Downstream demand suffered a short-term setback, 2022Q2 revenue fell year-on-year
On August 22, 2022, the company released a semi-annual report. Due to the impact of the COVID-19 epidemic in Shanghai and the overall weak consumer demand, 2022Q2's operating income was 489 million yuan, down 17.23% from the same period last year, up 9.45% from the previous year, and deducting non-homed net profit of 109 million yuan, down 12.29% from the same period last year and 17.04% from the previous year. Considering the weak overall economy in 2022, we downgrade our profit forecast. It is estimated that the company's 2022-2024 net profit will be 627pm, 728pm, 894 million yuan (2022-2024, the original value is 847pm, 1.066 million yuan respectively), EPS is 0.88pm, 1.02x1.26 yuan, and the current stock price corresponds to 25.3pm, 21.7pm, 17.7 times. Considering that the company still has a lot of room for development in automobiles and industrial control tracks, it maintains a "buy" rating.
The richness of power management products increased rapidly, IGBT got on successfully in power management, 2022H1's car taillight LED driver chip was successfully introduced into the factory to achieve batch supply, a DC-DC and an AC-DC power chip were introduced into the first-class supplier of the factory to realize boarding application; the company launched ultra-low noise small package LDO for communication and lithium battery charging management chip for smart wear. In terms of power devices, MOSFET has been successfully introduced into end customers and achieved mass sales, and IGBT has achieved mass production in automotive ignition systems, vehicle air conditioners and other terminals.
The products of automobile signal chain are becoming more and more abundant, and the category of ADC/DAC is becoming more and more mature. in terms of automobile signal chain products, 2022H1 energy consumption sensing chips are gradually being extended to the market of charging posts for four-wheel electric vehicles; the scope of application of automotive EEPROM is extended to BMS, ADAS and other fields; the research and development and serialization of CAN interface chips at vehicle specification level are under way. High-performance operational amplifiers, I2C bus level conversion + repeaters, and high-bandwidth analog switches / multiplexers for automotive electronics, industrial control, instrumentation and other fields have also entered the stage of research and development. In terms of ADC/DAC, 2022H1's high-speed and high-precision ADC/DAC, high-precision reference chip, AFE and other new product research and development projects are progressing smoothly, and high-speed and high-precision ADC/DAC products are sold in small quantities in industrial control, medical imaging, power grid protection devices and other fields.
Risk hints: there is a risk of continuous tightening of upstream production capacity; there is great uncertainty in the speed of customer introduction; and there is uncertainty in the progress of new product research and development.