Xingsen Technology (002436) Dynamic Comment Company Dynamic Comment: Great investment in IC substrates is worth looking forward to

Xingsen Technology (002436) Dynamic Comment Company Dynamic Comment: Great investment in IC substrates is worth looking forward to

[Event]The company and the Guangzhou Economic and Technological Development Zone Management Committee signed the “Investment and Cooperation Agreement on Xingsen Semiconductor Packaging Industry Project” on June 26, 2019. The investment content of the project is the semiconductor IC package carrier board and similar carrier board technology projectsThe investment budget is about 3 billion, and the initial investment is about 1.6 billion, of which 13 is fixed asset investment.

5 trillion; the second phase investment is about 14 trillion, of which fixed asset investment is 12 trillion (including plant and land repurchase).

[Comment]The technical barriers of IC carrier boards are much higher than ordinary PCBs, and the industry has a lot of room for development.

According to Prismark data, the total output value of global integrated circuit substrates in 2018 was about 75.

$ 5.4 billion, an increase of 12 per year.

8%, it is expected that the total output value will reach 9.6 billion US dollars in 2023, and the industry has broad room for development.

The IC carrier board is developed on the basis of the HDI board, and there is a certain correlation among them, but the technology of biology of the IC carrier board is far more than HDI and ordinary PCB.

At present, the global IC carrier board market is mainly occupied by Japanese, Korean, and Taiwanese companies. In 2018, the top 10 global packaging substrate manufacturers had a market share of more than 82%, and the industry was highly concentrated.

The company is one of the very few domestic IC carrier board companies. It ranks among the top internal carrier board manufacturers in terms of technical strength and output value. Through the rapid advancement of localization in the semiconductor industry, the company will definitely benefit from the growth of the industry.

The profitability of the carrier board is gradually improving, and the expansion of production has helped the company’s performance to a higher level.

The company’s 2019Q1 revenue increased by 10 in ten years.

09%, net profit attributable to mothers grows 79.

84%, gross margin and net margin increased by 1.

02pct, 1.

79 points, the significant improvement in performance and profit was mainly due to the improvement in profit of some subsidiaries and the continued growth of the IC carrier board business.

At present, the company ‘s IC package substrate production capacity of 10,000 square meters / month is already in full production, with an average yield of more than 94%. In September 2018, it passed Samsung certification and became an official Samsung supplier. New customer orders are fast.Introducing; In April 2019, it officially passed the inspection of 02 special projects.

The IC packaging industry project to be invested will help the company make full use of its overall resources and advantages, further focus on the company’s core semiconductor business, actively cultivate high-end product markets, further enhance the company’s competitiveness and profitability, and form new profit growth points.

Based on the above analysis, it is estimated 成都桑拿网 that the operating income in 19/20/21 will be 42.



6.4 billion, an annual increase of 23.

50% / 25.

00% / 29.


Net profit attributable to mothers is 2.



9.9 billion yuan, an annual increase of 30.

04% / 33.

21% / 34.

23%, EPS is 0.



34 yuan, corresponding to PE is 36/27/20 times, given “overweight” rating.

[Risk Warning]The construction speed of 5G base stations is lower than expected; the price of upstream raw materials changes; the construction speed of new factories is lower than expected.