\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 82 Maxscend Microelectronics Company Limited(300782) )
China’s RF chip leader, with high performance growth, maintained the “buy” rating
On April 27, 2022, the company released the 2021 annual report and the first quarterly report of 2022. The annual revenue of 2021 was 4.634 billion yuan, a year-on-year increase of + 65.95%; The net profit attributable to the parent company was 2.135 billion yuan, a year-on-year increase of + 99.00%; Deduct non net profit of RMB 1.939 billion, a year-on-year increase of + 88.26%. According to the calculation, the revenue of 2021q4 in a single quarter was 1.15 billion yuan, a year-on-year increase of + 40.30% and a month on month increase of + 2.29%; The net profit attributable to the parent company was 608 million yuan, a year-on-year increase of + 71.05% and a month on month increase of + 18.54%; Deduct the non net profit of 431 million yuan, a year-on-year increase of + 30.67% and a month on month decrease of – 16.02%. 2022q1 achieved a revenue of 1.33 billion yuan in a single quarter, a year-on-year increase of + 12.43% and a month on month increase of + 15.66%; The net profit attributable to the parent company was 459 million yuan, with a year-on-year increase of – 6.70% and a month on month increase of – 24.41%; Deduct non net profit of 462 million yuan, a year-on-year increase of – 8.86% and a month on month increase of + 7.13%. In the short term, due to the impact of downstream destocking, we lowered the performance forecast for 20222023 and added a new performance forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 2355 (- 4.30) / 31.08 (- 4.21) / 3.816 billion, corresponding to EPS of RMB 706 (- 1.29) / 9.32 (- 1.26) / 11.44. The current share price corresponds to PE of 26.0 / 19.7 / 16.0 times. In the long term, the transmitter module is expected to grow rapidly. At the same time, the self built production line will further improve the company’s strength and maintain the “buy” rating.
The first production of wafers has been completed, and the first production of wafers has been completed
In 2021, the company’s revenue of discrete devices reached 3.352 billion yuan, a year-on-year increase of + 36.13%, and the gross profit margin was 55.52%, a year-on-year increase of + 4.30 PCTs; The revenue of RF module was 1.201 billion yuan, a year-on-year increase of + 332.68%, and the gross profit margin was 64.45%, a year-on-year increase of -2.79 PCTs. The company has initially formed a complete matrix of RF front-end products. At the end of 2021, the company launched l-pamif, a main transceiver module product suitable for 5gnr band, and locked in brand customers. By the end of 2021q1, the company had realized mass shipment in brand customers, and the cumulative sales volume in 2022q1 was close to 6 million. In the field of communication base stations, the company has achieved phased results. RF low-noise amplifier products using GaAs process and RF switch products using rfsoi process have been shipped in small quantities at the client in the field of communication base stations. Xinzhuo semiconductor industrialization construction project has been in the process line-up stage. Through rapid commissioning iteration, the first filter wafer sample has been completed, and the test of various performance indicators and reliability verification have been completed. It is expected to enter the mass production stage in the second quarter of 2022, and the wafer capacity can reach 1000013000 pieces / month at the end of the year, so as to realize the matching wafer level packaging capacity at the same time. With the release of Xinzhuo’s production capacity and the gradual breakthrough from rxsaw and txsaw to duplexer and multiplexer, it will bring great growth potential.
Risk tips: the risk of production line construction falling short of expectations, the risk of declining industry demand, and the risk of intensified industry competition.
