Double profits and increase profitability significantly
In the first half of 2022, the company achieved revenue of 472 million yuan, a year-on-year growth rate of 27.66%, and net profit of 127 million yuan, a year-on-year growth rate of 106.49%. Among them, 2022Q2 achieved an income of 207 million yuan in a single quarter (year-on-year growth rate of 1.79%, month-on-month growth rate of-21.816) and a net profit of 61 million yuan (year-on-year growth rate of 63.59%, month-on-month growth rate of-6.449%). The company's gross profit margin reached 45.78%, an increase of about l0pct over the same period last year. Combined with the market environment in the first half of 2022, we believe that the main reason for the increase in the company's gross profit margin is the continued lack of core in the world, resulting in high chip prices. As a major supplier in the industry, the company has fully benefited from the current round of chip price increases, and the increase in profit margins has offset some of the decline in global consumer electronics sales.
Increase R & D investment and enter the supply chain of head car companies
The company continues to improve its R & D system, and the number of R & D personnel has increased to 180, an increase of 32 over the same period last year. The average salary of R & D personnel in the company reached 150000 yuan per year, an increase of 30, 000 yuan over the same period last year. The company continues to focus on the development of power management chips to achieve import substitution, mainly through high-performance, high-reliability power management chips to provide customers with efficient power management solutions, continue to layout in the Internet of things, automotive electronics, network communications and other new fields. The company's products have successfully entered BYD's supply chain in the automotive and new energy markets.
Flexibly adjust the product structure to meet the needs of non-mobile phone business
The company has maintained a long-term and stable cooperative relationship with the leading global mainstream wafer manufacturing, packaging and testing enterprises with advanced technology and high maturity, and fully understands its process level and changes. so that the company can intervene in advance, run-in upstream technical resources, and then integrate upstream and downstream technology, process resources and application requirements into product research and development. The overall upstream supply is still tight in the first quarter of 2022 and has been greatly alleviated in the second quarter, but there is a structural tension in some products such as 45v and 60V high pressure processes. The company quickly changed production to develop such process products, and entered mass production to alleviate the delivery pressure of non-mobile phone products.
Investment suggestion
The overall operation of the company is stable. The company's gross profit margin and R & D expenses will be raised slightly, and the company's net profit from 2022 to 2024 is expected to be 261 million yuan, 363 million yuan and 496 million yuan, respectively. The current stock price (August 26th, 2022) corresponds to PE of 27.06,19.52,14.26 times, respectively. Maintain a "buy" rating.
Risk hint
The risk of weak consumption downstream, the risk of customer concentration, the risk that new product research and development is not as expected, and the risk of intensified competition in the industry.
