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:
Maintain the "overweight" rating, with a target price of 86.00 yuan. The company's car regulation MCU accelerates volume release, new products continue to break through, and domestic alternatives are huge; and due to the weakness of the pan-consumer terminal security chip market, its EPS for 2022-2024 is 1.62max 2.39 yuan (the original forecast is 0.85 shock 1.72max 2.69 yuan). Considering the huge domestic alternative market of automobile MCU, it will be given 53 times PE in 2023, maintaining the target price of 86 yuan and maintaining the "overweight" rating.
The car MCU is shipped smoothly, and the MCU of ten cars in five categories is expected to be fully launched in 2023. The company's automotive MCU chips are all based on Power architecture, open source architecture, no licensing and other risks, with an independent and controllable underlying security foundation. In 2022, the company announced the launch of three automotive MCU chips, which are respectively used in body control, BMS and domain control; powertrain control chips are expected to be launched in 2023, and the product series covers automobile driving function scenarios. The company's body control chip 2012BC has shipped more than one million pieces, some of which are used in airbag ASIL-D and other high safety requirements scenarios. The competitive advantage of automotive MCU business is clear, and the business inflection point is highlighted.
The high growth of information security business is expected to build a moat in the area of major national demand for 20 years.
The company's information security business is mainly used in the areas of major national needs, customized development of security chips for G-end customers, with the strong support of the policy side for information innovation and security control, the company's information security business will usher in rapid growth. The company has been ploughing deeply in the field of national major demand for 20 years, with a solid customer relationship and a high moat.
Catalyst. National major demand projects are full; automobile major customer breakthrough; new product development.
Risk hint. The customization project is delayed; the demand for automobile MCU fluctuates; Sino-American friction.
