\u3000\u3 China Vanke Co.Ltd(000002) 049 Unigroup Guoxin Microelectronics Co.Ltd(002049) )
Core view
The company issued the 2021 performance express. In 2021, the company realized revenue of 5.243 billion yuan (+ 63.35%), net profit attributable to parent company of 1.926 billion yuan (+ 142.28%), and net profit deducted from non attributable to parent company of 1.796 billion yuan (+ 158.10%). The basic EPS is 3.22 yuan and the weighted average roe is 31.94%.
The special integration business is growing rapidly, and the downstream demand of the industrial chain is strong. In 2021, driven by the strong demand for downstream special integrated chips, the company’s related businesses performed well. National microelectronics, a subsidiary of the company, as the leader of China’s special chip company, is a key card enterprise in this segment. Its business covers high-performance microprocessors, high-performance programmable devices, simulator devices, SOPC system devices and customized chips. The market access threshold of special equipment chip is high and the development time is long. The company has a high market share in this field. With the continuous growth of China’s demand for special equipment and the acceleration of equipment information construction, this kind of business will continue to contribute to the company’s main profits in the future.
Digital national governance has improved performance, and the performance of intelligent security chip business has accelerated. The company’s smart card chip business mainly includes smart card security chip and terminal security chip. Its main products cover SIM card chip, social security card and traffic card chip, USB key chip, POS security chip, etc. In terms of SIM card business, due to the withdrawal of major competitors, the growth of the company’s SIM card business rebounded in 2021. With the advent of 5g wave and the strengthening of domestic substitution trend, the market share of this business is expected to continue to increase.
Expand the new growth point of Chaoyang track, and the automotive chip and crystal business can be expected in the future. While maintaining the existing advantageous industries, the company is also actively expanding new growth points in the downstream, and plans to gradually explore new energy, security, ups and other sunrise tracks in the future. In terms of automotive chips, the company’s vehicle specification level safety chips have been supplied to well-known Chinese automobile manufacturers on a small scale; At present, the sample development of vehicle controller chip has been completed and the road test has been started. 60% of the company’s crystal products are supplied to overseas markets and are widely used in communication equipment, automotive electronics and other fields. At the same time, the company actively cooperates with OEMs, and actively expands high-end production capacity while ensuring medium and low-end production capacity, which can be expected in the future.
Profit forecast: from 2021 to 2023, we expect the company’s revenue to be 53.42/75.91/10.37 billion yuan (+ 63.4% / 42.1% / 36.6%); The net profit attributable to the parent company was RMB 1.943/2.761/3.772 billion (+ 141.1% / 42.0% / 36.6%). The latest closing price corresponding to PE is 54 / 38 / 28 times respectively. The company is deeply engaged in the field of special chips. Under the background of equipment informatization, its performance is expected to achieve sustained and rapid growth and maintain the “buy” rating.
Risk warning: the price of raw materials rises; The capacity supply is less than expected.
