return on equity (ROE) is expected to improve from 9% in 2023 to 13% by 2026 [6][9]. Market Position and Strategy - The company has increased its focus on automotive electronics, with its share in this sector rising from 12% in H1 2023 to 15% by the end of the year, driven by partnerships with major clients like BYD [22][21]. - In the AI server market, the company has successfully achieved bulk sales of its SGT-MOS products to leading clients, indicating strong growth potential in this area [22][21]. - The company is also expanding its product lines and enhancing its competitive edge by developing high-current IGBT modules and deepening collaborations with top-tier clients in various sectors [22][21].

Investment Rating - The report assigns a "Buy" rating for the company [1][2][31]. Core Views - The company experienced a revenue decline of 18.46% year-on-year in 2023, with total revenue of 1.477 billion yuan and a net profit of 323 million yuan, down 25.75% year-on-year [1][2]. - Despite short-term pressure on performance due to weakened demand and increased competition, the company is expected to see a recovery in 2024, with projected revenues of 1.881 billion yuan, representing a year-on-year growth of 27.4% [2][27]. - The company has a comprehensive product lineup with over 3,000 models covering voltage ranges from 12V to 1700V, and is positioned to replace imports in the mid-to-high-end product segments [2][31]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 372 million yuan, a year-on-year decrease of 23.05% but a quarter-on-quarter increase of 7.67% [1]. - The net profit for Q4 2023 was 108 million yuan, showing a year-on-year increase of 11.03% and a quarter-on-quarter increase of 60.86% [1]. Product Line Outlook - The company has established four major product lines: IGBT, SGT-MOSFET, SJ-MOSFET, and Trench-MOSFET, with a focus on continuous innovation and new product launches [1][31]. - IGBT sales are expected to recover in 2024 due to a rebound in photovoltaic demand, with projected sales of 327 million yuan, a year-on-year increase of 23% [6][28]. - SGT-MOSFET sales are projected to grow significantly, reaching 710 million yuan in 2024, with a year-on-year growth of 30% [25][28]. - SJ-MOSFET and Trench-MOSFET are also expected to see growth, with projected revenues of 236 million yuan and 581 million yuan in 2024, respectively [7][26][28]. Future Projections - The company forecasts total revenues of 1.881 billion yuan in 2024, 2.340 billion yuan in 2025, and 2.823 billion yuan in 2026, with respective year-on-year growth rates of 27.4%, 24.4%, and 20.7% [2][27]. - The gross margin is expected to improve gradually, reaching 33.7% by 2026 [27].

新洁能（605111）2023 年报点评 强推（维持） 事项： 1）2023 年：营业收入 14.77 亿元，同比-18.46%；毛利率 30.75%，同比-6.18pct； 归母净利润/扣非后归母净利润 3.23/3.04 亿元，同比-25.75%/-26.08%； 2）2023Q4：营业收入 3.72 亿元，同比/环比-23.05%/+7.67%；毛利率 31.77%， 同 比 / 环 比 -2.14pct/+1.64pct ； 归母净利润 1.08 亿元，同比 / 环 比 +11.03%/+60.86%；扣非后归母净利润 1.02 亿元，同比/环比+16.05%/+59.35%。 下游需求逐步回暖叠加新产品新领域逐步放量，公司有望重回增长轨道。受行 业周期性影响，公司 2023 年业绩承压，Trench MOS/SGT MOS/SJ MOS/IGBT 产品分别实现营业收入4.54/5.46/1.84/2.66亿元，同比-9.34%/-19.80%/-13.56%/- 33.97%。季度上看，公司 2023 年下半年业绩拐点明显，4 季度收入环比+7.67% 至 3.72 亿元，产品结构优化叠加晶圆成本降 ...

Investment Rating - The report maintains a "Buy" rating for the company [11][12]. Core Views - The company reported a revenue of 1.48 billion yuan for 2023, a year-on-year decrease of 18.46%, and a net profit attributable to shareholders of 320 million yuan, down 25.75% year-on-year. In Q4 alone, revenue was 370 million yuan, up 7.5% quarter-on-quarter, with a net profit of 110 million yuan, up 60.6% quarter-on-quarter [1][12]. - The gross margin for the entire year was 30.75%, a decrease of 6.18% year-on-year, while Q4 gross margin improved to 31.77%, an increase of 1.64% quarter-on-quarter. The report anticipates that gross margins will continue to rise in 2024 due to the pass-through of upstream wafer price reductions and product mix adjustments [1][12]. - The company is actively upgrading its product platform and making progress in emerging fields such as AI servers. In 2023, the revenue contribution from AI servers, communications, and robotics was 8%, automotive electronics 15%, photovoltaic energy storage 17%, industrial automation 35%, and consumer and smart transportation 25% [1][12]. Financial Forecasts - The company is expected to achieve net profits of 410 million yuan, 530 million yuan, and 650 million yuan for the years 2024, 2025, and 2026, respectively [1][12]. - Revenue projections for 2024, 2025, and 2026 are 1.949 billion yuan, 2.608 billion yuan, and 3.317 billion yuan, reflecting growth rates of 32.02%, 33.80%, and 27.19% respectively [12][23].

