\u3000\u3 Guocheng Mining Co.Ltd(000688) 536 3Peak Incorporated(688536) )
The downstream demand is highly prosperous and the performance continues to be excellent
On April 20, 2022, the company released the first quarterly report of 2022. Benefiting from the high prosperity of downstream demand, the operating revenue of 2022q1 was 442 million yuan, a year-on-year increase of 164.70% and a month on month increase of 1.72%. Excluding the impact of share based payment expenses, the net profit attributable to the parent company in 2022q1 was 175 million yuan, with a year-on-year increase of 190.35%. Considering the slight decline of gross profit margin caused by the change of revenue structure, we slightly lowered the profit forecast for 2022 and slightly raised the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 535 / 856 / 1282 million (the original value is RMB 551 / 856 / 1261 million respectively), EPS will be RMB 6.67/10.67/15.98, and the current share price corresponding to PE is 79.1 / 49.4 / 33.0 times. As the revenue is expected to remain in a period of rapid growth, maintain the “buy” rating.
The power product line is growing rapidly, and the revenue structure is gradually optimized
2022q1’s signal chain chip revenue was 285 million yuan, a year-on-year increase of 92.08%; Benefiting from the rapid increase in the revenue scale of linear power supply, power monitoring and other products, the company’s power management chip revenue was 157 million yuan, an increase of 744.08% year-on-year. In 2021q4, the company’s revenue structure is 72% signal chain chips and 28% power management chips, while in 2022q1, the company’s revenue structure is 64.5% signal chain chips and 35.5% power management chips, which shows that with the rapid growth of power management business, the company’s revenue structure is becoming more and more balanced.
The change of revenue structure makes the gross profit margin slightly lower, and the R & D investment still maintains high-speed growth
As the proportion of revenue from power management business has increased significantly, and the gross profit margin of power management business is lower than that of signal chain business, the comprehensive gross profit margin of 2022q1 company is 56.96%, down 1.19 percentage points year-on-year and 2.63 percentage points month on month. Affected by the new share based payment fees generated by the newly implemented equity incentive plan in December 2021 and the increase in the number of R & D personnel, the R & D investment of 2022q1 company was 138 million yuan, a year-on-year increase of 146.84%. We believe that in the rapid growth period of the company, high equity incentive is of great significance to the rapid expansion of the company’s personnel and the rapid enrichment of product categories. With the increasing maturity of the company, the impact of equity incentive fees on the company’s performance is expected to gradually decline.
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 research and development progress of new products.
