Platform enterprises with MCU as the core provide one-stop solution. The company defines products based on terminal requirements, with the design capabilities of 8-bit and 32-bit MCU, high-precision analog, power drive, power devices, RF and underlying core algorithms, and accumulates more than 1000 autonomous IP. At present, the company's chip development platform based on MCU is mature, realizing the structured and modular development of the chip, and can make a rapid response to different segments of the field.
Continue to plough the existing fields, and actively layout motor batteries and automotive electronics. The market of smart small household appliances is under short-term pressure, and the company's shipments are lower than the same period last year; in the consumer electronics field, with the expansion of application scenarios, the overall shipments continue to increase, but the gross profit margin is under pressure; with the increase in the market share of brushless motor and lithium battery management, sales of motor and battery chips are expected to grow; the rapid development of the Internet of things leads to the outbreak of sensor market demand, and sensor signal processing chip sales will further grow. With the release of production capacity, the revenue contribution of power device products continues to grow. In addition, the company adopts ARM China Star CPU (STAR-MC1) core MCU chip for high-performance MCU in the field of air conditioning outdoor unit control and industrial control, and the new generation of specification-level MCU BAT32A products have been launched and will soon be put on the market, officially entering the field of new energy vehicle chips and large household appliances control.
Profit forecast: we expect the company's operating income from 2022 to 2024 to be 11.8 yuan 14.5 / 1.71 billion yuan respectively, and the net profit to return to the mother is 3.5 yuan 4.2 / 470 million yuan respectively, covering for the first time and giving a "recommended" rating.
Risk tips: (1) downstream demand is lower than expected; (2) market competition is intensified; (3) the unrealizability of profit forecast and the inapplicability of valuation methods.
