New energy vehicles have developed vigorously in recent years.StakeblackjackData show that China sold 9.495 million new energy vehicles in 2023, an increase of 37.9% over the same period last year, and the annual permeability exceeded 30% to 31.5%. In the first quarter of 2024, China's production and sales of new energy vehicles completed 2.115 million and 2.09 million respectively, up 28.2% and 31.8% respectively over the same period last year. The rapid growth of electric vehicles means that more chips will be used. It is estimated that a new energy vehicle uses three times as many semiconductors as traditional fuel vehicles, which undoubtedly brings new opportunities for the semiconductor industry chain.
In addition, the development of AI PC products is also accelerating. On May 20th, Microsoft held a press conference to launch new Copilot+ AI PC products. Before that, companies such as Apple and Lenovo have launched AI PC products. The rise of AI products will contribute to the further recovery of the consumer electronics industry.
As a leading semiconductor and product integration company in the world, Wentai Technology is looking ahead to lay out the market of new energy and AI and continue to expand the product application scene, so as to create long-term competitiveness through innovative research and development and strengthening supply chain management.Stakeblackjack:
Automobile regulation semiconductor industry is the leader, and high ASP products bring lasting growth power.
Despite the downward impact of the semiconductor industry cycle, Wentai Technology still relies on decades of mass production experience and industry-leading technological advantages to achieve a sustained increase in revenue in the automotive industry. In 2023, the semiconductor sector accounted for 62.8% of the revenue from the automotive sector.
As one of the leading automotive semiconductors in the world, 90% of the company's semiconductor products meet the automotive specification standards, and all wafer factories have passed the automotive specification certification, which can meet a series of stringent quality, reliability and durability requirements of the automotive industry. Anshi Semiconductor maintains a long-term and close cooperative relationship with automotive Tier1 suppliers and major car manufacturers. The products produced by the company are widely used in drive systems, power systems, electronic control systems, intelligent cockpit systems and other systems.
Currently, the company is continuously strengthening R & D and innovation to enhance the bicycle ASP of semiconductor products among automotive customers, and continue to develop new products such as IGBT, SiC and GaN and modules, analog IC combination, power management IC and signal conditioning IC, with high ASP products to continue to provide driving force for future business growth. In the era of gasoline cars, the average number of chips used by car bikes in the world is about 400. In the current cases of electric car customers, the highest application of one of the top three new energy vehicle brands in China is close to 1.Stakeblackjack, 000 pieces, bicycles ASP more than 50 dollars. With the trend of electric intelligence and the continuous expansion of the product number, the growth in the future will still be greater.
Consumer electronics industry recovers, AI PC achieves new growth in mass production and product integration business
Overall, with the wave of "AI+PC" superimposed consumer goods trade-in policies, the national consumer electronics industry is gradually recovering, the company is expected to undertake more high-quality orders, in addition, the company will gradually improve the profitability of mobile phone ODM business through multi-supply chain layout and strengthening manufacturing cost control.
According to IDC, the assembly proportion of AI PC in China's PC market will rise rapidly in the next few years, reaching 85% in 2027. Facing the new opportunity of product technology upgrade and replacement cycle brought by AIStakeblackjackThe company insists on innovation-driven growth, closely around the "artificial intelligence +" strategy, actively layout AI products. At present, the company has achieved mass production of AI PC products, the company has become one of the important suppliers of notebook machine manufacturing for specific overseas customers, and the relevant AI PC produced by the company with customers has been sold worldwide in early 2024. In addition, the company has docked AI Phone projects with overseas customers and is in normal progress.
In the future, the company will continue to cooperate with customers to promote the research and production of AI products, and the R & D and production of AI products is expected to bring new growth to the company's product integration business.
A number of securities firms give "buy", and the strength of the company is recognized.
According to the latest research reports released by Puyin International Securities and Guoxin Securities this month, Wentai Technology is given a "buy" rating.
On May 16th, Puyin International Securities released a research report, analysts believe that in the short term, Wentai ODM business is improving quarter by quarter, while Anshi semiconductor business is about to hit bottom. In the medium to long term, large customers are expected to provide increments and profits for Wentai's ODM business, while Lingang fab is expected to drive the growth of Anshi consumer applications.
On May 17th, Guoxin Securities considered the investment income from the sale of the NEWPORT fab based on the company's semiconductor and product integration business in the first quarter. It is estimated that the 24-26 year return net profit is 12x23 / 2.7 billion yuan (the previous value is 24-25 years 37x4 billion), corresponding to PE 34x18x15x, maintaining the "buy" rating.
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