Nano core micro (688052)
Deep ploughing analog chip has a broad track, and the performance level has increased rapidly
Nano chip micro is a chip design company focusing on analog chips. Starting from the sensor signal conditioning ASIC chip, it has expanded to the front and back end and launched several new product lines, such as integrated sensor chip, isolation and interface chip, drive and sampling chip, and successfully imported Sungrow Power Supply Co.Ltd(300274) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Byd Company Limited(002594) , Zte Corporation(000063) , and other head terminal manufacturers. Considering the company’s first mover advantage in isolating chips and the rapid expansion of the new energy market, we expect the company’s net profit attributable to the parent company from 2022 to 2024 to be 513 / 828 / 1082 million yuan, corresponding to EPS of 5.07 / 8.19 / 10.70 yuan, and the current share price corresponding to PE of 49.5 / 30.6 / 23.5 times. For the first time, give a “buy” rating.
Based on the advantages of isolation chip technology, grasp the high-voltage demand in the new energy era
It means that the isolation between the input and output of high-voltage devices can ensure the safety of high-voltage and low-voltage devices, which means that it can be widely used in the field of electrical isolation between high-voltage devices and low-voltage devices. On the consumer side, the fast charging of consumer terminals such as mobile phones, PCs and household appliances shows a high power demand for power chips and more demand for isolation chips; At the new energy end, photovoltaic, new energy vehicles and other fields increasingly choose higher voltage and higher power solutions, which makes the isolation chip have a broader market space.
“Interface + drive” still has a large space for localization
Relying on the advantages of isolation chip technology, the company has expanded three product lines of interface, sampling and driving, which have a relatively broad market space. For interface chips, with the continuous acceleration of signal transmission speed and the continuous pursuit of signal stability, the interface chip market is a high-quality track where localization substitution is still in its infancy and the market scale continues to expand. For driver chips, with the high power of electronic terminals and the protection of the service life of power devices, the driver chip market has become the key layout track of domestic power chip companies. The market is expected to show the trend of continuous expansion of market space but gradual deterioration of competition pattern.
Risk warning: there is uncertainty in the research and development progress of new products; The prosperity of semiconductor industry fluctuates periodically; The expansion speed of downstream customers is uncertain.
