\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
Event: 3Peak Incorporated(688536) launched tpt7740 / 7741 / 7742 four channel digital isolator, tpt7487 / 7488 isolation RS485, tpt71050 / 71044 isolation can and other new isolation series products.
Continuous efforts have been made in the pan industrial field and the isolation product line has been further expanded: as the leader of Analog IC in the pan industrial field, the company has been deeply engaged in isolation technology since 2019 and has accumulated rich invention patents, including 9 technical patents such as basic isolation, transmission circuit, process optimization and new packaging, which are leading in China.
Previously, the company has launched 2-channel Digital Isolator tpt7720 / 7721 series, which has been recognized and praised by customers. At present, the company has launched tpt7740 / 7741 / 7742 four channel digital isolator, tpt7487 / 7488 isolation RS485, tpt71050 / 71044 isolation can and other isolation products, aiming at factory automation, power automation, motor drive, power control, medical treatment and other scenes. In the future, it will continue to launch isolated operational amplifiers, isolated drives, isolated power supplies, etc., and the product line will continue to be enriched.
The performance indicators of new isolation products are leading, and the product competitiveness is prominent: in terms of product performance, the isolation products with independent patents of the company have outstanding performance in breakdown voltage, impact protection ability and common mode transient suppression CMTI, which have reached the leading level in China / the world.
Take the newly launched tpt7741 product as an example. In terms of breakdown voltage, the BV of the company’s product reaches 10kV, which is at the leading level in China compared with similar products in China and closest to the 12kV index of international friendly products. In terms of impact protection capability, the company’s products have ± 8Kv IEC ESD and ± 6kV surge protection capability (corresponding to ± 10kV peak), leading similar products in China, consistent with the performance of international friendly products, and at the international advanced level. In terms of CMTI capability of common mode transient suppression, the company’s products have ± 200kV/ μ S static CMTI and dynamic CMTI are also up to ± 150kV/ μ s. It is superior to similar products at home and abroad and is at the international leading level.
The category continues to expand, the downstream continues to expand, and the platform layout is becoming more and more perfect. The company is deeply engaged in signal chain IC, and continues to expand product lines such as power management, MCU and AFE, highlighting the platform layout. In 21 years, there have been more than 1600 product models and more than 400 new models. From the downstream market, the company’s industrial, automotive electronics, medical and consumer revenue has reached more than 40% in the past 21 years. With the further enrichment of isolation and automotive electronics platforms, the company’s competitiveness in high-performance and high reliability markets such as industry and automobile will become more prominent. At present, the company’s product categories continue to expand, and the Growth Logic of the continuous expansion of downstream to pan industry is clear, and the follow-up is expected to add fruitful results.
Investment suggestion: we expect the net profit attributable to the parent company in 2022 / 23 / 24 to be RMB 488 / 995 / 1442 million respectively, and the corresponding current price (closing price on April 11, 2022) PE to be 85 / 42 / 29 times respectively. We are optimistic about the company’s ability to expand product lines such as power management, isolation, MCU and AFE, highlighting the platform layout, and the company’s continuous development in the downstream, which is greatly weakened by the downstream impact of single communication. Maintain a “recommended” rating.
Risk warning: product R & D risk; Risk of declining prosperity of the industry; Market competition risk.
