\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
Recently, the company released its annual report for 2021: in 2021, the company achieved an operating revenue of 5.274 billion yuan, a year-on-year increase of 143.07%, and a net profit attributable to the parent company of 926 million yuan, a year-on-year increase of 116527%.
Key points supporting rating
All business segments achieved good growth, and the gross profit margin increased significantly. In 2021, the company’s revenue increased by 143.07% year-on-year, the net profit attributable to the parent company increased by 116527% year-on-year, and the gross profit margin was 36.96%, with a year-on-year increase of 9.83pct. Among them, the revenue of microprocessor chip was 199 million yuan, with a year-on-year increase of 60.59%, and the gross profit margin was 56.26%, with a year-on-year increase of 0.94 PCT; The revenue of intelligent video chip was 979 million yuan, with a year-on-year increase of 236.04%, and the gross profit margin was 44.18%, with a year-on-year increase of 18.93 PCT; The revenue of memory chips was 3.594 billion yuan, a year-on-year increase of 135.63%, and the gross profit margin was 30.40%, a year-on-year increase of 9.67 PCT; Analog and interconnect chips achieved a revenue of 413 million yuan, a year-on-year increase of 120.11%, and a gross profit margin of 54.63%, a year-on-year increase of 5.80 PCT. In addition, the impact of depreciation and amortization on the profit and loss of the company during the reporting period amounted to 715544 million yuan; The company’s profits and losses related to connectivity, Lin, can, MCU and optical fiber communication business had an impact on the net profit of 105 million yuan. The sales expense ratio was 4.90%, with a year-on-year decrease of 1.52pct; The management expense ratio was 3.03%, with a year-on-year decrease of 1.48 PCT; The financial expense ratio was -0.37%, with a year-on-year increase of 0.46pct.
The storage product line continues to be enriched, and the intelligent automobile improves the demand for vehicle gauge chips. Since 2021, the demand for automobile terminals has rebounded, the intellectualization of automobile has been continuously promoted, the demand for vehicle gauge chips is strong, and the company’s memory chips have also maintained a good growth trend. The company actively promotes DDR4, lpddr4 and other products. 8GB and 16gbddr4 products have achieved mass production and sales. 8gblpddr4 products are expected to start sending samples in 2022. In addition, the company has continuously increased the market promotion of flash product line, the sales of vehicle regulation flash products have grown rapidly, and has also completed the production of two norflash films for the mass consumer market, which is expected to achieve mass production and sales in 2022.
New products of interconnected chips have entered the stage of mass production, contributing to new performance growth points. The company’s interconnection chips are mainly vehicle specification level interconnection chips. In 2021, some new products began to be marketed. It is expected that greenphy products will begin to enter the stage of mass production and sales in 2022.
Valuation
Considering the good overall demand of the downstream, adjust the company’s EPS for 22-24 years to 2.481/3.160/4.055 yuan, and the PE corresponding to the current share price is 31 / 25 / 19 times respectively, maintaining the rating of “overweight”.
Main risks of rating
Capacity supply is lower than expected; Downstream demand is lower than expected; The expansion of new products was less than expected.
