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复旦微电(688385):2Q22业绩再创新高 FPGA引领成长
Fudan Micro Power (688385): 2Q22 performance reaches a new high FPGA leads growth

民生证券 ·  {{timeTz}}

  事件:复旦微电8 月15 日发布2022 年中报,2022 年上半年公司实现收入17.02 亿元(YoY+50.83%),归母净利润5.31 亿元(YoY+172.99%),扣非后归母净利润5.19 亿元(YoY+220.88%)。此外,公司上半年股份支付费用7369.86 万元,剔除股份支付费用影响后归母净利润达到6.05 亿元。   对应2Q22 单季度,公司实现收入9.27 亿元(YoY+47.85%,QoQ+19.43%),归母净利润2.98 亿元(YoY+175.68%,QoQ+27.77%),实现扣非后归母净利润2.93 亿元(YoY+223.28%,QoQ+29.35%)。   Q2 收入利润逆势高增,盈利水平再创新高。Q2 公司在疫情等不利因素影响下,收入和利润实现逆势高增,2Q22 公司毛利率达到66.18%(YoY+7.68pct,QoQ+2.59pct),净利率达到32.12%(YoY+14.89pct,QoQ+2.1pct),再创历史新高。主要系:(1)高毛利产品快速放量带来产品结构改善:公司在疫情初期前瞻加强产能保障力度,克服疫情对产品生产和交付的影响,主要产品线收入实现不同程度增长。同时公司积极开拓市场与新客户,持续调整产品结构,高毛利率FPGA 等产品快速放量,带来业务结构和盈利能力改善。(2)研发费用端:   由于受疫情影响,公司上半年研发节奏有所放缓,因此上半年公司研发项目除薪酬外的其他费用支出同比减少,22H1 公司研发费用同比增长21.2%,但研发费用率同比下降5.16 个百分点。   FPGA 业务高速成长,技术领先大有可为。2022 年上半年,公司FPGA 及其他芯片实现收入约3.78 亿元,合同产生的销售额同比增长120.84%,继续保持翻倍以上增长,主要由于亿门级FPGA 芯片技术趋于成熟达到终端客户预期,需求量显著上升。截至2022 年上半年,公司已累计向超过500 家客户销售相关FPGA 产品,广泛应用于通信、工控等领域。目前公司新一代十亿门级FPGA 产品研发工作正在开展中,各方面性能较上一代产品将大幅提升。同时公司PSoC产品也已成功量产,正在多个客户开展小批量试用,新一代配置APU、GPU、VPU、eFPGA、AI 引擎的异构智能PSoC 产品也已取得阶段性研发成果,将进一步丰富公司产品矩阵,不断满足客户需求。   安全与识别芯片稳步增长,车规级产品量产落地。2022 年上半年,公司安全与识别芯片产品线实现收入约4.61 亿元,同比增长23.57%。公司安全与识别芯片拥有RFID 和传感芯片、智能卡与安全芯片以及智能识别芯片三个产品方向,是国内领先的RFID、智能卡、安全模块和NFC 产品的芯片供应商。目前公司推行“整体方案全体系”与“深耕终端大客户”优质服务路线,重点新产品如超高频RFID 芯片、超高频读写芯片,以及安全SE 芯片等开发持续推进,有望陆续量产。同时公司在车规产品应用场景积极开拓,已在TBox 安全芯片和汽车数字钥匙等项目中量产落地。   非挥发存储器业务逆势增长,高可靠客户订单稳定增加。2022 年上半年,公司非挥发存储器产品线实现收入约4.87 亿元,同比增长33.8%。公司三条主要产品线NOR Flash、SLC NAND Flash 以及EEPROM,在市场景气度下行等不利影响下,通过客户结构不断优化,高可靠应用领域客户订单数量稳定增加,实现逆势增长。目前公司存储产品容量覆盖1Kbit-4Gbit,且产品容量及细分产品系列持续增加,同时相继导入网络通讯、可穿戴、WiFi6、显示屏等行业龙头客户。在汽车电子应用领域,公司在完成首个Grade1 级大容量EEPROM AECQ100考核验证后,多个EEPROM、NOR、NAND 产品陆续进入AEC-Q100考核,逐步拓宽车规级产品覆盖。   智能电表芯片高速成长,通用MCU 平台雏形初具。2022 年上半年,公司智能电表产品线实现收入约2.76 亿元,同比大幅增长177.86%,主要由于供应链改善,整体销量较去年同期增加,且公司新产品量产、价格调整及智能电表专用MCU 芯片市场占有率高,使得公司智能电表芯片整体销售额及销售毛利取得可观业绩。目前公司MCU 在通用领域进展良好,已涉足公用事业、智慧家电、智能家居、新能源等应用场景,并实现量产。公司第一款车规级MCU 产品已完成AEC-Q100 考核并进入市场推广,产品性能和品质获得客户普遍认可,预计2022 年下半年进入量产阶段。   投资建议:预计公司2022/23/24 年归母净利润分别为9.82/13.66/18.65亿元,对应现价PE 分别为53/38/28 倍,公司是国内领先的大型IC 设计公司,FPGA 等高可靠业务国内技术领先,且处于高速成长阶段,维持“推荐”评级。   风险提示:下游市场波动的风险;市场竞争加剧的风险;研发进展不及预期。

