Value Discovery Yingji Core: Grasp the opportunity of the mixed chip industry

Yingji Core (688209) was established in 2014. It is mainly engaged in the business of power management chips and fast charge protocol chips. It focuses on high -performance, high -quality digital mold hybrid chip design and sales. It is the main power management chip of the consumer electronics market. One of the suppliers of the fast charge protocol chip. The company's power management chip includes mobile power chips, wireless charging chips, TWS headset charging warehouse chips, car charging chips, etc., which are widely used in smartphones, TWS headphones and other fields, and continue Wait for the layout. In 2021, the company realized operating income of 781 million yuan, an increase of 100.56%year -on -year; the net profit of home was 158 million yuan, an increase of 154.95%year -on -year; the net profit of the deduction was 206 million yuan, an increase of 232.47%year -on -year.

Import replacement promotes the development of the domestic integrated circuit industry, and digital and intelligent development demand for downstream. The advent of the intelligent era and the strong demand for domestic alternatives have promoted the vigorous development of the domestic integrated circuit industry. Due to the expansion and use of consumer electronics application fields and the increase in use, the power management and fast charge market have grown rapidly. According to Grand View Research statistics, it is expected that the global mobile power market will reach US $ 21.47 billion in 2022, and there is a lot of room for development in the field of power management.

The power management chip is responsible for the transformation, distribution, and detection of electronic equipment required for electronic equipment. It is a key device in electronic devices. The downstream application scenarios of the power management chip industry are rich in application scenarios, mainly covering multiple applications such as smartphones, wearable devices, industrial control, medical instruments, automotive electronics, etc. With the development of new applications such as IoT and artificial intelligence, the application scope of power management chip application scope More and wider. According to FROST & Sullivan data, the scale of global power management chips in 2020 was US $ 32.88 billion, accounting for about 60 % of the simulation IC. The size of the domestic power management chip market is US $ 12.13 billion, accounting for about 37%of the global market. It is expected that with the rapid development of automotive electronics and industry in the next few years, it will reach US $ 23.495 billion in 2025, and the compound growth rate will reach 14%.

The products in the field of British core power management chips are mainly used in mobile power markets, wireless charging markets, TWS headset markets, etc. The demand for mobile power supply has maintained a high -speed growth trend since 2011. The scale of China's mobile power market has expanded from 3.4 billion yuan in 2011 to 40.1 billion yuan in 2020, with a compound annual growth rate of 31.54%. Wireless charging technology does not need to match the charging socket model of consumer electronics. It is easy to use, which greatly meets the needs of consumers, and the market size expands steadily. In 2015, the scale of my country's wireless charging market was about 161 million yuan. By 2020, my country's wireless charging scale reached 3.90 billion yuan, an increase of 23.22 times, and the average annual compound growth rate was as high as 89.17%.

The fast charging protocol chip matches the fast charge source adapter "handshake", and the British core fast charging protocol chip is drawn. The fast charge protocol chip is not only applied to the fast charge source adapter, but also the electronic equipment that supports the fast charge protocol. At present, the maximum power of the latest PD3.1 fast charge protocol has expanded from 100W to 240W, which further promotes the PD fast charge protocol chip to enter a wider market. The market supports the rare corner of the USB PD3.1EPR fast charge agreement, only several manufacturers such as Yingji Xin, Yingfei Ling, Tian Deyu, Hui Nengtai. Among them, the British IP2736 protocol chip not only supports the USB PD3.0/3.1 protocol, but also supports various protocols such as FCP/SCP and AFC fast charge protocols. In addition to being applied to the fast charging source adapter, Yingji core's fast charge protocol chip is also expected to enter the fast charging protocol market of electronic equipment such as smartphones, tablets, laptops, electric tools, and smart home equipment.

The core advantage of independent SOC integration technology achieves the core advantage of one -stop services and diversified customization to meet customer needs. Based on the independently developed digital model hybrid SOC integrated technology, Yingji core can integrate digital chips, analog chips, systems and embedded software into a SOC chip, and provide customers with finished product development solutions to customers simultaneously. The British core chip products have the characteristics of high integration, high customization, high cost performance, and low alternative to help customers optimize costs and meet diverse needs. In the future, the company will increase R & D investment in core areas such as high -precision ADC technology, ultra -low power battery management technology, high power power technology, high -quality and high reliability research, process development, etc., and make solid technical reserves for the expansion of product line expansion. Essence

Anxin Securities stated that while the company continues to upgrade existing power management chips and fast charge protocol chips, it continues to lay out in the direction of household appliances, the Internet of Things, and increase the IoT SOC chip, home appliances and industrial motor driving chips The research and development of Bluetooth SOC chips is expected to expand to the smartphone market, laptop market, electric tool market, smart home equipment and other markets in the future. The company's revenue is expected to be 1.088 billion yuan, 1.526 billion yuan, and 2.146 billion yuan from 2022-2024, and net profit attributable to mothers will be 254 million yuan, 360 million yuan, and 508 million yuan, respectively. Rating.

Reporter Liu Xiwei

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