\u3000\u3 China Vanke Co.Ltd(000002) 049 Unigroup Guoxin Microelectronics Co.Ltd(002049) )
Recently, the company released its annual report for 2021: during the reporting period, 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%.
Key points supporting rating
All business lines achieved good growth and improved profitability. During the reporting period, the company’s intelligent security chip business achieved a revenue of 1.663 billion yuan, a year-on-year increase of 22.11%, and the gross profit margin was 31.17%, a year-on-year increase of 6.34 PCT; The special integrated circuit business achieved a revenue of 3.364 billion yuan, a year-on-year increase of 101.08%, and the gross profit margin was 77.20%, a year-on-year decrease of 2.44 PCT; The revenue of crystal components business was RMB 271 million, with a year-on-year increase of 37.60%, and the gross profit margin was 20.82%, with a year-on-year increase of 1.07pct. The sales expense ratio was 4.57%, a year-on-year decrease of 1.24pct; The management expense ratio was 4.17%, with a year-on-year increase of 0.16pct; The financial expense ratio was 0.36%, with a year-on-year increase of 0.34pct.
The orders for special integrated circuits are full and the performance is increasing rapidly. The company’s special microprocessor and supporting chipset products continue to be launched, and the application field continues to expand; With the rapid development of special FPGA products, 2x nano FPGA series products have gradually become mainstream products, and the development of a new generation of higher performance products has been smoothly promoted; Special memory is the most extensive product series covering special application fields in China, with obvious leading edge; Network bus and interface products continue to maintain a leading market share; System level chips and peripheral supporting products have become one of the important sources of income. In the field of analog products, the market share of power chips continues to expand, and some models such as digital power supply, high-performance clock and high-speed and high-precision ADC / DAC have been sold, which is expected to become a new growth point of the company during the 14th Five Year Plan period.
Intelligent security chip business continues to grow, and automotive chips inject new development power. During the reporting period, the company’s second-generation resident ID card, electronic travel document and other products were stably supplied, and new application projects related to identity recognition security products were actively promoted. The overseas market share of Telecom SIM card continued to increase, the market share of Bank Of China Limited(601988) IC card chip further increased, the overseas market issued cards in batches in many countries and regions, made breakthroughs in many projects of the third-generation social security card, and the shipment volume increased significantly. The digital currency chips and solutions launched by the company lead the new direction of the financial payment market. In terms of vehicle regulation chip, the company’s vehicle regulation level safety chip scheme is commercially available in batches in multiple vehicle enterprises. The work related to vehicle controller chip of convertible bond raised investment project is progressing smoothly, which will bring new impetus to future development.
Valuation
Considering the growth of demand for special IC and smart card, adjust the company’s EPS for 22-24 years to 4.61/6.47/8.67 yuan, and the PE corresponding to the current stock price is 37 / 26 / 20 times respectively, maintaining the “overweight” rating.
Main risks of rating
Smart card demand is lower than expected; The demand for special IC is less than expected; The capacity supply is less than expected.
