\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
Event:
The company released its annual report for 2021: in 2021, the company achieved a revenue of 5.274 billion yuan (a year-on-year increase of 143.07%), and a net profit attributable to the parent company of 926 million yuan (a year-on-year increase of 116527%); Among them, in the single quarter of 2021q4, the company achieved a revenue of 1.481 billion yuan (a year-on-year increase of 57.27% and a month on month increase of 1.62%), and a net profit attributable to the parent company of 291 million yuan (a year-on-year increase of 472.83% and a month on month increase of 3.78%).
Key investment points:
The performance of 2021 was in line with expectations, and the performance of aiot, automotive electronics and domestic alternative drive companies increased. Benefiting from the downstream aiot and automotive electronics high-profile, superimposed with domestic substitutes, the company’s performance has achieved rapid growth. In terms of business, in 2021, the revenue of memory chips was 3.594 billion yuan (a year-on-year increase of 135.63%), the revenue accounted for 68.15% (a year-on-year decrease of 2.15 PCT), and the gross profit margin was 30.40% (a year-on-year increase of 9.67 PCT); The revenue of intelligent video chip was 979 million yuan (a year-on-year increase of 236.04%), accounting for 18.56% (a year-on-year increase of 5.14 PCT), and the gross profit margin was 44.18% (a year-on-year increase of 18.93 PCT); The revenue of analog interconnection chips was 413 million yuan (a year-on-year increase of 120.11%), accounting for 7.82% (a year-on-year decrease of 0.82 PCT) and the gross profit margin was 54.63% (a year-on-year increase of 5.80 PCT); The revenue of microprocessor chips was 199 million yuan (a year-on-year increase of 60.59%), accounting for 3.77% (a year-on-year decrease of 1.93 PCT), and the gross profit margin was 56.26% (a year-on-year increase of 0.94 PCT). The company’s period expense ratio (excluding R & D) was 7.56% (a year-on-year decrease of 2.53pct), of which the sales, management and financial expense ratios were 4.9% (a year-on-year decrease of 1.52pct), 3.03% (a year-on-year decrease of 1.48pct) and -0.37% (a year-on-year increase of 0.47pct), respectively. The overall expense control remained stable.
Research and develop multi-point flowering to inject kinetic energy into the development of the company. In 2021, the company invested 521 million yuan in R & D (a year-on-year increase of 56.44%), and the R & D expense rate was 9.88% (a year-on-year decrease of 5.47 PCT). The R & D has blossomed in multiple points: (1) in the storage field, the company has achieved mass production and sales of 8 / 16gbddr4 products, and 8gblpddr4 products are expected to start sending samples in 2022. At present, the market sales of vehicle regulation flash products are also growing rapidly. At the same time, the company has completed the chip delivery and sample production of two norflash chips with ultra-low power consumption and high cost performance for the mass consumer market; (2) In the field of simulation and interconnection, research and develop a variety of LED drive chips and automotive DC / DC regulation chips, and launch engineering samples or risk mass production of some simulation new products. Meanwhile, the company continues to develop and test network transmission products such as Lin, can and g.vn for automotive applications. Greenphy is expected to realize mass production and sales in 2022 and is expected to contribute to revenue; (3) Microprocessor chip field: with the launch of x1600 series chips for bar code, display control and other fields, the company’s market position in commercial equipment fields such as QR code will be further consolidated. At the same time, the company actively promotes the printer, intelligent door lock, display control and other industrial markets, continuously optimizes the scheme experience of new products, supports the scheme research and development of customers, increases the platform promotion in the face of fragmented market characteristics, and continuously expands the application types of products; (4) In the field of intelligent video chips: in 2021, complete the chip casting for the back-end equipment in the professional security field, launch A1 series products according to different requirements such as NVR, and T40 chips for the high-end market of intelligent vision IOT, further enrich the video chip product line, and it is expected to achieve mass production in 2022.
Profit forecast and investment rating: Ingenic Semiconductor Co.Ltd(300223) after acquiring ISSI, the platform layout of “CPU + storage + simulation” is formed, with significant synergy, continuous optimization of production and supply, and continuous improvement of profitability. The company’s overweight layout in the fields of MPU, intelligent video chip, on-board lighting and on-board camera is conducive to grasping the domestic substitution opportunities and the business cycle of downstream demand, and rising up in the wind and growing rapidly. We raised the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.210 (+ 0.15) / 15.60 (+ 0.93) / 1.933 billion yuan respectively, the corresponding EPS will be 2.51/3.24/4.01 yuan / share respectively, and the corresponding current PE valuation will be 33 / 26 / 21 times respectively, maintaining the “buy” rating.
Risk warning: the downstream demand is less than the expected risk; The company’s new product research and development is less than the expected risk; Risk that the progress of customer import is less than expected; The risk of intensified industry competition; Risk of epidemic rebound.
