\u3000\u3 China Vanke Co.Ltd(000002) 049 Unigroup Guoxin Microelectronics Co.Ltd(002049) )
Event: the company issued 2022q1 performance report. In 2022q1, the company achieved a revenue of 1.341 billion yuan, a year-on-year increase of 40.83%; The net profit attributable to the parent company was 530 million yuan, a year-on-year increase of 63.91%; The non net profit deducted was 507 million yuan, a year-on-year increase of 64.76%.
Comments:
The performance of 2022q1 increased year-on-year. The company achieved a revenue of 1.341 billion yuan in 2022q1, with a year-on-year increase of 40.83%, mainly due to the increase of sales volume of integrated circuit business; The net profit attributable to the parent company was 530 million yuan, a year-on-year increase of 63.91% and a month on month decrease of 13.61%. In 2022q1, the gross profit margin of the company’s sales was 63.89%, a year-on-year increase of + 9.89pct. The net profit margin on sales was 39.77%, a year-on-year increase of + 5.37pct, and the profitability of the company was improved compared with that at the beginning of last year.
The performance of 2022q1 increased year-on-year. By the end of the reporting period, the company’s accounts receivable were 2.987 billion yuan, an increase of 25.93% over the beginning of the year, mainly due to the growth of the sales scale of integrated circuit business; Prepayments amounted to 490 million yuan, an increase of 31.02% over the beginning of the year, mainly due to the shortage of production capacity of upstream suppliers of integrated circuit business and the increase in the proportion of purchase prepayments. The balance of contractual liabilities in 2022q1 was 458 million yuan, down 2.61% from the beginning of the year.
The global demand for semiconductor products is strong. According to the statistics of China Semiconductor Industry Association, the sales volume of China’s integrated circuit industry in 2021 was 104583 billion yuan, a year-on-year increase of 18.2%. Among them, the sales volume of the design industry was 451.9 billion yuan, a year-on-year increase of 19.6%; The sales volume of manufacturing industry was 317.63 billion yuan, with a year-on-year increase of 24.1%; The sales volume of packaging and testing industry was 276.3 billion yuan, a year-on-year increase of 10.1%. According to customs statistics, China imported 635.48 billion pieces of integrated circuits in 2021, a year-on-year increase of 16.9%; The import amount was US $432.55 billion, a year-on-year increase of 23.6%. 310.7 billion pieces of integrated circuits were exported, a year-on-year increase of 19.6%, and the export amount was US $153.79 billion, a year-on-year increase of 32%.
Major projects have been steadily promoted, and R & D tasks have been carried out in an orderly manner. In 2021, focusing on the market demand, the company continued to tackle key problems in chip core technology, fully promoted the implementation of various R & D projects and enhanced its core competitiveness. In terms of special integrated circuits, hundreds of series products continue to iterate, power management chips continue to be enriched, and the development of a new generation of SOPC chips is smooth; In terms of intelligent security chips, large capacity and multi application se security chips are designed and finalized, and vehicle security chips are shipped in batches. In addition, the company has also made positive progress in the research and development of miniaturized and high-frequency crystal oscillator products and epitaxial superjunction MOSFET products for many times.
Investment suggestion: the company is one of the leading integrated circuit design enterprises in China, and is the first enterprise engaged in the design and research of intelligent security chips and highly reliable integrated circuits in China; The company’s SIM card chip business has the highest market share in China and the world, and the company has great prospects in the tide of digital reform in the future. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 2.896 billion yuan, 4.201 billion yuan and 5.682 billion yuan respectively, and the PE will be 36 times, 25 times and 19 times, maintaining the “recommended” rating.
Risk warning: the risk of business income decline due to the lower than expected R & D of new products; The risk of cost increase caused by the sharp rise in the price of upstream raw materials; There is a risk that the promotion of informatization reform is not as expected, resulting in the decline of demand.
