\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 171 Shanghai Belling Corp.Ltd(600171) )
Event: on April 22, the company released the performance report for the first quarter of 2022: the operating revenue was 446 million yuan; The net profit attributable to the parent company is 144 million yuan; Net profit deducted from non parent company was 93 million yuan, with a year-on-year increase of 22.58%.
The product structure was continuously optimized, and the performance was steadily improved driven by multipolar growth. Focusing on integrated circuit chip design and product application development, the company is positioned as a first-class analog and digital analog hybrid integrated circuit supplier in China. In the first quarter, the company achieved a net profit of 93 million yuan, an increase of 22.58% year-on-year. The company closely follows the development trend of national strategic emerging industries, speeds up the adjustment of product structure, gradually extends and transfers to emerging consumer electronics and intelligent manufacturing, strives to break through core technologies, create independent safety core products, and continuously increases R & D investment. In the first quarter, R & D expenses increased by 51.82% year-on-year. The products are divided into power chain (power management, power device business) and signal chain (data converter, special power chip, Internet of things front-end, non-volatile memory and standard signal product business), and the scope is constantly expanded and enriched. In the field of power chain, the company continues to promote the research and development of new products of power devices and grasp the localization opportunity of power management chips. With the increasing demand for automotive electronic chips, smart city equipment and Internet of things link equipment, the market scale of domestic power management chips is expected to continue to grow; In the field of signal chain, we have steadily promoted the technological innovation of standard signal products. The company’s EEPROM memory products have continued to grow in high-end industrial control, made a zero breakthrough in automotive applications, widely used in downstream markets, and steadily increased the scale of the industry. According to IC insight data, the market scale of global signal chain analog chips will increase from US $8.4 billion in 2016 to US $11.8 billion in 2023, with CAGR of about 5%.
Deeply cultivate the power management track and comprehensively layout the automotive electronic products business. Based on the existing market, the company further completes the industrial layout, focuses on the development of product business in the pan industrial market and automotive electronics market, and constantly introduces new industrial grade products and vehicle regulation grade products. At present, it has formed a perfect supply chain and quality assurance system. The company’s power management product business has achieved a breakthrough in the automotive electronics market, LDO and LED driver chips have been sold in batches, IGBT products have been introduced into automotive ignition system and vehicle air conditioning, and the market share has continued to increase. In addition, a number of power products have received the intended needs of automotive electronics customers, and it is expected to be sold in succession this year. The company will continue to increase investment in new product development, actively layout the application field of automotive electronics, establish the company’s automotive electronics R & D and quality management system, and improve the sales scale of vehicle regulation level EEPROM products, vehicle regulation level IGBT and vehicle regulation level power supply products. In order to meet the growing demand of new energy vehicles for on-board products and automotive electronic chips, the company will continue to make efforts in the automotive electronics market and continuously improve the penetration of products in high-end application fields such as industrial control and automotive electronics.
Investment suggestion: considering the uncertainty of non operating profit, its profit contribution will not be considered temporarily. We expect that the company’s revenue from 2022 to 2024 will be 2.632 billion yuan, 3.395 billion yuan and 4.345 billion yuan respectively, and the net profit attributable to the parent company will be 555 million yuan, 723 million yuan and 898 million yuan respectively, maintaining the “Buy-A” investment rating.
Risk warning: market competition intensifies the risk; Risk of new product R & D failing to meet expectations.
