\u3000\u3 Guocheng Mining Co.Ltd(000688) 368 Shanghai Bright Power Semiconductor Co.Ltd(688368) )
Shanghai Bright Power Semiconductor Co.Ltd(688368) released the annual report for 21 years, and the company achieved a revenue of 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%; Deduct non net profit of 579 million yuan, with a year-on-year increase of 199367%. After excluding equity incentives, the company realized a net profit attributable to the parent of 818 million yuan, a year-on-year increase of 452.17%; Deduct non net profit of 719 million yuan, an increase of 572.61% year-on-year. In the fourth quarter alone, the company achieved a revenue of 478 million yuan, a year-on-year increase of 20.59% and a month on month decrease of 37.07%; The net profit attributable to the parent company was 104 million yuan, with a year-on-year increase of 166.75% and a month on month decrease of 56.28%.
The proportion of intelligent LED lighting surpassed that of general lighting, and the gross profit margin of LED driven business increased. Taking advantage of the rising price of lack of core, the company optimized the LED lighting product structure and gave priority to the delivery of intelligent LED lighting driver chips. The proportion of intelligent LED lighting driver revenue increased from 36.78% in 20 years to 46.19% in 21 years, surpassing General LED lighting. Among them, the revenue of wireless dimming and color matching products was 368 million yuan, with a year-on-year increase of 155.72%; High performance lamps were 226 million yuan, a year-on-year increase of 343.78%. In the future, with the increase of aiot penetration, it will boost the growth of intelligent LED driven demand. Meanwhile, with the optimization of LED driving structure, the company’s comprehensive gross profit margin will be further improved in the long term.
The products have made a transition to high-end, and the new products of ACDC and DCDC have made good progress. The company’s promotion of ACDC and DCDC business is expected to gradually become the main driving force for the company’s growth. In terms of ACDC, 1) with built-in power supply, the company has successfully developed 15 new products. At present, it has successfully mass produced in projects such as Midea commercial refrigerator, Skyworth washing machine and important board factory ( Shenzhen Megmeet Electrical Co.Ltd(002851) ) air conditioner. Small household appliances have also been successfully mass produced in projects such as Jiuyang (SN) and Tianxi air fryer. 2) For external power supply, the company has completed the research and development of 20W mobile phone fast charging primary side control chip and secondary side synchronous rectifier chip and has been introduced to the market. 65W fast charging products have also completed pre research and will enter the internal test stage of the company. In terms of DCDC, the company has concentrated R & D resources in the field of high current DC / DC powered by CPU / GPU. At present, the total number of personnel has reached 61. It has developed digital polyphase controller, took the lead in obtaining domestic breakthrough, and sent samples to NVIDIA and other international leaders. In addition, the company plans to acquire Lingou Chuangxin. Its MCU business will create a new profit growth point for the company, enhance the coordination of variable-frequency ceiling fan lamps and variable-frequency household appliances, and expand the company’s chip R & D capability in the segments of electric vehicles, servo control, electric tools and so on.
High R & D and wide incentive coverage lay the foundation for talent growth. The company has spent 299 million yuan on R & D in 21 years, and its investment is in the forefront of the industry. Among them, the company focuses on the fields of AC / DC and DCDC, and the R & D expenses in the two fields account for 31.44% and 26.64% of the total R & D expenses respectively. The company has attracted outstanding talents through equity incentives for many times. Many international leading talent teams such as ADI, Ti and MPs have joined. The number of employees has increased from 193 at the time of listing to more than 427 at the end of 21, with R & D personnel accounting for 63.7%. Attaching great importance to talents and R & D will lay a growth foundation for the follow-up platform layout of the company, such as ACDC, DCDC and MCU.
Investment suggestion: we expect that the net profit attributable to the parent company in 2022, 23 and 24 will be RMB 372 million, RMB 511 million and RMB 785 million respectively, and the corresponding current price (closing price on 2022.2.25) PE will be 40 / 29 / 19 times respectively. We are optimistic about the high-end transition of the company’s products, the continuous upgrading of fast charging + home appliance ACDC products, the steady progress of DCDC research and development, and the ability of digital MCU will be available after the planned acquisition of Lingou Chuangxin, Open up new performance growth points of the company. For the first coverage, give a “recommended” rating.
Risk tip: cyclical fluctuation risk of the industry; The risk that the technical iteration is not as expected; Risks of capacity climbing and customer development falling short of expectations
