[matters]
Recently, the company announced that the new generation of TWS intelligent Bluetooth voice SoC chip using 22nm advanced process developed by its holding subsidiary Shanghai Yancheng Microelectronics Technology Co., Ltd. has completed the taping, packaging and major testing, and the test results of the core indicators meet the expected design requirements and are expected to be mass produced in 2022.
[comments]
The chip adopts 22nm advanced process, and the chip is highly integrated. It is in the leading level in China, second only to the H1 chip of Apple Inc, which has a higher degree of integration and makes the product have stronger computing power and audio processing ability. At present, Apple Inc H1 chip uses 16nm process, Hengxuan technology mainstream product process is 28nm, Qualcomm Inc and MediaTek mainstream product process is 40nm or 55nm.
The first domestic chip that supports space audio technology. Spatial audio is a new concept put forward by Apple Inc not long ago, and its essence is to modify the original sound through algorithms, so that users can produce sounds from all directions only through the left and right headphones, and then produce an immersive three-dimensional sense. Shanghai Shenzhen presents this new product with self-developed SpatialAudio (Space Audio) technology and algorithms, which can directly achieve 3D sound effects on TWS smart Bluetooth headsets, and is expected to fill the domestic gap after mass production.
The chip contains self-developed and customized high-efficiency PMU (power management module). The module not only reduces power consumption, but also realizes safe and fast charging, which can effectively improve the overall battery life by more than 15%. At the same time, the CadenceTensilica HiFi 5 DSP processor can achieve lower power consumption than 3mA at 3.8V voltage. The core algorithms used in the chip are independently developed, and Shanghai Shenzhen has completely independent intellectual property rights. thanks to this algorithm, the chip has unique performance advantages in intelligent voice noise reduction, AI interaction, personalization and health experience.
The business development of the parent company has achieved phased results, helping to open a new channel of performance growth. The successful research and development of the new generation of 22nm TWS intelligent Bluetooth voice SoC chip not only enriches the core technology reserve and helps to enhance its core competitiveness, but also helps to consolidate the market competitiveness of the parent company's Southern bearings, which is of great significance to the implementation of the company's long-term development strategy.
[investment advice]
The company ploughs the bearing business, insists on independent research and development, seizes the good opportunity of the transfer of global automobile and motorcycle parts industry to China, and establishes the industry position in the localization process of needle roller bearing, overrunning clutch and pulley. At present, by holding Shanghai Yancheng Microelectronics Technology Co., Ltd., it will expand its business from the bearing manufacturing industry to the integrated circuit industry. Diversified development strategy is conducive to expand the company's business scale, help to optimize the company's industrial structure, and further enhance the company's profitability. Therefore, we estimate that the company's operating income in 2021, 2022, and 2023 will be 7.28 / 873 million yuan, 0.99, 1.24 / 159 million, 0.28, 0.36 and 0.46 respectively, respectively, and the PE will be rated as "overweight" in 44-35-27.
[risk Tip]
The progress of chip research and development is not as expected.
The introduction of downstream customer products is not as expected.
Bluetooth audio market demand is lower than expected.