Investment Rating - The report maintains a "Recommend" rating for the company [4][21]. Core Views - The company has optimized its product, market, and customer structure, focusing on emerging application areas [4][11]. - Despite a challenging market environment leading to a decline in revenue and profit in 2023, there are signs of recovery in Q4 [10][21]. - The company is actively developing new products and expanding its presence in high-end markets, particularly in automotive electronics and AI servers [13][21]. Financial Performance Summary - In 2023, the company achieved revenue of 1.477 billion yuan, a decrease of 18.46% year-on-year, and a net profit of 323 million yuan, down 25.75% year-on-year [7][10]. - The overall gross margin and net margin for 2023 were 30.75% (down 6.18 percentage points YoY) and 21.52% (down 2.48 percentage points YoY), respectively [10]. - Q4 2023 showed a revenue of 372 million yuan (down 23.05% YoY, up 7.67% QoQ) and a net profit of 108 million yuan (up 11.03% YoY, up 60.86% QoQ) [10]. Product and Market Development - The company has launched 200 automotive-grade MOSFET products and has established direct supply relationships with major clients like BYD [13]. - In the photovoltaic storage sector, the company is maintaining close cooperation with leading clients while developing new products [13]. - The company has developed a series of SiC MOSFET products and is in the early stages of sales for these new products [13]. Future Projections - The company expects revenue to recover to 1.826 billion yuan in 2024, with a projected net profit of 381 million yuan [11][21]. - The gross margin is anticipated to improve to 32.6% in 2024, with net margin at 20.9% [11][21]. - The company aims to further expand its market share in high-end applications and achieve breakthroughs in automotive electronics and AI servers [21].

电子/半导体 2023Q4 业绩显著复苏，看好汽车+AI 服务器加速放量 罗通（分析师） 王宇泽（联系人） luotong@kysec.cn 证书编号：S0790522070002 wangyuze@kysec.cn 证书编号：S0790123120028 公司 2023 年实现营收 14.77 亿元，同比-18.5%；归母净利润 3.23 亿元，同比-25.8%； 毛利率 30.75%，同比-6.2pcts；2023Q4 单季度实现营收 3.72 亿元，同比-23.1%， 环比+7.7%；归母净利润 1.08 亿元，同比+11.0%，环比+60.9%；毛利率 31.77%， 同比-2.1pcts，环比+1.6pcts。受行业景气度下行影响，我们小幅下调公司 2024-2025 年盈利预测至 3.93/4.81 亿元（调前 4.37/5.35）并新增 2026 年盈利预测 5.91 亿元， 对应 EPS 为 1.32/1.61/1.98 元，当前股价对应 PE 为 28.7/23.5/19.1 倍。公司在行业 下行周期及时调整产品结构，业绩与毛利率复苏趋势明显。随着在汽车、AI 服务 器和飞行器等高端领域持续 ...

[Table_Page] 年报点评|半导体 [Table_Title] 新洁能（605111.SH） [Table_Summary] 核心观点： 积极拓展汽车电子、AI 服务器领域。汽车电子：2023 年占比为 15%， 公司已覆盖比亚迪全系列车型，并对联合电子、伯特利等国内头部 Tier1 持续规模出货，应用领域也不断拓宽；AI 服务器：公司围绕 AI 算 力服务器的相关需求开发产品，目前相关产品已经在 AI 算力领域头部 客户实现批量销售，且将进一步快速增长。 SAC 执证号：S0260519060001 gengzheng@gf.com.cn 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 [Table_FinanceDetail] 资产负债表 单位：百万元 现金流量表 单位：百万元 识别风险，发现价值 请务必阅读末页的免责声明 2 / 4 [Table_PageText] 新洁能|年报点评 耿 正 ：上海交通大学材料科学与工程学硕士，2020 年加入广发证券发展研究中心。 任 思 儒 ：上海交通大学硕士，2022 年加入广发证券发展研究中心。 买入： 预期未来 12 个月内，股价表现强于大盘 ...

