華虹半導體(1347.HK)：受惠新能源車浪潮，維持“強烈推薦”評級
機構：方正證券
評級：強烈推薦
※ 受惠於新能源車含硅量提升，功率器件景氣度提升，汽車電 子代工處於產業鏈上游，將優先受益 大陸新能源車銷量自 2012 年以來持續增長，2019 年預計達到 170 萬輛，功率器件是新能源車核心零部件。華虹 3Q19 工業及 汽車市場收入佔比 25.2%。隨着純電動車的滲透率提高，單輛 車含硅量持續提升，功率器件景氣度提升，代工廠作為產業鏈 上游，將優先受益。
※ IGBT：新能源汽車核心器件，華虹具有 IGBT 代工能力 IGBT 是電能變換和控制的核心器件，廣泛應用於新能源汽車、 工業變頻、智能電網、風力發電和太陽能等行業。IGBT 佔純電 動車電控系統成本約 44%，在充電樁中也有應用。2020 年國內 市場車規級 IGBT 8 英寸晶圓產能需求量預計為 100k wpm。華 虹依託在 MOSFET 和 Super Junction 方面累積的豐富的經驗， 2011 年量產 1200V 非穿通型 IGBT；2013 年，600V-1200V FS IGBT 實現量產，並專注於持續開發更先進的 FS IGBT。受益於 新能源車需求提振，IGBT 業務有望持續高增長。
※ 無錫 7 廠首批功率器件交付，產能爬坡進度有望超預期 華虹 7 廠近期首批功率器件交付，標誌着中國大陸最先進 12 寸 功率器件平台實現量產。無錫 7 廠 2019 年 9 月宣佈投產，目前 客户導入及產品研發順利，受惠於 5G 相關產品備貨（通常提前 1-2 季度在晶圓代工廠下單），疊加國產轉單影響，該廠產能爬 坡進度有望好於預期。
投資建議 半導體需求拐點向上，我們判斷華虹作為國產特色工藝代工龍 頭，受益於行業增長，隨着無錫廠擴產，2020 年將是華虹的拐 點之年。我們預計公司 19-21 年實現收入 9.32/11.50/13.23 億美 元，每股淨資產為 2.24/2.39/2.56 美元，對應當前市值的 PB 為 1.23、1.16、1.08 倍，維持“強烈推薦”評級。
風險提示：大陸多個 8 寸廠開出後行業競爭加劇；技術研發不 及預期；中美貿易摩擦對公司業務帶來不可見影響。
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