Event: Fudan Weidian released its mid-2022 report on August 15, saying that in the first half of 2022, the company achieved an income of 1.702 billion yuan (YoY+50.83%), a net profit of 531 million yuan (YoY+172.99%), and a net profit of 519 million yuan (YoY+220.88%). In addition, the company paid 73.6986 million yuan in share fees in the first half of the year, and the net profit returned to its mother reached 605 million yuan after excluding the influence of share payment fees. Corresponding to 2Q22 single quarter, the company realized income of 927 million yuan (YoY+47.85%,QoQ+19.43%), net profit of 298 million yuan (YoY+175.68%,QoQ+27.77%), and net profit of 293 million yuan (YoY+223.28%,QoQ+29.35%). Q2's income and profit increased against the trend, and the profit level reached a new high. Under the influence of the epidemic and other unfavorable factors, the income and profit of Q2 company increased against the trend. The gross profit margin of 2Q22 company reached 66.18% (YoY+7.68pct,QoQ+2.59pct) and the net profit rate reached 32.12% (YoY+14.89pct,QoQ+2.1pct), which reached a record high. The main departments are: (1) the rapid release of high-margin products brings about the improvement of product structure: the company looks forward to strengthening production capacity guarantee at the initial stage of the epidemic, overcomes the impact of the epidemic on product production and delivery, and achieves varying degrees of growth in revenue from major product lines. At the same time, the company actively opens up the market and new customers, continuously adjusts the product structure, and rapidly increases the volume of products such as high gross margin FPGA, which brings about the improvement of business structure and profitability. (2) the cost of R & D: Due to the impact of the epidemic, the pace of research and development of the company slowed down in the first half of the year, so the expenditure on R & D projects other than salary decreased in the first half of the year compared with the same period last year. 22H1's R & D expenditure increased by 21.2% compared with the same period last year, but the R & D expenditure rate decreased by 5.16%. With the rapid growth of FPGA business, there is a bright future for technology leadership. In the first half of 2022, the company's revenue from FPGA and other chips was about 378 million yuan, and the sales generated by the contract increased by 120.84% over the same period last year, which continued to double, mainly due to the maturity of billion-level FPGA chip technology to meet the expectations of end customers, and the demand increased significantly. By the first half of 2022, the company has sold related FPGA products to more than 500 customers, which are widely used in communications, industrial control and other fields. At present, the company's new generation of billion-door-level FPGA product research and development work is under way, all aspects of performance compared with the previous generation of products will be greatly improved. At the same time, the company's PSoC products have also been successfully mass produced, and a number of customers are carrying out small batch trials, and the new generation of heterogeneous intelligent PSoC products with APU, GPU, VPU, eFPGA and AI engines have also achieved phased research and development results, which will further enrich the company's product matrix and continue to meet customer needs. Safety and identification chips have grown steadily, and vehicle specification-level products have been mass-produced. In the first half of 2022, the company's security and identification chip product line achieved revenue of about 461 million yuan, an increase of 23.57% over the same period last year. The company's security and identification chip has three product directions: RFID and sensor chip, smart card and security chip and intelligent identification chip. It is the leading chip supplier of RFID, smart card, security module and NFC products in China. At present, the company implements the "overall plan whole system" and "deep ploughing terminal major customers" quality service route, and the development of key new products such as ultra-high frequency RFID chips, ultra-high frequency read-write chips, and security SE chips are continuously promoted, and are expected to be mass-produced one after another. At the same time, the company is actively developing the application scene of car regulation products, and has been mass-produced and landed in projects such as TBox safety chip and car digital key. The business of non-volatile memory is growing against the trend, and the orders of highly reliable customers are increasing steadily. In the first half of 2022, the revenue of the company's non-volatile memory product line was about 487 million yuan, an increase of 33.8% over the same period last year. The company's three main product lines NOR Flash, SLC NAND Flash and EEPROM, under the adverse influence of the market boom and other adverse effects, through the continuous optimization of customer structure, the number of customer orders in the field of highly reliable applications has increased steadily and achieved reverse growth. At present, the company's storage product capacity covers 1Kbit-4Gbit, and product capacity and product segments continue to increase, while the introduction of network communications, wearable, WiFi6, display and other industry leading customers. In the field of automotive electronics applications, after the completion of the first Grade1-level large-capacity EEPROM AECQ100 examination and verification, a number of EEPROM, NOR and NAND products have entered the AEC-Q100 assessment one after another, gradually expanding the coverage of automotive specification-level products. Smart meter chip is growing at a high speed, and the general MCU platform is in its infancy. In the first half of 2022, the company's intelligent meter product line achieved revenue of about 276 million yuan, a substantial increase of 177.86% over the same period last year, mainly due to the improvement of the supply chain, the overall sales increased compared with the same period last year, and the company's new products mass production, price adjustment and smart meter dedicated MCU chip market share is high, making the company's overall smart meter chip sales and sales margin achieved considerable results. At present, the company's MCU has made good progress in the general field, has been involved in public utilities, smart appliances, smart home, new energy and other application scenarios, and achieve mass production. The company's first specification-grade MCU product has completed the AEC-Q100 assessment and entered the market promotion, product performance and quality are generally recognized by customers, and is expected to enter the stage of mass production in the second half of 2022. Investment suggestion: the company's annual return net profit in 2022-23-24 is expected to be 9.82max 13.66 / 1.865 billion yuan respectively, and the corresponding current price PE is 53-38-28 times, the company is the leading domestic large IC design company, FPGA and other highly reliable businesses are leading in domestic technology, and are in the stage of rapid growth, maintaining the "recommended" rating. Risk hints: the risk of downstream market fluctuations; the risk of intensified market competition; R & D progress is not as expected.

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