Gettopacoustic Co.Ltd(002655) (002655)
Focusing on electroacoustic technology for 20 years and introducing strategic shareholder Wuxi Weigan, it is expected to accelerate the development of acoustic business. The company is a manufacturer, service provider and overall solution provider of electroacoustic components and electroacoustic components; It has reached stable, close and long-term strategic cooperative relations with many international well-known customers in the field of consumer electronics. The company is committed to providing customers with more competitive intelligent acoustic products and services in the fields of smart cars, smart homes, smart wearables and smart phones, and building a world of “everything has sound and everything is interconnected”. At present, Wuxi Weigan has become the controlling shareholder of the company. In the future, the company is expected to take advantage of Wuxi Weigan MEMS acoustic chip design advantages to further improve the company’s existing micro electroacoustic components and electroacoustic components industry chain, and play a positive role in strategic cooperation in the field of acoustic components and semiconductor devices, industrial coordination, resource sharing and so on, Promote the transformation and upgrading of the company’s business. In addition, the fund managed by Weihao Chuangxin directly holds the equity of Wuxi Weigan, the controlling shareholder of the company. Weihao Chuangxin is a professional pan semiconductor industry fund. Its investment fields include beyond vision, automotive semiconductors, wearable devices, power supply and signal chain, IC manufacturing equipment and materials; As of 21h1, it has signed more than 30 investment enterprises. Weihao Chuangxin cooperates with the company’s technology / customer resources in the fields of vehicle / personal wear / MEMS semiconductor devices and packaging, which helps the company improve the technology and products in the fields of audio module / active noise reduction / vehicle electronic solutions. It is expected to accelerate the development of the company’s acoustic and vehicle business.
The upgrading trend of micro electro acoustic industry is obvious, the demand of downstream terminals blooms at many points, TWS continues to penetrate, and smart watches, AR \ VR and bracelets are ready to go. IPhone and Android phones gradually cancel the 3.5mm headset hole, and Bluetooth technology has changed from the fourth generation Bluetooth with low power consumption to the fifth generation Bluetooth with full support for mesh network, jointly promoting the continuous penetration of Bluetooth headset. According to the prediction of counterpoint, the sales volume of the global TWS headset market will increase by 33% year-on-year in 2021, reaching 310 million. The functionality of smart watches and smart bracelets continued to break through and quickly detonated the market. Smart watch is an electronic product that users expect to wear close to their body anytime and anywhere. From the analysis of user needs and product characteristics, we believe that the possible development direction of smart watch in the future is: supporting TWS headset “strong combination”, replacing smart phone, more powerful endurance display, independent product experience and providing more professional health services. The explosion of downstream terminals also quickly pulled the explosion of upstream electroacoustic components and electroacoustic components.
The smart speaker is the future aiot voice entrance. With the landing of artificial intelligence technology, Internet giants such as Google, Amazon, JD and Baidu scrambled to layout in the consumer lot and launched intelligent speakers one after another. According to statista, the global shipment of smart speakers is expected to exceed 400 million units in 2025, and the shipment in 21-25 years is expected to maintain a high year-on-year growth rate of 20% – 30%. Shipments of smart speakers in China are also booming. According to IDC, shipments in 21 years are expected to increase by 14.4% year-on-year to 42 million units. Due to the early start of the U.S. smart speaker market, Google and Amazon have maintained a leading global market share. However, after the admission of Alibaba, Baidu and Xiaomi in 2017h2, their share has increased rapidly.
The high growth of vehicle voice market drives the demand for vehicle speakers. In terms of vehicle control, the on-board voice is better than the key or touch scheme, which can avoid driver distraction and improve the driving experience. In addition, as the entrance to the Internet of vehicles, on-board voice is as important as intelligent speakers. Many automobile brands actively layout voice interaction. According to icvtank’s prediction, China’s vehicle intelligent voice front loading market will reach 2.02 billion yuan in 2020, with a year-on-year growth rate of 36.49%. The growth rate from 2021 to 2022 is relatively high, 17.33% and 18.14% respectively; The scale will reach 2.37 billion yuan and 2.8 billion yuan respectively.
Profit forecast and valuation suggestions. We expect Gettopacoustic Co.Ltd(002655) to achieve revenue of 920 / 1565 / 2347 million yuan in 2021e / 2022e / 2023e, with a year-on-year increase of – 22.0% / 70.0% / 50.0%. It is expected that the net profit attributable to the parent company will be 70 / 152 / 273 million yuan in 2021e / 2022e / 2023e, with a year-on-year increase of 53.3% / 115.2% / 80.5%. At present, the corresponding PE of Gettopacoustic Co.Ltd(002655) share price is 92.6/43.1/23.9x, which is given a “buy” rating for the first time.
Risk tip: downstream demand is less than expected and industry competition intensifies.
