Steway (688213)
A total of one company made an inquiry in this period. On May 6 (next Friday), the company listed on the science and Innovation Board “sitway” will make an inquiry.
Sitway (688213): the company’s main business is the R & D, design and sales of high-performance CMOS image sensor chips. At present, the company’s products have been successfully applied to Dahua, Dajiang, Yushi, Pulian, Tiandi Weiye, Netease Youdao, Ecovacs Robotics Co.Ltd(603486) and other brand terminals. From 2019 to 2021, the company achieved operating revenue of 679 million yuan / 1.527 billion yuan / 2.689 billion yuan respectively, with yoy successively 109.21% / 124.86% / 76.10%, and the compound annual growth rate of operating revenue in the three years was 102.34%; The net profit attributable to the parent company is -242 million yuan / 121 million yuan / 398 million yuan, and yoy is -45.38% / 150.04% / 229.23% in turn. The net profit attributable to the parent company will turn loss into profit in 2020. According to the preliminary prediction of the company, the net profit attributable to the parent company in 2022q1 is expected to be 4.5 million yuan to 20.45 million yuan.
Investment highlights: 1. The company is a global leader in CMOS image sensors in the field of security, and has shown strong competitiveness in emerging application fields such as machine vision and automotive electronics; Benefiting from the substitution of chip imports and the continued strong demand for downstream image sensors, the development prospect of the company is expected to remain good. 1) In the field of security monitoring, according to Frost & Sullivan’s statistics, in 2020, the company ranked first in the world in the shipment of CMOS image sensors in the field of security monitoring; 2) In the emerging application field of machine vision, for the global shutter CMOS image sensor for the application of new intelligent products such as UAV and AR / VR, only the company, Sony and Howell will have mass production capacity in 2020; 3) In the emerging application field of automotive electronics, the company has achieved large-scale shipment in the rear mounted vehicle market. At the same time, two products of the company in the front mounted market have passed the vehicle specification certification, achieved small-scale shipment in the first quarter of 2021, and the output is climbing. 2. The company closely follows the technological frontier and actively promotes product technology iteration. At present, it has become one of the relatively scarce suppliers of stacked CMOS image sensors in the world. The stack structure can increase the area proportion of the pixel layer in the sensing unit from nearly 60% in the traditional scheme to nearly 90% under the same size specification, and greatly optimize the image quality. According to the statistics of the third-party Market Research Organization TSR, the main suppliers of stacked CMOS image sensor products are Sony, Samsung, howay technology and Stevie. The company achieved a high-speed growth of RMB 20.207 million and RMB 15.512 million respectively. 3. The founders and core technicians of the company have deep industrial background and are expected to lead the company’s technology and products to make continuous innovation and breakthroughs and consolidate the company’s competitive advantage; At the same time, as the second largest shareholder of the company, the large fund holds 8.21% of the shares before the issuance, which is also expected to help the company’s technology and industrialization continue to move forward.
Comparison of Listed Companies in the same industry: comparable companies in the same industry mainly include Will Semiconductor Co.Ltd.Shanghai(603501) and Galaxycore Inc(688728) ; Will Semiconductor Co.Ltd.Shanghai(603501) cut into CMOS image sensor chip through the acquisition of Howell technology and spiko. Assuming that the above comparable companies look at the industry situation, the average income scale of the industry (2021) is 15.55 billion yuan, the average gross profit margin is 34.1%, and the average pe-ttm is 31.1x. In comparison, the company’s revenue scale and gross profit margin are lower than the average level of comparable companies, but the growth rate of revenue and net profit of the company in 2021 is significantly faster than that of comparable companies.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
