\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 74 Changsha Jingjia Microelectronics Co.Ltd(300474) )
Event: the company issued two announcements: ① 2021 performance express: the annual revenue was 1.093 billion yuan, a year-on-year increase of 67.21%, and the net profit attributable to the parent company was 293 million yuan, a year-on-year increase of 40.99%; ② 2022q1 performance forecast: it is expected to achieve a revenue of 350380 million yuan, a year-on-year increase of 64.80% – 78.93%, and a net profit attributable to the parent company of 72-82 million yuan, a year-on-year increase of 47.37% – 67.83%, exceeding market expectations.
The volume of civil products increased rapidly, and the performance of 2022q1 exceeded expectations. Taking the median value of the performance forecast, the company achieved a revenue of 365 million yuan in 2022q1, with a year-on-year increase of 72.17%, and the net profit attributable to the parent company was 77 million yuan, with a year-on-year increase of 57.14%, which exceeded the market expectation. The main reason is that the sales growth of the company’s products in the field of chip and graphics display and control is obvious. Among them, we judge that the products in the chip field mainly refer to jm7200 chip, which is mainly used in desktop office computers in the general field (mainly in the Xinchuang market). In terms of progress, jm7200 chip was tested in September 2018, and batch orders were obtained at the end of 2019. The volume increased slightly in 2020 and began to increase significantly in 2021 (the revenue of products in the field of 2021h1 chip was 214 million yuan, a year-on-year increase of 135457%). At present, the company’s third-generation jm9200 chip has completed the test and obtained batch orders (in terms of progress, the time span from the successful production of 9 series chips to the landing of batch orders is about half a year, significantly faster than the promotion cycle of 7 series chips). It can be seen that the company’s product echelon is constantly enriched, and the promotion progress is accelerating. The expansion of the civil market is worth looking forward to.
9 series chip batch orders landed, and continued to be optimistic about the follow-up volume. Recently, the company announced that its subsidiary Changsha Jingmei integrated circuit design Co., Ltd. plans to sign an order for 100000 sets of chips with a company (according to the disclosed chip performance parameters, we judge that it is mainly 9 series chips). This is the first batch of quantitative orders for 9 series chips since the completion of the test, which proves that 9 series chips have been recognized by downstream customers, and the subsequent volume may be accelerated. In addition, Changsha Jingjia Microelectronics Co.Ltd(300474) signed a strategic cooperation agreement with companies in the field of public security PC and server equipment (i.e. E. e-government), indicating that it has made significant progress in the E-government market of Xinchuang, which is expected to become a new growth point of the company in the future.
Military products + civilian products resonate, and the domestic GPU leader has high growth prospects. ① Military products: the company’s main products in the military field include picture display modules and small specialized radars. Among them, the figure display module mainly adopts the jm5400 chip independently developed by the company, which realizes the domestic substitution in the military field. In recent years, the company has carried out technological innovation and product expansion according to the application needs of different industries, actively extended to other fields, and continued to develop and provide appropriate graphic display and control modules and their supporting products for broader application fields such as vehicle mounted and ship display and control. At the industry level, during the 14th Five Year Plan period, the packaging of weapons and equipment will enter a large-scale stage, and the procurement is expected to improve, which will fully benefit the company; ② Civilian products: the company has formed a perfect chip R & D system, the R & D cycle is continuously shortened (the R & D cycle of the third generation GPU chip: 8 / 4 / 3 years), and the pace of catching up with foreign leaders is continuously accelerated (the intergenerational difference between the third generation GPU chip and foreign similar products: 12 / 7 / 5 years), And the application market continues to open (the first generation is oriented to the field of military graphics display and control, the second generation is expanded to the civil computer market, and the third generation is further extended to artificial intelligence, virtualization, cloud computing, etc.). The company has formed a business pattern of military products + civil products resonance, and the high prosperity in the two fields is expected to continue to provide growth momentum for the company.
Maintain the “buy” rating: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 293 million yuan, 452 million yuan and 657 million yuan, and the corresponding PE will be 93, 60 and 41 times respectively.
Risk tip: the expansion of civil market is less than expected, and the promotion progress of 9 series chips is less than expected.
