Yingjixin (688209)
Yingjixin: the leader of domestic fast charging chips, focusing on power management + fast charging protocol chip: the company’s main business is power management and fast charging protocol chip business. Based on its advantageous position in the application fields such as mobile power supply and fast charging power adapter, the company has become one of the main suppliers of power management chips and fast charging protocol chips in the consumer electronics market. The company’s products are widely used in smart phones, TWS headphones and other fields. Its end customers cover well-known consumer electronics brands at home and abroad such as Xiaomi, oppo, vivo, Samsung and Bosch, and continue to layout in the direction of intelligent audio processing, household appliances, Internet of things, automotive electronics and so on. In 2021, the company achieved an operating revenue of 781 million yuan, a year-on-year increase of 100.56%; The net profit attributable to the parent company was 158 million yuan, with a year-on-year growth rate of 154.95%; Net profit deducted from non parent company was 206 million yuan, with a year-on-year increase of 232.47%.
With the vigorous development of downstream market + domestic substitution wave, power management IC is in the forefront: power management chips are widely used in many application fields such as smart phones, wearable devices, industrial control, medical instruments and automotive electronics. With the development of new application fields such as IOT and artificial intelligence, the application scope of power management IC is becoming wider and wider. The company applies SOC Technology in the field of power chip to form differentiated competition, and gradually grows in the subdivided fields such as mobile power supply, wireless charging and car charging.
The fast charging protocol chip is mainly used in the fast charging power adapter market. The company has launched the fast charging protocol chip since 2016. It continues to iterate with the upgrading of smartphone protocol. At present, it can support usbpd, FCP / SCP, AFC and other protocols. It has entered many e-commerce and brand customers and continues to usher in large quantities. In addition, in addition to the fast charging power adapter, the company’s products are also expected to enter the fast charging protocol market of electronic devices such as smart phones, tablets, laptops, power tools and smart home devices, and explore a new growth path.
The one-stop solution improves customer experience and SOC integration realizes differentiated competition: 1) based on the independently developed digital analog hybrid SOC integration technology, the company integrates digital chips, analog chips, systems and embedded software into one SOC chip, and provides customers with finished product development solutions at the same time, which shortens the R & D cycle of finished products, reduces product production costs, simplifies the production process Product yield and reliability can also be improved. 2) The quality of the company’s downstream customers is high, and the terminal brands include downstream customers such as Xiaomi, oppo, vivo, Samsung and Bosch. High quality clients are one of the sources of the company’s competitive advantage. Under the strict certification process and technical needs of high-quality customers, the company’s R & D ability and chip quality can be continuously improved. 3) Adhere to the drive of R & D and innovation, and constantly broaden the revenue boundary. The power management chip market has the characteristics of small quantity and diversity. In addition to focusing on power management chips and fast charging protocol chips, the company is expanding more digital analog hybrid product lines, such as Internet of things chips, intelligent audio processing chips, signal chain chips, etc., opening the growth boundary of the company.
Investment suggestion: we expect that the net profit attributable to the parent company will be RMB 248 / 316 / 428 million in 202224, corresponding to pe33 / 26 / 19 times. As a leader in the field of fast charging chips in China, the company will realize differentiated competition by applying SOC Technology in the field of power chips, and will continue to seize the opportunities of digital analog hybrid chip industry after IPO. For the first coverage, give a “recommended” rating.
Risk warning: international trade friction risk; Risk of high concentration of suppliers; Risk of insufficient continuous innovation ability of product R & D
