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复旦微电(688385):产品结构不断升级 半年报业绩高增

Fudan microphone (688385): continuous upgrading of product structure semi-annual report of high performance

西部證券 ·  Aug 17, 2022 00:00  · Researches

Events: on August 15, the company released the 2022 interim report, with revenue of 1.702 billion yuan in the first half, an increase of 50.83% over the same period last year, a net profit of 531 million yuan, an increase of 172.99% over the same period last year, and a net profit of 519 million yuan after deduction, an increase of 220.88% over the same period last year. In a single quarter, Q2 gross profit margin increased by 2.59pct Q2 net profit margin increased 2.04pct.

FPGA products are constantly upgraded, and the alternative space is determined. The revenue of FPGA product line in the first half of 2022 was 378 million, up 120.84% from the same period last year. At present, the downstream cumulative coverage of communications, industrial control customers has been more than 500. at the same time, the company's tool software ProciseTM has broken through many key technologies of EDA. On the product side, in the development of the new generation of billion-door products, PSoC products have been mass-produced, multi-customer small batch trial stage, while heterogeneous PSoC products have also achieved phased research and development results, product categories continue to enrich.

The high prosperity of the industry has been maintained and the growth of multiple product lines has been maintained. Non-volatile memory income 487 million, has been introduced into network communications, wearable, WiFi6, display and other industry leading customers, in automotive electronics there are a number of projects into the application stage; security and identification chip revenue of 461 million, key new products such as ultra-high frequency RFID chip, ultra-high frequency read-write chip, and security SE chip development continues to advance, is expected to mass production The product line has been actively developed in the application scenarios of automotive specification-level products, and has been mass-produced in projects such as TBox security chips and car digital keys. Intelligent meter chip revenue of 276 million, MCU products complete 12-inch 55nm and 90nm embedded flash process platform chip, in the future will achieve the complete layout of 12-inch and 8-inch process platform, enrich the product lineup, expand public utilities, industry, white goods, automotive and other key industries market share, 2022H2 is expected to launch a number of 12-inch platform based on large-capacity, high-reliability, high-performance industrial and automotive MCU products.

Profit forecast: we forecast that the company's operating income from 22 to 24 years will be 37.36,47.87 and 6.206 billion yuan, and the net profit will be 9.44,12.56 and 1.488 billion yuan respectively, corresponding to EPS 1.16,1.54,1.83 and 53.4,40.2,33.9 times before the corresponding stock price, maintaining the "overweight" rating.

Risk tips: FPGA domestic replacement progress is not as expected, wafer capacity shortage risk, new product research and development is not as expected, competition aggravates the risk.

The translation is provided by third-party software.


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