振华科技-军用电子元器件大本营平台化发展前景光明-220831（37页）.pdf

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1、Zhenhua Science&Technology（000733）Equity ResearchCompany ResearchMilitary Electronics 1/37 东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 Zhenhua enjoys promising prospect with broad layout in military electronics Buy(Initiation)Forecast&Valuation 2021A 2022E 2023E 2024E Revenue(RMB mn)5,656 7,569

2、 9,379 11,250 Growth(YoY%)43%34%24%20%Net profit(RMB mn)1,491 2,426 3,014 3,623 Growth(YoY%)146%63%24%20%EPS(RMB)2.88 4.68 5.82 6.99 P/E(X)42.49 26.12 21.02 17.49 Investment Thesis China Zhenhua Science&Technology(CZST),leader in the military electronics industry,will very likely benefit from rapidl

3、y growing demand of military equipment during the period of the 14th Five-Year Plan.CZST maintains stable earnings due to its diversified product lines with extensive downstream applications.CZSTs traditional businesses,including Chip capacitor,inductor and resistor,contributed to the majority of it

4、s revenue.The semiconductor,integrated circuit and module power businesses,which see rapid growth and great market potentials,will become the main driving force for CZST.The company successfully reversed its losses in new energy business in 2021 and began to gain profits.CZST developed the high-end

5、semiconductor businesses in advance as a new growth engine.CZST accelerates the R&D of high-end products such as high-performance Si-based IGBT chips,solid relays,RF transformers,cam rotary switches and etc.CZST achieved key technology breakthrough in design and manufacture of high-voltage and large

6、-current IGBT chips.CZST entered military IGBT business through equity participation of Semi-Future in 2018.It has 34 IGBT products by the end of 2021.CZSTs IGBT products is comparable in performance to those of Infineon,implying that import substitution of 6th generation of IGBT products is totally