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模拟芯片高景气助推业绩高增长 圣邦股份产品品类有待提升

Analog chip Gaojing gas promotes high performance, high growth, and the product category of Saints shares needs to be improved.

投資者網 ·  Mar 7, 2022 18:36

The Investor Network defends its crown

Editor Wu Yue

Recently, Shengbang Microelectronics (Beijing) Co., Ltd. (hereinafter referred to as: Shengbang Co., Ltd., 300661.SZ) disclosed its performance forecast that the net profit of shareholders of listed companies in 2021 was 650 million-720 million, an increase of 125% Mok 150% over the same period last year. This is mainly due to the company's active expansion of business in 2021, product structure improvement, application expansion and product sales increase, and the corresponding revenue growth over the same period last year.

The reasons for the outstanding performance of Shengbang shares can be summarized into two points: one is the blessing of domestic policy and demand, and the other is the moat established by the types of products.

However, in the key product category indicators of the analog chip industry, although the company is in a leading position in China, compared with the international leader, the richness of its product categories still has a lot of room to improve.

Downstream high scenery demeanor

According to public information, Shengbang Co., Ltd. focuses on the R & D and sales of high-performance, high-quality analog integrated circuits, mainly in the areas of signal chain and power management.

The founder of the company is Dr. Zhang Shilong with rich resume. he has served as an engineer of the Professional Design Institute of the Ministry of Railways and an engineer of Texas Instruments Inc (TI). He officially returned to China in 2007 to establish Shengbang shares, and has decades of industry experience and accumulation in the analog chip industry.

In the electronic and intelligent wave, analog chips are widely used in communications, industry, automotive, computer, military, consumption and other fields, forming a key part of the semiconductor industry.

Compared with digital chips, the competition pattern of the global analog market is relatively stable, product categories are numerous and scattered, product life cycle is longer, high-end analog chip design is more dependent on the experience accumulation of high-end personnel, and first-mover enterprises have more advantages.

According to IC Insights, the global analog chip market is US $55.7 billion, accounting for about 12.64% of the semiconductor industry. The global analog chip market is expected to reach US $80 billion in 2023, with a compound growth rate of 12.85% in 20-23 years.

China has become the world's largest analog chip market, growing from US $19.9 billion in 2016 to an estimated US $28.7 billion in 2021, accounting for about 43% of the global analog chip market.

2016-2021E China simulated IC Market scale and growth rate

Domestic analog chip manufacturers continue to innovate the level of technology, improve product lines, rely on downstream high-profile support, as well as national policy support, begin to compete and compete with overseas manufacturers, and further improve their market share. However, domestic analog chip manufacturers have a short history of research and development, a large talent gap, and relatively weak technology, so the self-sufficiency rate is only 12%, and high-end products are extremely dependent on overseas imports.

At present, the application scenarios of analog chips are concentrated in the fields of communication, industrial control and automobile, accounting for 81.1% of the analog chip market.

Communication field: according to the national 5G application "sailing" plan, the goal is to reach 18 base stations per 10,000 people by the end of 2023, with a total of 2.54 million base stations. According to the 14th five-year Plan of the Ministry of Industry and Information Technology, the number of 5G macro base stations will reach 3.67 million in 2025. The development of AIoT (Intelligent Internet of things) leads to the growth of terminal equipment and smart home demand.

Industrial field: the upgrading of traditional manufacturing automation is accelerated, standardized industrial robots will rapidly popularize and infiltrate, and become the growing demand point of industrial analog chips. According to IHS Markit, the market size reached $15 billion in 2018, and the industrial analog chip market is expected to reach $19 billion in 2022, with a four-year compound growth rate of 8.20%.

Automotive sector: IC Insights, it is expected that the global automotive analog chip market will reach 17.467 billion US dollars in 2021. In the era of new energy vehicles, due to the increase in the use of BMS (Battery Management System) systems and autopilot systems, the number of chips used in each vehicle has increased from 500 to 1000. Automotive analog chips have become the fastest growing field in downstream applications.

It can be seen that analog chips have a lot of room for growth in several major application areas, which is undoubtedly good news for Sacred Bond.

The number of product categories is the leading in China.

Shengbang's largest moat is actually its rich range of analog products. From the growth history of the international simulation leader TI and the characteristics of the simulation industry, the rich categories of simulation products and excellent product performance are important factors for the competitiveness of simulation enterprises. At present, the global analog chip leader Texas Instruments Inc analog chip products more than 130000, Yadno has about 30, 000 chip products. The two account for 19.1% and 9% of the global market share, respectively.

At present, there are more than 3500 types of Sacred Bond Analog IC and more than 1700 products in sale. In 2021 alone, nearly 400 new products were launched. Compared with the 1400 and 470 models of listed companies in the same industry, Silipu and Ai Wei Electronics, it already has a big lead. However, compared with the international leader, there is still more room for improvement, which is actually one of the directions for the company to achieve domestic substitution in the future.

2019-2021Q3 Sacred Bond Co., Ltd. Product categories for sale

According to the third quarter report of 2021, the company has a total operating income of 1.54 billion yuan and a net profit of 450 million yuan. Among them, the revenue of signal chain products is 277 million yuan, accounting for 30.33% of the total revenue, and the revenue of power management products is 637 million yuan, accounting for 69.67% of the total revenue.

Operating income and return net profit of 2016-2021Q3 Saint Bond shares

In terms of gross margin, the gross margin of Saints shares hit a record high of 51.22% in 2021H1. Comparing the A-share market with Sipu, a company that is very similar to Saint-Bond shares, Trapp has a gross profit margin of 60.99%.

In terms of numbers alone, Trapp's profitability is better. However, since the share signal chain and power management of Sacred Bond account for 30.37% and 69.63% respectively, while that of Shrippo is 85.51% and 14.49% respectively, the proportion of signal chain products with high gross profit margin is higher than that of Saint Bond, so the comprehensive gross profit margin is also higher than that of Saint Bond.

Gross profit margin of Sacred Bond Power Management products and signal chain products

From the perspective of end customers, Shengbang shares adopts a sales model of "distribution first and direct sales as a supplement". It continues to cover new customers in the three major fields of new energy vehicles, industry and communications, and currently covers more than 3000 customers. has established a long-term and stable cooperative relationship with North Gaozhi, Maojing, Fengbao, Chess Port, Xindeli, Saibo and other dealers, and through the dealers' rich end-customer resources to achieve large-scale sales. As a result, many downstream customers have completed the switching of procurement from domestic manufacturers.

In addition, the sales cost of Shengbang shares is at a high level in the industry, but in terms of customer dependence, the top five customers' share of revenue has dropped from 53.65% in 2017 to 45.18% in 2020, greatly improving the risk that excessive customer concentration will adversely affect operations.

Recently, the Guojin Securities Research report said that thanks to the increased demand for analog chips brought about by the electrification and intelligence of cars, the upgrading of industrial automation and the explosion of terminal applications of the Internet of things, the company, as the leader of analog IC in China, has gradually expanded its product category (increasing 400-500 analog chips per year. In the next 3-5 years, with the increase of R & D investment and the number of customers, the annual growth rate of new products will continue to increase), the rapid growth of the number of downstream customers and high R & D will build core technical barriers, and gradually expand the business production line through M & A. superimposed with the domestic substitution opportunities brought about by the global lack of core, the company is expected to further increase its market share in the future. It believes that the company will have several times the room for growth in the future. (produced by thinking Finance)

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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