\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
The annual performance exceeded expectations, and the leading performance of on-board storage continued to increase
The company released the performance express for 2021: the operating revenue in 2021 was 5.274 billion yuan, a year-on-year increase of 143.07%; The net profit attributable to the parent company was 933 million yuan, a year-on-year increase of 117408%; The non net profit deducted was 901 million yuan, a year-on-year increase of 429602%, exceeding market expectations. In June 2020, the company acquired ISSI and achieved consolidation, ranking among the first echelon of global on-board storage. The synergy between the headquarters and ISSI is becoming more and more obvious, and the on-board chip platform is gradually taking shape. In view of the continuous increase of the parent company’s (+ 1.393 billion) / 2020.2 times (+ 1.092.00) / net profit of (+ 1.393 billion) / corresponding to the continuous increase of the parent company’s (+ 1.392.00) / share price of (+ 1.393 billion) / 2020.2 million) / corresponding to the current boom of (+ 1.392.00) / 1.033 billion) / 2.00 respectively, Maintain the “buy” rating.
Intelligent driving downstream demand continued to boom, and multi-point flowering driven the rapid growth of the company’s overall performance
Driven by the rapid development of the Internet of things and automotive intelligence, the company’s business lines have blossomed at many points. In the fields of industry, medical treatment, communication and high-end consumption, under the background of booming downstream demand and limited upstream supply, the company’s products have increased both in volume and price. In the field of automotive electronics, intelligence is in full swing, and the demand for storage, analog interconnection and other categories is strong, driving the rapid growth of the company’s business volume. In the field of microprocessor and intelligent video, the company has fully grasped industrial opportunities and achieved rapid growth with forward-looking technical layout and high-quality product development ability. Looking forward to 2022, the acceleration of automotive intelligent upgrading will drive the continuous high growth of automotive electronic business, and new products, new application fields (professional security fields) and new markets (overseas markets) will drive the continuous volume of microprocessor and intelligent video products.
Synergy has begun to show, and platform based vehicle chip companies are taking shape, fearing industry fluctuations and sustained high growth
At present, the company has accumulated comprehensive vehicle specification level storage product lines such as SRAM, DRAM, flash and NAND. As the second in the world of on-board storage, it will definitely benefit from the high boom of industry demand. In addition to storage, the company’s LED driver chips have been rapidly expanded, and the reserved networking chips are expected to gradually narrow the loss in 2022, and the on-board chip platform is gradually taking shape. In addition, the synergy between the company’s headquarters and ISSI is also gradually reflected: with the supply chain and channel advantages of ISSI, the company is promoting its IPC products to the world and gradually introducing ISP products into the vehicle regulation market; At the same time, the company is also introducing ISSI memory chips into the Chinese consumer market. Its subsidiary Shanghai Xinkai products have been launched and will be mass produced and sold in 2022.
Risk tip: the capacity of the wafer factory is tight, the chip price fluctuates, and the downstream demand is less than expected.
