Core ideas:
Local high-performance analog IC is an important supplier, and multi-domain layout products are widely used. The company was founded in 2010, the main business is high-performance analog IC research and development, design and sales, has formed signal chain and power management two categories of more than 1200 model products, and widely used in consumer electronics, intelligent LED lighting, communication equipment, industrial control and security as well as medical devices and other fields.
The company's revenue scale continued to grow and its profitability improved significantly. 2022Q1-3 achieved 402 million yuan in revenue and 161 million yuan in net profit, up 11.30% and 43.31% respectively over the same period last year.
The simulation IC long slope thick snow space is broad, the domestic substitution continues. According to WSTS data, the global simulated IC market is expected to reach 93.3 billion US dollars in 2023, with a broad market space.
At present, overseas leading manufacturers occupy the main market share of simulated IC, the domestic self-sufficiency rate of the industry is low, and there is more room for domestic substitution. Benefiting from the vast domestic market demand and the accumulation of material number, technical experience and customer resources in the past few years, local manufacturers are growing rapidly and continue to promote the domestic substitution of analog IC industry.
The company's all-product business line coordinated development, self-development of characteristic technology to promote growth. The company has always adhered to the "full product business line" coordinated development business strategy, a wide range of products, has basically covered the main categories of analog IC. The company develops its own characteristic technology in the fields of operational amplifier and DCDC, and its products have excellent performance and strong product competitiveness. With perfect product range and excellent product performance, the company has established cooperative relations with well-known end customers such as OPPO, XIAOMI, Dahua, Haikangwei, Samsung, Alphabet Inc-CL C, Qualcomm Inc and so on. The company has certain advantages in product line, technology, customer resources and so on, and is expected to maintain steady growth in the simulated IC track with long slope and thick snow, and can be expected in the future.
Profit forecast and investment advice. It is estimated that the company will achieve operating income of 5.21,8.89 and 1.207 billion yuan respectively from 2022 to 2024, and realize net profit of 2.08,3.09 and 465 million yuan respectively. With reference to the valuation of the comparable company, the company is given a valuation of 45 times PE in 2023, corresponding to a reasonable value of 55.08 yuan per share, covered for the first time and given a "buy" rating.
Risk hint. The market competition aggravates the risk; the trade friction risk; the industry prosperity decline risk.