High-speed and high-precision ADC leader, domestic replacement prospect is promising: the company's high-speed ADC/DAC products in industrial control, medical imaging, power grid protection devices and other fields to achieve small batch sales, and has sent samples for a number of customers and design import. At the same time, the services of high-precision SAR ADC and high-speed and high-precision DAC are progressing smoothly. According to the company's official account, the company's ADC chip BL1081 was put into trial operation in the first set of "domestic core" relay protection devices in Hubei power grid in the first quarter of 2021. ADC products have high barriers and few competitors, and the development of the company is progressing smoothly, which is expected to become an important performance growth point of the company in the future.
The main power management IC is developing at a high speed, and the car specification-level products are shipped in bulk: the company joined the table of Nanjing Weimeng in 2020, and power management IC has become the first major business. Sales of 2021H1 power management products are up about 105 per cent over the same period last year. The company's products have made a breakthrough in the field of automotive electronics. at present, it has achieved mass production and sales of automotive specification-level LDO products, and a number of DC-DC/LDO automotive electronic products are expected to increase in the second half of the year. The sales of the consumer electronics market is progressing smoothly, constantly occupying new application areas and upgrading its market position.
Intelligent metering business demand is strong, downstream applications are increasing: state Grid, Southern Power Grid to carry out a new generation of watt-hour meter bidding, the company as the industry leader in advance layout, leading the iteration and upgrading, the domestic business recovery is expected. The company successfully developed IR46 metering chip + metering MCU integrated metering core SoC IoT solution to achieve batch shipment; on the basis of the company's mature metering chip technology, the related technology is extended to charging piles, smart home, data center and other fields, among which multi-channel AC / DC metering products achieve mass production and sales in the application of the Internet of things.
Investment suggestion: according to the high economic situation led by past financial data and demand, the company's power management IC products, ADC business and intelligent metering chips have all maintained sustained high growth. According to the company's net profit and financial situation in 2020 (deducting non-net profit of 177 million yuan in 2020), we expect the company to achieve deduction of 49582 million yuan in net profit from 2021 to 2023. Assuming that the non-recurrent profit and loss caused by the fair value change generated by the investment in 2021 is 200 million yuan (193 million yuan has been generated in the first half of 2021), there will be no new non-recurrent profit or loss from 2022. From 2021 to 2023, we expect the company to achieve a return net profit of 695, 682, 000, 000
Risk tips: the risk of shortage of wafer and closed test capacity; the risk of uncertain bidding quantity of watt-hour meters; the risk of new product research and development and market development falling short of expectations; the risk of changing the prosperity of the semiconductor market; the risk of products going out to sea is not as expected.
