\u3000\u3 Guocheng Mining Co.Ltd(000688) 521 Verisilicon Microelectronics (Shanghai) Co.Ltd(688521) )
The company issued the annual report of 2021. In 2021, the company achieved a revenue of 2.139 billion yuan (+ 42.04%), a net profit attributable to the parent of 13 million yuan, a year-on-year turnaround from loss to profit, a net profit attributable to the parent of – 47 million yuan, and a significant narrowing of the loss. The basic EPS is 0.03 yuan and the weighted average roe is 0.5%.
The business composition has been continuously optimized, and the new orders of customers have increased significantly. The revenue structure of the company has been continuously optimized and the downstream application scenarios have been continuously expanded. In 2021, about 30.89% of the company’s performance came from consumer electronics, 25.44% from the Internet of things and 16.81% from computers and surrounding areas. In the future, the company’s revenue will expand to industrial, data processing, automotive electronics and other scenarios, which has great potential. In 2021, the company’s semiconductor IP licensing business increased by 40, with a total of more than 340; The number of customers of one-stop chip customization business increased by about 15, with a total of more than 290; The company’s new orders in 2021 were about 2.96 billion yuan, a year-on-year increase of 62%. The company’s future performance is worth looking forward to.
In 2021, the profit will turn from loss to profit, and the collaborative profitability will be gradually improved. In 2021, the company achieved a net profit of 132924 million yuan, an increase of 388587 million yuan year-on-year, of which the second, third and fourth quarters achieved profits for three consecutive quarters. The gross profit margin of the company in 2021 was 40.06%, a year-on-year decrease of 4.90 percentage points; However, the net profit margin reached 0.62%, with a year-on-year increase of 2.32 percentage points, and the profitability of the company was gradually improved. In 2021, the two main business customers of the company imported from each other, and the synergy revenue accounted for 66.82%, with a year-on-year increase of 2.17%. In the future, the synergy of the company’s R & D achievements is expected to continue to expand and promote the faster growth of the company’s performance.
R & D investment continued to grow, and the proportion of advanced technology increased. In 2021, the R & D revenue of the company was 690 million yuan, accounting for 32.26% of the operating revenue. The company’s R & D personnel account for 87.34%, and the turnover rate is far lower than the industry average. This year, the company is expected to promote the R & D iteration of chipet, and continue to promote TWS Bluetooth connection platform, display processor IP and other fields. In terms of advanced processes, the company’s process nodes of 7Nm and below account for about 50% in 2021, and the share of advanced processes is expected to continue to increase in the future.
Profit forecast: from 2022 to 2024, we expect the company’s revenue to be RMB 2964 / 3851 / 4927 million (+ 38.5% / 29.9% / 27.9%) respectively; The net profit attributable to the parent company was 107 / 233 / 346 million yuan (+ 701.3% / 118.5% / 48.8%). The latest closing price corresponding to PE is 423 / 194 / 130 times respectively. The company deeply cultivates independent semiconductor IP authorization, the new orders increase significantly, the performance is expected to achieve a new breakthrough and maintain the “buy” rating.
Risk warning: capacity supply is less than expected; Customer import was not as expected.
