The company's products are mainly divided into “signal chain analog chips” and “power management analog chips” dual channels, which are mainly used in consumer electronics, intelligent LED lighting, communication equipment, industrial control and security, and medical devices.

At present, the company has reached more than 1,200 analog chip product models, including more than 400 product models that generated revenue during the reporting period, and sold more than 1 billion units in 2021. Among them, many products such as USB 2.0/3.1 components, ultra-low power consumption and high precision operational amplifier elements, LED lighting semiconductor components, and high-efficiency power management components are among the cutting-edge products in the industry. In 2021, more than 210 million high-speed USB switches were shipped, which were unanimously recognized by domestic mobile phone terminal manufacturers OPPO, Xiaomi, and VIVO.

Signal chain products such as operational amplifiers were certified by Qualcomm and successfully entered high-end mobile phone models, paving the way for the company to continue to seize market share in high-end mobile phones.

Profit forecast: We expect the company's revenue for 2022-2024 to be 68/10.0/ 1.30 billion yuan respectively, and the net profit of the mother is 23/32/450 million yuan respectively. It was covered for the first time and gave a “recommended” rating.

Risk warning: (1) downstream demand falls short of expectations; (2) market competition intensifies; (3) customer concentration is high.