\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
Event overview
The net profit attributable to shareholders of the listed company was RMB 1165207, a year-on-year increase of RMB 9.207 million, with a year-on-year increase of 27.71%.
Benefiting from the improvement of semiconductor prosperity, the company’s performance is bright
During the reporting period, benefiting from the improvement of the global prosperity of semiconductors, the overall operating revenue of the company showed a rapid growth trend, driving the substantial growth of net profit. In 2021, the company achieved an operating revenue of 5274059100 yuan, a year-on-year increase of 143.07%, and a net profit attributable to shareholders of listed companies of 926181200 yuan, a year-on-year increase of 116527%. Among them, the total impact of depreciation and amortization on the company’s profit and loss in the reporting period is 715544 million yuan; At the level of Beijing Sicheng, the impact of intangible assets and fixed assets value-added amortization formed by the acquisition of ISSI on its profit during the reporting period was 607606 million yuan, with a total of 132315 million yuan. The asset value-added amortization has little correlation with the company’s operation and has no impact on the company’s cash flow.
The Internet of things market broke out, and the computing business grew rapidly
The company’s microprocessors and intelligent video chips are mainly oriented to the intelligent Internet of things and intelligent security market. The revenue of intelligent video chips and microprocessor chips was 978 million yuan and 198 million yuan, with a year-on-year increase of 236.04% and 60.59%. In the intelligent Internet of things market, various intelligent hardware markets have maintained a good development trend, and the demand for medium and high-end intelligent hardware products has increased, driving the continuous improvement of the market demand for chip performance. In the field of microprocessor chip, the company has carried out the research and development and chip production of x1600 series, a new microprocessor product for bar code market, display control and other markets. The chip will comprehensively consider the requirements of such products in terms of low power consumption, high functional flexibility and scalability, which can meet the needs of a variety of intelligent hardware products in the field of aiot and cover the market of high-end MCU products. Affected by the demand explosion in fields such as distance education and security cameras, the market demand for intelligent video chips is strong, and the supply chain is in high shortage. In the field of intelligent video, the company has completed the chip research and development and chip investment for the back-end equipment in the field of professional security. The company will launch A1 series products according to the different requirements of NVR, battery base station and video monitoring data center, and according to the different needs of customers for extreme cost, high cost performance and abundant performance; In view of the increasing demand for high-end video coding products from T40, the company has launched new products for the real-time video coding market. According to the changing trend of market demand and the company’s market planning and layout, the company has launched the definition and research and development of the next generation of upgraded products. At the same time, the company will also actively pay attention to the demand for video chips in other application fields, and will carry out corresponding product development according to the market demand.
The company has an all-round layout of automotive electronics, card position and golden track
In 2020, the company completed the acquisition of Beijing Sicheng. As a wholly-owned subsidiary of the company, Beijing Sicheng has been included in the preparation scope of the company’s consolidated statements since June 2020. Beijing Sicheng includes two major business directions: memory chips and analog interconnection chips. The revenue of the two businesses was 3.594 billion yuan and 412 million yuan respectively, with a year-on-year increase of 135.63% and 120.11%. Memory chips include SRAM, DRAM, norflash, embedded flash, etc. Beijing Sicheng, a wholly-owned subsidiary of the company, has worked in the memory field for more than 30 years and formed a complete set of technical system and engineering guarantee system, which can provide various memory products with high quality and high reliability for automotive electronics, industry and medical treatment, as well as chips for communication industry and high-end consumer electronics industry. During the reporting period, the company carried out product research and development of high-speed DRAM and mobiledram storage chip series, including product research and development of different types and capacities from DDR2, lpddr2 and DDR3 to DDR4 and lpddr4. Among them, 8GB and 16gbddr4 products have been mass produced and sold, and 8GB lpddr4 products are expected to start sending samples in 2022. At present, the main revenue source of analog chip product line is all kinds of LED lighting drive chips, which are widely used in high-quality LED drive markets such as automobile, industry, office equipment, household appliances and high-end consumption. The product has obvious competitive advantages and the market is growing rapidly. Especially in the automotive electronics market, the company has rich vehicle specification LED drive chips, including headlights, daytime running lights, high beam lights, fog lights, turn signals Combined tail lights (position, braking, reversing, running water, etc.), license sector lights and other driving chips. With the gradual evolution of vehicle lighting from a single lighting mode to an integrated mode of sound, light and electricity in recent years, the penetration rate of vehicle LED lighting chips is increasing, which brings growing market space for the company’s vehicle LED driving chips. During the reporting period, the company actively carried out market promotion. Due to the prominent competitive advantages of products, the market demand increased rapidly, and the sales revenue increased significantly year-on-year. At the same time, the production capacity of the upstream supply chain was tight, resulting in a serious shortage of LED driver chips. The company actively coordinated the upstream supply chain resources and tried to meet the main needs of customers.
Investment advice
Based on the prosperity of the semiconductor industry in 2022 and the current semiconductor production capacity, we reduced the company’s revenue from 7.332 billion yuan and 8.798 billion yuan to 6.474 billion yuan and 7.758 billion yuan respectively from 2022 to 2023, and it is expected to achieve revenue of 9.334 billion yuan in 2024; The company’s net profit attributable to shareholders of the parent company from 2022 to 2023 will be reduced from 1.221 billion yuan and 1.482 billion yuan to 1.203 billion yuan and 1.462 billion yuan respectively. It is estimated that the net profit attributable to shareholders of the parent company in 2024 will be 1.790 billion yuan; Reduce the company’s EPS from 2.54 yuan / share and 3.08 yuan / share to 2.50 yuan / share and 3.04 yuan / share respectively from 2022 to 2023. It is expected that the EPS in 2024 will be 3.72 yuan / share, corresponding to the closing price of 87.86 yuan on April 8, 2022, and the PE will be 35x, 28x and 24x respectively. Maintain the “buy” rating.
Risk tips
The storage industry has obvious periodicity, and Beijing Sicheng is relatively affected by industry fluctuations Ingenic Semiconductor Co.Ltd(300223) the competitiveness of self-developed products has declined; Car sales fell short of expectations.
