\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
The downstream demand is highly prosperous and the performance continues to be excellent
On March 13, 2022, the company released its annual report for 2021, benefiting from the high prosperity of downstream demand. In 2021, the company’s operating revenue was 1.326 billion yuan, a year-on-year increase of 134.06%, and the net profit attributable to the parent company was 444 million yuan, a year-on-year increase of 141.32%. Excluding the impact of share based payment expenses, the net profit attributable to the parent company in 2021 was 587 million yuan, a year-on-year increase of 180.41%. Considering the high cost of equity incentive in 20222023, we lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 551 / 856 / 1261 million (the original value in 20222023 will be RMB 648 / 902 million respectively), EPS will be RMB 6.87/10.67/15.71, and the current share price corresponding to PE is 90.5/58.3/39.6 times. As the analog chip track is in the rapid penetration period of localization substitution, the “buy” rating is maintained.
With the rapid growth of power product line, the accumulation of technology is becoming deeper and deeper
Benefiting from the large-scale volume of products such as linear power supply, power monitoring and motor drive, the revenue of power management product line reached 298 million yuan in 2021, with a year-on-year increase of 127627%, and the gross profit margin of power products increased from 29.24% in 2020 to 50.37%, which means that the company has successfully transformed from specialized signal chain to platform analog chip layout. From the perspective of technology accumulation, in terms of signal chain, the output rate of the company’s high-speed digital to analog converter can reach 125msps, and can transceiver can be applied to new energy, automobile and other fields; In terms of power management, the company’s DC / DC can meet the needs of high voltage and high current in communication, industry and medical treatment. The hot plug controller is suitable for all kinds of relay control.
In 2021, the product matrix will be expanded again
In 2021, the company completed the research and development of 16 bit high-precision analog-to-digital converter, the digital high-voltage isolation products were recognized by customers, the technical level of high-performance analog front end (AFE) was further improved, and the construction of automotive electronic quality management system has been preliminarily completed. In the research project, we noticed that the company has made a lot of R & D investment in high-performance MCU, grid driver applied to new energy, clock controller applied to communication, high-precision battery protection applied to electric vehicles, medium speed and medium precision analog-to-digital converter applied to automotive and industrial control fields.
Risk warning: there is a risk of continuous tightening of upstream capacity; There is great uncertainty in the speed of customer expansion; There is uncertainty in the research and development progress of new products.
