终端需求回暖，家电业务稳步提升，光储等新兴业务持续发力。 1）家电芯片：23H1 营收同比增长超25%左右，据全国家用电器工业信息中心数据显示，23H1 国内家电市场同比+2.8%， 其中Q2 环比+53.48%，23H1 大、小家电市场零售额分别同比+4.1%/-1.5%，而23H1 家电累计出口规模同比+5.2%，其中23Q2 环比+10.13%，我们认为伴随终端需求复苏，公司在原有AC/DC 的产品上搭配GateDriver、IGBT 等器件，提升了公司在白电市场SAM，增长动能充足；2）标准电源芯片：23H1 营收同比下滑35%左右，据Canalys 数据，23H1 中国智能手机市场出货量1.32 亿部，同比-8%，需求的下滑导致下游客户在备货策略上保守，新产品的推出时间有一定程度的延后；3）工控功率类芯片：公司推出全系列功率芯片新品，整体营收同比增长近 10%。Overview of events
On the evening of August 29th, the company released its semi-annual report for 2023. 23H1 achieved revenue of 384 million yuan, + 2.36% year-on-year, and net profit of 48 million yuan,-17.59% year-on-year. 23Q2 achieved revenue of 197 million yuan, year-on-year + 3.66%, month-on-month + 5.40%; return-to-mother net profit of 28 million yuan, year-on-year + 11.69%, month-on-month + 34.77% Tan 23Q2 gross profit 38.79%, month-on-month-0.3pct.
Analysis and judgment
Terminal demand is picking up, home appliance business is improving steadily, and emerging services such as optical storage continue to develop. 1) Home appliance chips: 23H1 revenue grew by more than 25% year-on-year. According to data from the National Household Appliance Industry Information Center, the domestic home appliance market of 23H1 is + 2.8% year-on-year, of which Q2 is + 53.48% compared with the same period last year. Retail sales of large and small home appliance markets are + 4.1% and 1.5% respectively compared with the same period last year, while the cumulative export scale of 23H1 home appliances is + 5.2% year on year, of which 23Q2 is + 10.13%. We think that with the recovery of terminal demand. The company matches GateDriver, IGBT and other devices on the original AC/DC products, which improves the company's SAM in the white electricity market and has sufficient growth momentum. 2) Standard power chips: 23H1 revenue fell by about 35% year-on-year. According to Canalys, 23H1 China smartphone market shipped 132 million units,-8% compared with the same period last year. The decline in demand caused downstream customers to be conservative in their inventory strategy, and the launch of new products was delayed to a certain extent. 3) Industrial control power chips: the company launched a full range of new power chips, and the overall revenue increased by nearly 10% compared with the same period last year.
The company has a broad space for growth in the future in the pan-industrial fields such as overweight automobiles and optical storage and servers.
The company actively increases the development of industrial and vehicle regulation products, with a total investment of 90 million yuan in 23H1 research and development, which is + 2.84% compared with the same period last year. From a business point of view, many of the company's products have passed the vehicle regulation certification, and high-voltage DC-DC and Gate Driver are in customer sample delivery testing; pan-industry: 1) Optical storage:
22H2 optical storage products to achieve shipment, 23H1 to "photovoltaic inverter and energy storage" as the representative of the new energy field revenue of more than 25 million yuan; 2) Server: DrMOS research and development is progressing smoothly, is working closely with customers.
Investment suggestion
Maintain a "buy" rating. We estimate that the company's 23-25 net return profit will be RMB 1.17 million, respectively, with a year-on-year value of + 29.8%, 50.8%, 38.6%, and a corresponding EPS of 1.03, 1.55 and 2.15 yuan, respectively. The valuation of the corresponding PE will be multiple of 59-39-28.
Risk hint
Domestic substitution is not as expected, fund-raising projects are not as expected, and downstream demand is not as expected.
