\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 82 Maxscend Microelectronics Company Limited(300782) )
In 021, the net profit attributable to the parent company increased by 99%, and the income of 1q22 reached a new high. The company's 21-year revenue was 4.634 billion yuan (YoY 66%), the net profit attributable to the parent was 2.135 billion yuan (YoY 99%), and the net profit not attributable to the parent was 1.939 billion yuan (YoY 88%). Among them, 4q21 has a revenue of 1.15 billion yuan (YoY 40%, QoQ 2%), and a net profit attributable to the parent company of 608 million yuan (YoY 71%, QoQ 19%). In the 21st year, the gross profit margin increased by 4.89 PCT to 57.72%, and the net profit margin increased by 7.73 PCT to 46.07%. 1q22's revenue was 1.33 billion yuan (YoY 12%, QoQ 16%), a quarterly high, the net profit attributable to the parent company was 459 million yuan (YoY - 7%, QoQ - 24%), and the gross profit margin was 52.43%, a year-on-year decrease of 5.38 PCT and a month on month decrease of 4.56 PCT; The net profit margin was 34.50%, down 7.08 PCT year-on-year and 18.35 PCT month on month. We believe that the decline in gross profit margin is mainly due to the change of product structure and the increase of upstream costs.
Launch the main transceiver module products and improve the RF front-end product platform. The company's product type has expanded from RF discrete devices to RF modules, and newly launched the main transceiver module products to further enrich the product line and form a RF front-end product platform. In 2021, the revenue of the company's RF discrete devices was 3.352 billion yuan (YoY 36%), the proportion decreased from 88% to 72%, and the gross profit margin was 55.5% (+ 4.3pct); The revenue of RF module is 1.2 billion yuan (YoY 333%), accounting for 26% from 10%, and the gross profit margin is 64.4% (- 2.8pct). L-pamif, the main transceiver module product applied in 5g NR band launched by 1q22 company, has been shipped in large quantities in brand customers, with a cumulative sales volume of nearly 6 million. By giving full play to the collaborative advantages of various types of RF front-end products, the company's technical barriers are expected to continue to strengthen and expand its application fields from smart phones to communication base stations, automotive electronics, UAVs, Bluetooth headsets and other emerging fields.
The business model is transitioning from fabless to Fab Lite, and the self built filter production line is expected to enter mass production of 2q22. The company actively arranged the Fab Lite business model and built the filter wafer production and RF module packaging and testing production line. In 2021, the cash expenditure for the purchase of fixed assets was 2.858 billion yuan, and the cash expenditure for 1q22 continued to be 903 million yuan. The whole plant area of the company's 6-inch filter wafer production line is expected to be completed in June 2022, and the preliminary product 2q22 is expected to enter the mass production stage. By the end of the year, the wafer capacity can reach 1000013000 pieces / month, and the matching wafer level packaging capacity can be realized simultaneously. With the stable operation of the company's Fab Lite business model, it will comprehensively improve the company's coordination ability, strengthen the independent control of all links of the industrial chain, and improve the company's market position from the perspectives of new product technology and process development, industrial chain coordination and product delivery.
Investment suggestion: the self built filter production line will enhance the company's competitiveness and maintain the "buy" rating. We expect the company's net profit attributable to the parent company to be RMB 2.3/29/3.5 billion from 2022 to 2024 (the value before 20222023 is RMB 2.968/3.951 billion), with a year-on-year growth rate of 9 / 26 / 19%; EPS is 6.97/8.76/10.41 yuan, and the PE corresponding to the share price on April 27, 2022 is 26 / 20 / 17x respectively. The company has formed a RF front-end product platform, and the self built filter production line will enhance its competitiveness and maintain the "buy" rating.
Risk warning: the progress of raised investment projects is less than expected, the demand is less than expected, and the risk of intensified competition.
