\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 171 Shanghai Belling Corp.Ltd(600171) )
Event:
The company announced the annual report of 2021.
Comments:
Benefiting from the high outlook of the industry, the net profit attributable to the parent company increased significantly in 2021. In 2021, the company realized a revenue of 2.024 billion yuan, a year-on-year increase of + 51.95%; The net profit attributable to the parent company was 729 million yuan, a year-on-year increase of + 38.12%; The net profit attributable to the parent company after non deduction was 398 million yuan, a year-on-year increase of + 124.31%, which was significantly different from the net profit, mainly due to the changes in the fair value of trading financial assets. In 2021, the company’s sales of signal chain and power management chips were + 34.17% and + 18.03% respectively year-on-year, and ASP was + 18.66% and + 18.59% respectively year-on-year. Under the core shortage market, the volume and price of the company’s products rose together, driving the growth of revenue.
The price rise has driven a substantial increase in gross profit margin and steadily improved the profitability of the company. In 2021, the company’s gross profit margin was 34.13%, with a year-on-year increase of + 5.19pct; The net interest rate attributable to the parent company after deducting non profits was 19.65%, with a year-on-year increase of + 6.34pct. The price increase directly drives the gross profit margin of each product line of the company. The gross margins of signal chain, nonvolatile storage, power management chips and power devices were 42.54%, 37.53%, 42.49% and 24.18% respectively, with a year-on-year increase of + 7.98pct, + 8.53pct, + 10.29pct and + 6.66pct.
Small batch sales of high-speed and high-precision ADC / DAC products, and actively promote the research and development of new products of signal chain. In 2021, the company continued to strengthen the R & D investment and market promotion of ADC / DAC products. The application field of products continued to expand, and small batch sales have been realized in industrial control, medical imaging, power grid protection devices and other fields. The R & D projects of new products such as high-precision reference chip and AFE are progressing smoothly. With the continuous promotion of 5g communication technology, signal chain products such as ADC / DAC, as the core components of communication base stations, are expected to further improve the contribution to the company’s revenue.
Power management chips have entered the vehicle regulation market, and the fields of industrial control and automotive electronics have continued to expand. In 2021, the company continued to expand to the high-end market, and more than half of the revenue of integrated circuit products came from the pan industrial market. Vehicle specification level LDO and LED driver chips have started mass production, and a variety of power supply products have received the intended needs of automotive electronics customers, which are expected to be sold in 2022. In addition, the company has imported the first vehicle ignition system and on-board air conditioning system, which have been verified by the company.
Profit forecast: we expect the net profit attributable to the parent company in 2022, 2023 and 2024 to be RMB 579 million, 7.3 million and 923 million respectively, corresponding to the PE of the share price on March 31, which is 24 / 19 / 15 times respectively. It is covered for the first time and given a “buy” rating.
Risk tip: OEM capacity is less than expected, customer expansion is less than expected, and R & D is less than expected.
