This report is read as follows:
The company actively arranges BMS and EC chips, among which 32-bit high-performance EC chip CSC2E101 has successfully entered the Intel PCL sequence and has a strong driving force for long-term growth in the future.
Main points of investment:
"overweight" rating, lowering the target price to 50.00 yuan. Taking into account the downstream consumer demand, the adjustment of the company's EPS in 2022-2024 is 0.36 yuan, 1.00 yuan and 1.63 yuan, respectively. With reference to the industry average valuation and the company's R & D capability, the company is given 50 times PE in 23 years, lowering the target price to 50.00 yuan and "increasing" rating.
Around the layout of notebook computers, actively launch EC chips. The company has comprehensively constructed the ecological layout of PC products, and PD, HapticPad and other solutions have realized large-scale commercial use. In addition, the company actively launched EC products, 32-bit high-performance EC chip CSC2E101 successfully entered the Intel PCL sequence. In terms of security performance, CSC2E101 designs encryption technology from the hardware level of the product to better build a user data security firewall. In low-power design, the power consumption in VBAT mode is lower than that of 6uA, which exceeds the relevant technical indicators of international first-class manufacturers, and is expected to continue to contribute to revenue growth in the future.
With the layout of lithium management chips, the new products are expected to be put on the market. The company has long-term technical accumulation in signal measurement, and its lithium management chip has the characteristics of strong computing power, high precision and good reliability, and has been recognized by customers. as of mid-22, the company has achieved large-scale shipments. at the same time, the company has successfully developed 2-5 BMS products such as notebook computers, power tools, floor-sweeping robots and so on, and is expected to appear on the market in the second half of 2022. In addition, 5-16 BMS products for power batteries may start development within this year and are expected to be available in 2023, contributing to growth momentum.
Catalyst. MCU, BMS and other chip products are introduced into the major customer supply chain.
Risk hint. The progress of new product launch is not as expected, and the demand of the industry fluctuates periodically.