\u3000\u3000 3Peak Incorporated(688536) (688536)
Event: the company released the performance forecast, and it is expected to realize the net profit attributable to the parent company of RMB 426-456 million in 2021, with a year-on-year increase of 131.92% to 148.25%; Net profit deducted from non parent company was 346-376 million yuan, with a year-on-year increase of 106.65% to 124.57%.
Strong downstream demand, increased product richness, and higher than expected performance growth: according to the performance forecast, the operating revenue in 2021 is expected to be 1.321 billion yuan to 1.331 billion yuan, with a year-on-year increase of 754 million yuan to 764 million yuan, with a year-on-year increase of 133.18% to 134.95%; The net profit attributable to the parent company was RMB 426 million to RMB 456 million, with a year-on-year increase of RMB 242 million to RMB 272 million, with a year-on-year increase of 131.92% to 148.25%; The net profit deducted from non parent company was 346 million yuan to 376 million yuan, with a year-on-year increase of 178 million yuan to 209 million yuan, with a year-on-year increase of 106.65% to 124.57%. The main reasons for performance growth include: first, there is strong demand for downstream applications, and the prosperity of China’s semiconductor industry continues to improve; Second, continuously improve the category of shelf products and make breakthroughs in Pan communication, pan industry and other markets; Third, take multiple measures to strengthen production capacity guarantee and lay a solid foundation for sustainable development.
The company’s products include signal chain, power analog chip and digital analog hybrid analog front-end. According to the company’s 2021 semi annual report, the company has more than 1400 product models, mainly including operational amplifier, comparator, audio / video amplifier, analog switch, interface circuit, data conversion chip, LDO, etc. According to icinsights, the global signal chain market is expected to reach US $11.8 billion in 2023. As a leading enterprise in China’s signal chain analog chips, the company’s products are widely used in the fields of information and communication, industrial control, monitoring safety, medical health and so on. The domestic substitution and improvement of product power are superimposed on the strong demand in the downstream. The company’s signal chain business is expected to continue to maintain high-speed growth. In terms of power chip business, according to the company’s announcement, a number of power management products such as high current low-voltage differential linear regulated power supply have achieved mass production. In the future, it will focus on the fields of linear power supply, general DC / DC switching power supply, PMIC, digital polyphase power supply and battery management system. The power chip is expected to inject new impetus into the development of the company.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 1.326 billion yuan, 1.988 billion yuan and 2.843 billion yuan respectively, and the net profit attributable to the parent company will be 435 million yuan, 606 million yuan and 854 million yuan respectively, corresponding to 113 times, 81 times and 57 times of PE respectively. It will be covered for the first time and given a “Buy-A” investment rating.
Risk warning: risk of raw material price rise; Market competition intensifies risks; International trade friction intensifies the risk; New product R & D is less than expected risk; Risk of shareholder reduction.
