Investment Rating - The report does not explicitly mention the investment rating for Huangshan Gujie (301581 SZ) [1][2][3] Core Views - Huangshan Gujie specializes in the R&D, production, and sales of heat dissipation substrates for power semiconductor modules, primarily used in new energy vehicles [24] - The company has achieved significant revenue growth, with 2021-2023 revenues of 255 million yuan, 537 million yuan, and 759 million yuan, respectively, representing YoY growth of 186 60%, 110 08%, and 41 43% [17] - Net profit attributable to the parent company also grew significantly, reaching 34 million yuan, 99 million yuan, and 157 million yuan in 2021-2023, with YoY growth of 126 70%, 190 19%, and 58 12% [17] - The company's innovative use of cold precision forging technology for copper pin-type heat dissipation substrates has given it a competitive edge in quality and cost [47] - Huangshan Gujie has established long-term partnerships with global power semiconductor manufacturers such as Infineon, ON Semiconductor, and Bosch, with its products accounting for 65% of Infineon's procurement share, 100% of ON Semiconductor's, and 80% of Bosch's [47] - The company's global market share for copper pin-type heat dissipation substrates increased from 19 66% in 2021 to 32 70% in 2023 [47] Industry Overview - The demand for heat dissipation substrates is closely tied to the new energy vehicle industry, which has seen rapid growth [45] - Global new energy vehicle sales reached 14 3694 million units in 2023, with corresponding heat dissipation substrate demand of 19 8316 million units [7] - The automotive-grade power semiconductor module market faces stringent requirements, including high-temperature resistance, mechanical strength, and long service life [36] - Direct liquid cooling has become the mainstream cooling method for automotive-grade power modules, with pin-type heat dissipation substrates being widely adopted [55] Financial Performance - In 2023, Huangshan Gujie's revenue was 759 million yuan, a 41 43% YoY increase, while net profit attributable to the parent company was 157 million yuan, up 58 12% YoY [17] - For 2024, the company forecasts revenue growth of 0 12% to 1 11% and a net profit decline of 16 01% to 17 98% [4] - The company's core product, copper pin-type heat dissipation substrates, accounted for 98 51% of total revenue in 2023 [52] Capacity Expansion - Huangshan Gujie's IPO fundraising will be used for two main projects: the intelligent manufacturing and capacity expansion project for power semiconductor module heat dissipation substrates, and the R&D center construction project [10] - The capacity expansion project is expected to add 10 million units of annual production capacity, a 150% increase from the 2023 capacity of 6 6139 million units [9] - As of June 2024, the construction progress of the two projects was 33 57% and 51 38%, respectively [8] Peer Comparison - Compared to peers such as Zhengqiang Co, Haoneng Co, and Zhaofeng Co, Huangshan Gujie's revenue and gross profit margin are below the industry average [49] - In 2023, the average revenue of comparable companies was 1 056 billion yuan, with an average PE-TTM of 30 31X and an average gross profit margin of 32 89% [49] - Huangshan Gujie's 2023 revenue was 759 million yuan, with a gross profit margin of 28 70% [49]
新股覆盖研究：黄山谷捷
华金证券·2024-12-20 11:30