United Nova Technology (688469) 申万宏源·2024-09-27 00:53Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Views - The company is positioned as a rare one-stop integrated foundry platform in China, focusing on power semiconductors, sensor signal chains, and connectivity, with three growth curves: MEMS platform, power chip platform (IGBT, MOSFET, SiC), and high-power BCD platform [4]. - The company has significant advantages in automotive power modules, ranking first in domestic IGBT chip shipments in 2023, with an expected increase in SiC production [4]. - The company is advancing its high-voltage BCD technology, establishing a comprehensive capability from power devices to analog ICs, which forms the third growth curve [4]. Summary by Sections Market Data - Closing price: 3.62 CNY - Market capitalization: 15,913 million CNY - Price-to-book ratio: 2.1 [2][3]. Financial Performance - Revenue projections for 2024-2026 are 67 billion, 81 billion, and 110 billion CNY respectively, with a forecasted average PS valuation of 3.1X, indicating a potential market cap of 337 billion CNY, representing a 32% upside from the current valuation [5][7]. - The company reported a revenue of 5,324 million CNY in 2023, with a year-on-year growth rate of 15.6% [6]. Growth Drivers - The company has established two 8-inch silicon wafer production lines with a combined monthly capacity of 170,000 wafers, and a 6-inch SiC MOSFET production line with a monthly output exceeding 5,000 wafers [26]. - The automotive sector is a key focus, with 48% of revenue coming from automotive applications in the first half of 2024 [20]. Research and Development - The company emphasizes R&D, with a research expense ratio exceeding 30% in the first half of 2024, and a significant increase in R&D personnel [21][24]. - R&D investment reached 15.3 billion CNY in 2023, with a 28.7% expense ratio [21]. Competitive Position - The company ranks first in China for MEMS foundry revenue and IGBT chip shipments, and fifth in SiC MOSFET shipments globally [16]. - The company has secured multiple design wins and is advancing its SiC product line, with a projected revenue growth of over 300% in the first half of 2024 [31].