\u3000\u3 Shengda Resources Co.Ltd(000603) 019 Dawning Information Industry Co.Ltd(603019) )
X86 architecture is currently the mainstream in the global CPU field, with rich ecology, strong performance and leading market share. 1) For a long time, x86 architecture has dominated the field of desktop PCs and servers, while arm architecture is widely used in mobile terminals and embedded fields. According to IDC data, in 2020, the sales volume of X86 servers in China accounted for 97.30% of the overall server market, with a significant leading position. 2) In addition to the application performance advantages in disordered instruction execution and single core multithreading, the perfect ecosystem constitutes the core barrier of X86 instruction set. So far, x86 architecture has been dominated by Intel for more than half a century, and has formed a perfect industrial and ecological environment. It has everything from various supporting chips, operating systems, databases, middleware to a large number of rich application software. It is one of the largest, most perfect and most widely used processor architectures in the whole industry, with extremely high ecological barriers. 3) From the perspective of leading manufacturers, the core enterprises of x86 architecture CPU include Intel and AMD. Although amd has risen strongly relying on Zen architecture in recent years, Intel is still the mainstream of the server market, reflecting the b-end business barrier. In 2021q4, according to the statistics of mercury research, amd accounted for 25.6% of X86 CPU market, with a month on month increase of 1 percentage point and a year-on-year increase of 3.9 percentage points. 4) At the same time, Intel and AMD also continued to iterate products based on x86 architecture. In October 2021, Intel released the 12th generation of core alderlake desktop processor, and in October 2020, amd introduced the new generation of zen3 architecture, which significantly improved the performance compared with the previous generation of products, and the leading advantage of x86 architecture continued to consolidate.
Chip manufacturers gradually increase the volume, and haiguang is expected to become the optimal solution of x86 architecture. 1) Qilin, haiguang, Feiteng and Longxin are typical representatives of CPU. Based on different route choices, they have made rapid progress, gradually realized large-scale commercial use, and gradually built a healthy industrial ecology. The development of chip industry is expected to enter a positive cycle. 2) Haiguang information established a joint venture with AMD in 2016, legally obtained a complete Zen architecture design scheme, and has an excellent R & D foundation. In terms of talents, haiguang has also gathered top chip design teams in China and even the world to grasp the core elements of IC design. By 2021, the company has taken the lead in completing the successful production of high-end general-purpose processor and coprocessor products in China, and realized large-scale commercial use, which is widely used in important industries or fields such as telecommunications, finance, Internet, education, transportation and so on. In 2021, the company's operating revenue reached 2.31 billion yuan, a year-on-year increase of 126.07%; The net profit attributable to the parent company is 327 million yuan, which has successfully turned losses into profits. 3) In terms of R & D route, from the perspective of CPU, the company adheres to the product R & D strategy of "sales generation, verification generation and R & D generation". Haiguang No. 1 and No. 2 are the main shipping products at present. The total shipping volume in 2021 is about 577000 pieces, with a year-on-year increase of 148.46%; The R & D process of haiguang III and IV is also advancing steadily. From the perspective of GPU, the company's DCU series products have been successfully mass produced, which can better adapt to the international mainstream business computing software and artificial intelligence software. The software and hardware ecology is rich. In typical application scenarios, the company's Shensuan No. 1 index has reached the level of the same type of high-end products in the world.
Maintain the "buy" rating. According to key assumptions, it is estimated that the operating revenue from 2021 to 2023 will be RMB 11.183 billion, RMB 12.375 billion and RMB 13.746 billion respectively, and the net profit attributable to the parent company will be RMB 1.134 billion, RMB 1.580 billion and RMB 2.190 billion respectively. Maintain the "buy" rating.
Risk tip: the competition in the server industry is intensifying; The mass production of chips is less than expected; Trade frictions intensified.
