\u3000\u3 China Vanke Co.Ltd(000002) 049 Unigroup Guoxin Microelectronics Co.Ltd(002049) )
The company achieved a revenue of 5.34 billion yuan in 21 years, with a year-on-year increase of 63%; The net profit attributable to the parent company was 1.95 billion yuan, a year-on-year increase of 142%; The gross profit margin increased from 52.3% in 20 years to 59.5% in 21 years, mainly benefiting from the increase in the proportion of special integrated circuit business with high gross profit margin.
The demand for special integrated circuit business is strong, and new products open up new growth points: 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 nanometer FPGA series products have gradually become mainstream products, and the development of a new generation of higher performance products is also progressing smoothly; With advanced technology and rich varieties, special memory products are the most widely covered product series in China’s special application field, maintaining a huge market leading advantage. In terms of network bus and interface products, the company continues to maintain a leading market share. With the wide application of special SOPC platform products, system level chips and peripheral supporting products have become an important source of revenue for the company. In the field of analog products, the market share of the company’s products continues to expand. The company also continues to develop in the fields of digital power supply, high-performance clock, high-speed and high-precision ADC / DAC, protection circuit, isolation chip and sensor chip. Some models of products have been sold and are expected to become a new growth point of the company during the 14th Five Year Plan period.
The position of intelligent security chip business in the industry is consolidated, and efforts are made in multiple application fields: the company’s products are used in many application fields such as mobile communication, financial payment, Internet of things, Internet of vehicles and so on. In terms of Telecom SIM card, the company’s product layout is complete and its overseas market share continues to increase; In addition, the company maintains a leading edge in ESIM, nfc-sim and other market segments. Among them, the company supports customers to win the bid for the centralized purchase project of China Mobile nfc-sim card products. In terms of financial payment security products, the company further increased its market share in Bank Of China Limited(601988) ic card chips, actively expanded overseas markets, and achieved batch issuance in many countries and regions. In the social security card market, the company actively promoted the work of the third generation social security card, made breakthroughs in many projects, and the delivery volume increased significantly. The company’s financial terminal security chip has achieved large-scale commercial use in the overseas market, and the market share has been increasing. In addition, the company accelerated the development of Internet of things and Internet of vehicles application scenarios, and realized the landing of multiple projects in the field of intelligent three meters and intelligent wear; The company’s vehicle specification level security chip scheme is commercially available in batches in multiple vehicle enterprises. The R & D and industrialization of high-end safety chips and vehicle controller chips will also inject continuous growth power into the development of the company.
Profit forecast and investment suggestions
We predict that the company’s earnings per share for 22-24 years will be 4.62 yuan, 6.50 yuan and 8.89 yuan respectively (the original forecast for 22-23 years is 2.85 yuan and 3.67 yuan, mainly raising the forecast of special integrated circuit income). According to the 22-year average 44 times PE valuation of comparable companies, we give a target price of 203.28 yuan and maintain the overweight rating.
Risk tips
R & D risks of special integrated circuit products; Decline risk of intelligent security chip business; Uncertainty of investment income
