Events:
On August 27, 2021, Shanghai Beiling released a report that the revenue in the first half of the year was 1.019 billion yuan, an increase of 87.19% over the same period last year, and the net profit was 392 million yuan, an increase of 337.22% over the same period last year. It is estimated that the net profit of 2021 Q2 is 253 million yuan, an increase of 438.25% over the previous month.
Comments:
1. Consumer industrial control goes hand in hand, revenue is growing rapidly: Shanghai Beiling is oriented to consumer and industrial control, laying out five major products, including power management, intelligent metering and SoC, non-volatile memory, power devices and high-speed and high-precision ADC. Benefiting from the increase in demand and the improvement of the competitiveness of the company's products, 2021H1's revenue was 1.019 billion yuan, an increase of 87.19% over the same period last year, and revenue grew rapidly.
two。 Industry-vehicle regulations continue to expand, power business is on the rise: subsidiary Nanjing Weimeng continues to expand power IC business in industry, automotive, communications and other fields, and revenue from 2021H1 power management products increases by 105%. In terms of automotive electronics, one of the company's LDO products passed the car regulation certification and began to be sold. Some of the products are expected to be certified in the second half of the year, and are expected to be sold in the second half of the year. In terms of communications, the company has successfully developed ultra-low noise and high PSRR LDO, which can provide power for a variety of analog / radio frequency; in industry, the number of industrial grade products has increased by about 20%, and new products have been launched.
In terms of management, the company promoted the former general manager of the subsidiary Nanjing Weimeng to general manager of the head office, and the power supply field has a strong desire to continue to expand.
3. The metering chips of the Internet of things have been fully distributed, and the business at home and abroad has continued to expand: the revenue of 2021H1's intelligent metering and SoC products has increased by about 43%. The company faces "double cores"
IoT market develops IR46 metrology chip + metrology MCU integrated metrology core SoC IoT solution. The company won the largest market share in the State Grid bidding in April 2021; the overseas sales of single-phase SoC chips for smart meters of 2021H1 Company reached a record high, and the rapid growth of overseas smart meter market will provide new increments in the future. The company's non-meter Internet of things metering chip products are widely used in smart homes, electric bicycle charging piles, communication base stations and data centers and other energy consumption monitoring fields.
4. High-speed and high-precision ADC/DAC has been continuously invested, and the power protection market has taken the lead in breaking through: the company's high-speed ADC/DAC products have been sold in small batches in industrial control, medical imaging, power grid protection devices and other fields, and samples have been sent to many customers and designs have been imported; the company continues to promote related product research and development, and high-precision ADC chips and supporting high-precision reference chips made a breakthrough in the power protection market during the reporting period. The company belongs to the domestic leader in this field, which shows the R & D strength of the company, and is expected to contribute revenue increment to the company in the future.
5. A full range of products contribute to EEPROM revenue growth: the company's general EEPROM product research and development is progressing smoothly, and the EEPROM product range is basically complete, realizing full coverage of capacity from 2kbit to 2048kbit and various packaging forms, and a wide supply of LCD panels, industrial control, smart meters, mobile terminals and other customers. The 2021H1 non-mobile camera module market provides greater growth momentum for the company's EEPROM, and the company's revenue grew by about 52% during the reporting period.
6. Continuous coding for industrial control, power devices can be expected in the future: the company continues to research and develop high-reliability power devices in the field of industrial control, and the revenue of 2021H1 power devices has increased significantly. The company's shielded gate power MOSFET, super junction power MOSFET and IGBT products cover 30V~1500V voltage range and 10A~150A current range, and have strong import substitution advantages; the company's medium voltage power MOSFET completes the development of shielded gate technology, IGBT products complete the development of Trench FS technology, and related products have been introduced into end customers. At present, the company's power products have entered the power supply, motor control, lithium protection and other markets. In the future, the company will continue to improve the product line of power devices, and will actively promote servers, frequency conversion and other industrial control fields.
Profit forecast: we expect that from 2021 to 2023, the company's operating income will reach 2.993 billion yuan, and its net profit will be 6.52 billion yuan, maintaining the "recommended" rating.
Risk tips: (1) sales of power chip products are lower than expected; (2) product prices have dropped significantly; (3) business development of ADC and power devices is not as expected. (4) the change in the fair value of the equity held by New Jianneng has a greater impact on the net profit.