Weir shares (603501): CIS card industry trend design and distribution business grows steadily

Weir 杭州夜生活网 shares (603501): CIS card industry trend design and distribution business grows steadily
Howell’s latest official news, Howell’s near-infrared imaging technology (see farther and clearer in low light or no visible light) and OV6948 (package size is 0.575 mm * 0575 mm) for the best innovation at the European Image Sensor Awards 2019. The mobile market is still the key to the CIS industry and gradually penetrates into high value-added areas: due to the lack of major innovative mobile phones, consumers have weaker demand for replacement, and the terminal mobile phone market is weak, but due to the 3D camera, single-shot to multi-shot and the trend isThe better the performance, the hotter it will be. Yole reports indicate that it is expected that 2016?In 2022, the composite composite CAGR of the CMOS image sensor market is 10.5%, the camera drives the CIS industry chain from 2D to 3D, and gradually realizes human-computer interaction.CIS has gradually penetrated into higher value-added areas, including automobiles, security and medical care. With the rise of intelligent driving and ADAS, the number of sensor cross-fused vehicle cameras will increase significantly.At the same time, CMOS image sensors also play an indispensable role in areas such as drone shooting, biometric recognition, and VR / AR.If the acquisition is successful, the company will hold 100% equity of Beijing Haowei and directly and indirectly hold SBICO 85.With a 31% equity interest, it is actively engaged in the high-, middle-, and low-end areas of CIS, which is expected to contribute breakthrough performance elasticity to the company. IC design continues to deepen, and initial product layout drives growth: The company’s self-developed semiconductor products include TVS / MOSFET / analog, etc., continuously improve product performance, and further complement product specifications required by different application markets.We believe that the company’s layout in power management chips, radio frequency chips, sensor chips, real-time chips, and broadband serial chips has further enhanced the company’s product market competitiveness. At the same time, the multi-field layout has also provided sufficient growth for the company’s non-research business growth.Power and broad market space. Investment suggestion: Give Buy-A investment rating for the first time.We estimate the company’s net profit for 2018-2020 will be 3.09, 4.08, 5.USD 6.7 billion, with outstanding growth; At the same time, Howell Technology 19?The 21-year commitment result is not less than 5 for non-net profit.4.5 billion, 8.4.5 billion, 11.26 trillion, Spike 19?The 21-year commitment to deduct non-net profit is not less than 25 million yuan, 45 million yuan and 65 million yuan. Assuming that the company starts consolidation in 2019, it will follow the minimum commitment performance and issue 3.9.9 billion shares (revised draft of issued shares to purchase assets) calculation (after the completion of the issuance, the total share capital is 8.5.5 billion shares), taking into account the company’s analog IC and power semiconductor industry advantages and industry scarcity, as well as the integration effect of image sensor chips, given a 46 times valuation in 2019, the six-month target price is 59.2 yuan. Risk warning: Macroeconomic downturn, new product market development is less than expected, acquisition and integration progress is less than expected