(Original title: Times Electric’s first three-quarter results report that power semiconductor revenue has increased by nearly 80%)
As the leader of A-share rail transit equipment, Times Electric (688187)’s third quarterly report shows that the company’s net profit in the first three quarters of this year increased by regarding 30% year-on-year, and the revenue growth in emerging equipment fields such as power devices and new energy vehicle electric drives has become a driving force. main driver of performance.
Emerging equipment revenue increased by 1.37 times
The Times Electric quarterly report on the evening of October 16 showed that in the first three quarters of this year, the company achieved operating income of 10.876 billion yuan, a year-on-year increase of 27.56%, and net profit reached 1.563 billion yuan, an increase of nearly 30% year-on-year; among them, the company achieved a net profit of nearly 70% in the third quarter. 100 million yuan, a year-on-year increase of 36.4%. The company pointed out that the operating income in the third quarter mainly came from the revenue growth of emerging industries, which led to an increase in the company’s gross profit.
In the first three quarters of this year, Times Electric’s revenue from rail transit equipment products and emerging equipment products reached 7.202 billion yuan and 3.529 billion yuan respectively, of which,Revenue from emerging equipment products increased by approximately 1.37 times year-on-year. Looking further, the company’s power semiconductor devices achieved operating income of 1.292 billion yuan, a year-on-year increase of 77.82%; the new energy vehicle electric drive system achieved operating income of 835 million yuan, a year-on-year increase of 193.83%; tripled to 845 million yuan.
Times Electric has deepened the layout of the power device field. On September 23, Times Electric disclosed that the total investment of medium and low voltage power device industrialization construction projects is regarding 11.1 billion yuan, of which Yixing and Zhuzhou sub-projects can add an annual output of 360,000 pieces of 8-inch medium and low voltage component substrates following they are completed and put into production. Production capacity, used in new energy power generation and industrial control, home appliances and other fields.
CRRC Times IGBT modules are also speeding up to get on the train. The subsidiary Zhuzhou CRRC Times Semiconductor has been appointed as a project by Valeo Group and has become the official supplier of IGBT modules for one of its electric drive system projects. According to the forecast, the above project cycle is 4 years, the project will start mass production in 2023, and the total delivery volume is expected to exceed 2.5 million units.
According to CRRC Times, the company’s semiconductor high-voltage component products have been widely used in high-power fields such as rail transit and smart grid. At present, the market demand for high-voltage components is generally stable, and the existing production capacity can cover the market demand. With the outbreak of new energy power generation and automobile market demand, CRRC Times Semiconductor’s medium and low voltage components will lock in the market share of new energy power generation and automobile fields through mass production projects, fixed-point projects, and planned expansion projects, and increase its influence in the aforementioned fields. force. Facing the expected explosive growth of the medium and low voltage module market, the company’s existing production capacity will not be enough to cover the long-term market demand.
IGBT market is in short supply
At present, the IGBT market is in short supply, and the order volume of Times Electric has been arranged until next year. In the institutional survey in September, Times Electric executives introduced that the IGBT market is indeed in a state of capacity shortage; IGBT modules are mainly for the new energy field, including mainly automobiles, photovoltaics, and wind power, in addition to the rail transit power grid business. The company’s first-phase annual production capacity of IGBTs is 120,000 pieces. All orders for next year have been locked, and the follow-up is mainly to further improve the yield. The current yield is regarding 80%. It is expected that the yield will be further improved following smooth delivery in the future.
In addition, in the field of silicon carbide, Times Electric plans to advance in layers. The company has an annual production capacity of 25,000 silicon carbide chips. According to estimates, it can meet the needs of 100,000 to 120,000 vehicles. According to market development, the company will consider further investment. plan.
In addition to disclosing the quarterly report, CRRC Times announced that the 148 million yuan to be invested in the IPO fundraising project “New Sensor R&D and Application Project” was changed from borrowing to the capital increase company Ningbo CRRC Times Sensing Technology Co., Ltd. On September 27 last year, the company provided a one-time interest-free loan of 148 million yuan to the implementation of the fundraising project “New Sensor R&D and Application Project” and the company’s wholly-owned subsidiary Ningbo CRRC Times to implement the fundraising project. After the completion of this capital increase, Ningbo CRRC Times is still a wholly-owned subsidiary of the company.
Since the third quarter of this year, Times Electric has fallen by regarding 11%, the latest close at 57.64 yuan per share. As of the end of the third quarter, Galaxy Innovation Growth, the largest tradable shareholder, has reduced its holdings by 1.63 million shares, and two new employee stock ownership plans have entered It became the seventh and eighth largest tradable shareholders, and Qianhai Life Insurance also became the ninth largest tradable shareholder, holding 1.31% of the shares.