Nano core micro (688052)
Focus on Simulation for more than ten years, build conditioning / isolation chip / drive sampling, and continuously enrich the product matrix
Founded in 2013, nano chip micro is an integrated circuit design enterprise focusing on the R & D and sales of high-performance and high reliability analog integrated circuits. With leading development ability and rich mass production experience, a number of products have successfully entered the supply chain system of mainstream first-line automobile manufacturers. At the beginning of its establishment, the company focused on the development of sensor signal conditioning ASIC chips in the field of consumer electronics. After 2016, the company began to expand its application and product line to the field of industry and automobile, and launched isolation and interface chips, drive and sampling chips, integrated sensor chips and other products; The company's product layout from signal sensing, system interconnection to power drive has been formed, and the three sectors go hand in hand to launch more analog chip products that meet the requirements of automotive electronic applications.
The products are mainly used in industry / photovoltaic / automobile, focusing on the medium and high-end market, with broad prospects
The demand for signal sensing chips is expected to grow rapidly thanks to MEMS sensor chips. According to CCID Consulting, the market scale of MEMS sensors in China was 36.33 billion yuan in 2016, 59.78 billion yuan in 2019 and 100.84 billion yuan in 2022. As an important component of sensor signal amplification, conversion, calibration and other processing, the market scale of signal conditioning ASIC chip is also expanding year by year with the development of MEMS sensor. Digital isolation technology has excellent performance and has the advantages of fast transmission speed, high integration and wide temperature range. With the increasing use of motors with isolation drive in the industrial field, the demand for isolation interface in the industrial Internet of things and the demand for safety regulations in automobile electrification, the digital isolation chip market will be further developed. Driving and sampling chip is the core auxiliary device of power, which is widely used in industry, automobile and other fields. With the growth of downstream application demand, it is expected to drive the rapid growth of application demand of driving and sampling chip.
Vehicle specification products have the advantage of first mover, deep cultivation and isolation, and continue to expand the chip category horizontally
Some of the company's products have been verified by vehicle regulations, and customers entering the head have the first mover advantage; The company's vehicle specification chip is in the starting stage. It has been mass loaded in Byd Company Limited(002594) , Dongfeng Automobile Co.Ltd(600006) , Wuling Automobile, Great Wall Motor Company Limited(601633) , SAIC Maxus, FAW Group, Contemporary Amperex Technology Co.Limited(300750) , Kunming Yunnei Power Co.Ltd(000903) and other auto electronic terminal manufacturers. At the same time, it has entered the supply system of SAIC Volkswagen, United Automotive Electronics, Sensata and other manufacturers, realizing the full coverage of head customers. The company has carried out technology upgrading and product development in the field of analog and mixed signals. Focusing on the three product directions of the company's existing signal sensing chip, isolation and interface chip, drive and sampling chip, the company has developed and launched a new generation of high-performance and high-quality analog chip products.
Investment suggestion: the company's main business includes isolation and interface chip, signal sensing chip, driving and sampling chip; Downstream applications cover industries / communications / automotive / photovoltaic new energy and other fields, benefiting from the rapid growth of downstream market demand and promoting the rapid development of various businesses. We expect the net profit attributable to the parent company from 2022 to 2024 to be 481 million yuan, 726 million yuan and 985 million yuan respectively. According to the consistent prediction of wind, the average PE of comparable companies in 22 years is 77 times. We give the company 75 times PE, with a corresponding market value of 36.075 billion yuan and a corresponding price of 357.71 yuan / share. We give a buy rating for the first coverage.
Risk tips: the risk of tight wafer production capacity, the risk of intensified market competition, the risk of downstream demand fluctuation, the risk of R & D failing to meet expectations, the risk of stock price fluctuation in the short term, the risk of changes in major customers, the uncertainty of sales in the automotive electronics field, the risk of international trade friction and the risk of epidemic situation
