Zhaoyi Innovation (603986) In-depth research： Three-wheel drive performance growth of storage, control, and sensing Discover imagination
Zhaoyi Innovation (603986) In-depth research: Three-wheel drive performance growth of storage, control, and sensing Discover imagination
After decades of development, the company has formed a business system that focuses on R & D and sales of memories, MCUs, and sensors, serving customers in many fields such as consumer electronics, communications equipment, automotive electronics, and industrial control. The company and many products have won unanimous praise from customers., Won multiple domestic honorary awards.
The company’s performance has maintained steady growth in the past. Although it suffered from trade factors in 18Q4 and 19Q1, the overall performance was not good, but gradually the external environment has gradually improved, and downstream demand has been suppressed again. The company’s 19Q2 and Q3 data continued to reach record highs.The performance inflection point appeared.
The global semiconductor market was dragged down by the memory market, which totaled 98.2 billion U.S. dollars in 19Q2, showing an alternative position.
8%, there is still no warming-up heat, the volume of stored semiconductors is about 30%, and the global memory field is highly fragmented. International giants Samsung, Micron, and Hynix control about 90% of the market share, which is bound to be the largest storage in the world.The sales market accounts for about 55% of the global market share. The share will continue to increase in the future, but the domestic storage supply capacity is still far behind. Zhaoyi Innovation, as a key storage localization company, has formed NOR Flash as the main company.The overall layout of DRAM and NAND Flash-based auxiliary memory has been achieved, and the company’s 19Q2 NOR Flash sales have risen by 45%.
15%, the market share reached 13.
9%, ranking fourth in the market. Through increasing support for domestic storage in the future, the company’s market expansion is expected to continue to increase.
The company entered the sensor field through the acquisition of Sili Micro, which can provide fingerprint recognition, capacitive touch chips and supporting algorithms. The downstream applications are mainly mobile terminals such as smartphones and tablet computers. The company’s touch chips have undergone years of independent research and development and technology accumulation.It has certain advantages in technical performance and cost, ranking first in the market in terms of market share; fingerprint recognition product categories include coated overlay fingerprint recognition chips, fingerprint recognition chips, fingerprint chips under optical screens and fingerprint chips under research in ultrasonic screens, from 2018From the perspective of the volume of fingerprint chips per year, the growth of market share of Sili Micro has reached 11%, ranking fifth in the world. The company has consolidated the production capacity of fingerprint chips under the screen. Since 2018, the penetration rate of fingerprints under smartphone screens has continued to increase.Will benefit significantly from industry growth dividends.
MCU, as the core of device control, has a broad space for development. The rapid development history of the Internet of Things and automotive electronics is the main factor driving the growth of MCU demand in the future. As a core component of the Internet of Things terminal module, the value of the 深圳丝袜会所 value is 35-45%.It is estimated that the global IoT module market size will be 46.3 billion US dollars by 2024, and the composite object will be 21 from 2017 to 2024.
The main suppliers of MCUs are foreign companies with a high degree of industry concentration. Domestic MCUs are mainly concentrated in low-end products, and high-end products are relatively lacking.
Zhaoyi’s innovative GD-32 MCU has a high reputation in the domestic market. It has won the “China Core” Best Market Performance Award and the “MCU of the Year” honor for many years. It has gradually expanded to over 2 billion in five years., Has become the mainstream choice of China’s 32-bit general-purpose MCU.
[Investment suggestion]Due to the rapid development of wearable devices represented by Airpods, the company’s performance has clearly benefited. We have raised our company’s profit forecast and expect that the revenue for 19/20/21 will be 31.
6.5 billion yuan, the net profit attributable to mothers was 6.
19 trillion, EPS is 2 respectively.
80 yuan, corresponding PE is 101/72/54 times.
The company is based on the storage field, and layouts the sensing and control industry chain. It is the most beneficiary of domestic IC design companies in the era of the Internet of Things. The company has a large market space for track, deep domestic demand for substitution, and future performance growth will continue to increase the imagination, For the first time, given the “overweight rating.”
[Risk Tips]The global trade environment is becoming stricter; TWS headset demand growth is less than expected; ultra-thin fingerprint chip implantation is less than expected.