\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
Core view
1q22 revenue hit a quarterly high, and the net profit attributable to the parent company increased by 194%. The company’s 1q22 revenue reached 442 million yuan (yoy165%, qoq2%), a quarterly high, with a net profit attributable to the parent company of 91 million yuan (yoy194%, qoq-31%), deducting a net profit not attributable to the parent company of 72 million yuan (yoy283%, qoq-35%), and the net profit decreased significantly month on month, mainly due to the implementation of the 2021 restricted stock incentive plan in December 2021, and a total equity incentive fee of 83 million yuan was raised in 1q22. After excluding the impact of share based payment fees, The net profit attributable to the parent company was 175 million yuan (yoy190%, qoq-6%). In terms of profitability, the gross profit margin of 1q22 was 56.96%, a year-on-year decrease of 1.19 PCT and a month on month decrease of 2.64 PCT; The net interest rate was 20.67%, with a year-on-year increase of 2.04 PCT and a month on month decrease of 9.63 PCT; The R & D rate was 31.26%, a year-on-year decrease of 2.26pct and a month on month increase of 7.33pct.
Signal chain chips grew steadily, and power management chips continued to grow in large quantities. In terms of products, 1q22 signal chain chip continued to maintain steady growth, realizing a revenue of 285 million yuan (yoy92.08%), accounting for 64.48% from 72.03% of 4q21; The revenue of power management chip reached 157 million yuan (yoy744%), accounting for 35.52% from 27.97% of 4q21. The main reason is that with the smooth progress of market expansion, the volume of power management chip products such as linear power supply and power monitoring is further increased, and the revenue structure of the company is gradually balanced. In terms of downstream application fields, the company has made achievements in market expansion in many application fields such as communication, pan industry and green energy. It has reached cooperation with many high-quality customers at home and abroad such as Samsung, Zhongwei electronics, maytronics, Qun optoelectronics, Mingwei and Feihong, and the product application field has been continuously expanded.
Increase investment in vehicle regulations and isolation products, and launch a new series of isolation products. By the end of 2021, the company has accumulated more than 1600 product models. At the same time, the company has increased the investment in vehicle regulation and isolation platform technologies, established a complete automotive electronic quality management system and passed the approval of relevant customers. The first automotive high-voltage precision amplifier (tpa1882q) has been supplied in batches. Since 2019, the company has accumulated a wealth of invention patents, including 9 technical patents for basic isolation, transmission circuit, process optimization and new packaging. So far, the company has launched 2-channel Digital Isolator tpt7720 / 7721 series, and the latest four channel Digital Isolator tpt7740 / 7741 / 7742, tpt7487 / 7488 isolation RS485, tpt71050 / 71044 isolation can and other isolation products for factory automation Power automation, motor drive, power control, medical and other application scenarios.
Investment suggestion: the company’s product models and downstream application fields are constantly enriched and the “buy” rating is maintained. We expect the company’s net profit attributable to the parent company to be RMB 513 / 818 / 1127 million from 2022 to 2024 (the previous value is RMB 556 / 745 / 1031 million), with a year-on-year growth rate of 16 / 60 / 38%; EPS is 6.39/10.19/14.05 yuan, and the PE corresponding to the share price on April 20, 2022 is 83 / 52 / 38x respectively. The company’s product models and downstream application fields are constantly enriched, which is expected to continue to benefit from the domestic substitution of chips and maintain the “buy” rating.
Risk warning: the research and development of new products is not as expected; Customer verification is not as expected; The demand is less than expected.
