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复旦微电(688385):产品结构改善叠加新品放量 22Q2盈利能力环比继续增强
Fudan Micro Power (688385): product structure improvement superimposed new product volume 22Q2 profitability continues to enhance month-on-month

招商证券 ·  {{timeTz}}

  复旦微电公布2022 半年报,22H1 收入17.02 亿元,同比+50.8%;归母净利润5.3 亿元,同比+173%。公司22H1 收入和利润均实现同比大幅增长,22Q2 单季度盈利能力环比持续增强,维持 “增持”投资评级。   22H1 收入和利润均同比大幅增长,利润远超收入增速。公司22H1 收入17.02亿元,同比+50.8%;归母净利润5.3 亿元,同比+173%;扣非归母净利润5.2亿元,同比+221%;公司22H1 股权激励费用7370 万元。公司22H1 收入和利润均同比大幅增长,主要系主要产品线持续放量,新品及客户不断导入;利润增速远超收入增速,主要系高毛利率的FPGA/PSoC 等产品占比提升。   产品结构改善及新品不断拓展,22Q2 盈利能力环比增强。22Q2 单季收入9.27亿元,同比+47.9%/环比+19.4%;归母净利润2.98 亿元,同比+175.7%/环比+27.8%;扣非归母净利润2.93 亿元,同比+223.3%/环比+29.3%;22Q2 毛利率达66.2%/环比+2.6ppts,净利率达32.7%/环比+2ppts,盈利能力环比增强,主要系产品结构改善、新品拓展及价格调整等。   安全与识别芯片:稳定产品价格并拓展新领域22H1 收入稳定增长。安全与识别以智能卡IC 为主,还包括RFID 与传感器芯片。22H1 收入4.61 亿元,同比+23.6%,其中金融社保芯片、逻辑加密芯片、高频RFID 标签芯片、高频读写器芯片均稳定增长;新品方面,超高频RFID 芯片、超高频读写芯片、安全SE 芯片等有望陆续量产,智能卡与安全芯片的FM1280 和智能设备新品FM17 系列均获得车规级AEC-Q100 认证,用于T-BOX 和数字钥匙等。   非挥发存储器:22H1 下游景气度有所下行,客户结构优化带来收入同比稳健增长。公司非挥发存储器包括NOR/SLC NAND/EEPROM,容量覆盖1Kb-4Gb。22H1 收入4.87 亿元,同比+33.8%,一定程度受下游景气度下滑影响,但公司一方面高可靠产品的客户订单稳定增加,一方面不断提升产品容量及完善细分系列,抗周期能力一定程度上得以提升;高可靠性产品在22Q1 仍环比高增长,高可靠性市场仍供不应求,高可靠存储毛利率较高,预计贡献存储产品收入和利润主要增长动力;公司产品相继导入网通、可穿戴、WiFi6、显示屏行业龙头客户,车规级EEPROM 也实现在BMS 等系统出货。   智能电表芯片:22H1 收入同比大幅提升,通用MCU 进展顺利。公司智能电表芯片主要包括智能电表MCU、超低功耗MCU、实时时钟及电力载波芯片。   22H1 收入2.76 亿元,同比大幅增长179%,主要系新品量产及价格调整,公司MCU 产能有一定增长,但仍未完全满足客户需求,同时22Q2 系表计类产品需求旺季,预计整体环比保持健康态势;公司通用MCU 在公用事业、智慧家电、智能家居、新能源等场景实现量产,车规级LG 系列MCU 通过AEC-Q100 认证,主要用于车身控制领域,预计22H2 量产。   FPGA/PSoC 及其他芯片:22H1 需求量显著提升,收入及占比同比大幅增长。   22H1 收入3.78 亿元,同比大幅增长121%,占比达22.2%,同比+7ppts,主要系亿门级FPGA 需求量显著上升;FPGA/PsoC 毛利率明显高于其他产品线(2021 年达85%),占比增加提升公司整体毛利率水平;产品拓展方面,28nm 的亿门级FPGA 持续放量,14/16nm 产品持续研发,同时公司重点投入高可靠领域的高毛利率FPGA;PSoC 相较FPGA 具备更小的面积和功耗,  适用于高算力等场景,公司PSoC 在2021 年实现千万级别收入,2022 年客户及应用场景仍不断拓展。   测试服务:22H1 收入同比有所下滑,后续有望提升高端IC 测试业务占比。   22H1 收入1 亿元,同比-7.5%,主要受22Q2 疫情影响;后续公司将优化产品结构,增强高端IC 测试业务市场地位,收入及利润有望稳步增长。   投资建议。公司高可靠性等产品需求旺盛,28nm FPGA 处于加速放量阶段且未来有巨大的国产替代空间,考虑公司各产品线经营态势良好,盈利能力不断增强,我们预计22/23/24 年收入为33.59/39.42/45.01 亿元,预计归母净利润为8.56/9.95/11.36 亿元,对应EPS 为1.05/1.22/1.39 元,对应PE 为61.1/52.5/46.0 倍,维持“增持”评级。   风险提示:下游需求下滑、新品拓展不及预期、产品价格调整、行业竞争加剧的风险。

