\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
The first quarterly report of 2022 was released, and the performance increased year-on-year
The company released the first quarterly report of 2022 and realized an operating revenue of 1.414 billion yuan in 2021q1, with a year-on-year increase of 32.37%; The net profit attributable to the parent company was 232 million yuan, a year-on-year increase of 92.42%; The non net profit deducted was 225 million yuan, a year-on-year increase of 93.07%. During the reporting period, the company continued its high year-on-year growth in performance. Focusing on the future, we are optimistic about the development potential of the company as a leader in vehicle storage, layout of computing, storage and analog chip product lines, and facing the fields of consumption, industry and vehicle. In 2022, the epidemic repeatedly brought many uncertainties to the downstream and supply chain. Therefore, we slightly lowered the company’s performance expectations. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.205 (- 0.95) / 17.77 (- 1.05) / 2.309 (- 115) billion yuan respectively, the corresponding EPS will be 2.50 (- 0.20) / 3.69 (- 0.22) / 4.79 (- 0.24) yuan / share, and the corresponding PE of the current stock price will be 35.1/23.8/18.3 times respectively, In view of the company’s good long-term development prospects, it still maintains the “buy” rating.
The scale effect continues to highlight, the gross profit margin remains high, and actively strive for upstream production capacity
In the first quarter of 2021, the company actively deployed R & D, and the scale effect continued to highlight. In addition to the R & D expense rate increasing by 0.07pct year-on-year, the sales / management / financial expense rate decreased by 0.88/0.43/0.42pct year-on-year respectively, driving the overall expense rate to decrease by 1.67% year-on-year. During the reporting period, the company’s gross profit margin was 37.41%, with a year-on-year increase of 5.28pct, a slight decrease of 1.73pct compared with the fourth quarter of 2021, but it remained high. In addition, the company actively strives for the production capacity guarantee of upstream Fabs and pays a large amount of production capacity deposit in 2022q1, which increases the balance of other receivables of the company by 39.7.68% year-on-year to 469 million yuan. In the future, with the gradual loosening of production capacity, the company’s product shipment is expected to further expand to meet the strong demand of downstream, which will effectively promote the growth of performance.
The overall layout of computing, storage and simulation is moving towards a platform chip design company
In the field of microprocessor chip, based on its own embedded CPU and AI algorithm technology, the company continues to launch low-power and high-performance products to meet the increasing demand of the Internet of things market; In the field of intelligent video, the company has expanded the back-end device chip based on the original products, and the chip has been put into production; In the field of memory chips, the company has laid out three product categories of SRAM / DRAM / flash, and the products are constantly updated to enter a broader market; The layout of LED chips will continue to be diversified, and the LED companies will be connected to the field of mass production driven by the variety of chips. The company is moving towards a platform chip design company in an all-round way.
Risk warning: the epidemic has repeatedly disturbed the supply chain and the downstream demand is less than expected. Financial summary and valuation indicators
