This report is read as follows:
Automotive MCU chips meet the explosive growth, Power architecture replaces overseas mainstream automobile MCU manufacturers, and there is a huge space for localization. Automotive intelligence will bring a huge incremental market for automotive MCU chips, and the company is expected to continue to grow at a high level.
Main points of investment:
For the first time, it will be given a rating of "increasing holdings", with a target price of 86.00 yuan. The company's car regulation MCU accelerates volume, new products continue to break through, domestic alternative space is huge, and future performance is expected. It is estimated that its EPS for 2022-2024 will be 0.85, 1.72 and 2.69 yuan. Considering the blank of localization in the field of automobile MCU, it will be given 50 times PE in 2023 with a target price of 86.00 yuan.
Rating.
The company accelerates the measurement of car gauge MCU chip, which has a huge space for localization. Car specification products mainly cover body and gateway control, engine control, BMS, domain control, etc., and customers cover local mainstream car factories. Among them, the new generation of body / gateway control chips have been successfully tested internally, entered mass production and obtained more than one million orders; the research and development of new generation engine control and new energy BMS control chips are progressing smoothly, and the functional safety level reaches the highest safety level of ASIL-D, which is expected to realize the domestic replacement of the core components in the tram field. As the penetration rate of new energy vehicles enters a new growth stage, the demand for MCU will accelerate and the performance can be increased rapidly.
Xinchuang cloud security chip benefits from the general trend of hardware, and the performance is expected to maintain high growth. Cloud security chips mainly hardware the functions that consume the computing power of the main CPU, such as encryption and decryption. Servers and other areas through supporting cloud security chips to release the computing power of the main chip, save costs and optimize efficiency, a major trend for the development of the industry. The company's products adopt advanced process technology and have been included in the Xinchuang purchasing list. With the volume of domestic main chips such as Kunpeng and Godson, the company's chips have a bright future in the Xinchuang market.
Catalyst. The penetration rate of new energy vehicles is increased; domestic car enterprises accelerate the localization of supply chain; local automobile customers are introduced.
Risk hint. Scientific and technological friction between China and the United States; the penetration of new energy vehicles is slowing down; capacity locking is not as expected.