\u3000\u3000 Shanghai Bright Power Semiconductor Co.Ltd(688368) (688368)
The company released the 2021 annual report: during the reporting period, the operating revenue was 2.302 billion yuan, a year-on-year increase of 108.75%; The net profit attributable to the parent company was 677 million yuan, a year-on-year increase of 883.72%; The non net profit attributable to the parent company was 579 million yuan, a year-on-year increase of 1993.67%; It is planned to distribute a cash dividend of 40 yuan (including tax) to all shareholders for every 10 shares, and it is expected to distribute a cash dividend of 248 million yuan (including tax), accounting for 36.63% of the net profit attributable to the parent company.
Key points supporting rating
The product structure continued to improve, with high revenue and performance. In 2021, the company’s revenue and net profit increased significantly, mainly due to: 1) strong downstream demand, and the overall sales volume of the company’s products increased by 14.76% over the same period of last year; 2) The increase of product unit price led to the increase of comprehensive gross profit margin of products from 25.45% in the same period of last year to 47.93%; 3) The structure of LED lighting products was optimized, and the revenue share of intelligent LED power driver chips increased to 46.19% from 36.78% in the same period of last year; 4) Confirm the income from changes in fair value of the participating company and the investment income from the sale of equity of the participating company of RMB 71.9404 million. In terms of products, the revenue of general LED lighting driver chips in 2021 was 1.058 billion yuan, a year-on-year increase of 68.10%; The revenue of intelligent LED lighting driver chip was 1.064 billion yuan, a year-on-year increase of 162.17%; The revenue of motor drive chip was 38.13 million yuan, a year-on-year increase of 69.39%; The revenue of AC / DC power chip was 85.78 million yuan, a year-on-year increase of 651.94%.
The AC / DC power chip market has expanded rapidly, and the DC / DC chip has made a breakthrough in research and development. Built in AC / DC power supply product line, 15 new products were successfully developed in 2021. The application of household appliances was successfully mass produced in Midea, Skyworth and important board factory, and the application of small household appliances was also successfully mass produced in Jiuyang, Tianxi and other projects; External AC / DC power supply product line, 20W mobile phone fast charging primary side control chip and secondary side synchronous rectifier chip are introduced to the market, and the pre research of 65W fast charging product is completed, which is about to enter the internal test stage. DC / DC power management, the company concentrated R & D resources in the field of high current DC / DC power chips powered by CPU / GPU, made major technological breakthroughs and filled the technological gap in China.
Maintain high R & D investment, introduce excellent talents and enhance competitiveness. The company continued to maintain high R & D efforts to ensure the advancement of the R & D process of new products. In 2021, the R & D expenses reached 299 million yuan, with a year-on-year increase of 89.67%. The company continues to introduce excellent talents. By the end of 2021, the company had 272 R & D personnel, an increase of 76 over the same period of last year.
Valuation
Considering the good downstream demand, the company’s product price has been raised, the structure has been improved and the profitability has been improved. The EPS of the company in 22-23 years has been adjusted to 15.188/18.950/23.669 yuan, and the corresponding PE is 17 / 13 / 11 times respectively, maintaining the overweight rating.
Main risks of rating
Downstream demand fluctuation; The production capacity is lower than expected; The promotion of new products was less than expected.
