Pan-simulation of established manufacturers, high-end chemical transition continues to advance.
Shanghai Beiling is a chip designer specializing in pan-simulation track, which has changed from IDM mode to Fabless mode, and its products are widely distributed in smart meters, camera modules, display modules, high-end and portable medical devices, industrial control devices and all kinds of general consumer electronic products and other terminals. On July 8, 2021, the company issued a semi-annual performance forecast. The net profit of 2021Q2 was RMB2.51-256 million, with an increase of 80.57%, 84.17% and 60.52-65.79%, respectively. Taking into account the continuing impact of the 5.93% stake in Xinjianneng on the investment income, we expect the company to receive an investment income of RMB 100 million in 3-2-2 from 2021 to 2023, and the company's net return profit from 2021 to 2023 is estimated to be RMB 7.54 billion, corresponding to EPS of RMB 1.07x1.25, and the current share price is 20.1 times PE. Cover for the first time, giving a "buy" rating.
Deep ploughing of intelligent electric meter track, rapid expansion of terminal applications
With the arrival of the iterative period of global watt-hour meter renewal, the company successfully developed the solution of "IR46 metering chip + metering MCU" in 2020, which has been successfully introduced into major watt-hour meter enterprises at home and abroad. At the same time, based on the technical accumulation of traditional electric energy metering, the company actively develops a series of energy sensing chips for the Internet of things, covering smart home, smart charging, smart lighting, energy consumption monitoring and other application scenarios, which significantly broadens the market space of the company's intelligent metering chips.
Domestic high-speed ADC leader, "relay + medical + base station" trinity Shanghai Beiling used in the medical industry high-speed ADC products sampling speed as high as 125MSPS, is the highest level of mass production of domestic high-speed ADC. In 2020, the company's high-precision series of ADC products made a breakthrough and been widely used in the power protection market, further strengthening the company's competitiveness in the power grid racetrack; at the same time, the company's third-generation RF sampling high-speed ADC research and development is progressing smoothly in 2020, reflecting the company's strong R & D strength in high-end ADC. With the continuous research and development of high-speed and high-precision ADC, the company is expected to gradually grow into the leading manufacturer of domestic high-end ADC.
Risk hints: there are uncertainties in ADC R & D progress; cyclical fluctuations in the prosperity of the semiconductor industry; and uncertainty in the expansion speed of downstream customers.