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复旦微电:FPGA+MCU

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发布时间:2022-03-25 09:27:08
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本文来自方正证券研究所2022年3月22日发布的报告《复旦微电:五大产品线助业绩高增长,FPGA+MCU打开未来成长空间》,欲了解具体内容,请阅读报告原文,陈杭S1220519110008 微信号:ForBetterChina

联系人:陈瑜熙13687371906

联系人:谭珺19821916919

事件:公司发布2021年年度报告,实现营收25.77亿元,同比增长52.42%;实现归母净利润5.14亿元,同比增长287.20%;实现扣非净利润4.44亿元,同比增长1013.88%。

五大产品线助力业绩高增长,下游需求持续景气。去年Q1至Q4分别实现营收5.0亿、6.3亿、7.0亿和7.5亿,环比逐步增长;归母净利润0.7亿、0.9亿、1.7亿和1.3亿。公司目前拥有安全与识别芯片(RFID与存储卡芯片、智能卡与安全芯片、智能识别设备芯片等)、非挥发存储器(EEPROM、NOR Flash、SLC NAND Flash等)、智能电表芯片(智能电表MCU、低功耗通用MCU等)、FPGA芯片和IC测试服务五大产品线。受下游市场需求旺盛的影响,加之公司产品结构不断优化,各项IC设计业务毛利率大幅提升,整体毛利率较上年增加12.95pt。

重视研发投入,多款产品通过车规级认证。全年研发投入约为7.49亿元,同比增加41.46%,占营业收入29.06%。通过研发,公司在芯片安全领域持续领先,正向软件与系统安全、物联网安全、AI安全、隐私计算等领域拓展;同时积极打造以FPGA产品系列为基础的智能计算平台,探索和拓展新的应用领域。此外,智能卡与安全芯片的FM1280和智能设备芯片的FM17系列读写芯片产品都成功获得AEC-Q100认证,在车用TBOX安全芯片和数字钥匙等领域取得突破;LG系列MCU已通过AEC-Q100认证,布局汽车领域。

以FPGA和MCU为矛,打开未来成长空间。FPGA全年营收4.3亿元,同比增长109.49%,毛利率高达85%,是国内最早推出亿门级FPGA产品的厂商,填补了国产高端FPGA的空白,正研发14/16nm工艺制程的10亿门级产品。拥有国内首款推向市场的嵌入式PSoC产品,能够更好的满足灵活多变的市场需求,在人工智能、高可靠等领域发展空间广阔;MCU芯片全年营收2.96亿元,同比增长64.18%。依托在智能电表领域多年经验积累,通用低功耗MCU在工控、智慧家庭、汽车电子等领域占比逐步提高,累计出货量已达千万级别,为公司未来发展提供了新的增长点。

盈利预测:预计公司2022-2024年营收32.6/40.0/51.0亿元,预计公司2022-2024年归母净利润 6.7/8.7/11.8亿元,维持“推荐”评级。

风险提示:

(1)产能不足风险;

(2)产品研发进度不及预期;

(3)FPGA芯片高毛利率不可持续的风险。

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