\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
Events
3Peak Incorporated(688536) released the annual performance report for 2021: the company achieved an operating revenue of 1.326 billion yuan in 2021, with a year-on-year increase of 134.06%, a net profit attributable to the parent company of 444 million yuan, with a year-on-year increase of 141.32%, and a net profit attributable to the parent company of 369 million yuan after deduction, with a year-on-year increase of 120.43%.
Key investment points
The performance in 2021 is in line with expectations, and the product structure is gradually balanced
According to the company’s annual performance report, excluding the impact of share based payment expenses, the annual net profit attributable to the parent company was 587 million yuan, a year-on-year increase of 180.41%, the company’s Q4 operating revenue was 435 million yuan, a year-on-year increase of 292%, and the net profit attributable to the parent company in a single quarter was 132 million yuan, a year-on-year increase of 529%. In terms of subdivided products, the revenue of signal chain chip products was 1.028 billion yuan, with a year-on-year increase of 88.63%, and the sales proportion reached 77.51%. The revenue of power management products was 298 million yuan, with a year-on-year increase of 127627%, and the sales proportion increased to 22.49%. The product structure of the company gradually tends to be balanced. In terms of gross profit margin, the overall gross profit margin of the company in 2021 was 60.53%, of which the gross profit margin of signal chain chip was 63.48% (year-on-year + 0.98pct), and the gross profit margin of power management products was 50.37% (year-on-year + 21.13pct). In terms of period expenses, the company’s control ability continues to improve. In 2021, the company’s period expense rate (excluding R & D) is 8.92% (year-on-year -1.03pct), of which the sales expense rate is 4.26% (year-on-year + 0.16pct), the management expense rate is 4.9% (year-on-year -1.09pct), and the financial expense rate is – 0.24% (year-on-year -0.1pct).
Layout embedded processors to create an all-round chip supply platform
Based on the field of analog chips, the company has gradually formed a business growth pattern of two wheel drive of signal chain and power supply. In 2021, new signal chain products such as closed-loop Hall current detection, high-precision digital to analog converter and can interface will be mass produced. Many products have comparable performance with international friends, and have been widely used in the fields of optical communication, automatic test equipment and industrial control in China, At the same time, the linear regulated power supply, battery linear charging chip and other products on the power management product line have realized customer import and mass production.
In 2021, the company set up the embedded processor division, which will promote the technology research and development and IP accumulation of embedded processors in close combination with the specific needs of communication, pan industry and other application fields in the future. The company is expected to gradually integrate embedded processors on the basis of existing signal chain and power supply analog chips, in order to provide customers with all-round chip solutions and more comprehensively meet the application needs of end customers. In addition, the company has gradually increased its resource investment in the two platform technologies of vehicle regulation and isolation. In 2021, a complete automotive electronic quality management system has been established and approved by relevant customers. Its first automotive high-voltage precision amplifier has been supplied in batch, and the first multi-channel digital isolator has been mass produced, including isolation voltage Many key indicators, including electrostatic protection, have reached the leading level in China, and CMTI indicators have reached the international leading level.
The proportion of R & D investment in new products continues to be high
In 2021, the company continued to maintain a high proportion of R & D investment, with a total investment of 300 million yuan, a year-on-year increase of 145.60%, and the R & D expense rate reached 22.7%, a year-on-year increase of 1.07 percentage points. In terms of team building, the company has added R & D centers or offices in Hangzhou, Xi’an and other places. By the end of 2021, the number of R & D technicians has increased to 275, with a year-on-year increase of 95.04%. R & D technicians account for 69.62% of the company’s total employees, with a year-on-year increase of 4.04 percentage points. In addition, the number of R & D technicians with master’s degree or doctor’s degree accounted for 70.18%, an increase of 12.02 percentage points year-on-year.
The company maintained a high level of R & D investment, which laid a solid foundation for continuous product and technological innovation. In 2021, the company launched more than 400 new products (a total of more than 1600), and achieved fruitful results in market expansion in many application fields such as communication, pan industry and green energy, together with Samsung, Zhongwei electronics, maytronics, Qun optoelectronics Mingwei, Feihong and other high-quality customers at home and abroad have reached cooperation. We believe that in the future, the company is expected to make use of the advantages of technology research and development and customer resources to continuously expand new technologies and product layout, integrate analog and embedded processor business, and become a comprehensive chip solution provider, so as to further enhance the company’s comprehensive competitiveness.
Profit forecast
Considering the share amortization payment expenses, it is predicted that the company’s revenue from 2022 to 2024 will be RMB 2.034 billion, RMB 2.829 billion and RMB 3.504 billion respectively, and EPS will be RMB 6.25, RMB 10.37 and RMB 13.71 respectively. At present, the corresponding PE of the stock price is 100, 60 and 45 times respectively, giving the “recommended” investment rating.
Risk tips
Downside risk of industry prosperity, risk of product R & D progress falling short of expectations, risk of intensified industry competition, risk of overseas policy changes, etc.
