\u3000\u3 Guocheng Mining Co.Ltd(000688) 368 Shanghai Bright Power Semiconductor Co.Ltd(688368) )
The performance showed rapid growth and the product structure continued to be optimized
Benefiting from a year-on-year increase of 14.76% in sales volume and a significant increase in the average price of superimposed products, the company's operating revenue in 2021 was 2.302 billion yuan, a year-on-year increase of 108.75%. As stated in the 2021 annual report, if the impact of share based payment is excluded, the net profit attributable to the parent company in 2021 is RMB 818 million, with a year-on-year increase of 452.17%. Considering that the company is in the period of substantial expansion of R & D team and continuous strengthening of equity incentive, and the superimposed share price adjustment is large, we expect the R & D cost in 2022 to be 496 million yuan, which is significantly higher than the R & D cost of 299 million yuan in 2021, reduce the profit forecast for 20222023 and add the profit forecast for 2024, It is estimated that the company's net profit attributable to the parent company from 2022 to 2024 will be RMB 395 / 573 / 916 million (the original value from 2022 to 2023 will be RMB 1134 / 1099 million respectively), EPS will be RMB 6.37/9.24/14.76, and the corresponding PE of the current stock price will be 36.1/24.9/15.6 times, maintaining the "buy" rating.
"AC / DC + DC / DC" creates the second curve of performance growth
For AC / DC power chips, in 2022, the company will promote the R & D and sales scale of home appliance AC / DC, and complete the R & D and customer verification of 65W fast charging products. For DC / DC power chips, the company aims to successfully complete client verification and obtain customer orders for a number of controller products in 2022. At the same time, we note that the proposed investment of high-performance DC-DC power management chip and intelligent high-efficiency fast charging project in 2020 is 30 million yuan, which will be significantly increased to 250 million yuan and 120 million yuan respectively in 2021, which reflects the company's high attention to DC / DC and AC / DC product lines.
The draft of fixed growth has been implemented, and the extension M & A is about to go to the next city
On February 25, 2022, the company issued the fixed increase draft and decided that the transaction price of 95.75% equity of Lingou Chuangxin was 613137100 yuan. For the fixed increase price, the company determined that the share issuance price was 217.80 yuan / share. For the performance commitment, the net profit deducted from 2022 to 2024 is 50 million yuan, 80 million yuan and 85 million yuan respectively. Lingou Chuangxin is a chip design company focusing on motor control MCU. Its products are widely used in four markets: electric vehicles, electric tools, household appliances and industrial control. With the technical accumulation of Lingou Chuangxin, Shanghai Bright Power Semiconductor Co.Ltd(688368) can apply the existing motor drive to a variety of application scenarios.
Risk warning: upstream capacity continues to tighten; The uncertainty of Sino US trade friction has intensified; The progress of product R & D is uncertain.
