\u3000\u3 Shengda Resources Co.Ltd(000603) 986 Gigadevice Semiconductor (Beijing) Inc(603986) )
In this paper, we compare and study the Gigadevice Semiconductor (Beijing) Inc(603986) product selection manual in 2021 and 2022. It can be seen that in the past year, the company has not only expanded its online categories of MCU, nor and DRAM products, but also launched new products such as power management chips. The company's product innovation is summarized as follows:
The category of MCU continues to expand, and Wi Fi MCU is introduced to the market.
(1) Gigadevice Semiconductor (Beijing) Inc(603986) is the No. 1 arm general-purpose MCU supplier in China. According to the product selection manual, by the end of 2021, the company has more than 35 series and more than 450 MCU models, with an increase of more than 90 MCU models compared with 2020.
(2) in 2021, the company continued to expand the MCU category, and officially launched the Wi Fi MCU chip based on ARM M33 core in September 21. At present, the company has four Wi Fi MCU to the market, all of which are gd32w515 series, facing the wireless intelligent IOT market. On March 31, Gigadevice Semiconductor (Beijing) Inc(603986) announced that the two sides would cooperate in the field of wireless intelligent IOT. We believe that the rapid growth of global IOT terminal connections is expected to vigorously promote the development of MCU chip market, Gigadevice Semiconductor (Beijing) Inc(603986) actively expand MCU categories and create MCU intelligent ecology, which is expected to help the rapid growth of the company's MCU field.
(3) since 2021, the demand of various MCU market segments such as industry, automobile, household appliances and consumption has remained strong. The company has also continuously launched high-end MCU for industrial and automobile applications. The company's latest vehicle specification MCU product is expected to be mass produced around the middle of 2022, mainly for entertainment system. In the future, it will develop different types of MCU for body, cockpit, power system and other fields, so as to stabilize the leading position of MCU in China.
Active layout of analog chips, power management accumulation. According to the company's product selection manual, four analog chip product lines will be added in Gigadevice Semiconductor (Beijing) Inc(603986) 2021, including power management unit, motor drive, high-performance power IC and lithium battery management. Among them, (1) the power management unit is mainly used in TWS earphone charging box, earphone and hearing aid, portable medical equipment, nursing detector and low battery application; (2) Motor drive is mainly used in three-phase BLDC and PMSM motors, electric tools, Siasun Robot&Automation Co.Ltd(300024) and remote control toys, industrial automation; (3) High performance power IC is mainly used in wireless infrastructure, communication / network card, industrial application and security equipment; (4) Lithium battery management is mainly used for lithium battery charging and analog front-end monitoring, notebook computers, floor sweepers, aircraft model UAVs, energy storage, etc. The company's power management chip layout is comprehensive, major customers continue to make breakthroughs, and platform advantages are highlighted.
DDR4 self-developed new products are launched, and high-end process memory is expected to be available in 22 years. At present, the company's DRAM products can be divided into ddr3l (low voltage) and DDR4, of which DDR4 products will break through in 2021. The company's ddr3l products are powered by 1.35/1.5v voltage, with a storage capacity of 2GB / 4GB and a maximum data rate of 2133mbps. In contrast, the new DDR4 product adopts 1.2V low-voltage power supply, with a storage capacity of 4GB and a maximum data rate of 3200mbps. The temperature range includes 0 ~ 95 ℃ / - 40 ~ 95 ℃ / - 40 ~ 105 ℃. The application fields are mainly set-top box, television, security monitoring, network communication, smart home, industry, car audio and video and many other fields. This series of products have been produced nationwide from design, streaming, sealing, testing and verification. In addition, the company expects that 17nm high-end process memory will contribute to revenue within 22 years, and new vehicle specification DRAM products are also under planning.
Investment suggestion: we expect that the net profit attributable to the parent company in 21 / 22 / 23 is expected to reach 2.34/31.0/3.9 billion yuan, and the corresponding current price PE is 40 / 30 / 24 times respectively. As a leading enterprise of memory and MCU in China, the company continues to expand applications in automotive industrial control and other fields, with prominent platform advantages and significant long-term growth, and maintains the "recommended" rating.
Risk warning: downstream demand is less than expected; Upstream capacity supply is limited; Market competition intensifies.
