Nano core micro (688052)
Key investment points
Nano chip micro: the leader of isolation chip in China. The combination of sensing + isolation technology focuses on the high wall market
Sensing + isolation technology combination, focusing on high barrier market. Since its establishment, the company has always been committed to the design of high-performance and high reliability analog chips. It has formed a product portfolio with sensing + isolation as the core, and gradually expanded the interface and driving and sampling chips. The company’s sensing ASIC products cover pressure sensors, silicon Youke wind, acceleration sensors and other products, and have realized batch shipment in the automotive front loading market. The company’s digital isolation performance is internationally leading. It is mainly used in high barrier markets such as industrial control, new energy and automobile, and combined with interface, driver and sampling chips to build a complete product matrix.
Industry trend: the new energy industry promotes the golden period of isolation chips, and the market share of the company continues to rise
Digital isolation chip is used to ensure the safety of signal transmission between strong current and weak current circuits. In the new energy era, the rapid development of communication, IDC, industrial frequency conversion and servo, optical storage, smart grid, new energy vehicles and other markets has expanded the use scenario of signal transmission between strong and weak circuits, and the demand for digital isolation chips has increased significantly. The company is a scarce supplier of digital isolation chips in China, and its product performance is the world’s leading. In 2020, the company’s digital isolation chips accounted for about 5% of the global market, with large domestic substitution space. In the future new energy era, as a leading manufacturer of digital chips, the company is expected to usher in a golden opportunity period.
Vehicle regulation simulation: sensor / isolation / drive / sampling chip accelerates mass production and supplies mainstream models in China
The company has actively deployed vehicle specification products, passed the highest level certification of global vehicle functional safety, and many products meet aec-q100 reliability test standards. Successfully entered the mainstream automobile supply chain of Byd Company Limited(002594) , Wuling Automobile, Great Wall Motor Company Limited(601633) , FAW Group, Contemporary Amperex Technology Co.Limited(300750) and realized batch loading. In traditional cars, the company’s pressure and temperature sensing chips are widely used in key parts such as intake / exhaust system and brake. In response to the high degree of electrification of new energy vehicles, the three electricity + thermal management system has added the demand for a variety of digital isolation chip products. The company has a comprehensive layout of isolation products, including digital isolator / isolation interface / isolation drive / isolation sampling.
Profit forecast and valuation
It is estimated that the company’s revenue from 2022 to 2024 will be 1.53/2.15/2.9 billion yuan respectively, with a year-on-year increase of 77.22% / 40.43% / 35.31%; The net profit attributable to the parent company was 480 / 698 / 949 million yuan. Corresponding to eps4 75 / 6.91 / 9.39 yuan. The company is the leader in the subdivided field of analog chips, and distributes many fields such as consumption, industry and automobile. The prosperity of downstream applications is high, and reference is made to comparable companies. We valued the company at 65x in 2022. The corresponding market value is 31.2 billion yuan.
Risk tips
The R & D progress is less than expected; Wafer foundry is not as expected; The demand is less than expected; Epidemic risk;
