\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
Power management chips have increased significantly, and the income structure tends to be balanced. In 2021, the company realized 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%. Among them, the revenue of power management chip was 298 million yuan, a year-on-year increase of + 127627%, accounting for 22.49% of the revenue from 3.83% in 2020; The revenue of signal chain products was 1.028 billion yuan, a year-on-year increase of + 88.63%, accounting for 77.51% of the revenue.
The gross profit margin of signal chain products increased steadily, and the gross profit margin of power management chips increased significantly. In 2021, the company’s comprehensive gross profit margin was 60.53%, with a year-on-year increase of -0.70pct, mainly due to the significant increase in the proportion of power management products. Among them, the gross profit margin of signal chain products was 63.48%, with a year-on-year increase of + 0.98pct; The gross profit margin of power management products was 50.37%, with a year-on-year increase of + 21.13 PCT, mainly due to the continuous introduction of new products of power management chips and the increase of sales of some high-performance products, which led to the increase of gross profit margin of power management products.
New categories continue to be launched, and the product layout is gradually improved. In 2021, the company added more than 400 product models, with a total of more than 1600 models, gradually forming a pattern of signal chain and power supply two wheel drive. In terms of signal chain products, new signal chain products such as closed-loop Hall current detection, high-precision digital to analog converter and can interface have achieved mass production, and the performance of many products is comparable to that of international friends and merchants; In terms of power management chip products, linear regulated power supply, battery linear charging chip and other products are introduced and mass produced by customers, and new product definitions are continuously promoted around various application needs.
The market expansion has been continuously promoted, and the product application field has been continuously expanded. With leading R & D strength, reliable product quality and high-quality customer service, the company achieved fruitful results in market expansion in many application fields such as communication, pan industry and green energy in 2021. It has reached cooperation with many high-quality customers at home and abroad, such as Samsung, Zhongwei electronics, maytronics, Qun optoelectronics, Mingwei and Feihong, and the application field of products has been continuously expanded.
Analog chips rely more on designer experience, and the company’s R & D team has expanded significantly. By the end of 2021, the company had 275 R & D and technical personnel, a year-on-year increase of + 95.04%. Analog chip development relies more on the technical experience of R & D personnel, and the substantial expansion of R & D team lays a solid foundation for the future growth of the company. In addition, in 2021, the company set up an embedded processor division and introduced a number of senior experts in the fields of product definition, devices and processes to strengthen key technical capabilities.
Profit forecast: we expect the net profit attributable to the parent company in 2022, 2023 and 2024 to be 508 / 995 / 1.29 billion yuan respectively, corresponding to 108 / 55 / 42 times of the share price PE on March 16, maintaining the “buy” rating.
Risk warning: the R & D of new products is less than expected, the expansion of new fields is less than expected, and the R & D personnel are lost.
