\u3000\u3 China Vanke Co.Ltd(000002) 049 Unigroup Guoxin Microelectronics Co.Ltd(002049) )
Matters:
The company released its annual report for 2021. In 2021, the company achieved a revenue of 5.342 billion yuan (63.35% YoY) and a net profit attributable to shareholders of listed companies of 1.954 billion yuan (142.28% YoY). The company plans to distribute a cash dividend of 3.25 yuan (including tax) for every 10 shares to all shareholders and increase 4 shares.
Ping An View:
The performance continued to increase, benefiting from national defense informatization and chip localization: in 2021, the company achieved a revenue of 5.342 billion yuan (63.35% YoY), a net profit attributable to shareholders of listed companies of 1.954 billion yuan (142.28% YoY), and a net profit attributable to the parent company of 1.796 billion yuan (158.10% YoY). In 2021, the company’s overall gross profit margin and net profit margin were 59.48% (7.15pctyoy) and 37.14% (12.63pctyoy) respectively, and the company’s performance met expectations. On the one hand, under the dual background of national defense informatization and chip localization, the company continued to launch special microprocessors and supporting chipsets, obtained batch applications in important embedded fields, and the revenue proportion of special ICs continued to increase; On the other hand, in the context of 5g, the company supports batch shipment of super SIM card chips. By business: the revenue of special integrated circuits and intelligent security chips in 2021 was 3.364 billion yuan (101.08% YoY) and 1.664 billion yuan (22.11% YoY) respectively, accounting for 62.98% (increased by 11.82 percentage points) and 31.15% (decreased by 10.52 percentage points) respectively, and the gross profit margin was 77.20% (- 2.44 pctyoy) and 31.17% (6.34 pctyoy) respectively. Expense side: in 2021, the company’s financial expense rate, sales expense rate, management expense rate and R & D expense rate were 0.36% (0.34pctyoy), 4.57% (1.24pctyoy), 4.17% (0.17pctyoy) and 11.83% (1.22pctyoy) respectively. As an IC design enterprise, the company’s sales expense rate decreased with the expansion of revenue scale, and continued to increase R & D investment to provide sufficient guarantee for product upgrading and R & D of new products. As one of the major integrated circuit listed companies in China, the company takes intelligent security chip and special integrated circuit as its two main businesses, and arranges the fields of semiconductor power devices and quartz crystal frequency devices at the same time, providing chips, system solutions and terminal products for mobile communication, finance, government affairs, automobile, industry, Internet of things and other industries.
The advantages of special IC platform are remarkable, and the SIM card chip is leading: the company is in a leading position in China in the field of special integrated circuit technology. At present, it has formed seven series of products, and the core products are widely used in relevant fields. The company has mastered the architecture design, instruction set design and implementation technology of highly reliable microprocessor, established the design, verification and test platform of single chip and component bus products, and successfully launched the high-performance system integration product (SOPC) with field programmable function by combining field programmable technology with system integration chip; Intelligent security chip adopts leading process technology nodes and efficient design, which has significant advantages in performance, cost and reliability. It has authoritative certification qualifications at home and abroad, such as UnionPay chip security certification, national secret level II certification, international sogiscceal, isccceal4 +. And aec-q100 vehicle regulation certification, which is widely used in many fields, such as financial payment, identity recognition, Internet of things, mobile communication, intelligent terminal, Internet of vehicles and so on. Through years of market cultivation, the company has accumulated profound customer resources and formed close cooperation with global leading smart card providers, telecom operators, financial institutions, scientific research institutes, social security, transportation, health and other major industries.
Investment strategy: the company is in a leading position in China in the field of special integrated circuit technology. At present, it has formed seven series of products. Under the background of self-control and accelerated promotion of domestic substitution, the company is expected to benefit from its profound technological accumulation and excellent product performance. Considering that under the background of national defense informatization and chip localization, the company’s special IC shipments exceeded expectations and the profit of smart card business increased, we raised the company’s profit forecast for 22 / 23 years and added a 24-year profit forecast. It is estimated that the company’s net profit attributable to the parent company from 2022 to 2024 will be 2.764/37.69/4.906 billion yuan (the original value in 22 / 23 is 2.555/3.451 billion yuan), and the corresponding PE will be 38 / 28 / 22 times respectively, maintaining the company’s “recommended” rating.
Risk tips: 1) the epidemic spread exceeds expectations: if the epidemic spread exceeds expectations in the future, it will have a great impact on the resumption of work of some companies and have a certain impact on industrial chain companies. 2) Risk of lower than expected growth in downstream application fields: when macroeconomic fluctuations occur, lower than expected growth in downstream application fields will have a certain impact on the company’s performance. 3) Risk of uncertain trend of Sino US trade friction: if the trade friction between China and the United States worsens further, it will have a certain impact on industrial chain companies.
