Shanghai Beiling released the semi-annual report of 2022: in the first half of 2022, the company realized operating income of 935 million yuan, down 8.29% from the same period last year, and realized net profit of 301 million yuan, down 23.39% from the same period last year. The net profit after deducting non-return was 201 million yuan, an increase of 0.94% over the same period last year.
Main points of investment
Under the background of epidemic situation, under pressure, Q2 ring ratio has been improved.
The epidemic hit the cyclical fluctuation background of the superimposed industry. 2022Q2's revenue was 489 million yuan, down 17.23% from the same period last year, up 9.44% from the same period last year. The net profit from home was 157 million yuan, down 38.17% from the same period last year, up 8.65% from the previous year. The net profit from non-return to home was 109 million yuan, down 12.29% from the same period last year, and up 17.07% from the previous year.
In terms of profitability, 2022H1 achieved a gross profit margin of 36.08% (year-on-year + 3.42pct), of which Q2 single-quarter gross profit margin was 35.94% (year-on-year + 1.85pct). The increase in gross profit margin is mainly due to the transformation and upgrading of the company's IC products to industrial control and automotive electronics applications. In terms of expenses, the company's R & D investment has increased year by year. The 2020/2021/2022H1 R & D fee is 8.7%, 8.7%, 10.2%, 3.2%, 2.7%, 3.0% and 5.6%, 4.1%, 4.0%, respectively, showing a steady trend. The financial expense rate is stable at a negative value, reflecting the company's good ability to control fees.
Upgrade to industrial specifications, "power chain + signal chain" go hand in hand with power chain: including power management, power device business. 1) the global market for power management chips reached US $33 billion in 2020, an increase of 13.79% over the same period last year, and is expected to grow further to US $41 billion in 2022. The company's power management business is mainly undertaken by two subsidiaries, Nanjing Weimeng and Shanghai Lingxin. In March, the company wholly acquired the silicon tower technology, which is the high quality target of motor drive and system control IC, to form coordination with its own power management IC plate. The company continues to develop power management chips in the field of automotive lighting, LED driver chips for automobile taillights complete AEC-Q100 certification and are imported into the factory to achieve batch supply, and a number of specification-level power management products have been completed and started research and development. In the future, the company will continue to upgrade the proportion of industrial and vehicle specification-level power management products. 2) Power device business is aimed at providing high reliability power device products for industrial control and automotive electronics applications. The company has mastered the device technology such as shielded gate power MOSFET, super junction power MOSFET and so on. IGBT products have been mass produced in automobile ignition system, on-board air conditioner and other terminals. In the future, the company will increase the development of new power device structure and technological process, and form a complete solution with the company's main control chip, driver chip, signal sampling chip and other products.
Signal chain: including data converter, power special chip, Internet of things front end, non-volatile memory, standard signal product service. According to IC Insight, the global signal chain analog chip market has increased from US $8.41 billion in 2016 to US $9.92 billion in 2020, with a CAGR of 4.21%, and is expected to reach about US $11.8 billion by 2023. 1) ADC (digital-to-analog converter) is the core of signal chain IC, which is monopolized by multinational enterprises such as TI, ADI and so on. As a high-precision ADC/DAC leading enterprise, the company has made a breakthrough in the power protection and industrial control market, and its business sales have increased significantly compared with the same period last year. 2) Power special chip business, including single-phase metering chip and three-phase metering chip, intelligent metering SoC chip, etc., serving for metering, measurement, protection and other applications. The company's power dedicated chip for the State Grid, Southern Power Grid launched the next generation of IR46 "dual-core" smart meter dedicated SoC chip. 3) the company promotes the research and development of automotive specification-level EEPROM products, and a number of automotive specification-level EEPROM products are undergoing AEC-Q100 verification and assessment, involving BMS, ADAS and other fields. 4) the front-end business of Internet of things, the energy consumption monitoring chip used by the company for charging piles of two-wheel electric vehicles has been gradually extended to the market of charging piles of four-wheel electric vehicles. 5) Standard signal chain product business, the company's high-performance operational amplifiers, I2C bus level conversion + repeaters and other products are in the research and development stage, mainly for automotive electronics, industrial control, instrumentation and other fields.
Profit forecast
It is predicted that the company's income from 2022 to 2024 will be 25.39,32.2 and 4.136 billion yuan respectively, and its EPS will be 0.93,1.13,1.36 yuan respectively. The current stock price corresponding to PE will be 24,20,16 times respectively, maintaining the "buy" investment rating.
Risk hint
The industry competition aggravates the risk; the downstream demand is lower than the expected risk; the raw material price fluctuation risk.
