\u3000\u3 Guocheng Mining Co.Ltd(000688) 099 Amlogic (Shanghai) Co.Ltd(688099) )
The company released the annual performance express in 2021, and the non net profit deducted in 2021 increased by 744.90% year-on-year
The company released the performance express of 2021. In 2021, the company's operating revenue was 4.78 billion yuan, with a year-on-year increase of 74.50%, the net profit attributable to the parent was 814 million yuan, with a year-on-year increase of 608.49%, and the net profit deducted was 718 million yuan, with a year-on-year increase of 744.90%. Among them, the operating revenue of 2021q4 was 1.544 billion yuan, an increase of 25.32% month on month, and the net profit attributable to the parent company was 313 million yuan, an increase of 24.21% month on month, with the performance growth exceeding the expectation. We expect that the net profit attributable to the parent company in 2022 and 2023 will remain unchanged at 1.141 billion yuan and 1.555 billion yuan respectively, and the corresponding EPS from 2022 to 2023 will be 2.78 and 3.78 yuan / share respectively. The current share price corresponds to 46.3 and 34.1 times PE respectively, maintaining the "buy" rating.
The main chip products continue to be sold in large quantities, and the prospect of overseas market is promising
The higher than expected growth of the company's performance in 2021 is mainly due to the rapid growth of shipments of intelligent set-top box chips and AI audio and video system terminal chips. In terms of smart set-top box chips, according to Gran research data, the number of IPTV users in China's market will reach 484 million in 2021, with a year-on-year increase of 54%. At the same time, the number of smart set-top box purchases by China Mobile, China Unicom and China Telecom has increased significantly, and the revenue of smart set-top box chips in China has increased significantly; In the overseas market, the market scale of Android set-top box is US $3.2 billion in 2020 and is expected to reach US $12 billion in 2026, with an average annual compound growth rate of 25%. The overseas market continues to accelerate its popularity. In terms of AI audio and video system terminal chips, the company has multi-level AI terminal chip solutions and a solid customer base. The company has entered the global supply chain of 100 operators + Internet streaming media giants Netflix, Google, Amazon and other enterprises. With the improvement of overseas intelligent penetration, the company's set-top box, TV and laser projection chip will grow rapidly.
WiFi, Bluetooth and new vehicle products are developed smoothly, and automotive electronic chips have great potential to enter the intelligent cockpit
The company continues to promote new products. According to the report of Hithink Royalflush Information Network Co.Ltd(300033) finance and economics network, wifi5 + BT5 2. The large-scale mass production of single chip w155s1 will be realized in August 2021, and the supporting products include Xiaomi tvstick and other key customer products. Wifi6 is expected to be produced in June 2022; The company's automotive electronic chips are mainly used for on-board entertainment screens. The on-board front mounted central control system v901d has received orders from overseas customers, including BMW my mode theatre and Lincoln play, and the shipment volume has increased steadily. Relying on the advantages of entertainment systems in the automotive field, the company will have great prospects to enter the field of intelligent cockpit in the future.
Risk warning: downstream demand is less than expected; Overseas market expansion was less than expected.
