Jiangsu Nanfang Bearing Co.Ltd(002553) (002553)
[matters]
Recently, the company announced that the new generation TWS intelligent Bluetooth voice SOC chip with 22nm advanced process developed by its holding subsidiary Shanghai Zhencheng Microelectronics Technology Co., Ltd. has completed the streaming, packaging and main testing. The core index test results meet the expected design requirements and are expected to be mass produced in 2022.
[comment]
The chip adopts 22nm advanced process and is highly integrated. It is at the leading level in China, second only to Apple's H1 chip, with higher integration and stronger computing power and audio processing capacity. At present, apple H1 chip adopts 16nm process, Bestechnic (Shanghai) Co.Ltd(688608) mainstream product process is 28nm, and Qualcomm and MediaTek mainstream product process is 40nm or 55nm.
China's first chip supporting space audio technology. Spatial audio is a new concept proposed by apple not long ago. Its essence is to modify the original sound through the algorithm, so that users can generate sound from all directions only through the left and right headphones, and then produce an immersive three-dimensional feeling. Shanghai Zhen presents this new product with self-developed spatial audio technology and algorithm, which can directly realize 3D sound effect on TWS intelligent Bluetooth headset, and is expected to fill the gap in China after mass production.
The chip contains self-developed and customized high-efficiency PMU (power management module). The module can achieve safe and fast charging while reducing power consumption, which can effectively improve the overall battery life by more than 15%. At the same time, cadencetensilica hifi5 DSP processor can achieve low power consumption less than 3mA under the voltage of 3.8V. The core algorithms used in the chip are self-developed. Shanghai Zhencheng has completely independent intellectual property rights. Thanks to this algorithm, it is in intelligent The chip has unique performance advantages in voice noise reduction, AI interaction, personalization and health experience.
The parent company achieved phased results in business expansion and helped open a new channel for performance growth. The successful research and development of 22nm new generation TWS intelligent Bluetooth voice SOC chip not only enriches Shanghai Zhencheng's core technology reserves and helps to enhance its core competitiveness, but also helps to consolidate the market competitiveness of the parent company Jiangsu Nanfang Bearing Co.Ltd(002553) , which is of great significance to the implementation of the company's long-term development strategy.
[investment advice]
The company has deeply cultivated the bearing business, adhered to independent research and development, seized the good opportunity of the transfer of the global automobile and motorcycle parts industry to China, and established an industry position in the localization process of needle roller bearing, overrunning clutch and pulley. At present, by holding Shanghai Zhencheng Microelectronics Technology Co., Ltd., it has expanded its business from bearing manufacturing industry to integrated circuit industry. The diversified development strategy is conducive to expanding the company's business scale, optimizing the company's industrial structure and further enhancing the company's profitability. Therefore, we expect that the company's operating revenue in 2021, 2022 and 2023 will be 582 / 728 / 873 million yuan respectively, the net profit attributable to the parent company will be 99 / 124 / 159 million yuan respectively, the EPS will be 0.28/0.36/0.46 yuan respectively, and the corresponding PE will be 44 / 35 / 27 times respectively, giving the rating of "overweight".
[risk tips]
Chip R & D progress is less than expected;
The product introduction of downstream customers is less than expected;
Bluetooth audio market demand is less than expected.
