\u3000\u3000 Shenzhen Microgate Technology Co.Ltd(300319) (300319)
Event: the company issued the performance forecast for 2021, and the net profit attributable to the parent company in 2021 was between 250-310 million yuan,
The year-on-year growth rate is between 600.75% – 768.93%; The net profit deducted from non profits was between 215-270 million yuan, with a year-on-year growth rate of 5005.43% – 6311.47%.
Comments:
The annual performance increased rapidly, and the expansion of key customers and the optimization of product structure led to new development
The net profit attributable to the parent company in Q4 in 2021 was between 19-79 million yuan, and the net profit attributable to the parent company in the same period last year was about – 35 million yuan. The main reason for the rapid growth of the company’s annual performance is to seize the opportunity of localization of passive components, expand new large customers, and improve the sales scale and profitability simultaneously. Optimization and upgrading, high-end inductors, filters and other products continue to be sold in large quantities, resulting in further improvement of sales and gross profit margin.
The fixed increase project was successfully issued, inductance and filter
In 2021, the company completed the issuance of fixed increase projects, which mainly include the expansion of high-end inductors and RF filters. After reaching the production capacity, it is expected to add 2.5 billion high-end small-size inductors, 1.1 billion LTCC RF components and 1.4 billion SAW filters. The company’s tc-saw and RF modules have been delivered to the downstream, and a subsidiary, maijieruixin, was established in October 2021 to engage in the R & D and production of BAW filters. The R & D process is orderly and is expected to be mass produced as soon as possible. In addition, the inductive transformer produced by jinzhichuan, a subsidiary of the company, will be introduced into the field of photovoltaic inverter, or will benefit from the large-scale construction of photovoltaic industry for a long time.
Earnings forecast, valuation and rating
We expect the company to be 2021-234 yuan, corresponding to,, 22 times. According to the segment valuation method, the reasonable market value of the company is 12.516 billion yuan, the corresponding target price is 14.66 yuan, and the PE corresponding to the net profit attributable to the parent company in 2021 is about 41 times. In view of the long-term trend of domestic substitution of inductance and filter and the good prospect of inductance transformer, the “buy” rating is maintained.
Risk tips
The downstream demand continues to be depressed, the localization process is less than expected, and the industry competition intensifies.
