Will shares (60350 1)
Brief comment on performance
18 On the evening of April, the company released 2 1 annual report, with annual revenue of 241040,000 yuan, up by 21.59% year-on-year; The net profit attributable to the mother was 4.476 billion yuan, up 65.4 1% year-on-year, and the net profit attributable to the mother was 4.003 billion yuan, up 78.3% year-on-year. The performance met expectations.
operation analysis
In-vehicle/security CIS and TDDI-driven semiconductor design business grew rapidly: in 2 1 year, the revenue of semiconductor design business reached 20.38 billion yuan, up by 18% year-on-year, mainly due to the rapid growth in the sales scale of in-vehicle CIS and security CIS and the substantial growth in the sales scale of TDDI products among smart phone brand customers. At the same time, due to the tight supply-demand relationship in the TDDI product market, its gross profit margin increased by about 37%.
1. On-board CIS: the layout of the whole product line, and the production capacity advantage will help to increase the share; 2 1 year, the vehicle CIS revenue is about 2.3 billion yuan, up 85% year-on-year. At present, the product line covers products such as 1-8M, which can provide vehicle guidance solutions. The company's car customers include Europe (BMW, Audi, Mercedes-Benz and other well-known car companies, accounting for about 50%-60%), the United States (GM, Lexus and so on. About 30%), domestic mainstream car companies such as Great Wall, Geely, SAIC, Weilai, Ideality, etc. (estimated to account for more than 50%), Korean and Japanese car companies are also accelerating imports and integrating global share. Under the capacity constraints of competitors Sony and Anson, Howe is expected to exceed 50% in the future by virtue of its capacity and product advantages.
2. The high-end layout drives the growth of security CIS by more than 70%; The popularity of smart cities and smart homes has promoted the demand for high-quality CIS products in the field of security monitoring. 2 1 year, the company accelerated the layout of high-end security products, and the security CIS revenue increased by 70% year-on-year.
3.TDDidi DIC is gradually increasing among the first-line mobile phone brands, and the touch and display driver business is expected to double: the revenue of TDDI products is 202 1.963 billion yuan, up 1.64% year-on-year. The products have been planned for mass production in a number of first-line mobile phone brand customers and newly developed; Group d was introduced to improve the OLEDDDIC product line. It is expected that the volume will start to increase in 2023, and the overall revenue is expected to double.
Build a platform company step by step. The company has in-depth layout in other non-CIS products and services of automobiles (including automobile instrument MCU, Serdes interface, power management IC, etc. ).) and ARMR technology solutions. We believe that with the gradual construction of business ecology, the company is expected to continue to grow in analog circuit products and emerging markets (medical care, IOT, industrial testing, Internet of Things, etc.). ).), the future of traditional security, Internet of Things and other services.
Capital proposal
It is estimated that the net profit returned to the mother in 22-24 years will be 56/70/8.64 billion yuan respectively, corresponding to 6.39/7.99/9.85 times of EPS and 29/23/ 19 times of PE. Continue to maintain the "buy" rating.
Risk warning
The risk of insufficient ability; Exchange rate risk; The risk of lifting the ban on stocks; Goodwill impairment risk, etc.
According to the data of the research report released by Securities Star Data Center in recent three years, Liang Nan, a researcher at CITIC Securities, conducted an in-depth study on the stock. In recent three years, the average forecast accuracy rate is 70.27%, its forecast net profit in 2023 is 5.552 billion yuan, and its forecast current price PE is 24.54.
Details of the latest profit forecast are as follows:
The stock has been rated by 27 institutions in the last 90 days, with 23 buy ratings and 4 overweight ratings; The average target price of the organization in the past 90 days is 303.95. The securities star-rated valuation analysis tool shows that Weir (60350 1) has a good company rating of 4 stars, a good price rating of 2.5 stars and a comprehensive valuation rating of 3 stars. (Scoring range: 1 ~ 5 stars.
Related question and answer: Which company is Will? What is the company mainly responsible for? The full name of Weil shares is Shanghai Weil Semiconductor Co., Ltd., which is mainly responsible for independent R&D and sales services. Founded in May 2007, the company is headquartered in Zhangjiang Hi-tech Park, which is known as "China Silicon Valley", and has offices in Shenzhen, Taiwan Province Province and Hongkong. The main business is the import and export business related to integrated circuits and computer software, as well as sales business. With the development of the company, the company gradually introduced a large number of talents, focusing on strengthening the talent reserve and quality of R&D. At the same time, advanced reliability laboratory and EMC laboratory have been established. In the process of product R&D, trial production and mass production, product quality is checked step by step, and a large number of EMC tests are provided for partners. While being recognized by its partners, Weir Semiconductor is gradually becoming an internationally renowned semiconductor device manufacturer. Shanghai Weir Semiconductor Co., Ltd. was approved by the 43rd meeting of the Audit Committee of China Securities Regulatory Commission on 20 17 (initial issue). In addition, the foreign investment of Shanghai Weir Semiconductor Co., Ltd. also includes Beijing Jinghongzhi Technology Co., Ltd., Hefu Hao Wei Semiconductor Technology Co., Ltd., Shanghai Shugu Electronic Technology Co., Ltd., Beijing Hao Wei Technology Co., Ltd., Shanghai Yiyi Semiconductor Co., Ltd., Zhejiang Weir Equity Investment Co., Ltd. and Shaoxing Hao Wei Semiconductor Technology Co., Ltd. I. Information about Weir Co., Ltd. (I) The share price of Weir Co., Ltd. is 202 1. 19 February closing price is 304.28 yuan, with a total market value of 263.993 billion yuan and a price-earnings ratio of 128.33. If users want to invest in their stocks, it is best to choose positions with low stock prices to intervene, and then always pay attention to the trend of stock prices, and then sell them in positions with higher stock prices for profit. (II) Shanghai Weier Semiconductor Co., Ltd. was established on May 5, 2007, and its address is 7/F, Building C, No.3000 Longdong Avenue, Pudong New Area. The registration authority is Shanghai Municipal Market Supervision Administration. (3) Shanghai Weir Semiconductor Co., Ltd. invested in Beijing Jinghongzhi Technology Co., Ltd., Hefu Hao Wei Semiconductor Technology Co., Ltd., Shanghai Shugu Electronic Technology Co., Ltd., Beijing Hao Wei Technology Co., Ltd., Shanghai Yiyi Semiconductor Co., Ltd., Zhejiang Weir Equity Investment Co., Ltd. and Shaoxing Hao Wei Semiconductor Technology Co., Ltd.