\u3000\u3 Guocheng Mining Co.Ltd(000688) 099 Amlogic (Shanghai) Co.Ltd(688099) )
Events
On April 7, the company announced that it is expected to achieve a revenue of 1.48 billion yuan in 22q1, a year-on-year increase of 59.29%; The net profit attributable to the parent company was 270 million yuan, a year-on-year increase of 201.8%; The net profit deducted from non parent company was 256 million yuan, with a year-on-year increase of 226.88%.
Commentary
The performance of 22q1 is bright and in line with market expectations. The company expects to achieve a revenue of 1.48 billion yuan in 22q1, a year-on-year increase of 59.29%; The net profit attributable to the parent company was 270 million yuan, a year-on-year increase of 201.8%. Benefiting from the strong demand of the company's segment track and the company's strategic layout advantage of "technology + products", the product shipment of 22q1 company has increased synchronously and steadily.
Intelligent set-top box and AI audio and video chip continue to be in high volume. 1) Smart set-top box chip: China's machine replacement cycle is coming, and the centralized procurement bidding activities of the three major operators have driven the increase of China's set-top box demand. There is still much room to improve the penetration rate of overseas smart set-top boxes. The company has reached cooperation with more than 100 operators around the world. Due to the antitrust investigation of Broadcom and the sanctions of Hisilicon by the United States, the market share of the company's smart set-top box chips will be further increased. 2) AI audio and video chip: the company's AI audio and video product line is perfect, covering a variety of intelligent extended products such as intelligent speakers and intelligent images. It is expected to work with mainstream intelligent audio and video manufacturers such as Google, Amazon, JBL and Baidu to explore overseas markets in the future.
"Technology + product" has a profound accumulation, and the achievements of strategic layout are obvious. The company attaches great importance to technological innovation and product research and development. The main chips have achieved 12NM advanced process layout, and the product types meet the production needs of different grades of end products. The company actively develops Wi Fi Bluetooth and automotive electronic chip business: WiFi 5 + BT5 2. The single chip w155s1 realizes large-scale mass production, and the supporting products include Xiaomi tvstick and other major customers. Wifi6 is expected to be produced in June of 22; The company's on-board front mounted central control system v901d has received orders from overseas high-quality customers, and the shipment volume has increased steadily. In the future, the company's two emerging businesses are expected to become important growth drivers, realize perfect product layout with the three main businesses and enable performance growth.
Investment advice
It is estimated that the revenue in the 21st-23rd years will be 4.778 billion yuan, 6.373 billion yuan and 8.044 billion yuan respectively, with a year-on-year increase of 74.5%, 33.37% and 26.22%. The net profit attributable to the parent company will be 8.14 billion yuan, 1.17 billion yuan and 1.478 billion yuan respectively, corresponding to EPS of 1.98, 2.85 and 3.59 respectively, and the "buy" rating will continue to be maintained.
Risk tips
Downstream demand is lower than expected; Industry competition intensifies; Risk of price rise of raw materials; exchange-rate risks; Risk of lifting the ban.
