Grasp the window of localization strategy, and the application field is constantly expanding. The general trend of domestic substitution remains unchanged, especially the strong demand for domestic high-performance chips in the fields of industry, new energy vehicles, communications and information industry. in order to seize the strategic window of the demand for high-performance domestic chips, the company continues to strengthen strategic investment in research and development, market layout and product planning, quality management system construction of strategic products such as industry, automobile, BMS, computer and surrounding areas. Increase the expenses of sales, marketing, research and development, etc.
High-performance simulation continues to develop and maintain the leading edge in the industry. The company further consolidates and maintains the company's leading position in the field of full signal chain, and the focus of business strategy is shifted to high-end consumer, industrial, communications, computer, automotive and other markets. The company launched the first high-precision 24-bit Sigma-Delta ADC in China. At present, the accuracy of ADC has reached the leading domestic and international advanced level. PPG analog front-end chips and BIA analog front-end chips have been adopted by well-known customers such as Haier and began to ship in bulk. BMS chip has the characteristics of strong computing power, high precision and good reliability, and has been recognized by customers to achieve large-scale shipment.
32-bit MCU continues to expand the market, automotive MCU further improved. 32-bit MCU continues to increase its market share in many fields, such as industrial control, communications, power tools, automotive electronics, smart home and so on. As of June 2022, 32-bit MCU accounted for more than 50% of MCU sales, which will further increase in the future. The research and development of the company's automobile MCU is progressing smoothly. The company continues to promote the certification of MCU product quality system that meets the functional safety of ISO26262.
AIOT business continues to upgrade, a wide range of applications. AIOT business continues to be deeply cultivated in Hongmeng field, adding nearly 20 SKU and expanding WIFI product access; at the same time, providing access to head ecological AIOT products such as Amazon.Com Inc and XIAOMI. The company further excavates the requirements of different usage scenarios of customer terminal applications, and develops the corresponding networking scheme of multi-master, multi-slave and BLE Mesh.
Profit forecast: we expect the company's operating income from 2022 to 2024 to be 6.950.99 / 1.405 billion yuan, respectively, and the net profit to return to the mother is 0.32 yuan 1.49 / 275 million yuan respectively, maintaining the "recommended" rating.
Risk hints: (1) the risk of R & D progress falling short of expectations; (2) the risk of R & D brain drain and technology leakage; (3) the risk of high concentration of suppliers; (4) the risk of market competition; and (5) the risk of price fluctuation of raw materials and packaging processing.