\u3000\u3000 3Peak Incorporated(688536) (688536)
The downstream demand is highly prosperous and the performance continues to be excellent
On January 25, 2022, the company released the performance forecast for 2021. Benefiting from the high prosperity of downstream demand, the operating revenue of 2021q4 company is expected to be 430-440 million yuan, with a month on month increase of 5.91-8.37%. As the single quarter equity payment expense in the third quarter was 30.1071 million yuan and the single quarter equity payment expense in the fourth quarter was 54.8413 million yuan, the non attributable net profit of 2021q4 company is expected to be 88-118 million yuan, down 16-59% month on month. Considering that the new equity incentive plan launched on November 30, 2021 has more equity payment expenses, we lowered the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 436 / 523 / 892 million yuan (the original value is 449 / 648 / 902 million yuan respectively), EPS will be 5.45/6.54/11.14 yuan, and the current share price corresponding to PE is 122.1/101.8/59.7 times. As the operating income is expected to remain in a period of rapid growth, the “buy” rating is maintained.
The expansion of product categories is still the driving force of growth, and the power product line has achieved rapid growth
In 2021, the company’s product models have been further enriched, and great breakthroughs have been made in many subdivided fields of Pan communication and pan industrial market. In terms of power supply business, benefiting from the gradual mass production of products such as high current low-voltage differential linear regulated power supply, high-speed grid driver, ultra-low noise low-voltage differential linear regulated power supply and power monitoring, the company’s power management chip business revenue in the first three quarters of 2021 was 177 million yuan, an increase of 1240.97% over the same period. According to the public investor exchange announcement in November, the company will carry out product layout around linear power supply, general DCDC switching power supply, PMIC, digital polyphase power supply and battery management system.
R & D expenses have increased significantly, embracing the broad market of car tracks
In 2021, the company expects the R & D expenses to be about 299466700 yuan, with a year-on-year increase of about 144.38%, of which the share based payment included in the R & D expenses is about 105.041 million yuan, with a year-on-year increase of about 419.08%. As a domestic head analog chip manufacturer with long-term layout of medium and high-end circuits such as communication and industrial control, the company supplied automotive high-voltage precision amplifiers in batches in 2021, and launched Gan drivers, high-speed operational amplifiers, high-speed comparators, DC-DC, LDO and other products for lidar modules, which means that the company is making great efforts to layout automotive high-end circuits, Further strengthen their own technical barriers.
Risk warning: there is a risk of continuous tightening of upstream capacity; There is great uncertainty in the speed of customer expansion; There is uncertainty in the research and development progress of new products.
