Downstream demand continues to be booming, and performance continues to be excellent.
On March 28, 2022, the company released its 2021 annual report. Benefiting from the continued boom in downstream demand, the company's operating income in 2021 was 2.024 billion yuan, an increase of 51.95% over the same period last year, and its non-return net profit was 398 million yuan, an increase of 124.31% over the same period last year. Taking into account the great impact of equity participation in New Jianneng and other equity investments on investment income, we downgrade the 2022 profit forecast, raise the 2023 profit forecast and add the 2024 profit forecast. It is estimated that the company will receive an investment income of 0.8 trillion yuan respectively from 2022 to 2024 (the original value from 2022 to 2023 is 0.5 million yuan). It is estimated that the homing net profit of the company from 2022 to 2024 is 6471,817,000,000 yuan respectively (the original value from 2022 to 2023 is 669,783 million yuan respectively), and the corresponding EPS is 1.50 yuan, and the current stock price corresponding to PE is 21.8, 17.3, 13.2 times. Taking into account that the valuation of simulation companies in the same industry is still relatively low, maintain the "buy" rating.
All product lines are in a period of rapid expansion.
In order to seize the opportunity of localization substitution in industrial control, communications, power and other industries, the company actively promotes the enrichment and high-end development of products, with R & D expenditure of 177 million yuan in 2021, an increase of 52.71% over the same period last year. In terms of power management, the LED driver and LDO have been shipped in bulk, and the DDR terminal regulator and 60W fast charging have been successfully developed. In terms of ADC/DAC, high-speed and high-precision ADC/DAC can be sold in small quantities in industrial, medical, power grid protection devices and other fields. In terms of power devices, IGBT has achieved mass production in automobile ignition system, on-board air conditioning and other scenes.
Seizing the opportunity of localization of automobile and industry, the performance is expected to maintain steady growth in 2022, taking into account the overall macroeconomic cold in 2022, the company expects to achieve more than 20% growth in non-homing net profit in 2022, and will continue to increase R & D investment in high-speed and high-precision ADC/DAC, power management chips, 650V/1200V IGBT, Internet of things energy sensing chips and standard signal chains. Continuously improve the penetration of the company's products in industrial control, automotive electronics and other high-end applications.
Risk hints: there is a risk of continuous tightening of upstream production capacity; there is great uncertainty in the speed of customer expansion; and there is uncertainty in the progress of new product research and development.