Fudan Micro Power announced its semi-annual report for 2022, with 22H1 revenue of 1.702 billion yuan, + 50.8% year-on-year, and net profit of 530 million yuan, + 173% over the same period last year. The company's 22H1 revenue and profits have achieved substantial growth compared with the same period last year, 22Q2 single-quarter profitability continued to enhance, maintaining the "overweight" investment rating. Both 22H1 revenue and profit increased sharply compared with the same period last year, and the profit growth far exceeded the revenue growth rate. Company 22H1 income 1.702 billion yuan, year-on-year + 50.8%; return to the mother net profit 530 million yuan, year-on-year + 173%; deduction of non-return net profit 520 million yuan, year-on-year + 221%; company 22H1 equity incentive fee 73.7 million yuan. The company's 22H1 revenue and profits increased significantly compared with the same period last year, mainly due to the continuous expansion of the main product lines, the continuous introduction of new products and customers; the profit growth rate far exceeded the revenue growth rate, mainly due to the increase in the proportion of products such as FPGA/PSoC with high gross profit margin. With the improvement of product structure and the continuous expansion of new products, the profitability of 22Q2 has been enhanced. 22Q2's single-quarter income is 927 million yuan, year-on-year + 47.9% / month-on-month + 19.4%; return-to-mother net profit 298 million yuan, year-on-year + 175.7% / month-on-month + 27.8%; deduction of non-return net profit 293 million yuan, year-on-year + 223.3% / month-on-month + 29.3% 22Q2 gross profit margin of 66.2% / month-on-month + 2.6ppts, net profit rate of 32.7% / month-on-month + 2ppts, enhanced profitability, mainly due to product structure improvement, new product expansion and price adjustment. Security and identification chips: stabilize product prices and expand new areas 22H1 revenue is growing steadily. Security and identification are mainly based on smart card IC, including RFID and sensor chip. 22H1 earned 461 million yuan, + 23.6% year-on-year, including financial social security chips, logic encryption chips, high-frequency RFID tag chips and high-frequency reader chips. In terms of new products, ultra-high-frequency RFID chips, ultra-high-frequency read-write chips and security SE chips are expected to be mass produced one after another. FM1280 of smart cards and security chips and FM17 series of new intelligent devices have all obtained vehicle specification-level AEC-Q100 certification for T-BOX and digital keys. Non-volatile memory: the prosperity of the downstream of 22H1 has declined, and the optimization of customer structure has brought steady year-on-year growth in revenue. The company's non-volatile memory includes NOR/SLC NAND/EEPROM, which covers 1Kb-4Gb. 22H1's revenue was 487 million yuan, + 33.8% compared with the same period last year, to a certain extent, affected by the decline in downstream prosperity, but on the one hand, the company's customer orders for highly reliable products increased steadily, on the other hand, it continued to improve product capacity and improve subdivision series, and its anti-cycle ability was improved to a certain extent. High reliability products are still growing high month-on-month in 22Q1, high reliability market is still in short supply, high reliable storage gross profit margin is high, is expected to contribute to storage product revenue and profit growth; the company's products have been introduced into Netcom, wearable, WiFi6, display industry leading customers, car regulation-level EEPROM is also shipped in BMS and other systems. Smart meter chip: 22H1 revenue increased significantly compared with the same period last year, GM MCU is progressing smoothly. The company's smart meter chip mainly includes intelligent meter MCU, ultra-low power consumption MCU, real-time clock and power carrier chip. 22H1's revenue was 276 million yuan, a sharp increase of 179% over the same period last year, mainly due to mass production of new products and price adjustment. The company's MCU production capacity has increased to a certain extent, but it still does not fully meet customer demand. At the same time, the demand for 22Q2 meter products is expected to remain healthy during the peak season. The company's General MCU achieves mass production in public utilities, smart appliances, smart homes, new energy and other scenarios. The car gauge-level LG series MCU is certified by AEC-Q100, mainly used in the field of car body control, and 22H2 is expected to be mass produced. FPGA/PSoC and other chips: demand for 22H1 has increased significantly, and revenue and share have increased significantly compared with the same period last year. 22H1 revenue was 378 million yuan, a sharp increase of 121% over the same period last year, accounting for 22.2%. Compared with the same period last year + 7ppts, the demand for 100 million-level FPGA increased significantly; the gross profit margin of FPGA/PsoC was significantly higher than that of other product lines (85% in 2021), and the proportion increased to increase the company's overall gross profit margin. In terms of product development, 28nm's 100 million-level FPGA continues to expand, and 14/16nm products continue to develop. At the same time, the company focuses on high-reliability areas, high gross margin FPGA;PSoC has smaller area and power consumption than FPGA, and is suitable for high computing scenarios. PSoC will achieve 10 million revenue in 2021, and customers and application scenarios will continue to expand in 2022. Testing services: 22H1 revenue has declined year-on-year, and the follow-up is expected to increase the proportion of high-end IC testing business. 22H1 revenue of 100 million yuan,-7.5% year-on-year, mainly affected by the 22Q2 epidemic; the follow-up company will optimize the product structure and enhance the market position of high-end IC testing business, and revenue and profits are expected to increase steadily. Investment advice. The demand for the company's high reliability and other products is strong, 28nm FPGA is in the stage of accelerated production and there is a huge room for domestic substitution in the future. considering the good business situation of each product line of the company and the increasing profitability, we estimate that the annual income on 22-23-24 will be 3359pm 3.942pm, and the estimated net profit for homecoming will be RMB 856995,1.36 million, corresponding to 1.05 EPS 1.22pm 1.39 yuan. The corresponding PE is 46.0 times as much as 61.1 Compact, maintaining the "over-holding" rating. Risk tips: downstream demand decline, new product expansion is not as expected, product price adjustment, the risk of intensified competition in the industry.

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