NCE(605111) 东海证券·2024-12-22 13:13Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Insights - The company is a leading domestic power semiconductor manufacturer, advancing in both medium and low-voltage MOSFETs and high-voltage IGBTs. It has four main product platforms, with SGT MOS, Trench MOS, IGBT, and SJ MOS contributing to revenue in the first half of 2024 [4][6] - The company is positioned to benefit from the recovery in industry demand, with expected revenue growth rates of 25.91%, 24.48%, and 22.81% for 2024, 2025, and 2026 respectively [6] - The company has established a strong supply chain with upstream wafer foundries and downstream packaging and testing capabilities, creating a robust competitive advantage [5][6] Summary by Sections Company Overview - The company, founded in 2013, specializes in the research, design, and sales of MOSFETs and IGBTs, with a comprehensive product range covering voltages from 12V to 1700V [29] - It has a significant market share in the domestic MOSFET market, which is the largest globally, and is actively expanding into emerging applications such as AI and electric vehicles [4][29] Product Platforms - The company has four main product platforms: SGT MOS, Trench MOS, IGBT, and SJ MOS, with SGT MOS being the fastest-growing and most profitable [39] - The revenue contribution from SGT MOS is expected to be 41.44% in the first half of 2024, while Trench MOS, IGBT, and SJ MOS contribute 29.30%, 16.20%, and 11.78% respectively [39] Financial Performance - The company forecasts revenues of 18.59 billion, 23.14 billion, and 28.42 billion yuan for 2024, 2025, and 2026, with net profits of 4.60 billion, 5.81 billion, and 7.32 billion yuan respectively [6][7] - The gross margin is expected to improve, with a projected gross margin of 35.87% in 2024 [7] Market Position and Strategy - The company is deeply integrated with upstream wafer foundries and has established a virtual IDM model, enhancing its competitive moat [5][6] - It is focusing on expanding its presence in high-growth sectors such as renewable energy, AI servers, and electric vehicles, which are expected to drive future growth [45]