\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 56 Shenzhen Minde Electronics Technology Ltd(300656) )
Event comments
On March 31, Shenzhen Minde Electronics Technology Ltd(300656) released the annual report of 2021, realizing a revenue of 546 million yuan in 2021, with a year-on-year increase of 35.48%; The net profit attributable to the parent company was 76 million yuan, a year-on-year increase of 47.54%; Deduct the net profit not attributable to the parent company of 49 million yuan, with a year-on-year increase of 241.63%; The gross profit margin was 28.22%, with a year-on-year increase of 0.6pct; The net interest rate was 14.18%, with a year-on-year increase of 1.19 PCTs.
The whole industrial chain of power semiconductor is covered, and the “smartidm” ecosystem builds core competitiveness. In 2021, the company’s power semiconductor design business realized an operating revenue of 70 million yuan, a year-on-year increase of 163.31%; The net profit was 10.78 million yuan, a year-on-year increase of 648.61%. Since 2020, the company has successively controlled and participated in Guangwei integration, a power semiconductor design company, Jingrui electronics, a semiconductor silicon chip company, and Zhejiang Guangxin microelectronics, a wafer foundry company, to create a “smartidm” ecosystem. Combined with the advantages of IDM and fabless, the company has realized the coverage of the whole power semiconductor industry chain, fundamentally enhanced the core competitiveness of the company’s power semiconductor business, and contributed to the sustainable development of the company’s power semiconductor business Rapid growth opens the ceiling of production capacity. With the gradual expansion of the company’s production capacity and the gradual enrichment of product series, it will become the main contribution point of the company’s performance increment in the future.
Deeply cultivate the bar code identification industry and technological upgrading to help the company stabilize its leading position. In 2021, the company’s information identification and automation products business realized an operating revenue of 211 million yuan, a year-on-year increase of 19.59%. In 2021, the company effectively controlled costs, maintained a good gross profit margin of bar code identification products, and significantly increased overseas orders over the previous year, resulting in a significant increase in the overall revenue and profit of bar code identification business over the previous year. At present, the company’s bar code identification equipment is widely used in the field of information management and logistics automation products in retail, logistics, warehousing, medical and health, industrial manufacturing, e-commerce and other industries. The company constantly updates iterative technology, and some technical performance has reached and approached the level of international leading enterprises. Combined with its high-quality marketing network and customer resources, the company is firmly in the leading position.
Investment advice
In the future, the company will build a dual industry growth curve around the development strategy of “deeply cultivating bar code recognition and focusing on power semiconductors”. It is estimated that the operating revenue of the company from 2022 to 2024 will be RMB 631 / 1570 / 2235 million respectively, with a year-on-year increase of 15.45% / 148.92% / 42.43% respectively. The net profit attributable to the parent company was 116 / 286 / 450 million yuan respectively, with a year-on-year increase of 52.70% / 145.73% / 57.44% respectively. EPS is 0.95/2.31/4.32 yuan respectively. Based on the closing price of 41.9 yuan on March 31, the corresponding PE is 47 / 20 / 12 times respectively, maintaining the “strongly recommended” rating.
Risk tips
The demand of semiconductor industry is lower than expected; The company’s product R & D progress is less than expected; Risks caused by intensified industry competition.
