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分销+自研IC双擎发力,产业协同未来可期
事件:公司4月11日发布2022年度报告,2022年全年公司实现营收22.03亿元,同比增长55.36%;实现归母净利润1.54亿元,同比增长66.85%;实现扣非净利润1.49亿元,同比增长62.49%。分季度看,公司2022年Q4实现营收5.76亿元,同比增长31.78%,环比下降11.46%;实现归母净利润0.35亿元,同比下降6.63%,环比下降16.47%;实现扣非归母净利润0.31亿元,同比下降18.30%,环比下降25.76%
汽车电子需求向好,业绩实现高增长:2022年全年,公司营业收入较2021年度增长7.85亿元,归母净利润较2021年度增长0.62亿元。2022年公司业绩实现高增长,主要受益于汽车电动化、智能化、集成化的发展趋势,带动配套电子硬件需求的增长,汽车电子景气度持续提升,公司分销业务和自研IC业务实现了业绩规模与利润水平的双重增长。分业务来看,2022年全年,公司电子元器件分销营收为19.68亿元,同比增长47.35%,毛利率17.86%,同比增加1.04pct;公司电源管理IC设计营收为2.21亿元,同比增长206.89%,毛利率42.68%,同比增加3.46pct。2022年公司综合毛利率为20.43%,同比提升2.29pct;净利率为7.43%,同比提升0.88pct;公司持续完善产品结构,毛利率较高的产品增速稳定,盈利能力进一步提升。费用方面,2022年全年公司销售、管理、研发、财务费用率分别为4.13%/3.16%/2.27%/1.59%,同比变动分别为0.92/0.74/-0.32/0.54pct。2022年公司费用变动主要系各部门人员增加以及怡海能达和欧创芯的并入所致的。
电子元器件分销领先厂商,技术服务实力不断增强:公司分销业务通过为客户提供有竞争力的供应链服务和技术服务以实现产品的销售。公司分销产品包括光电器件、存储芯片、被动元件和分立半导体等,主要分销东芝、首尔半导体、村田、松下、LG等国际著名电子元器件设计制造商的产品,公司分销产品主要应用于汽车照明领域、汽车座舱领域及汽车线控地盘领域。公司去年收购了怡海能达,进一步横向拓展了电子元器件分销业务,扩大公司汽车电子业务领域被动元器件的市场份额。公司通过为客户提供电子元器件的选型配型、产品应用方案等技术支持服务,从而缩短客户的研发周期,提高客户的研发效率;技术服务方面的主要客户包括延锋伟世通、亿咖通、金来奥、法雷奥、现代摩比斯等国内外汽车电子零部件制造商。对于性能参数复杂、专业性较强的电子元器件产品,如LED颗粒、液晶显示屏、IC芯片等,公司向客户提供更深层次的技术支持服务,进一步增强了公司与客户的粘性。随着电子元器件分销行业的不断发展和进步,针对下游客户提供技术支持服务是国内电子元器件分销行业发展的必然趋势,未来公司以技术服务上的优势有望在分销行业占领更多的市场份额并进一步增强营业能力。
产业协同优势渐显,借势发力电源自研IC:根据Frost&Sullivan的数据,预计2025年全球电源管理芯片市场规模将达到525亿美元,2020-2025年CAGR为9.73%。公司是国内较早布局车规级电源管理IC的设计厂商,基于在汽车电子领域内的长期布局与拓展,公司的汽车模拟IC产品具有一定的先发优势。去年公司收购了欧创芯,进一步完善了研发团队的布局,有效扩充了研发人员的规模,覆盖了韩国、中国台湾以及大陆地区,整体增强公司的研发实力,提高了公司IC产品的渗透率;借助公司FAE的技术支持服务,可将欧创芯的产品快速导入至车厂;公司和欧创芯协同发展,进一步提升公司在汽车电源管理IC市场的影响力。公司自研的电源管理IC产品具有集中度较高,产品细分种类较少,业务聚焦程度高的特点,产品覆盖马达驱动IC、LED驱动IC、LDO、DC-DC,主要应用在汽车照明及汽车座舱系统。公司量产的IC芯片产品已通过AEC-Q100车规级认证,并向现代、起亚、克莱斯勒、大众、上汽、一汽、吉利、长城、比亚迪、小鹏、蔚来等国内外知名厂商实现批量出货。随着国际形势变化和驱动IC国产替代的发展,公司自研的IC芯片有望进一步提升公司的行业地位,持续助力公司发展。
首次覆盖,给予“增持”评级:公司主营业务是电子元器件分销业务,主要产品是包括LED颗粒、液晶屏、光电耦合器、NANDFlash闪存芯片、DRAM芯片、电阻、电容、电感、IGBT、MCU、电池等,是国内汽车电子领域知名的电子元器件授权分销商及IC设计厂商。公司具备较强的研发能力和丰富的行业经验,以软硬件方案的技术服务带动元器件的销售,实现与客户的深层次绑定。受益于汽车电动化、智能化、集成化的发展趋势,随着汽车电子市场规模不断扩大,下游需求表现旺盛,公司业绩有望更上台阶。预计公司2023-2025年归母净利润分别为2.05亿元、2.56亿元、3.33亿元,EPS分别为2.57元、3.20元、4.16元,PE分别为25X、20X、16X。
风险提示:宏观经济波动风险、下游需求不及预期、技术开发和迭代升级风险、市场竞争加剧。