Focus on electroacoustic technology for 20 years, leading in China in vehicle acoustics. The company's car microphone continues to break through and is highly recognized by customers. The company's car microphone module supports the design and production of all kinds of microphones in HFM/ANC/RNC.
On the product side, the company began to supply car microphones in 2007; MEMS MIC mass production in 2008; MEMS microphones were used in vehicles in 2016, while vehicle shipments exceeded 10 million; in 2020, the company delivered A2B vehicle microphones in bulk, and the MIC array module was applied to driverless cars for the first time. In terms of customers, the annual supplier rating of Electro Acoustic in H client has been continuously awarded and recognized by A for 5 consecutive years. Wuxi Wei Gan became the controlling shareholder in 2021, the company's RNC accelerometer was officially mass-produced, and the vehicle derivative electronic products were expanded synchronously.
Interactive penetration of vehicle voice is expected to drive the demand for microphones. In terms of vehicle control, on-board voice can avoid driver distraction and enhance driving experience compared with button-pressing or touch-control scheme. In addition, as the entrance to connect the car network, vehicle voice is of great significance as intelligent speakers, and many car brands actively layout voice interaction. According to ICVTank, China's vehicle intelligent voice preloading market will reach 2.02 billion yuan in 2020, a year-on-year growth rate of 36.49%.
The growth rate from 2021 to 2022 is relatively high, which is 17.33% and 18.14% respectively, and the scale will reach 2.37 billion yuan and 2.8 billion yuan respectively.
The car qualification layout is sufficient, the customer resources are excellent. The company's qualification layout in the field of vehicles is early. The company first passed the TS16949 automotive industry certification in 2007 and began mass production of automotive electronic accessories in 2013. There is a certification cycle in the cooperation between the company and the car company, and it is necessary to obtain the corresponding qualification to supply goods to the customers. compared with the mobile phone business, the automobile enterprise customers have more stringent requirements for the sustainable supply, performance and reliability of the products. however, the duration of the project is also longer, which can continue to bring revenue to the company for a longer time. At present, the company's products in the vehicle field mainly include on-board microphones and microphone modules, and the follow-up company will further expand the product category and gradually layout waterproof, noise reduction, accelerator sensors, wireless charging / K song modules, etc. continue to increase the value of the bike.
With complete MEMS semiconductor closed testing capabilities and equipment, outstanding integration strength, excellent quality control of vehicle products. The company independently develops automatic assembly line, automatic test line, mold independent processing, parts self-made. The spare parts of the company's main products are self-made to ensure that the product quality and production cost can be effectively controlled. The automatic assembly line and automatic testing device independently developed and produced by the company not only improve the first qualified rate, consistency and stability of the products, but also reduce labor and improve production efficiency. The company's fully automatic packaging equipment adopts international first-class brands, which can achieve online 100% AOI and MES material tracking functions. In terms of MEMS production line, the company has a 1000-grade purification and packaging workshop, covering Wafer cutting, DB, WB, CT, shell, testing, film, packaging links. The company has the ability to transform and optimize the automation equipment. The company has an independent automation department, which will increase R & D investment and develop new equipment on the basis of improving existing automation production equipment, optimizing production process, improving product assembly and testing. The automation rate of the company's MEMS production line is up to 100%.
Profit forecast and valuation suggestion: the company is a professional manufacturer, service provider and overall solution provider of electro-acoustic components and components; committed to smart cars, smart homes, smart wear, smart phones and other fields, to provide customers with more competitive intelligent acoustic products and services to build a "Internet of everything" world. We estimate that the total annual revenue of electroacoustics 2022E/2023E/2024E is 14.99 2022E/2023E/2024E 22.48 / 3.148 billion yuan, and the net profit of return to home is 2.34 trillion yuan, and yoy+108.6%/71.0%/53.8%; corresponds to PE33.2/19.4/12.6x. Maintain a "buy" rating.
Risk tips: lower-than-expected demand and intensified competition in the industry.