Ping An Securities maintains the recommendation rating of New Clean Energy: Benefiting from the industry boom and the rapid growth of domestic alternative emerging business areas

SafetysecuritiesPosted on March 22Research reportsay, maintainNew Clean Energy(605111.SH, latest price: 184.44 yuan) Recommended rating. The reasons for the rating mainly include: 1) The product structure is adjusted and optimized, and the profitability has risen sharply; 2) The power device design leader has significantly benefited from the industry boom cycle and the domestic substitution wave.

Risk warning: (1) Risk of downturn in industry prosperity: the companyperformanceandsemiconductorThe prosperity of the power discrete device industry is closely related, so it will be affected by macroeconomic fluctuations. If the macroeconomic downturn or downstream demand is less than expected, the company’s revenue and profit growth may be adversely affected; (2) Risk of intensified market competition: MOSFET, IGBT It belongs to the power with high technical thresholdsemiconductorDevices have high requirements for R&D technology, product quality and service. Once the company’s technical level, product update and iteration speed, and product and service quality are reduced, competitors may snatch market share; (3) Insufficient production capacity Risks: At present, the company is still focusing on the Fabless model, and the product development and design iteration speed is relatively fast. However, if the production capacity of the company’s main suppliers is severely strained or the relationship between the two parties deteriorates, the company’s supply and customer expansion may be affected, and performance will be adversely affected .

AI comments:New Clean Energy5 copies in the past monthbrokerageThe research report is concerned, and 2 are bought.

(Article source: Daily Economic News)

Article source: Daily Economic News

Responsible editor: 3

Original title: Ping An Securities maintains the recommendation rating of New Clean Energy: Benefiting from industry prosperity and domestic substitution, emerging business areas are growing rapidly