\u3000\u3 Guocheng Mining Co.Ltd(000688) 099 Amlogic (Shanghai) Co.Ltd(688099) )
Event: the company issued the first quarter report of 2022; In 2022q1, the company realized an operating revenue of 1.481 billion yuan, a year-on-year increase of 59.40%; The net profit attributable to the parent company was 270 million yuan, with a year-on-year increase of 202.24%; The non net profit deducted was 257 million yuan, a year-on-year increase of 228.70%. During the reporting period, the company’s share based payment expense was 53 million yuan, and the net profit attributable to the parent company after excluding the impact of share based payment expense was 320 million yuan.
The company’s downstream market demand is strong, and the chip shipment of 22q1 company has increased steadily year-on-year, continuously improving the company’s market position. According to the announcement of the company’s main business data in April 22, the company achieved a preliminary accounting revenue of 630 million yuan in April 22, an increase of 97.7% year-on-year; The net profit attributable to the parent company was 130 million, with a year-on-year increase of 252.5%. Looking forward to the second quarter, the company’s performance is expected to maintain rapid growth. We are optimistic about the smooth progress of the company’s new products and the continuous expansion of various product lines, which is expected to drive the rapid growth of the company’s performance.
The global layout consolidates the company’s core competitiveness, and the increase of overseas market share drives the rapid growth of business. The company’s business covers Chinese Mainland, Hong Kong, North America, Europe, Latin America, Asia Pacific, Africa and other major global economic regions; With the geographical advantages of global layout and market resources, the company has accumulated a world-famous customer base. The company’s chips have been widely used in well-known customers and many operators at home and abroad. The overseas market share has been further improved, and the overseas market shipments and operating revenue have driven the rapid growth of the business.
S / T / AI / w / V series improved the company’s product matrix, and the iteration of new products started multiple business growth curves. The company is committed to the research and development of multimedia intelligent terminal application processor chip. The product series includes: 1) s series, realizing 12NM breakthrough and further improving product performance; It has been certified by many overseas streaming media systems and has entered many operators and customers at home and abroad; 2) T series, widely used in smart TV, smart projector, smart business display and other fields, and supports 8K ultra-high definition decoding; 3) AI series expands ecological users, with rich and diverse application scenarios, including smart home / Office / terminal analysis and other fields; 4) W series, wi-fi5 + Bt 5.2 single chip. The chip has been successfully mass produced and sold on a large scale. At present, the company has actively invested in the research and development of the next generation technology and will launch new products in due time; 5) V series and vehicle specification chips are mainly used in vehicle information and entertainment system. The company has made positive progress in cooperation with overseas high-end customers.
Overseas demand continues to be strong, and it is expected to maintain rapid growth in the second quarter. At present, the global audio, video and home areas continue to evolve towards intelligent interconnection, new intelligent application fields and products continue to emerge, and the market demand for the company’s related products is strong. In addition, the company has taken various measures to actively respond to the epidemic, ensuring the safety and stability of the company’s global supply chain; It is expected that the company’s performance is expected to maintain rapid growth in the second quarter of 2022.
Profit forecast and investment suggestions: the company’s global layout consolidates its competitiveness, the recovery of overseas demand and the iteration of the company’s product upgrading are expected to drive the rapid growth of the company’s business; We raised our expectations, and the original 22 / 23 net profit of the company was expected to be 1.106 billion yuan and 1.436 billion yuan respectively; After adjustment, the net profit from 2022 to 2024 was RMB 1.20116702095 billion respectively, maintaining the “buy” rating of the company.
Risk tip: the expansion of new applications and new products is not as expected; Customer concentration risk; Supplier concentration risk; The data of April 22 is the preliminary accounting of the company, which cannot be used to calculate the performance of the second quarter and the whole year
