Gongda Electric Acoustic was established in Weifang in April 2001. Since its establishment, it has always focused on acoustic components, acoustic components and overall acoustic solutions, mainly covering four areas: smart cars, smart wearable, smart home and smart phones.
Demand side: the downstream market is booming and the MEMS microphone market is growing rapidly. The global MEMS microphone market is expected to exceed 3 billion in 2026. In 2018-2026, the shipments of MEMS acoustic sensors in the global automotive electronics field increased from 37 million to 185 million, with an average compound annual growth rate of 22.42%. Smart phones are the main downstream market. With the increase in 5G penetration, the number of MEMS sensors in a single mobile phone continues to increase, so there is a broad market for the development of MEMS acoustic sensors in the future. The market for smart wearable and smart home devices is growing rapidly, and global shipments of wearable devices are expected to exceed 300 million units by 2023.
Supply side: foreign manufacturers are dominant, domestic substitution is on the rise. (1) the global MEMS sensor chip market is dominated by foreign manufacturers. Among the top 10 shipments of MEMS sensors in the world, only one domestic manufacturer, Golmud, ranks sixth, accounting for 3.88%. The market concentration in the segment field is low, the leader is more scattered, and the domestic manufacturers in the microphone field have performed well. In recent years, Chinese MEMS microphone manufacturers have developed steadily, with Goehl shares, AAC Technologies Holdings Inc. and other shares rising. In 2018, Gale shares, AAC Technologies Holdings Inc., Minxin shares, and total electro-acoustics combined market share reached 48%. (2) the domestic substitution on the product narrowed the gap and the chip permeability increased. In the field of MEMS microphone, a number of domestic manufacturers gradually develop core chips based on the local industry chain, and the high-end substitution of domestic chips is gradually increasing. In the field of automotive electronics, the product performance has been continuously improved and the parameters have been continuously optimized. Emerging fields, product technology continues to deepen, continue to expand to multi-field applications.
First coverage, give "buy" rating: at present, the company has an early layout of car microphones, and its products and customers are making rapid progress. We estimate that the company's revenue in 2022, 2023, and 224 will be 1.265, 18.97, and 3.225 million, respectively, and its net profit will be 114 million yuan / 201 million yuan / 360 million yuan, respectively.
Risk tips: capacity expansion is not as expected, customer introduction is not as expected, and the impact of repeated production of the epidemic.