证 券 研 究 报 告 ——4Q23 营收和利润环比双升，开拓汽车及 AI 市场 | --- | --- | |---------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | | | 每股净资产（元） | 12.22 | | 资产负债率 % | 14.03 | | 总股本/ 流通 A 股（百万） | 298/297 | | 流通 B 股/H 股（百万） | -/- | 相关研究 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 金凌 A0230122070003 jinling@swsresearch.com 杨紫璇 A0230122060004 yangzx@swsresearch.com 联系人 杨海晏 (8621)23297818× yanghy@s ...

Financial Performance - The company achieved operating revenue of 147,656.14 million yuan, a decrease of 18.46% compared to the same period last year [34]. - Main business revenue was 147,083.92 million yuan, down 18.51% year-on-year [34]. - Net profit attributable to shareholders was 32,311.63 million yuan, a decline of 25.75% year-on-year [34]. - The decline in performance was primarily due to a continued downturn in the downstream application market since Q4 2022, influenced by weakened demand, increased capacity release from domestic foundries, and intensified competition in the power semiconductor industry [34]. - The company's operating revenue for 2023 was ¥1,476,561,366.82, a decrease of 18.46% compared to ¥1,810,946,756.88 in 2022 [41]. - The net profit attributable to shareholders for 2023 was ¥323,116,344.25, down 25.75% from ¥435,180,979.82 in 2022 [41]. - Basic earnings per share for 2023 decreased by 25.66% to CNY 1.13 compared to CNY 1.52 in 2022 [69]. - The weighted average return on equity dropped to 9.25% in 2023, down 9.52 percentage points from 18.77% in 2022 [70]. - The net cash flow from operating activities increased by 73.97% to ¥475,469,445.87 in 2023, compared to ¥273,308,464.57 in 2022 [41]. - The net assets attributable to shareholders increased by 8.32% to ¥3,642,558,105.24 at the end of 2023, compared to ¥3,362,694,574.64 at the end of 2022 [41]. Product Development and Innovation - The fifth-generation P-channel 20V~40V product platform has been developed, achieving a 31% reduction in Rsp compared to the previous generation, with full-scale production ongoing [20]. - The seventh-generation N-channel 12V~20V product platform is under engineering development, currently undergoing finished product testing and reliability assessment [20]. - The IGBT parallel SiC diode products have passed customer validation and are now in mass production [23]. - The third-generation SGT MOS products for N-channel 60V, 85V, and 100V have completed engineering validation, with the 100V product showing a 20% lower Rsp and a 15% reduction in gate charge (Qg) compared to the best competitors [24]. - The company is developing IGBT chips based on 650V and 1000V product platforms, with several IGBT module products for photovoltaic storage and inverters expected to complete development in the first half of 2024 [26]. - The company has developed two new products: 650V/190mohm E-Mode GaN HEMT and 650V 460mohm D-Mode GaN HEMT, both achieving leading domestic electrical performance metrics [50]. - The fourth-generation 800V deep trench SJ MOS platform has achieved design expectations, with a 35% reduction in Rsp compared to the third generation, and is currently undergoing yield improvement and customer application testing [49]. - The company has developed 140 products that have passed AEC-Q101 automotive reliability certification, with nearly 90 Tier 1 manufacturers receiving bulk deliveries [91]. - The company has completed the development of multiple IGBT chip products based on 650V and 1200V platforms, with the first product for 110KW photovoltaic inverters (450A/650V) undergoing customer testing [144]. - The company has launched 6 new products in 2023 under its high-side driver and motor driver product lines, targeting applications in heavy trucks and smart homes [145]. Market Trends and Strategic Focus - The global investment in data center construction is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2022 to 2026, driven by advancements in 5G, cloud computing, and artificial intelligence [30]. - The company is actively responding to market changes by optimizing product, market, and customer structures, focusing on sales to the new energy vehicle and charging pile sectors [34]. - The company is committed to enhancing its product structure and expanding its market presence in high-demand sectors such as electric vehicles [34]. - The report highlights the critical role of power semiconductors in achieving the goals of Industry 4.0, particularly in automation and efficiency improvements [34]. - The company is focusing on expanding its market presence in the electric vehicle and charging pile sectors, as well as in AI servers and data centers [59]. - The company plans to enhance its market presence in emerging fields such as new energy vehicles, photovoltaic storage, AI servers, and data centers, expecting a recovery in photovoltaic demand in 2024 [108]. - The global power semiconductor market reached $50.3 billion in 2023, with projections to grow to $59.6 billion by 2027, where power ICs will account for 54.8% of the market [131]. - The global IGBT market size was $9 billion in 2023, expected to reach $12.1 billion by 2026, with China being the largest