\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
On March 13, 3Peak Incorporated(688536) released the annual report of 2021, and the company achieved a revenue of 1.326 billion yuan, a year-on-year increase of 134.06%; The net profit attributable to the parent company was 444 million yuan, a year-on-year increase of 141.32%; Deduct non net profit of 369 million yuan, with a year-on-year increase of 120.43%. Excluding the impact of share based payment expenses, the net profit attributable to the parent was 587 million yuan, a year-on-year increase of 180.41%.
Revenue hit a record high, with Q4 power management accounting for 27.97%. The revenue of 21q4 in a single quarter was 435 million yuan, with a year-on-year increase of 290.17% and a month on month increase of 7.06%. The revenue reached a record high; The net profit attributable to the parent company was 132 million yuan, with a year-on-year increase of 528.30% and a month on month decrease of 16.01%; The month on month decrease was mainly due to the slight decline in gross profit margin and the new equity incentive fee of 25 million yuan in Q4 of 21 years. Excluding the impact of equity incentive payment in each quarter, the profit of Q4 was about 187 million, unchanged from Q3. In terms of products, the revenue of power management in the fourth quarter was raised to 122 million yuan, accounting for 27.97% and the gross profit margin was 52.08%, highlighting the results of the company’s platform layout.
Talents are the foundation of the company’s growth, and high R & D investment helps the product expansion. At the end of the 21st century, the company had 395 employees, with an increase of 180 in the whole year. Among them, the number of R & D personnel increased to 275, with a year-on-year increase of 95.04%, accounting for 69.62% of the total number of employees. Among R & D personnel, the number of people with master’s degree or doctor’s degree accounted for 70.18%. High R & D investment and attention to talents will continue to “add firewood and raise wages” for the rapid growth of the company in the future.
New products of signal chain and power management occur frequently, and the platform layout is becoming more and more perfect. The company focuses on the layout of signal chain, power management, embedded processor and AFE analog front-end, and continues to invest based on isolation and automotive electronics platforms. In 21 years, the company has accumulated more than 1600 product models and added more than 400 models. In terms of signal chain, closed-loop Hall current detection, high-precision DAC and can interface have achieved mass production, and the performance of many products is comparable to that of international friends and merchants. They are widely used in the fields of optical communication, automatic test equipment and industrial control in China; In terms of power supply, linear regulated power supply and battery linear charging chip realize customer import and mass production; In addition, the company’s vehicle specification level and isolation products began to be sold in large quantities, and the first vehicle level high-voltage precision amplifier has been supplied in batches; The first multi-channel digital isolator has been mass produced, with key indicators such as isolation voltage and electrostatic protection leading in China and CMTI leading in the world.
The pan industrial sector continued to make breakthroughs, and the proportion of non communication revenue increased to more than 40%. The downstream field of the company continues to expand, with remarkable achievements in the communication, pan industry and green energy markets. The company has reached cooperation with many high-quality customers at home and abroad, such as Samsung, Zhongwei electronics, maytronics, Qun optoelectronics, Mingwei and Feihong. In the past 21 years, the revenue of industry, automotive electronics, medical treatment and consumer has reached more than 40%. With the further enrichment of isolation and automotive electronics platforms, the market competitiveness in the requirements of high performance and high reliability in industry, automobile and other industries will become more prominent.
Investment suggestion: we expect the net profit attributable to the parent company in 2022 / 23 / 24 to be 481 / 957 / 1356 million yuan respectively, and the corresponding current price (closing price on March 11, 2022) PE to be 110 / 55 / 39 times respectively. We are optimistic about the company’s ability to expand product lines such as power management, isolation, MCU and AFE, highlighting the platform layout, and the continuous development of the downstream of the company, which is greatly weakened by the downstream impact of single communication. Maintain a “recommended” rating.
Risk warning: product R & D risk; Risk of declining prosperity of the industry; Market competition risk.
