\u3000\u3000 Unigroup Guoxin Microelectronics Co.Ltd(002049) (002049)
Event:
The company issued the announcement of performance increase in 2021: the net profit attributable to the parent company in 2021 is expected to be RMB 1.900-2.100 billion, with a year-on-year increase of 136% to 160%. It is estimated that the net profit deducted from non parent company is RMB 1.700-1.900 billion, with a year-on-year increase of 144% to 173%.
Key investment points:
2021 performance guidelines exceeded expectations and downstream demand continued to be strong. In 2021q4, the company realized a net profit attributable to the parent company of 443-643 million yuan in a single quarter, with a year-on-year increase of 263.11% – 427.05% and a month-on-month increase of – 23.88% to 10.48%, mainly due to the following three points: 1) the company’s strong downstream demand for integrated circuit business, the company fully guaranteed order delivery, realized rapid growth in special integrated circuit business and contributed to sustained and stable profits; 2) The profitability of intelligent security chip business has been continuously improved, and the performance has improved significantly compared with the same period last year; 3) The business of associated enterprises developed rapidly and achieved profits during the reporting period.
In depth layout of high-end safety chips and vehicle regulations, the company has sufficient growth momentum. The company continues to increase research and development to inject momentum into the development of the company. In the field of intelligent security chip, the company has mastered six core technologies related to intelligent security chip, including near-field communication, security algorithm, security attack and defense, embedded storage, embedded scheme and high reliability. With the contraction and withdrawal of the company’s main competitors in the SIM card field, the company’s share in the overseas medium and high-end market has gradually expanded, and the overall structure and gross profit margin of SIM card products have increased significantly. In addition, the company’s layout in the fields of Internet of things and digital payment is also expected to promote the rapid growth of relevant new businesses; In the field of special integrated circuits, the competitiveness of the company’s mainstream mature products has been continuously improved. SOPC platform products have been applied in batches. The new generation of 2xnm high-capacity and high-performance FPGA series products have been recognized by the market, and their market share has been expanding in important fields such as information security. In 2021, the company issued convertible bonds to lay out projects such as security chips and on-board controller chips for 5g Internet of vehicles, so as to further promote the R & D and industrialization of domestic chips. At present, the company’s vehicle safety chip has been supplied to well-known Chinese vehicle enterprises in small quantities, and the sample development of vehicle controller chip has been completed, which is expected to become one of the company’s new profit growth points in the medium and long term in the future.
Profit forecast and investment rating: as the leader of China’s special integrated circuits and intelligent security chips, the company has leading product technology, and is expected to continue to benefit under the background of high downstream momentum and independent control of China’s semiconductor industry chain. The company took the lead in the localization of on-board chips, successfully opened multiple markets such as vehicle specification level general safety chips, issued convertible bonds, overweight the field of on-board chips, and opened up new profit growth points. We raised the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.967 (+ 1.26) / 27.91 (+ 1.43) / 3.684 (+ 115) million respectively, and the corresponding EPS will be RMB 3.24/4.60/6.07/share respectively, corresponding to the current PE valuation of 70 / 49 / 37 times respectively, maintaining the “buy” rating.
Risk warning: downstream demand is less than expected risk; The company’s new product R & D progress is less than the expected risk, and the new product introduction progress is less than the expected risk.
