As the No. 1 high priced stock in the current A-share semiconductor sector, 3Peak Incorporated(688536) ( 3Peak Incorporated(688536) ) achieved a new record in 2021.
On March 13, 3Peak Incorporated(688536) officially released its annual report for 2021. During the reporting period, the company doubled its net profit and planned to pay a cash dividend of 6.14 yuan (including tax) for every 10 shares; However, major shareholders such as Hubble investment, Huawei’s investment platform, have reduced their holdings.
power management chips grow rapidly
3Peak Incorporated(688536) is an A-share analog chip head enterprise. The company’s products mainly include signal chain analog chips and power management analog chips.
Benefiting from the strong market demand, in 2021, 3Peak Incorporated(688536) operating revenue was 1.326 billion yuan, a year-on-year increase of 1.34 times, and the net profit was 444 million yuan, a year-on-year increase of 1.4 times. The basic earnings per share is 5.54 yuan.
In addition, 3Peak Incorporated(688536) plans to distribute a cash dividend of 6.14 yuan (including tax) for every 10 shares. It is estimated that the total cash dividend to be distributed is about 49.26 million yuan (including tax), accounting for 11.11% of the company’s net profit attributable to shareholders of Listed Companies in the current period.
However, the net cash flow from 3Peak Incorporated(688536) operating activities increased by about 6.78% year-on-year, and the growth rate did not keep pace with the scale of revenue and net profit of listed companies; In addition, the net profit of non share based payment decreased in the fourth quarter of last year.
In terms of business division, last year 3Peak Incorporated(688536) ‘s power management products grew rapidly. The company’s offline linear power supply (high current low voltage difference linear regulated power supply), power monitoring and motor drive products gradually achieved mass production at the client. Last year, the sales revenue of power management products was nearly 300 million yuan, an increase of nearly 13 times year-on-year, The gross profit margin of power management chip products was 50.37%, an increase of 21.13 percentage points over the same period last year.
In addition, there was strong demand in the downstream market of signal chain chips. Last year, the sales revenue was about 1 billion yuan, an increase of nearly 90% year-on-year, and the gross profit margin increased slightly to 63.48%.
Previously, in the exchange of investors, 3Peak Incorporated(688536) executives said that they would develop and produce relevant general power management chip products based on the needs of customers in various pan industrial fields in the future; By continuously increasing the income scale of power products, the development pattern of signal chain and power supply two wheel drive will be finally formed, and the overall market competitiveness of the company will be improved.
layout auto chip
3Peak Incorporated(688536) in the gradual layout of embedded processors, the embedded processor division was established in 2021 to carry out the R & D and application team construction of embedded processor related products, and promote the technology R & D and IP accumulation of embedded processors in close combination with the specific needs of communication, pan industry and other application fields.
In addition, 3Peak Incorporated(688536) is also gradually increasing the resource investment in vehicle regulation and isolation platform technology, and continuously promoting relevant team building, quality system certification and technology research and development.
It is reported that 3Peak Incorporated(688536) has established a complete automotive electronic quality management system and passed the approval of relevant customers. The first automotive grade high voltage precision amplifier (tpa1882q) has been supplied in batch; The first multi-channel digital isolator has been mass produced. Many key indicators including isolation voltage and electrostatic protection have reached the leading level in China, and CMTI indicators have reached the international leading level.
In addition, 3Peak Incorporated(688536) expands the market in many application fields such as communication, pan industry and green energy, and has reached cooperation with many customers at home and abroad such as Samsung, Zhongwei electronics, Qun optoelectronics, Mingwei, maytronics and Feihong, and the application field of products has been continuously expanded.
3Peak Incorporated(688536) executives introduced that compared with the consumer market, the relevant application scenarios in the pan industrial field have higher requirements for product reliability and longer product life cycle. The above characteristics are consistent with the company’s past technology and experience accumulation. Therefore, the company will choose the production of relevant simulation products in the pan industrial field as the main development direction in the founding stage. At present, 3Peak Incorporated(688536) is still in the initial stage with limited resources. Under the condition that the existing track still has huge growth space, the company will continue to focus on the pan industrial field for accumulation and growth
During the reporting period, 3Peak Incorporated(688536) R & D investment was about 300 million yuan, a year-on-year increase of 1.46 times, and R & D investment accounted for about 60% of the current revenue.
wafer capacity is still tight
However, 3Peak Incorporated(688536) still needs to face the risk of tight production capacity in the semiconductor supply chain and fluctuations in the prices of raw materials and packaging processing.
As a fabless chip design enterprise, 3Peak Incorporated(688536) pointed out that at present, the global wafer foundry is still in a situation of tight production capacity, and many wafer foundry factories have successively issued price increase notices to their customers. Limited by the technical level, capital scale and other factors, the number of wafer suppliers that meet the company’s technical and delivery requirements is small worldwide. It still takes a long time to expand new wafer production capacity. The company’s wafer procurement is limited by the production capacity and production schedule of wafer manufacturers.
In 2021, 3Peak Incorporated(688536) purchased 568 million yuan from the top five suppliers, accounting for more than 90%. Among them, the purchase amount from the largest supplier is about 256 million yuan, accounting for about 40%; In addition, in 2020, the company promised to pay nearly 200 million yuan for wafer procurement.
3Peak Incorporated(688536) ranked the first high priced stock in the semiconductor sector.
As of the latest closing, the 3Peak Incorporated(688536) share price closed at 660 yuan / share. Last year, the company’s share price rose by 78%, and the highest share price once reached 926.99 yuan / share in the middle of December last year. However, since the beginning of this year, the 3Peak Incorporated(688536) share price has also decreased under the background of the overall correction of the electronic sector.
According to the 2021 annual report, 3Peak Incorporated(688536) major shareholders have reduced their holdings. Among the top ten shareholders, Hubble Investment Holdings decreased by 808000 shares, and the shareholding ratio decreased to 4.98%. In addition, Suzhou Angu, Jiaxing dicalyx Xinze, bank innovation growth fund and Wanjia preferred fund also reduced their holdings one after another.