consumer market at $3.2 billion in 2023 [132]. - The global AI server market size was $21.1 billion in 2023, projected to grow to $34.7 billion by 2026, reflecting a 5-year CAGR of 17.3% [136]. - The company is actively exploring new downstream application areas and strengthening strategic cooperation with key customers to increase market share [105]. Research and Development - R&D investment for 2023 was CNY 87.31 million, accounting for 5.91% of total revenue, with 600 new products launched [86]. - The company is focusing on R&D investments, expanding its team, and attracting high-education talent to enhance development in new energy storage, automotive electronics, and AI servers [140]. - The company has established a complete independent R&D system and has been certified with ISO9001 quality management system [120]. - The company has implemented a rigorous quality control system and has been certified under ISO9001:2015 and IATF16949 quality management systems [199]. - The company has a strong focus on R&D, with CNY 87.31 million spent on research and development, a decrease of 13.30% from the previous year [176]. Corporate Governance and Investor Relations - The company aims to enhance its governance and investor relations, ensuring timely and accurate information disclosure to build a positive capital market image [148]. - The company is actively pursuing external expansion opportunities, focusing on strategic investments in emerging industries with growth potential [123]. - The company has established partnerships for investment in Wuxi Jinyuan Semiconductor Technology Co., Ltd. and Suzhou Matrix Optoelectronics Co., Ltd., aimed at promoting business synergies and new technology development [149]. Production and Supply Chain - The company has established a strong supply chain with leading domestic and international foundries, ensuring product quality and reliability [199]. - The company has built advanced packaging and testing lines through its subsidiary, achieving partial in-house packaging and testing of chips [196]. - The company is upgrading its production line to meet automotive-grade requirements, with a planned capacity of 60,000 modules per month once fully operational [119]. - The company has successfully developed and mass-produced MOSFET products based on a 12-inch chip process platform, enhancing its product offerings [196]. Market Position and Competitive Landscape - The company is a leader in the domestic market for power semiconductor devices, ranking 5th in the domestic MOSFET market sales in 2021, including international competitors [164]. - The company aims to become the largest domestic brand in terms of power device shipments in the automotive market, with rapid growth expected in sales scale and market share [85]. - The company has over 3,000 product models covering voltage ranges from 12V to 1700V, focusing on sectors such as new energy vehicles, AI servers, and 5G communications [162]. - The company has over 3,000 differentiated product models, enabling it to meet diverse customer needs across various downstream markets [198]. - The company is the largest semiconductor power device design company in China in terms of wafer production volume on 8-inch and 12-inch process platforms for IGBT and MOSFET chips [200]. - The company holds 196 patents, including 86 invention patents, positioning it among the top in the domestic semiconductor power device industry [165].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 45.57 CNY, based on a 35 times PE for 2024 [3][16]. Core Insights - The company has a strong competitive advantage and is expanding in the AI server and data center sectors. It has established significant partnerships with leading manufacturers in various industries, including electric vehicles and AI servers, which are expected to drive future growth [2][14][25]. - The company reported a revenue of 1.48 billion CNY in 2023, a decrease of 18.46% year-on-year, with a net profit of 323.1 million CNY, down 25.75% year-on-year. However, Q4 2023 showed signs of recovery with a revenue increase of 7.51% and a net profit increase of 61.19% compared to the previous quarter [13][25]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.91 billion CNY, 2.32 billion CNY, and 2.83 billion CNY, respectively. Corresponding net profits are expected to be 396 million CNY, 514 million CNY, and 642 million CNY [3][19]. - The company’s earnings per share (EPS) are projected to be 1.30 CNY in 2024, 1.72 CNY in 2025, and 2.15 CNY in 2026 [19]. Market Performance - The company's stock price has shown significant volatility, with a decline of 53% from March 2023 to March 2024, compared to the Shanghai Composite Index [4][25]. - The total market capitalization is approximately 11.45 billion CNY, with a circulating market capitalization of 11.41 billion CNY [16]. Growth Strategy - The company is focusing on optimizing its product structure and expanding into new markets, including electric vehicles, AI servers, and other emerging applications. This strategy aims to enhance its market share and drive future revenue growth [14][25].