\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 171 Shanghai Belling Corp.Ltd(600171) )
Downstream demand continued to boom and performance continued to be excellent
On March 28, 2022, the company released its 2021 annual report. Benefiting from the continuous boom of downstream demand, the company’s operating revenue in 2021 was RMB 2.024 billion, with a year-on-year increase of 51.95%, and the net profit deducted from non parent company was RMB 398 million, with a year-on-year increase of 124.31%. Considering the great impact of Wuxi Nce Power Co.Ltd(605111) and other equity investments on investment income, we lowered the profit forecast for 2022, raised the profit forecast for 2023 and added the profit forecast for 2024. It is estimated that the company will obtain an investment income of RMB 8 / 0.8/0.8 billion from 2022 to 2024 respectively (the original value from 2022 to 2023 is RMB 5 / 0.5 billion respectively), It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 647 / 817 / 1066 million yuan respectively (the original value from 2022 to 2023 will be 669 / 783 million yuan respectively), the corresponding EPS will be 0.91/1.15/1.50 yuan, and the current share price will be 21.8/17.3/13.2 times PE. Considering that the valuation is still relatively low compared with the simulation companies in the same industry, the “buy” rating is maintained.
All product lines are in the period of rapid product expansion
In order to grasp the opportunities of localization substitution in industrial control, communication, power and other industries, the company actively promoted the enrichment and high-end development of products. In 2021, the R & D cost was 177 million yuan, with a year-on-year increase of 52.71%. In terms of power management, LED driver and LDO have achieved batch shipment of vehicle front loading, and DDR terminal voltage regulator and 60W fast charging have been successfully developed. In terms of ADC / DAC, high-speed and high-precision ADC / DAC can be sold in small quantities in industries, medical treatment, power grid protection devices and other fields. In terms of power devices, IGBT has achieved mass production in automobile ignition system, on-board air conditioning and other scenes.
Seize the opportunity of localization of automobile and industry, and the performance is expected to maintain steady growth in 2022
Considering the overall coldness of the macro economy in 2022, the company expects to achieve an increase of more than 20% in the net profit of non parent company deduction in 2022, and will continue to increase R & D investment in the fields of high-speed and high-precision ADC / DAC, power management chip, 650V / 1200V IGBT, Internet of things energy consumption sensing chip and standard signal chain, so as to continuously improve the penetration of the company’s products in high-end application fields such as industrial control and automotive electronics.
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 progress of new product research and development
