\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
Event: on April 8, the company released its 2021 annual report, realizing an operating revenue of 5.27 billion yuan, a year-on-year increase of + 143%; The net profit attributable to the parent company was 930 million yuan, a year-on-year increase of + 1165%; Deduction of non parent net profit of 890 million yuan, a year-on-year increase of + 4265%. The depreciation and amortization cost brought by the acquisition of Beijing Sicheng in 20 years is about 120 million yuan and about 130 million yuan in 21 years. If added back, the actual performance will be better.
The annual performance increased significantly and the profitability improved significantly: in 21 years, under the background that the global production capacity shortage led to the general shortage of goods in the industry, the company actively grasped the market opportunities by expanding new products, new markets and new customers, and achieved a significant increase in the annual performance, with a revenue of 1.48 billion yuan corresponding to 21q4, a year-on-year increase of + 57% and a month on month increase of + 2%; The net profit attributable to the parent company was 290 million yuan, with a year-on-year increase of + 473% and a month on month increase of + 4%; Net profit of non parent company + 83.2% YoY. In addition, adjusting the prices of some products to maintain profitability, the gross profit margin of the whole year reached 37%, with a year-on-year increase of + 9.8pct; The net interest rate was 17.5%, with a year-on-year increase of + 14.1pct.
Products blossom at multiple points, and vehicle intelligence increases the demand for on-board storage: in 2021, the company’s microprocessor / intelligent video / storage / analog and Internet chips achieved revenue of RMB 2.0/9.8/35.9/410 million respectively, with a year-on-year increase of + 61% / 236% / 136% / 120% respectively. Among them, 1) microprocessor chip: its dominant position in the QR code market is continuously strengthened, while expanding the types of applications and strengthening the promotion of the platform; 2) Intelligent video chip: cut into the new market of professional security and supplement the product line; 3) Memory chips: in the 21st year, SRAM, DRAM and norflash ranked second, seventh and sixth in the world in terms of revenue, and automotive intelligence continued to drive the demand for vehicle specification memory chips; 4) Analog and interconnect chips: it has a wealth of vehicle specification LED driver chips. Greenphy, a vehicle specification interconnect chip, is expected to start mass production in 22 years.
In 2020, the company merged with Beijing Sicheng and completed the comprehensive layout of multiple memory chips such as SRAM, DRAM, norflash and embedded flash. In the 21st year, Beijing Sicheng achieved a net profit of 120 million US dollars from its parent company, and successfully fulfilled its performance commitment target, with a year-on-year increase of 118%, highlighting its synergy advantages. DRAM is still the main source of memory chip revenue, 8 / 16gbddr4 products have been mass produced and sold, and 8gblpddr4 is expected to start sending samples in 22 years; Norflash has 256k-1g multi capacity specifications, and NAND focuses on 1G-4G high capacity specifications. With the smooth promotion of market promotion, the sales revenue of vehicle specification flash products has grown rapidly. In addition, on the basis of constantly consolidating the leading position of on-board storage, the company will layout many kinds of on-board chips such as LED driver, MCU, Lin, can and greenphy with the help of simulation and interconnection technology, and gradually become a platform manufacturer of on-board chips, which will fully benefit from the high growth opportunity under the wave of automotive intelligence.
Investment suggestion: it was previously estimated that the net profit attributable to the parent company in 202223 would be 1.12/1.37 billion yuan. Considering the acceleration of automobile intelligence and the improvement of the company’s profitability, we raised the profit forecast. It is estimated that the net profit attributable to the parent company in 202224 will be 1.25/16.9/2.16 billion yuan, corresponding to 34 / 25 / 20 times of PE, maintaining the “buy” rating.
Risk warning: the product certification is less than expected, the downstream demand is less than expected, and the research report use information and data are not updated in time.
