\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 61 Sg Micro Corp(300661) )
Core view
In 2021, the net profit attributable to the parent company increased by 142%, and the performance of 1q22 hit a quarterly high. In 2021, the company's revenue was 2.238 billion yuan (YoY 87%), the net profit attributable to the parent was 699 million yuan (YoY 142%), and the net profit not attributable to the parent was 648 million yuan (YoY 145%). Among them, 4q21 has a revenue of 703 million yuan (YoY 111%, QoQ 13%), and a net profit attributable to the parent company of 248 million yuan (YoY 204%, QoQ 30%). In 2021, the gross profit margin increased by 6.76 PCT to 55.50%, and the net profit margin increased by 7.08 PCT to 30.78%. 1q22 is not light in the off-season, with a revenue of 775 million yuan (YoY 97%, QoQ 10%) and a net profit attributable to the parent company of 260 million yuan (YoY 245%, QoQ 5%). The gross profit margin was 60.62%, with a year-on-year increase of 12.75 PCT and a month on month increase of 3.47 PCT; The net interest rate was 33.22%, with a year-on-year increase of 14.44pct and a month on month decrease of 1.39pct.
More than 500 new products were added in 21 years, and the revenue of power management and signal chain increased simultaneously. The company's products fully cover 25 categories of products in the two major fields of signal chain and power management. More than 500 products have been added in 21 years. At present, nearly 3800 products are available for sale, covering more than 100 market segments and thousands of customers. While expanding the existing market areas, the company also actively layout in the application fields such as Internet of things, new energy, artificial intelligence and 5g communication. Driven by the continuous introduction of competitive new products, continuous expansion of customers, strong market demand and other factors, the revenue of the company's two product lines has increased, of which the revenue of power management products is 1.529 billion yuan (YoY 80%), accounting for 68%, and the gross profit margin is 53% (+ 8.4pct); The revenue of signal chain products is 709 million yuan (YoY 103%), accounting for 32%, and the gross profit margin is 61% (+ 2.2pct).
The development of new products is gradually high-end, and a number of new products with world advanced level are launched. In 2021, the company invested 378 million yuan in R & D (YoY 83%), and the R & D rate was 16.89%; By the end of the year, the number of employees had reached 858 (YoY 50%), including 602 R & D personnel (YoY 59%), accounting for 70.16%. The development of the company's new products gradually shows the trend of multi-function, high-end and complexity. More new products adopt more advanced processes and packaging forms, such as 90nm analog and mixed signal process, SOI process, WLCSP packaging, etc. With continuous high R & D investment, the company launched a number of new products with world advanced level in 2021, including high-voltage, high-precision and low-noise instrument amplifier, charge pump mode AMOLED panel power chip, 35na ultra-low static current system timer with watchdog function, 140dB large dynamic logarithmic current voltage converter, DDR terminal voltage regulator, high-speed and high-precision 24 bit sigma delta ADC integrated with PGA, etc.
Investment suggestion: products and customers continue to expand, the company's share is expected to increase, and maintain the "buy" rating. We expect the company's net profit attributable to the parent company to be RMB 1.073/15.08/2.058 billion from 2022 to 2024 (the value before 20222023 is RMB 993/1.373 billion), with a year-on-year growth rate of 53 / 41 / 37%; EPS is 4.54/6.38/8.71 yuan, and the PE corresponding to the share price on April 22, 2022 is 62 / 44 / 32x respectively. With the continuous expansion of products and customers, the company's share is expected to continue to increase and maintain the "buy" rating.
Risk warning: the risk of product development falling short of expectations, customer introduction falling short of expectations and intensified competition
