\u3000\u3 Shengda Resources Co.Ltd(000603) 501 Will Semiconductor Co.Ltd.Shanghai(603501) )
Recently, the company released its annual report for 2021: the revenue in 2021 was 24.104 billion yuan, a year-on-year increase of 21.59%; The net profit attributable to shareholders of listed companies was 4.476 billion yuan, a year-on-year increase of 65.41%.
Key points supporting rating
All business segments achieved good growth, and the gross profit margin increased significantly. The growth of the company's performance during the reporting period was mainly due to: 1) the revenue of semiconductor design business was 20.38 billion yuan, with a year-on-year increase of 18.02%. Among them, the revenue of CIS business in the fields of automobile and security increased significantly. The mobile phone market accounted for 57% of CIS revenue, and the automotive electronics and security accounted for 14% and 18% respectively. In addition, there was a great breakthrough in touch and display solutions; 2) Electronic components agency and sales business achieved a revenue of 3.66 billion yuan, a year-on-year increase of 47.28%. In terms of gross profit margin, the gross profit margin of design business was 37.90%, an increase of 6.15 percentage points year-on-year. The gross profit margin of agency sales business was 15.05%, a year-on-year decrease of 0.70 percentage points. The sales expense ratio was 2.14%, with a year-on-year increase of 0.26pct; The management fee rate was 3.91%, a year-on-year decrease of 1.07 PCT; The financial expense ratio was 1.48%, with a year-on-year increase of 0.09pct.
After years of deep cultivation in the automobile market, the on-board product line has brought new growth drivers. In terms of automotive CIS, the company has launched a number of products ranging from 3 million pixels to 8 million pixels. Through scheme cooperation with international leading automotive vision technology companies, the company provides cost-effective and high-quality image solutions for rear view, look around and electronic rear-view mirrors. In addition, the company adopts omnipixel ® The image sensor developed by 3-gs pixel technology and rgb-ir global shutter technology makes an accurate and complete in vehicle sensing solution possible. In addition to CIS, the company also provides customers with a variety of automotive special integrated circuits, such as oax8000, a special DMS processor integrating NPU and ISP, which can provide a special processing speed of up to 1.1 trillion operations per second.
Touch shows that the product line has made significant progress and contributed to new performance growth points. Tddi-4375 mobile phones have been widely recognized by tddi's customers in the first-line market, and tddi-4360 mobile phones have been widely produced in the reporting period. In addition, the company has supplemented the oledddic product line by introducing a new R & D team. At present, DDIC products have been verified in China's head screen factory and are expected to be applied to smartphone customer product solutions in 2022.
Valuation
Considering the downstream terminal demand, adjust the company's EPS for 22-24 years to 6.40/8.07/9.57 yuan, and the PE corresponding to the current share price is 23 / 19 / 16 times respectively, maintaining the "overweight" rating.
Main risks of rating
The demand for mobile phones is lower than expected; The process of automobile intellectualization is not as expected; The expansion of new products was less than expected.
