天风证券-气派科技-688216-气派科技: 专注封装测试十余年,先进封装打开第二增长曲线【公众号研报】-210917

　　China Chippacking Technology (688216 CH) 专注封装测试十余年，先进封装打开第二增长曲线 Initiating coverage: packaging and testing veteran grows second revenue driver in advanced packaging business TP:RMB63 ACCUMULATE (initiate) 投资要点/Investment Thesis 投资要点/Investment Thesis 气派科技自成立以来一直专注于集成电路的封装测试业务，经过十余年的沉淀和积累，已发展成为华南地区技术工艺先进、产品系列相对齐全、产销量规模最大的内资集成电路封装测试企业之一。公司在传统封装领域具备种类丰富、质量稳定、性价比高的核心竞争优势；同时也不断增加研发投入，在先进封装领域有一定的技术基础和布局，主动推进产品结构升级，主营业务收入持续稳定增长。 Chippacking has been in the business for more than 10 years and focuses on integrated circuits (IC) packaging and testing. It is one of the largest domestic-funded integrated circuit packaging and testing companies in terms of production and sales. Its advanced technology is offered in a comprehensive product matrix. Its core competitive advantages include stable quality and cost-effectiveness. It is stepping up R&D investment based on its technological foundation while building a position in advanced packaging. With product structure upgrades, its main revenue streams are stable. 三大因素拉动我国封装测试市场快速发展：1）上游——“芯片国产化”的兴起带动封装测试需求。今年来各类国际事件使各界认识到芯片国产化的重要性，半导体产业正进入以中国为主要扩张区的第三次国际产能转移，我国晶圆厂建设迎来高峰期，将带动下游封装测试市场的发展。2）下游——新应用不断出现，带来增长动力。5G 通信、智能汽车、人工智能（AI）、物联网（loT）等行业的快速发展将给半导体行业带来前所未有的新空间，全球半导体产业有望迎来新一轮的景气周期。3）先进封装——封装技术创新的重要性提升。下游市场小型化、低能耗等需求出现，对芯片封装技能的要求也不断提高。后摩尔时代来临，封装技术创新也被赋予了更重要的意义。 Three factors are driving the rapid development of China's packaging and testing market: 1) Upstream: The increase in IC localization is driving demand for packaging and testing. Various international events have raised consumer awareness of the importance of chip localization. The semiconductor industry is entering a third phase of global capacity transfer with China as the main area of expansion. The construction of China fabs is reaching a peak, which we expect to drive growth in the downstream packaging and testing market. 2) Downstream: New applications continue to come into the market and this maintains the growth momentum. The rapid development of 5G, smart cars, artificial intelligence (AI), Internet of Things (IOT) and other industries carves out new market potential in the semiconductor industry. We expect the global semiconductor industry to enter a new growth cycle. 3) Advanced packaging: the importance of packaging technology innovations has increased. Demand for miniaturization and low energy consumption in the downstream market has emerged and demand for chip packaging skills continues to increase. With the advent of the post-Moore era, packaging innovations have become crucial. 盈利预测与估值/valuation 预计21-23年实现归母净利润1.37/1.67/2.15亿，预计21-23年EPS分别为1.29/1.57/2.02元/股，我们选取封测相关企业作为可比公司，2022对应PE为40倍，公司2022目标价格为63元/股，首次覆盖给予“增持”评级。 We expect net profit of RMB137m/167m/215m and EPS of RMB1.29/1.57/2.02 in 2021/22/23E. Relative to its packaging and testing peers, we set a corresponding PE of 40x in 2022E. We initiate coverage with a BUY rating and a target price of RMB63. 风险提示：以传统封装产品为主，先进封装市场竞争力较弱的风险；集成电路封测领域技术及产品升级迭代风险；自主定义封装形式无法得到市场认可的风险；市场竞争加剧风险；行业波动及需求变化风险；原材料价格波动风险；销售区域集中风险。 Risks include: weak competitiveness in the advanced packaging business; iterative tech risks related to product upgrades in IC circuit packaging and testing; the risk of its independent defined packaging forms cannot be recognized by the market; the risk of increased market competition; industry fluctuations and demand changes risk; raw material price fluctuation risk; sales area concentration risk. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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