\u3000\u3000 Wuxi Chipown Micro-Electronics Limited(688508) (688508)
The net profit of the upstream is not affected by the rise of the parent price in the fourth quarter
On January 10, 2022, the company released the performance forecast for 2021, benefiting from the high prosperity of downstream demand. In 2021, the company's net profit attributable to the parent was about 190 million yuan, an increase of 90.50% year-on-year, deducting 140 million yuan, an increase of 73.63% year-on-year. In 2021q4, the net profit attributable to the parent company was 61 million yuan, a year-on-year increase of 50.62% and a month on month increase of 3.74%, and the net profit excluding non attributable to the parent company was 29 million yuan, a year-on-year decrease of 7.64% and a month on month decrease of 38.95%. Considering the continued prosperity of downstream demand, we maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 190 / 249 / 339 million yuan, EPS will be 1.68/2.21/3.01 yuan, and the corresponding PE of the current stock price will be 64.6/49.2/36.1 times. Considering that the analog chip track where the company is located is still in the rapid penetration period of localization and substitution, the "buy" rating is maintained.
Actively respond to the capacity crisis and have outstanding cost transfer ability
Due to the high downstream demand in 2021, the global chip market presents a situation of short supply, which makes the wafer factories and power device manufacturers raise prices one after another in the first three quarters of 2021. With the rise of wafer and power device prices, the product cost of Wuxi Chipown Micro-Electronics Limited(688508) has been increased, but relying on the higher industrial chain position and more timely sales strategy, the company has realized relatively rapid cost transfer; The gross profit margin of the company in the first three quarters of 2021 is 40.52%, 42.20% and 44.93% respectively.
2022 is the first year of high-end domestic fast charging, and the company has the first mover advantage
With the advent of the fast charging era, mobile phones, wearable, cars, small household appliances and other electronic terminals show a significant trend of fast charging. In 2021, the product layout of domestic AC-DC manufacturers is limited to less than 30W, and overseas AC-DC manufacturers still occupy the high-end AC-DC market. Relying on the continuous research and development of domestic chip design companies, 2022 is expected to be an important starting point for domestic AC-DC products to move towards high power and branding; At the same time, benefiting from long-term technology accumulation and product layout, we believe that Wuxi Chipown Micro-Electronics Limited(688508) has a strong first mover advantage in high-power AC-DC.
Risk warning: there is a risk of continuous tightening of upstream capacity; There is great uncertainty in the speed of customer expansion; There is uncertainty in the progress of new product R & D.
