\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
On April 27, Ingenic Semiconductor Co.Ltd(300223) released the first quarterly report of 2022, and the company achieved revenue of 1.414 billion yuan in 22q1, 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%.
Q1 performance met expectations, and ISSI led the company’s rapid growth. The revenue and net profit attributable to the parent company of 22q1 achieved year-on-year high-speed growth. The revenue of 22q1 was 1.414 billion yuan, a year-on-year increase of 32.37% and – 4.55% month on month; The net profit attributable to the parent company was 232 million yuan, an increase of 92.42% year-on-year and – 20.36% month on month. In terms of profitability, the gross profit margin of 1q22 was 37.41%, an increase of 5.28 percentage points year-on-year and a decrease of 1.73 percentage points month on month. 22q1’s revenue, net profit attributable to parent company and gross profit margin decreased month on month. The main reason is that the first quarter is the traditional off-season of consumer electronics. The profitability of IPC chips and MPU chips in the Department decreased, while ISSI is facing the industry market and the growth is still strong.
The outlook of the intelligent video chip of the Department is optimistic, and the MPU chip fluctuates. (1) The revenue of intelligent video chip 22q1 exceeded 220 million yuan, with a year-on-year increase of about 30% and a gross profit margin of more than 30%. It returned to the normal state from last year’s high gross profit margin, mainly due to the intensification of market competition. The company is optimistic about the research and development of high-end nvo1 chip and the back-end nvo21r chip, but it is optimistic about the development of new products in the field of T40 chip and intelligent line, and actively looks forward to the market of T41 chip. At the same time, the company is also continuing to explore the global market, and it is expected that the overseas market will contribute revenue in 22 years; (2) The revenue of microprocessor chip 22q1 was more than 27 million yuan, which decreased year-on-year and month on month, and the gross profit margin remained about 50%. However, the company has strong R & D strength. In the past 21 years, the company has carried out the R & D and film production of x1600 series of microprocessor new products for the bar code market, display control and other markets, and vigorously explored the smart home and home appliance market. Later, with the implementation and promotion of new products, the product line is expected to continue to grow.
The core of the department store is to build an “intelligent” department store. (1) The revenue of memory chip Q1 was about 1 billion yuan, with a year-on-year increase of about 40%, mainly benefiting from the strong market demand of automobile, industry, medical and other industries. ISSI memory chips include DRAM, SRAM and flash chips. DRAM product line is mainly based on DDR3 specification. Vehicle specification DDR4 has started mass production and sales of 8 / 16GB high-capacity products in 21 years. 8gblpddr4 is expected to start sending samples this year, which is expected to fully benefit from the improvement of vehicle intelligence. Norflash covers 512k ~ 1GB products of various specifications, and the vehicle specification level is 512mnorflash, which is expected to be shipped in 23 years. Consumer norflash has launched two new products, which are expected to contribute to revenue this year. (2) The revenue of vehicle analog interconnection chip Q1 is about 120 million yuan, and the gross profit margin remains above 50%. Analog chips mainly include all kinds of ledriver chips. With the continuous improvement of the penetration rate of vehicle LED lighting chips, the revenue of the company’s analog chip product line is expected to maintain a rapid growth trend. Interconnection chips are mainly vehicle specification chips, including Lin / CAN bus and network transmission technologies such as g.vn and greenphy. G.vn has been shipped at customers. We expect greenphy chips to contribute revenue in the second half of 22 years, and interconnection chips are expected to enter a rapid growth stage.
Investment suggestion: we predict that the net profit attributable to the parent company is expected to reach RMB 1.171/14.96/1.869 billion in 22 / 23 / 24 years, and the corresponding current price PE is 31 / 24 / 19 times respectively. As the core beneficiary of automotive intelligence, the company has prominent investment value and maintains the “recommended” rating.
Risk warning: product verification is not as expected; Cyclical fluctuations in downstream industries; Market competition intensifies.
