\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
On April 20, 3Peak Incorporated(688536) released its first quarterly report. In Q1, the company achieved a revenue of 442 million yuan, a year-on-year increase of 164.70%, a net profit attributable to the parent company of 91.46 million yuan, a year-on-year increase of 193.73%, and a net profit deducted of 72.49 million yuan, a year-on-year increase of 282.74%.
Q1 performance exceeded expectations, and the downstream continued high prosperity: 1) performance exceeded expectations. The company’s Q1 revenue reached 442 million yuan, a year-on-year increase of 164.70% and a month on month increase of 1.72%; The net profit attributable to the parent company was 91.46 million yuan, a year-on-year increase of 193.73%, and the non net profit deducted was 72.49 million yuan, a year-on-year increase of 282.74%. After excluding the impact of share based payment expenses, the net profit attributable to the parent company reached 175 million yuan, with a year-on-year increase of 190.35% and a slight decrease of 6% month on month. Exceeding market expectations. 2) Gross profit margin decreased slightly month on month. In terms of profit margin, the company’s Q1 gross profit margin was 56.96%, down 2.64pct month on month, mainly due to 1) the increase in the proportion of power management revenue with low gross profit margin; 2) The rising cost of upstream wafers affected the performance of gross profit margin. 3) Contract liabilities increased and inventory turnover continued to decline, highlighting the high prosperity of downstream demand. The company’s Q1 contract liabilities reached 3.7549 million yuan, an increase of 116% over the end of 21; Moreover, the company’s inventory turnover days further decreased from 75 days in Q4 of 21 to 70 days, reflecting the company’s high downstream demand.
The revenue of power management accounted for 35.52%, making the company a new growth engine: in 22 years, the revenue of Q1 company’s signal chain chip products was 285 million yuan, a year-on-year increase of 92.08%, the revenue of power management was 157 million yuan, a year-on-year increase of 744.08%, and the revenue of power management chip products accounted for 35.52%. The company has accumulated a lot and made little progress. The revenue of power management has only 260000 since 2018, and has gradually crossed to 157 million yuan in Q1. The platform layout has achieved remarkable results. In terms of product progress, in addition to linear power supplies such as LDO, the company also complements motor drive, battery management, power monitoring, switching power supply, etc., and gradually promotes all-round coverage.? New products are released in competition, and the platform layout is becoming more and more effective: Based on signal chain, power management, embedded processor and AFE, the products continue to be high-end. Recently, the company has launched tpt7740 / 7741 / 7742 four channel digital isolator, tpt7487 / 7488 isolation RS485, tpt71050 / 71044 isolation can and other series. The products have outstanding performance in breakdown voltage, anti impact protection ability and common mode transient suppression CMTI, and have reached the leading level in China / the world. With the further enrichment of isolation products, the competitiveness in high-performance and high reliability markets such as industry and automobile will become more prominent.
The pan industrial sector continued to make breakthroughs, and the proportion of non communication revenue increased to more than 40%. The company continued to expand its downstream fields and achieved remarkable results in the markets of communication, pan industry and green energy. In 21 years, it has reached cooperation with more than 800 high-quality customers at home and abroad, such as Samsung, Zhongwei electronics, maytronics, Qun optoelectronics, Mingwei and Feihong. By the end of 21 years, it had more than 3800 customers. Industrial, automotive electronics, medical and consumer revenue has reached more than 40%.
Investment suggestion: we raised the company’s net profit attributable to the parent company in 2022 / 23 / 24 to 523 / 10.05 / 1.405 billion yuan, and the corresponding current price (closing price on 2022.4.21) PE was 81 / 42 / 30 times respectively. We are optimistic about the company’s ability to expand product lines such as power management, isolation, MCU and AFE, highlighting the platform layout, and the company’s downstream continued development, which is greatly weakened by the downstream impact of single communication. Maintain a “recommended” rating.
Risk warning: product R & D risk; Risk of declining prosperity of the industry; Market competition risk.
