Wingtech (600745): MOSFET price rises to benefit Ashi Semiconductor

Wingtech (600745): MOSFET price rises to benefit Ashi Semiconductor
Event: According to the latest data from WSTS, the prices of high-voltage MOSFETs have increased quarter-on-quarter, and the prices of low- and medium-voltage MOSFETs have remained firm. MOSFET prices rose quarter by quarter.According to the latest data from WSTS, the price of MOSFETs above 400V in 2Q19 was 0.It is about 43 US dollars, which is an increase of 2 from the previous month.3%, the price of 200V MOSFET is 0.Near $ 35, a 3% increase from the previous quarter.This is the third consecutive quarter of growth after the price bottomed slightly in the third quarter of 2018. Automotive, communications substrates and consumer electronics have strong demand for MOSFETs.Automotive MOSFETs are mainly used in power conversion of new energy vehicle powertrains, on-board chargers and inverters, and fuel vehicles are mainly used for engine control.The communication base station is mainly used in hot swap of switches and power supplies.Mobile phone consumer electronics are mainly used in fast charging.With the continuous expansion of new energy vehicles, the sales of BYD new energy vehicles have increased significantly at least in the first half of the year, the tide of capital expenditure construction for communications 5G base stations, and the demand for fast charging by consumer electronics have driven demand for MOSFETs. The overall expansion scale is limited, and automotive MOSFET supply continues to be scarce.Although Chongqing Bandai Semiconductor expanded its 12-inch MOSFET factory, its products are mainly concentrated in the relatively low-end consumer electronics market.Because the product has to enter the automotive MOSFET, it takes at least 5 years to be certified, and the international tier1 manufacturers will not easily change suppliers, so the price in the field of medium and high voltage MOSFETs continues to be firm.From the perspective of the delivery time of national manufacturers, the low-voltage MOSFET is still 36 weeks to 52 weeks, and there is a tendency to extend the delivery time. AXA’s customers are mainly from the automotive sector.45% -50% of the company’s customers come 杭州养生会所 from automobiles, 20% -25% come from industrial control including communication base stations, and the rest are consumer electronics.The competitive advantage comes from the long-term relationship with the four most important tier1 manufacturers in the world. Its products are almost all of the mainstream car companies. Even the products produced online are used in the consumer electronics field to meet the car regulation level. Profit forecast and rating.As the balance sheet has not been consolidated yet, without considering the acquisition, we expect the company’s EPS to be 1 in 2019-2021.05, 1.34, 1.84 yuan.Considering that after the company’s acquisition of Anshi Semiconductor, Wingtech and Anshi Semiconductor have a high degree of customer relevance in 5G communications, consumer electronics, and automotive semiconductors, with significant synergies. Maintain a “Buy” rating. Risk warning: 5G mobile terminal product development is not as expected risk; acquisition progress is not as expected risk.