Revenue increased 34.5% year over year in 2022, and gross margin fell 1.9 pct. The company's revenue in 2022 was 1,783 million yuan (YoY +34.50%), net profit of 267 million yuan (YoY -39.85%), after deducting net profit of 187 million yuan (YoY -49.26%). Of these, 4Q22 revenue was 315 million yuan (YoY -27.64%, QoQ -33.12%), net profit of the mother was 10.14 million yuan, and net profit of the non-return mother was 29.38 million yuan. In terms of profitability, gross margin fell 1.9 pct to 58.61% in 2022, of which 4Q22 gross margin was 59.09% (YoY -0.5pct, QoQ +0.2pct); annual R&D expenses increased 117.84% to 656 million yuan, R&D fees increased 14.1pct to 36.76%, management rates increased 2.4pct to 7.26%, sales rates fell 0.3pct to 3.93%, and net profit fell 18.5pct to 14.96%.
Signal chain and power management two-wheel drive, new products are constantly being introduced. By product, in terms of signal chain chips, the company launched the instrumentation amplifier TPA1286, FA level input current transfer, single-channel 16-bit/18-bit SAR ADC, CAN transceiver TPT1042/TPT1051, etc. in 2022, achieving revenue of 1,263 billion yuan (YoY +22.85%), accounting for 71%, and gross profit margin of 62.24% (-1.2pct); in terms of power management chips, the company launched a new high-current low-voltage differential LDO in 2022 — TPL910A, programmable configuration Multi-channel DCDC+LDO+RTC PMICs, 36V 2A/3A synchronous step-down converters, etc., achieved revenue of 521 million yuan (YoY +74.62%), accounting for 29%, and gross profit margin of 49.81% (-0.6pct).
Vehicle regulations and isolation products were launched, and the first MCU product completed the flow film. In 2022, the company released more than 20 vehicle regulation chips, including the TPA1882Q-VR-S series of high-voltage precision operational amplifiers, ultra-low noise and low dropout LDO--TPL910ADJQ series, high-current linear stabilizer-TPL8151Q, high performance and high reliability CANFD transceiver TPT1042VQ series, high voltage and low power voltage monitor TPV8368Q, etc., which have been introduced to clients one after another. In terms of isolation products, the company has launched several product lines such as digital isolators, isolation interfaces, isolation sampling, and isolation drivers. In addition, in 2022, the company continued to promote embedded processor team building and product development, and completed the construction of the core team. The first MCU product has completed streaming and can be applied to smart homes, industrial control, medical care, metering equipment, communications and other fields.
Investment advice: The company's product models and downstream application fields continue to be enriched. Maintaining the “buy” rating, we expect the company's net profit of 3,96/626/819 million yuan in 2023-2025, with a year-on-year growth rate of +48.5/+58.1/ +30.8%; EPS is 3.30/5.21/6.82 yuan, and PE corresponding to the stock price on April 14, 2023 is 88/56/43x respectively. The company continues to enrich its product models and downstream application fields to maintain its “buy” rating.
Risk warning: New product development falls short of expectations; customer verification falls short of expectations; demand falls short of expectations.