Zhenlei Technology (688270)
Positive development and import substitution. The company is a typical “Xueba enterprise”, and Professor Yu Faxin, the actual controller, is a well-known expert in the industry. The main products include RF transceiver chip, high-speed and high-precision ADC / DAC chip, terminal RF front-end chip, power management chip, micro system and module, etc. The product has strong adaptability and wide downstream coverage. It can be applied to wireless communication terminals, new generation radio stations, high-speed frequency hopping broadband data link, radar, satellite communication, 5g base station, etc. at present, the customers are mainly Aerospace groups. The development direction of civil market is mainly mobile communication system and satellite Internet.
In terms of digital to analog conversion chips, digital phased array radar and high-speed frequency hopping data link have high requirements for the bandwidth and number of bits of ADC / DAC chips. These high-performance chips are controlled by wassena protocol, and the Chinese market demand is strong but can not be met for a long time. Such radars abroad have been equipped on F-35 and THAAD anti missile systems.
In terms of power management chips, each radar array usually contains thousands to tens of thousands of T / R RF channels. Each channel needs to be matched with several such T / R power management chips, which has a large sales space. T / R power management chip accounts for about 10% of the cost of T / R RF channel, while the cost of T / R RF channel in the whole radar accounts for about 70%. This kind of radar is widely used in air defense and anti missile system.
In terms of micro system and module, the company’s small UAV integrated processing micro system products can reduce the size and weight to less than half of the traditional UAV board level solution, and can cover complete functions from image processing, transmission, remote control to electric regulation control. The US military has equipped the “black bee” UAV system for individual reconnaissance.
High technology, low cost. The company’s three-dimensional heterogeneous integration technology can effectively balance the function, performance, cycle and cost of radar, and promote the development of a new generation of equipment in the direction of miniaturization, high performance and low cost. The company’s microsystem models under development are expected to be finalized this year, the cost can be greatly reduced after mass production, and the price is expected to be reduced to the original 10% – 30%. This will become a sharp weapon to expand the military market in the future.
The company raised 832 million yuan in this IPO, which is “like a tiger adding wings” to this high-quality civilian military company. It helps to actively expand the market (endure the pressure of short-term cash flow) and lay out more fields. It is expected that the output value of the company’s high-performance civil products will grow rapidly in the next three years.
Profit forecast: from 2021 to 2023, the company is expected to achieve revenue of RMB 191 / 270 / 390 million, net profit attributable to the parent company of RMB 100 / 163 / 239 million, EPS of RMB 1.22/1.49/2.19 respectively, corresponding to the closing price of RMB 68.64/share on March 8, 2022, and PE of 56 / 46 / 31 times respectively. First coverage, give buy rating.
Risk warning: the risk of relatively small business scale, the risk of performance fluctuation caused by discontinuous order acquisition, and the seasonal risk of performance.
