\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
The performance grows rapidly and the actual profit performance is better
The company released its annual report: in 2021, it achieved an operating revenue of 5.274 billion yuan, a year-on-year increase of 143.07%; The net profit attributable to the parent company was 926 million yuan, a year-on-year increase of 116527%; The non net profit deducted was 894 million yuan, a year-on-year increase of 426453%. During the reporting period, the company incurred an amortization of 132 million yuan due to M & A, a loss of 105 million yuan due to new business investment, and the actual profit performance was better. In 2021, the global chip market was unprecedentedly prosperous, and the company’s performance grew rapidly. With the further improvement of the product matrix of “computing + storage + simulation” and the full roll out of the downstream of automobile, industry, medical treatment and consumption, the company is making solid progress towards the leader of platform chip design. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be 1.300/18.82/2.424 billion yuan respectively, the corresponding EPS will be 2.70/3.91/5.03 yuan / share respectively, and the PE corresponding to the current stock price will be 32.5/22.5/17.5 times respectively, maintaining the “buy” rating.
Computing, storage, video and analog interconnection have achieved rapid growth and significantly improved profitability
In 2021, the company’s business was comprehensively promoted and its profitability continued to improve. In terms of products, under the strong market demand, all sectors have excellent growth. In 2021, the company’s microprocessor / intelligent video / storage / analog and interconnection chips achieved revenue of RMB 199 / 9.793594413 million respectively, with a year-on-year increase of 60.59% / 236.04% / 135.63% / 120.11%. In terms of profitability, benefiting from product upgrading and scale effect, the company’s gross profit margin reached 36.96% in 2021, with a year-on-year increase of 9.83pct; The expense rate during the period was 17.44%, with a year-on-year decrease of 8.00pct; The net interest rate reached 17.56%, with a year-on-year increase of 14.19pct; In the future, with the continuous expansion of the company’s scale, this trend is expected to continue.
New products are introduced, production capacity tension is gradually alleviated, downstream channels are coordinated, and platform chip leaders have broad prospects
The company’s products are innovative, and the computing field continues to increase the development of risc-v kernel and AI algorithm, so as to continuously expand the business boundary for the broad aiot market; In the field of intelligent video, the company has completed the chip R & D and chip investment of back-end equipment, actively arranged the front-end IP and chip development, and further supplemented the product line; In the storage field, the company has achieved mass production of 8GB / 16GB DDR4 products. 8gblpddr4 is expected to send samples in 2022. The vehicle specification flash products are rapidly infiltrated, and norflash chips for the consumer market are also promoted; In the field of analog interconnection, the company has launched a variety of LED driver chips, and the research and development of new products such as DC / DC and on-board ISP chips have been promoted in an orderly manner. The interconnection chip greenphy products are expected to be mass produced in 2022. In the future, the tight supply chain trend is expected to be alleviated. The joint efforts of Jun original department and ISSI on the channel side are expected to promote the company’s performance to a new level.
Risk tip: the capacity of the wafer factory is tight, the downstream demand is less than expected, and the pattern of chip supply and demand changes sharply
