Event: on August 16, Fudan WeChat released its 2022 semi-annual report. The operating income of the company is about 1.702 billion yuan, the net profit of yoy+50.83%; is about 531 million yuan, and the non-net profit of yoy+172.99%; is about 519 million yuan, an increase of 220.88% over the same period last year.
Financial situation:
The performance in the first half of the year reached a new high, attaching importance to research and development to promote the development of the company. In the face of the epidemic situation and the complex and changeable external situation in the first half of the year, the company has achieved advance deployment and overall planning to ensure the smooth operation of the supply chain. Revenue reached 1.702 billion yuan in the first half of 2022, an increase of 50.83% over the same period last year, and the performance reached a new high. It is estimated that the company's 22-year Q2 achieved revenue of 926 million yuan, an increase of 47.69% over the same period last year, an increase of 19.33% over the same period last year, a net profit of 298 million yuan, an increase of 175.93% over the same period last year, an increase of 27.90% over the previous year, and a deduction of 293 million yuan for non-net profit, an increase of 221.98% over the same period last year and 29.65% month-on-month growth. In 22, H1 invested 399 million yuan in R & D, an increase of 22.39% over the same period last year, laying the foundation for the company's further technological innovation.
Business situation:
1. FPGA chip
Benefiting from domestic substitution, FPGA is highly prosperous. In the first half of 2022, the company's FPGA product line achieved revenue of 378 million yuan, an increase of 120.84% over the same period last year. The company is the first manufacturer to launch billion-door-level FPGA products in China, filling in the blank of domestic high-end FPGA. At present, the company's FPGA product line has successfully broken through a number of key technologies and achieved batch application, forming obvious technology cluster advantages in the field of FPGA and PSoC. The research and development of a new generation of billion-door-level FPGA products is under way, the company's PSoC products have also been successfully mass produced, and small batch trials are being carried out at a number of customers. At the same time, the new generation of heterogeneous intelligent PSoC products equipped with APU, GPU, VPU, eFPGA and AI engines have also achieved phased research and development results, which will further enrich the company's programmable product family and continue to meet the needs of customers in various application fields.
II. Security and identification chips
Continue to develop new RFID products and actively develop car regulation products. In 2022, the revenue of H1 company's product line was about 461 million yuan, an increase of 23.57% over the same period last year. The company is the leading chip supplier of RFID, smart card, security module and NFC products in China.
The implementation of the "overall plan system" and "deep ploughing terminal major customers" quality service route has achieved remarkable results. Key new products, such as ultra-high frequency RFID chips, ultra-high frequency read-write chips, and safety SE chips, are under continuous development and are expected to be mass produced one after another; the product line has been actively developed in vehicle specification-level product application scenarios, and has been mass-produced in projects such as TBox security chips and car digital keys.
III. Non-volatile memory
The coverage of vehicle specification-level products has gradually expanded, and Flash products have been introduced into leading customers.
In the first half of 22 years, the revenue of the product line reached 487 million yuan, an increase of 33.8% over the same period last year. The company's memory chips mainly focus on serial interface EEPROM, NOR Flash and SLC NAND Flash products with high reliability, and occupy a certain market share in the field of high reliability. At present, the first Grade1-level large-capacity EEPROM AEC-Q100 assessment verification has been successfully completed, and a number of products will enter the AEC-Q100 assessment in the follow-up, gradually expanding the coverage of vehicle specification-level products. At present, the company's Flash products have been introduced into network communications, wearable, WiFi6, display and other industry leading customers, in the field of automotive electronics applications, there are a number of projects have successfully entered the application stage.
IV. Smart meter chip
The company's smart meter has remarkable advantages, and a number of products have been put into mass production in the second half of the year. The company's product line H1 achieved revenue of 276 million yuan in 2022, an increase of 177.86% over the same period last year. Compared with other products on the market, the products developed by the company based on smart meter MCU technology have the characteristics of larger storage capacity, higher main frequency, significantly lower standby power consumption and chip area, which strongly highlights the company's chip design capability. At present, the company's MCU products have completed the development and streaming of 12-inch 55nm and 90nm embedded flash process platforms. It is expected that in the second half of 2022, a number of high-capacity, high-reliability, high-performance industrial and automotive specification-grade MCU products based on 12-inch process platforms will be gradually launched. In addition, the company's first gauge-level MCU has completed the AEC-Q100 assessment and entered the market promotion, product performance and quality are generally recognized by customers, and is expected to enter the stage of mass production in the second half of 2022.
Profit forecast: the company is expected to achieve revenue of 45.4 million yuan in 22-24, with a net profit of 9.6 billion yuan and 1.67 billion yuan, maintaining the "recommended" rating.
Risk Tips:
(1) risk of new product research and development and technology iteration
(2) the risk of high concentration of suppliers and fluctuation of raw material prices, (3) the risk of structural fluctuation of production capacity.
(4) the risk of the impact of international trade situation on the industrial chain.