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Siruipu: Q2 performance continued to grow rapidly, and signal chain + power products resonated synergistically

Event: The company released the interim report on August 5, 2021, in which the revenue in the first half of the year was 485 million yuan, a year-on-year increase of 60.56%. It is estimated that the 2021Q2 revenue is 318 million yuan, a month-on-month increase of 90.04% , a year-on-year increase of 111.56%; net profit attributable to the parent was 155 million yuan, a year-on-year increase of 26.78%. It is estimated that the net profit attributable to the parent company in 2021Q2 is 124 million yuan, an increase of 297.04% month-on-month and a year-on-year increase of 591.04%.

Comments:

1. The Q2 performance continued to grow at a high rate, and the signal chain + power supply products resonated synergistically. 2021H1 signal chain revenue is 415 million yuan, an increase of 40.86% year-on-year, and power management chip revenue is 70 million yuan, an increase of 816.68% over the same period last year; it is estimated that 2021Q2 signal chain and power management chip revenue are 2.66 RMB 100 million and RMB 52 million, an increase of 79.09% and 177.36% month-on-month; the signal chain and power management chips have the same technical roots, and the mature signal chain technology drives the rapid development of the power management business.

2. The revenue of power management chips exceeded expectations, and the volume of high-performance products improved gross profit. The revenue of power management chips in 2021H1 accounted for 14.49%, and it is estimated that the revenue of power supply business in 2021Q2 accounted for 16.26%. Compared with 3.83% in 2020, the revenue growth rate of power management chips far exceeded expectations. The gross profit margin of 2021H1 power management chips is 46.48%, which is at the highest level in history.

3. More than 100 new customers were added, and the customer structure continued to be optimized. In 2020, the largest customer accounts for as high as 55%, and excessive reliance on the largest customer will easily lead to greater operational risks. The company is actively expanding new customers. The second largest customer in 2020 will be new customers. In 2021Q1, more than 100 new customers such as Honor and Vertiv will be added, and the scale of cooperation with non-largest customers such as Oaks and Delta will gradually increase. Reduce the risk of high customer concentration.

4. The absolute value and relative value of R&D investment have doubled, and the variety of products has been continuously enriched. Product richness is a key indicator to measure the competitiveness of analog manufacturers. In 2021H1, R&D investment was 116 million yuan, a year-on-year increase of 118.63%. The ratio of R&D investment to current revenue was 23.97%, a year-on-year increase of 6.37%. In 2021H1, more than 200 new products will be launched, including incremental products in the signal chain field and new product series in the power supply field. It is estimated that the company currently has more than 1,400 product models available for sale.

5. Horizontal and vertical investment should be carried out simultaneously to strengthen industrial synergy. Invested in Beijing Shimo Microelectronics Co., Ltd., whose main products are analog-to-digital conversion and digital-to-analog conversion (ADC/DAC) chips, which are horizontal investments in the same industry; invested in Shanghai Jifeng Electronics Co., Ltd., its The main business is chip packaging and testing, which belongs to the vertical investment of upstream and downstream; it has the cooperation space of complementary advantages and strategic synergy for the company in the future.

Profit forecast: We expect that in 2021-2023, the company’s operating income will reach 11.63/16.24/2.066 billion yuan, and the net profit attributable to the parent will be 4.06/5.01/582 million yuan. “Rating.

Risk warning: (1) The growth of the power management chip business is lower than expected; (2) The iteration speed of signal chain products is lower than expected; (3) The production capacity of the industry is tight, and the company’s production capacity is lower than expected.

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