Open source ** shares *** Luo Tong, Liu Tianwen recently conducted research on Zhuo Sheng Micro and released a research report "Company Information Update Report: Steady Growth in Performance in 2023, Focus on L-Pamid Volume Progress", this report gives a ** rating to Zhuo Sheng Micro, and the current stock price is 100$19.
Zhuo Sheng Micro (300782).
The performance in 2023 will grow steadily, and we are optimistic about the company's high-end filters and modules, and maintain the "** rating."
On February 27, 2024, the company released its 2023 performance report. In 2023, the company will achieve revenue of 437.8 billion yuan, +1906%；Net profit attributable to the parent company 116.5 billion yuan, a year-on-year increase of +892%；Net profit not attributable to parent company 114.2 billion yuan, +714%。In a single quarter, 2023Q4 achieved revenue of 130.5 billion yuan, +9737%, -7 month-on-month38%；Net profit attributable to the parent company 34.6 billion yuan, a year-on-year increase of +31040%, -2356%；Net profit not attributable to parent company is deducted 32.7 billion yuan, a year-on-year increase of +30951%, -2690%。According to the company's performance express report guidance and the judgment of fierce competition in the industry, we have lowered our profit**, and we expect the net profit attributable to the parent company to be 11 from 2023 to 202565/15.53/20.0.3 billion yuan (the previous value was 13..)19/16.69/21.7.6 billion yuan), corresponding to an EPS of 218/2.91/3.75 yuan (the previous value was 2.)47/3.13/4.08 yuan), the current stock price corresponds to PE of 459/34.4/26.7 times. With the expected recovery of consumer electronics and the company's high-end module volume, we are optimistic about the company's long-term growth and maintain the "** rating."
The global demand for smartphones has picked up and the domestic Huawei has made a strong comeback, and the demand for domestic RF front-end has increased.
The recovery of global mobile phone consumption and the increase in 5G penetration rate have driven the growth of mobile RF front-end demand. TechInsights predicts that global mobile phone sales are expected to recover to 121.1 billion units, of which 5G sales accounted for 72%, driving the demand for mobile RF front-end to bottom out. From the perspective of the domestic market, Huawei leads the trend of domestic high-end mobile phones, and the establishment of the HarmonyOS ecosystem will further feed back mobile phones. According to statistics from IDC and Yiqicha, Huawei's mobile phone sales in 2023 will reach 36.51 million units, a year-on-year increase of +1962%, and Huawei Mate60Pro's higher proportion of domestic components (47%) is expected to drive new demand for domestic RF front-end.
We continue to increase R&D investment, integrate high-end modules, and enrich the product matrix.
The company attaches great importance to R&D, and the cumulative R&D investment from 2023Q1 to Q3 will reach 41 billion yuan, a year-on-year increase of 4676%, and the R&D expense ratio reached 1335%。As of 2023H1, in terms of RF filters, the proportion of self-produced filters integrated in the products delivered by the company such as DIFEM, L-DIFEM and GPS modules has been increasing, and the volume of integrated filters in the client has gradually increased. In terms of RF power amplifiers, the company continues to increase the penetration and coverage of L-PAMIF products, the main transceiver module used in the 5GNR frequency band, and at the same time launches MMMBPA module products, which are already in the stage of customer sample delivery and promotion, and the "pearl" product L-Pamid, which has the highest degree of integration, is accelerating its research and development.
Risk warning: downstream demand is less than expected; Technology research and development is less than expected; The customer import is not as expected.
*According to the calculation of the research report data released in the past three years, the research team of Huatai ** Zhang Haoyi has conducted in-depth research on the stock, and the average accuracy of the past three years is 7683%, and its **2023 attributable net profit is 114.2 billion, and the **PE converted according to the current price is 4683。
The latest profit** breakdown is as follows:
A total of 12 institutions have rated the stock in the last 90 days, with ** rating 9 and 3 overweight ratings; The average institutional price target over the last 90 days is 16078。
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