\u3000\u3 Guocheng Mining Co.Ltd(000688) 798 Shanghai Awinic Technology Co.Ltd(688798) )
Core view
In 2021, the net profit attributable to the parent company increased by 184%, and the revenue profit of 4q21 reached a new high. In 2021, the company’s revenue was 2.327 billion yuan (YoY 62%), the net profit attributable to the parent was 288 million yuan (YoY 184%), and the net profit not attributable to the parent was 247 million yuan (YoY 175%). Among them, the revenue of 4q21 was 666 million yuan (YoY 42%, QoQ 12%), and the net profit attributable to the parent company was 93 million yuan (YoY 325%, QoQ 26%), setting a new high in quarterly performance. In terms of profitability, in 2021, the gross profit margin increased by 7.84pct to 40.41%, the net profit margin increased by 5.32pct to 12.39%, and the R & D rate increased by 3.62pct to 17.91%; The gross profit margin of 4q21 was 43.37%, increased by 1.27pct month on month, increased by 15.11pct year on year, and the net profit margin was 13.94%, increased by 1.57pct month on month, increased by 9.28pct year on year
We continued to launch a variety of new products, and all product lines grew together. The company’s product categories are constantly enriched, 2021
In, more than 200 product models were added, and more than 800 models were accumulated. Under the background of strong demand, all product lines of the company have achieved growth. In terms of audio power amplifier, it launched 12 inch 90nm BCD high-voltage audio power amplifier products, with a revenue of 997 million yuan (YoY 34%), accounting for 43% and a gross profit margin of 37%; In terms of power management, it launched charger, LDO, DC / DC, LCD bias, load switch, MOS and other new products, with a revenue of 803 million yuan (YoY 76%), accounting for 35% and a gross profit margin of 41%; In terms of motor drive, it realized the integration of software and hardware, participated in the formulation and implementation of the international standard for tactile feedback of the first mobile game, with a revenue of 285 million yuan (yoy125%), accounting for 12% and a gross profit margin of 56%; In terms of RF front-end, LNA bank, 5g SRS RF switch, BT FEM and other new products were launched, with a revenue of 184 million yuan (YoY 81%), accounting for 8% and a gross profit margin of 20%.
The products have been successfully imported into automobile terminals, and self built reliability laboratories and test centers. The company actively grasps 5g
To meet the demand for products and continue to explore new fields. The products have gradually entered many market fields such as aiot, industry and automobile from consumer electronics, and relevant products have made substantial breakthroughs in the automobile field. They have been applied to Byd Company Limited(002594) , Hyundai, Wuling, Geely, Chery and other terminal vehicles through the module factory; At the same time, we will import more products into international brands such as Samsung, Facebook, Amazon and Google and become strategic partners. In order to ensure the quality and reliability of 3000 square meters of electronic products produced and tested by the company, oppo has been put into mass production and use, and has been able to meet the needs of customers. In order to ensure the reliability of 3000 square meters of electronic products, oppo has been put into mass production and testing. Investment suggestion: product item number and downstream customers continue to develop and maintain the “buy” rating
We expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 427 / 643 / 858 million (the value before 20222023 is RMB 410 / 644 million), with a year-on-year growth rate of 48 / 50 / 34%; EPS is 2.57/3.87/5.17 yuan, and the PE corresponding to the share price on April 15, 2022 is 55 / 36 / 27x respectively. The company continues to develop product item numbers and downstream customers and maintain the “buy” rating.
Risk tips: demand is less than expected, product development is less than expected, and customer import is less than expected.
