\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 61 Sg Micro Corp(300661) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In the 21st, the company achieved an operating revenue of 2.238 billion yuan, a year-on-year increase of + 87.07%, and a net profit attributable to the parent company of 699 million yuan, a year-on-year increase of + 142.21%. In Q4 of 21, the operating revenue was 703 million yuan, a year-on-year increase of + 110.65%, and the net profit attributable to the parent company was 248 million yuan, a year-on-year increase of + 203.74%. In the single quarter of Q1 in 22, the operating revenue was 775 million yuan, a year-on-year increase of + 96.81%, and the net profit attributable to the parent company was 260 million yuan, a year-on-year increase of + 244.98%. The performance of 22q1 reached a record high.
Under the circumstance of chip out of stock, domestic substitution is accelerated, and the rich product models drive the company's high performance in 21 years. In terms of revenue by product, the revenue of power management and signal chain chip in 2021 was 1.529 billion yuan and 709 million yuan respectively, with a year-on-year increase of 80.27% and 103.38% respectively. In 2021, the production capacity of analog chips was tight, the industry showed a high boom, and the domestic substitution accelerated under the environment of chip shortage. The company's products cover 25 categories of products in the two major fields of power management and signal chain. The number of new products launched in 2021 reached more than 500, which is significantly faster than that of 200300 new products every year in previous years. At the end of 2021, the number of materials on sale was nearly 3800.
The product structure was continuously optimized and the gross profit margin increased. In 2021, the gross profit margin of the company's power management and signal chain products was 53.03% and 60.77% respectively, with a year-on-year increase of 8.36pct and 2.15pct. The increase in the proportion of high-end products further increased the comprehensive gross profit margin. The comprehensive gross profit margin of 22q1 company in a single quarter increased to 60.62%, a year-on-year increase of 12.75pct and a month on month increase of 3.47pct.
It is expected that 2022 will provide support for the company's expansion of personnel and growth of products. It is expected that the market growth rate of automobile and communication field will be relatively higher this year, and the company's multi field coverage will be less affected by the prosperity of a single downstream industry. At the end of the 21st century, the company had 602 R & D personnel, a year-on-year increase of 59%, and the personnel expansion speed was accelerated. 22q1 company's performance reached a new high, and its performance in 22 years is expected to maintain a high growth rate.
Profit forecast: it is predicted that the company's operating revenue in 22-24 years will be 3.876, 6.135 and 8.896 billion yuan, and the net profit attributable to the parent company will be 1.140, 1.755 and 2.445 billion yuan. Based on the company's rich product item numbers and multi field layout, we maintain the "overweight" rating.
Risk warning: the research and development of new products is less than expected, and the market risk appetite decreases
