Amlogic (Shanghai) Co.Ltd(688099) small and medium-sized disk information update: the net profit increased significantly in 2021, and the large-scale volume of main chips can be expected in the future

\u3000\u3 Guocheng Mining Co.Ltd(000688) 099 Amlogic (Shanghai) Co.Ltd(688099) )

The company released its 2021 annual report, and the non net profit deducted in 2021 increased by 742.66% year-on-year

The company released its 2021 annual report. In 2021, the company's operating revenue was 4.78 billion yuan, a year-on-year increase of 74.46%, the net profit attributable to the parent was 812 million yuan, a year-on-year increase of 606.76%, and the net profit deducted from non net profit was 716 million yuan, a year-on-year increase of 742.66%. Among them, the operating revenue of 2021q4 was 1.544 billion yuan, an increase of 25.36% month on month, and the net profit attributable to the parent company was 303 million yuan, an increase of 22.87% month on month, with the performance growth exceeding the expectation. We maintain the company's profit forecast for 20222023 and add a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 1.273 billion yuan, 1.751 billion yuan and 2.306 billion yuan respectively, corresponding to EPS of 3.10, 4.26 and 5.61 yuan / share respectively in 20222024. The current share price corresponds to PE of 35.1, 25.5 and 19.4 times respectively, maintaining the "buy" rating.

The main chip products continue to be sold in large quantities, and the overseas market expansion effect is remarkable

The main reason for the substantial growth of the company's performance in 2021 is the rapid growth of the shipments of intelligent set-top box chips and AI audio and video system terminal chips. In 2020, the company's chip shipments exceeded 100 million for the first time. In 2021, the annual chip shipments reached 159 million, with a year-on-year increase of more than 50%. The scale effect has driven the improvement of the company's profitability. In terms of smart set-top box chips, the number of smart set-top box purchases by China Mobile, China Unicom and China Telecom has increased significantly, the income of smart set-top box chips in China has increased significantly, the popularity of overseas markets has been accelerating, and the scene of downstream cities is high. In terms of AI audio and video system terminal chips, the company has multi-level AI terminal chip solutions, and has entered the global supply chain of 100 operators + Internet streaming media giants Netflix, Google, Amazon and other enterprises. With the improvement of overseas intelligent penetration, the company's SOC chips are expected to grow rapidly.

WiFi, Bluetooth and new vehicle products are developed rapidly, and automotive electronic chips have great potential to enter the intelligent cockpit

The company's new product R & D iteration speed is fast. According to Hithink Royalflush Information Network Co.Ltd(300033) caijing.com, wifi5 + BT5 2. Large scale mass production of single chip w155s1 has been realized, including Xiaomi tvstick and other key customer products. Wifi6 is expected to be produced in June 2022; The company's automotive electronic chips are mainly used for on-board entertainment screens. The on-board front mounted central control system v901d has received orders from overseas customers, including Lincoln play, and the shipment volume has increased steadily. Relying on the advantages of entertainment systems in the automotive field, the company will have great prospects to enter the field of intelligent cockpit in the future.

Risk warning: downstream demand is less than expected; Overseas market expansion was less than expected.

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