\u3000\u3 Guocheng Mining Co.Ltd(000688) 286 Memsensing Microsystems (Suzhou China) Co.Ltd(688286) )
Event: the company released its 2021 annual report, and achieved an operating revenue of 352 million yuan in 2021, with a year-on-year increase of 6.57%; The net profit attributable to the parent company was 12.424 million yuan, a year-on-year decrease of 70.16%; Deduct non net profit of -1971900 yuan, a year-on-year decrease of 105.54%. Comments: Memsensing Microsystems (Suzhou China) Co.Ltd(688286) ‘s product layout continues to expand, covering all kinds of product fields, entering the period of business structure transformation and adjustment. Due to the high share based payment expenses, the net profit is greatly affected by share based payment, resulting in the decline of net profit attributable to the parent company.
The company’s product structure transformation and adjustment, the continuous R & D layout of other types of MEMS sensors such as pressure and acceleration, the products in the application fields such as electronic smoke, bone conduction and altimeter are in the starting period, and the acoustic sensors stand at a high level in the world. The company actively explores the R & D and product application of other types of MEMS sensors. At present, Memsensing Microsystems (Suzhou China) Co.Ltd(688286) 2021 is in the period of business structure adjustment, new products are in the starting period, and long-term performance adjustment and recovery can be expected. (1) MEMS pressure sensor field: the company has developed products such as ventilator, disposable sphygmomanometer, vehicle pressure module and medium isolation module, further expanding the application field of pressure sensor products. (2) MEMS acceleration sensor field: the company continues to promote the development of new product processes to prepare for subsequent mass production; At the same time, the company has also simultaneously promoted the research and development in the fields of thermopile, flow, bone conduction, electronic cigarette and other products. At present, the company has realized the delivery of samples to customers and the small batch shipment of some products. (3) In 2021, MEMS acoustic sensor chip stood at a high position, ranking third in the world and winning the trust of customers all over the world. (4) Automotive applications: the company’s new differential pressure sensor DPS for measuring the differential pressure at both ends of DPF and evap sensor for measuring fuel vapor pressure have been successfully developed. The above-mentioned products with fully independent intellectual property rights and the advantages of fully localized supply chain have successfully entered many main engine plants and tire1 suppliers in China to achieve mass production. In addition, the company also focuses on the development of some new application products brought by the trend of automobile electrification, intelligence and networking, including the vacuum sensor (VBS) for measuring the brake vacuum booster, the airbag pressure sensor for adjusting the hardness of seat back lumbar support and back support, and the battery pack gas pressure sensor for detecting battery safety. The products are technically mature and have passed the test of corresponding customers. Among them, the pressure sensor applied to the seat has been recognized by the brand model and realized batch supply.
Accelerate the breakthrough of major mobile phone customers, continue to invest in high R & D and build high technical barriers. The company’s self built packaging and testing plant has been put into operation and meets the conditions for entering the supplier threshold of brand customers. In the first half of 2021, it also obtained the AVL certification of a brand customer in China. At the same time, other brand customers have also started the audit process. The company is committed to becoming an industry-leading MEMS platform company, relying on strong R & D strength to support the product layout of the company’s multi device and multi product line. Therefore, on the one hand, the company attaches great importance to R & D investment and the construction of R & D talent echelon; In 2021, the R & D investment of the company was 756186 million yuan, an increase of 79.86% over the same period of last year, and the proportion of R & D expenditure in operating revenue was 21.50%, an increase of 8.76 percentage points year-on-year; The number of R & D technicians of the company increased to 170, with a year-on-year increase of 38.21%; R & D technicians accounted for 33.60% of the company’s total employees, an increase of 6.27 percentage points year-on-year. By the end of 2021, the company has obtained 43 invention patents, 135 utility model patents, 2 design patents and 3 software copyrights.
Set up industrial investment fund Suzhou Yuanxin industrial investment center, optimize industrial layout and strengthen competitive advantage. In the first quarter of 2021, the company jointly invested with Suzhou Yuanfeng Capital Management Co., Ltd., Zhongxin Suzhou Industrial Park Venture Capital Co., Ltd. and Suzhou Nanotechnology Development Co., Ltd. to establish the industrial investment fund Suzhou Yuanxin industrial investment center. As a limited partner, the company subscribed RMB 90 million with its own funds. The establishment of the target company will further accelerate the R & D and pilot test needs of the company’s new processes and products, and lay a solid foundation for the company to participate in the international competition of MEMS chips.
5g + aiot application is applied to pry the MEMS incremental market and is optimistic about the company’s long-term performance adjustment and development. In the long run, the application of cutting-edge technologies in 5g and aiot will help to open the MEMS incremental market in the future. With the support of 5g and even the future data network with faster transmission speed and greater carrying capacity, the interconnection of all things has the foundation for development. MEMS sensors and actuators shoulder the functions of human senses and nerve endings in the data world, and will usher in greater development opportunities. While Memsensing Microsystems (Suzhou China) Co.Ltd(688286) is developing or will soon develop and provide device level products including acoustic sensors, pressure sensors, pressure sensors, inertial sensors, flow sensors, microfluidic actuators, optical sensors and so on, which is expected to have greater application space in the future society of Internet of things with interconnected things.
Profit forecast: affected by comprehensive factors, the company’s performance is under pressure. We expect the company to realize a net profit of 44 / 54 / 103 million yuan in 22 / 23 / 24 years; The corresponding EPS is 0.83/1.02/1.94 yuan / share respectively, maintaining the “hold” rating. Under the prospect of overweight business growth of the company’s new product line, we are optimistic about the future growth prospect of the company’s business after adjustment.
Risk tips: concentrated sales areas, rising labor costs, aggravation of the epidemic, loss of R & D technicians
