\u3000\u3000 Shanghai Bright Power Semiconductor Co.Ltd(688368) (688368)
In the 21st year, the revenue increased by 109%, and the gross profit margin and net profit margin increased by more than 20 PCT
In the 21st year, the company realized revenue of 2.302 billion yuan (yoy109%) and net profit attributable to parent company of 677 million yuan (yoy884%); 4q21 achieved revenue of 478 million yuan (yoy21%, qoq-37%) and net profit attributable to parent company of 104 million yuan (yoy167%, qoq-56%). In terms of revenue structure, smart and general LED lighting driver chips accounted for 46.20% and 45.94% respectively in 21 years, accounting for 92.14% in total. AC / DC chips, wafer products and motor driver chips accounted for 3.73%, 2.47% and 1.66% respectively. Benefiting from the increase in the price of out of stock and the improvement of product structure, the gross profit margin increased by 22pct to 47.93% and the net profit margin increased by 25pct to 30.87% in 21 years; With the easing of the tension between supply and demand, the gross profit margin of 4q21 decreased by 7.35pct to 44.42% month on month, and the net profit margin decreased by 10.10pct to 23.00% month on month.
Optimize the product structure, and the revenue of intelligent LED lighting driver chip exceeds that of general lighting for the first time
In the past 21 years, the company launched 46 new products and 61 new products for general lighting and intelligent LED lighting drive products respectively. In the case of insufficient production capacity, the company gave priority to the supply of intelligent LED lighting drive chips, realizing a revenue of 1.064 billion yuan (yoy162%), accounting for 46.20% from 36.79%, surpassing General products as the largest source of revenue for the first time, Among them, the revenue of wireless dimming and color matching products is 368 million yuan (yoy155.72%); The revenue of high-performance lamps and lanterns is 226 million yuan (yoy343.78%).
Actively explore new product line business and create the “second curve” of performance growth
The company actively expanded the “second curve” in the business field, achieved a comprehensive breakthrough in the business of built-in and external AC / DC power chips, and achieved an annual revenue of 86 million yuan (yoy652%), including 15 new products successfully developed by the built-in AC / DC power product line, and successfully achieved mass production in the field of household appliances and small household appliances; The external AC / DC product line has completed the R & D and sales of 20W fast charging products, and completed the pre research work of 65W. The products are about to enter the internal test stage of the company. In addition, the company has increased the research and development of high current DC / DC power supply chips. At present, the products have completed the internal evaluation and entered the customer sample delivery stage. By the end of 2021, the total number of DC / DC business units of the company has reached 61.
Investment suggestion: the company’s new products expand smoothly and maintain the “buy” rating
Based on the latest performance and operating conditions, we expect the company’s EPS in 22-24 years to be 12.14/14.02/16.43 yuan (the previous value was 15.15/17.33 yuan in 22-23 years), and the PE corresponding to the share price on February 23, 22 years is 21.0/18.1/15.5x, maintaining the “buy” rating.
Risk tip: demand is less than expected, product development is less than expected, and customer development is less than expected.
