Event
The company released its semi-annual report in 2023. According to the announcement, the company's 23H1 realized 302 million yuan in revenue, down 3.85% from the same period last year; realized 1 million yuan in net profit from home, down 97.46% from the same period last year; deducted non-return net profit from-18 million yuan, down 137.42% from the same period last year; gross profit margin was 23.88%, net profit rate was-1.75%.
23Q2, the company achieved a quarterly income of 169 million yuan, an increase of 16.14% over the same period last year, an increase of 27.95% over the same period last year; a net profit of 4 million yuan per quarter, down 84.12% from the same period last year, an increase of 257.12% over the previous year; and a net profit of-6 million yuan per quarter, narrowing the amount of loss compared with the previous quarter; gross profit margin of 25.00%, month-on-month growth of 2.56pct, net profit of 0.01%.
Product structure continues to optimize, LED-driven, AC/DC, DC/DC stable basic 23H1, the company continues the revenue growth trend since 22Q4, product structure continues to optimize. In the field of LED driver, the high-performance domestic solution of "PFC+LLC/LED driver" has successfully entered the supply chain of many leading customers in the high-power LED lighting industry. At the same time, a high-precision deep dimming QR BuckLED backlight driver chip has been launched and successfully mass-produced. In the field of AC/DC, taking the AC-DC chip as the breakthrough point, the chip categories such as DC-DC, linear power supply and gate driver are continuously imported to form the overall solution, and the volume is continuously expanded in many application fields, such as fast charging, household appliances, building automation, security and fire protection, server / data center power supply, power conversion and energy storage, among which the sales volume of household appliances increased by more than 40% compared with the same period last year. In the field of DC/DC, the 4.5-40V voltage range and 0.6-6A current range DC-DC chips launched in 22 years have been recognized by many benchmarking projects of head customers, and are in a steady and rapid expansion stage, and continue to develop high current above 8A and high voltage products above 60V, among which 100V high voltage CMCOT architecture DC-DC products have been in the sample delivery stage. We expect that with the repair of downstream demand, LED drivers and AC/DC are expected to gradually recover, superimposed by the continued volume of DC/DC, the three major businesses will drive the company's revenue growth.
Continue to increase R & D investment, BMS AFE, motor drive and other new products are expected to 23H1 in the future, the company's R & D expenses increased by 56.65% year-on-year, revenue accounted for 22.92%, adhere to high R & D investment, and actively explore new areas. The company has introduced high-side / low-side drive BMS AFE chips that can support 110V internal battery management system applications, while actively developing daisy chain cascaded BMS AFE chips for 200V-800V high-voltage applications, promoting the certification of ISO26262 functional safety standards, targeting large-scale energy storage systems and new energy vehicles. In addition, the company has completed the holding of moving Core Micro Chengdu, opened a new strategy and layout of motor drive control and magnetic sensor business, and will speed up the launch and industrialization of new products in the server, industrial and automotive fields.
At the same time, the company also launched a series of high-performance, high-reliability, high-precision, low-power signal chain chips to strengthen business coordination. We expect that with the steady progress and gradual increase in the research and development of BMS AFE, motor drive and other products, it is expected to open up incremental space for the company.
Investment suggestion
We estimate that the company's net return profit in 2023 to 2025 will be 0.491,108x67m respectively, corresponding to the PE of 68.83Universe 31.44A20.34 times, maintaining the "overweight" rating.