\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 61 Sg Micro Corp(300661) )
In 2021, the downstream demand broke out in an all-round way, and the simulation leader benefited deeply. In 2021, the company’s revenue was 2.238 billion yuan, a year-on-year increase of + 87.07%; The net profit attributable to the parent company was 699 million yuan, a year-on-year increase of + 142.21%. The proportion of signal chain and power management products remained stable, accounting for 31.67% and 68.29% of revenue respectively. Among them, the revenue of signal chain products was 709 million yuan, a year-on-year increase of + 103.38%; The revenue of power management products was 1.529 billion yuan, a year-on-year increase of + 80.27%.
The rise in the price of missing core and the continuous introduction of high-performance and high-quality products have helped the company’s profitability improve significantly. In 2021, the company’s gross profit margin was 55.50%, a year-on-year increase of + 6.76pct; The net interest rate was 30.78%, with a year-on-year increase of + 7.08pct. Among them, the gross profit margin of signal chain products was 60.77%, with a year-on-year increase of + 2.16pct; The gross profit margin of power management products was 53.03%, with a year-on-year increase of + 8.36pct. During the period, the expense rate remained stable compared with the same period of last year, and the management expense rate, sales expense rate and financial expense rate were 3.15%, 5.28% and – 0.16% respectively.
2022q1 company continued to maintain its leading advantage and its performance increased month on month. In 2022q1, the company realized a revenue of 775 million yuan, a year-on-year increase of + 96.81% and a month on month increase of + 10.28%; The net profit attributable to the parent company was 260 million yuan, with a year-on-year increase of + 244.98% and a month on month increase of + 4.89%. The gross profit margin of 2022q1 company was 60.62%, with a year-on-year increase of + 12.75pct and a month on month increase of + 3.46pct. The gross profit margin still increased steadily, reflecting the company’s good product development and technical strength; The net interest rate of 2022q1 company was 33.22%, with a year-on-year increase of + 14.44pct.
There are more than 3800 products available for sale, and the launch of new products is accelerated. At present, the company has nearly 3800 products in 25 categories for sale. In 2021, the R & D expense was 378 million yuan, a year-on-year increase of + 82.55%, and the R & D expense rate was 16.89%. The high level of R & D investment has helped the company to continuously increase the number of marketable products. From 2017 to 2020, the company launched 200300 new products every year, providing long-term and stable support for the company’s performance growth. In 2021, the number of new products launched by the company increased to more than 500, the growth rate increased significantly, and widely covered all product categories.
The R & D team expanded rapidly, and high-quality talents laid a solid foundation for future growth. By the end of 2021, the number of R & D personnel of the company had reached 602, a year-on-year increase of + 59.26%, accounting for 70.16% of the total number of the company. Among them, the number of undergraduate, master and doctoral personnel was 268, 257 and 11 respectively, with a year-on-year increase of + 44.86%, + 90.37% and + 22.22% respectively. Analog chips pay more attention to the experience and accumulation of engineers than digital chips. High-level and high-quality talents lay a solid foundation for the rapid development of the company in the future.
Profit forecast: we expect the net profit attributable to the parent company in 2022, 2023 and 2024 to be RMB 1108, 1523 and 2102 million respectively, corresponding to 65 / 47 / 34 times of the share price PE on May 18, maintaining the “buy” rating.
Risk tips: product development is less than expected, customer expansion is less than expected, and the industry boom is less than expected
