Event: on August 10, Silipu released its semi-annual report of 2023. In the first half of 2023, the company realized 612 million yuan in revenue, 14.0877 million yuan in YoY-38.68%, 's net profit, and 55.9415 million yuan in YoY-94.01%; 's net profit after excluding equity incentive fees (41.8538 million yuan), YoY-85.93%.
Q2 revenue is slightly lower than the previous month, and gross profit margin is under pressure. Q2 company achieved revenue of 305 million yuan, YoY-45.16%,QoQ-0.82%, market boom is declining, competition intensifies, company revenue is under pressure, but from a month-on-month point of view has basically stopped falling. In terms of gross profit margin, Q2 company's gross margin decreased by 6.25pct to 51.60% month-on-month. In the second quarter, the company adopted a more aggressive pricing strategy, with a larger drop in gross profit margin. In terms of profit, due to the rigidity of fees and the decline of gross profit margin, the company's net profit decreased significantly compared with the same period last year, with a net profit of 12.4479 million yuan in a single quarter and 23.6114 million yuan after YoY-91.33%, excluding equity incentive fees.
Split the product structure, Q2 company signal chain revenue 237 million yuan, YoY-42.36%, revenue accounted for 77.85%, gross profit margin 53.69%, down 5.81 pct; power management revenue 63.7295 million yuan, YoY-55.77%, revenue accounted for 22.15%, gross profit 44.21%, month-on-month decline 7.37pct.
The automotive and pan-industrial markets have continued to advance and improve the layout of various fields. The company produces a full range of CAN transceivers with 16 channels and 12 bits SAR ADC, which is widely used in battery management, instrument control and other fields. High-performance automotive specification-level push-pull transformer driver chips have been shipped and can be used for all kinds of isolated power supplies. The first MCU product has been verified by key customers of smart home, and cooperated in application development, and can be widely used in smart home, intelligent building, industrial control, medical, metering equipment, communications and other fields. At the same time, the company cooperates with the domestic leading SoC company to launch the domestic reference design, which helps the localization of robot and automobile cockpit infotainment system.
Signal chain and power management products bring forth the new, and the first MCU product is sent for sample verification. In terms of signal chain, linear products: operational amplifiers for high-speed photoelectric conversion of lidars and operational amplifiers for leakage detection and charge sensors; interface products: isolated sampling chips for servo and frequency conversion control systems are introduced Converter: 24-bit high-resolution analog-to-digital converter is under development and upgrading, compared with the current 16-bit converter, with better signal-to-noise ratio, linearity and sampling rate. In terms of power management products, linear regulators, the industry-leading 1 μ V RMS ultra-low noise, 110dB ultra-high PSRR linear regulators have been mass-produced, with the newly launched 0.05% high-precision low-temperature drift coefficient voltage reference chip; in terms of power regulators, more than 20 medium-and high-end DC/DC switching power supplies have been mass produced, and PMIC products have also been mass produced, which can provide SoC with more efficient and compact power supply solutions. In terms of driver chips, the domestic leading high-performance automotive push-pull transformer driver chips for all kinds of isolated power products have been produced. In terms of MCU, the first MCU product is currently in the engineering sample verification stage. The follow-up product line has also entered the chip design stage, enriching and expanding the product portfolio in the direction of industrial control and new energy.
Investment suggestion: the annual return net profit of the company in 2023-24-25 is expected to be 123pm, 333pm, 589 million yuan respectively, and the corresponding current price PE is respectively times that of 187-69-39. Maintain the recommended rating.
Risk tips: the risk of insufficient iteration of product research and development; the risk of lower-than-expected downstream demand; the risk of market competition.