\u3000\u3 China Vanke Co.Ltd(000002) 049 Unigroup Guoxin Microelectronics Co.Ltd(002049) )
Event: the company issued the 2021 performance report. In 2021, the company achieved a revenue of 5.342 billion yuan, a year-on-year increase of 63.35%; The net profit attributable to the parent company was 1.954 billion yuan, a year-on-year increase of 142.28%; The non net profit deducted was 1.796 billion yuan, a year-on-year increase of 158.10%.
Comments:
Integrated circuit business is the main source of contribution to the company’s performance growth. In 2021, the company’s integrated circuit business realized an operating revenue of 5.028 billion yuan, a year-on-year increase of 65.04%, accounting for 94.13% of the company’s operating revenue, and the electronic components business realized an operating revenue of 271 million yuan, a year-on-year increase of 37.60%, accounting for 5.07% of the company’s operating revenue. During the reporting period, the market demand of integrated circuit business was strong and the business scale grew rapidly.
The performance of 2021q4 increased year-on-year. In 2021q4, the company achieved a revenue of 1.553 billion yuan, a year-on-year increase of 63.43% and a month on month increase of 3.69%; The net profit attributable to the parent company was 496 million yuan, a year-on-year increase of 307.33% and a month on month decrease of 14.69%; The non net profit deducted was 437 million yuan, a year-on-year increase of 510.42% and a month on month decrease of 21.52%.
The global demand for semiconductor products is strong. According to the statistics of China Semiconductor Industry Association, the sales volume of China’s integrated circuit industry in 2021 was 104583 billion yuan, a year-on-year increase of 18.2%. Among them, the sales volume of the design industry was 451.9 billion yuan, a year-on-year increase of 19.6%; The sales volume of manufacturing industry was 317.63 billion yuan, with a year-on-year increase of 24.1%; The sales volume of packaging and testing industry was 276.3 billion yuan, a year-on-year increase of 10.1%. According to customs statistics, China imported 635.48 billion pieces of integrated circuits in 2021, a year-on-year increase of 16.9%; The import amount was US $432.55 billion, a year-on-year increase of 23.6%. 310.7 billion pieces of integrated circuits were exported, a year-on-year increase of 19.6%, and the export amount was US $153.79 billion, a year-on-year increase of 32%.
Major projects have been steadily promoted, and R & D tasks have been carried out in an orderly manner. During the reporting period, focusing on the market demand, the company continued to tackle key problems in chip core technology, fully promoted the implementation of various R & D projects and enhanced its core competitiveness. In terms of special integrated circuits, hundreds of series products continue to iterate, power management chips continue to be enriched, and the development of a new generation of SOPC chips is smooth; In terms of intelligent security chips, large capacity and multi application se security chips are designed and finalized, and vehicle security chips are shipped in batches. In addition, the company has also made positive progress in the research and development of miniaturized and high-frequency crystal oscillator products and multiple epitaxial superjunction MOSFET products. In addition, the company continued to increase R & D investment and consolidate the foundation for future development. The R & D investment was 866 million yuan, an increase of 43.42% over the same period last year.
Investment suggestion: the company is one of the leading integrated circuit design enterprises in China, and is the first enterprise engaged in the design and research of intelligent security chips and highly reliable integrated circuits in China; The company’s SIM card chip business has the highest market share in China and the world, and the company has great prospects in the tide of digital reform in the future. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 2.896 billion yuan, 4.201 billion yuan and 5.682 billion yuan respectively, and the PE will be 36 times, 25 times and 19 times, giving a “recommended” rating.
Risk warning: the risk of business income decline due to the lower than expected R & D of new products; The risk of cost increase caused by the sharp rise in the price of upstream raw materials; There is a risk that the promotion of informatization reform is not as expected, resulting in the decline of demand.
