Revenue net profit double demand for weak inventory impairment loss increases!Zhuo Shengwei encountered the "coldest" performance

In the first quarter of this year, Samsung, Xiaomi, OPPO and other shipments all declined year -on -year, and the industry was downturn. This is undoubtedly caused by Zhuo Shengwei, the product application field is mainly Zhuo Shengwei, which is mainly due to the mobile smart terminal product.

"Investment Times" Researcher Prince Xixi

Under the weak consumer electronics demand, domestic radio frequency chip leaders have encountered the "worst" performance since listing.

A few days ago, Jiangsu Zhuosheng Micro Electronics Co., Ltd. (hereinafter referred to as Zhuo Shengwei, 300782.SZ) issued a performance trailer stating that in the first half of this year, the company's expected revenue and net profit attributable to mothers decreased by 5.27%, 29.72%-24.69%year -on -year, respectively. From 2.235 billion yuan, 713 million yuan to 764 million yuan. This is the first revenue and net profit drop since the company's listing.

It can be seen that since 2019, although the company's revenue and profit scale have increased significantly, the year -on -year growth rate has slowed sharply year -on -year, and in the first quarter of 2022, the company's net profit growth rate has been negative.

Regarding the downward performance, the company attributed it to the market demand for the mobile phone industry, as well as rising research and development operation costs, decreased gross profit margins, and increased inventory impairment loss.

"Investment Times" researcher noticed that in the first quarter of this year, Samsung, Xiaomi, OPPO and other shipments all declined year -on -year. Global smartphone shipments decreased by 8.9%year -on -year. The prosperity continues. This is undoubtedly a sales impact for Zhuo Shengwei, the product application field is mainly Zhuo Shengwei.

In addition, the company continues to increase the development of the radio frequency module product market. Although the gross profit margin of the radio frequency module is higher than the gross profit margin of the separated devices, it has decreased year -on -year in 2021. In addition, some research reports that in the second quarter, low gross profit -receiving module DIFEM revenue increased year -on -year or lowered the company's average gross profit margin. At the same time, the filter began to be put into production or new depreciation costs year -on -year. As of the end of 2021 and at the end of March 2022, the company's inventory was at a high level, and the inventory may need to be adjusted in the second half of the year.

In terms of stock price performance, since this year, Zhuosheng Micro -shares have fluctuated down. As of July 19, it closed at 104.58 yuan/share (previous re -right, the same below), which was 339.99 yuan/share since its listing (June 30, 2021) , Decarnia 69.24%, the total market value evaporates more than 80 billion yuan.

Zhuo Shengwei's stock price trend this year (unit: yuan)

Data source: wind

Expected performance decline

If the expected performance of the expected performance is calculated, then, in the second quarter of this year, the company's revenue, net profit attributable to mother, and net profit after deducting non -deductions were about 905 million yuan, 279 million yuan, 282 million yuan, and 282 million yuan. The year -on -year decrease was about 23%, 47%, and 42%, all of which have declined in the quarter since listing.

In fact, since 2019, on the one hand, the company has benefited from the rapid increase in the 5G penetration rate, and the scale of income has increased significantly, but on the other hand, the growth rate of performance has slowed significantly.

From 2019 to 2021, Zhuo Shengwei achieved revenue of 1.512 billion yuan, 2.792 billion yuan, and 4.634 billion yuan, respectively, a year -on -year growth rate of 16.998%, 84.62%, and 65.95%; net profit was 494 million yuan, 1.071 billion yuan, 2.135 billion yuan Yuan, a year -on -year growth rate of 208.31%, 116.50%and 99.41%.

In the first quarter of 2022, although the company's revenue increased by more than 10%year -on -year to 1.330 billion yuan, the net profit of mother -in -law and net profit after deduction recorded a year -on -year decrease of 6.70%, 8.86%to 459 million yuan, 462 million yuan Essence

For the decline in performance in the first half of the year, Zhuo Shengwei attributed it to four points: First, affected by factors such as repeated changes in the epidemic and the slowdown in macroeconomic growth, the market demand for the mobile phone industry was sluggish, which led to the decline in the company's operating performance. It is to actively promote the construction of the industrialization project of Xinzhuo Semiconductor, and continuously increase the investment in R & D investment and talent reserves, so that R & D and operating expenses have risen; third, with the changes in product sales structure and market competition pattern, the company's overall gross profit margin has declined; Fourth, the loss of inventory impairment has increased.

In other words, in addition to internal reasons such as its own R & D and operating expenses and decline in gross profit margin, weak mobile terminal demand has also made the company's performance decline. This is more unreasonable to the company's product application field and the concentrated downstream customers.

Zhuo Shengwei's revenue and net profit since 2019 (unit:%)

Data source: wind

Terminal demand is weak

Public information shows that Zhuo Shengwei focuses on the research, development and sales of radio frequency integrated circuits, mainly providing the market with radio frequency front -end device and various module products such as radio frequency switch, radio frequency low noise amplifier, radio frequency filter, radio frequency power amplifier and other types of module products At the same time, the company provides low -power Bluetooth micro -controller chips.

As a domestic radio frequency chip leader, Zhuo Shengwei's radio frequency front -end device and radio frequency module products are mainly used in mobile smart terminals such as smartphones. Customers cover major Android mobile phone manufacturers worldwide.

Researchers from the Investment Times "Investment Times" found that the company became a Samsung supplier in 2012. From 2016 to 2018, Samsung Electronics and affiliated companies contributed 294 million yuan, 391 million yuan, and 258 million yuan. 66.14%and 46.07%are the company's largest customers in three years.

At the same time, Zhuo Shengwei's sales to Xiaomi also increased rapidly, with 227,400 yuan, 52.041 million yuan, and 7.303 million yuan, and the income ratio increased from 0.06%to 13.03%. In 2017 and 2018, Xiaomi became the company's second largest customer. Vivo is a new customer in 2018, and the income ratio of 10.5687 million yuan and 1.89%of the income ratio of that year was 10.5687 million yuan. In addition, in 2017 and 2018, the company's third, fourth, and fifth customers were Yanghe International (Hong Kong) Co., Ltd. and its related companies, Korean companies Wireless Power Amplifier, Inc., Wisdom Technology Development Co., Ltd. and its related companies The total income of the top five customers accounted for 93.04%and 89.71%. The top five customers purchase radio frequency low noise amplifiers and radio frequency switches from mobile smart terminals such as mobile phones.

From 2019 to 2021, Zhuo Shengwei did not disclose the customer name in the annual report. The total sales of the top five customers accounted for 74.42%, 80.86%, and 72.92%. Essence

It is worth noting that according to the International Data Company (IDC) report, in the first quarter of 2022, Samsung and Apple seized the top two global smartphone markets with 23.4%and 18%market share. Apple shipments increased slightly year -on -year. However, Samsung's shipments were 73.6 million units, down 1.2%from 74.5 million units in the same period last year.

The shipments of Xiaomi, OPPO, and vivo were 39.9 million, 27.4 million, and 25.3 million, accounting for 12.7%, 8.7%, and 8.1%of the market share. 26.8%, 27.7%. On the whole, in the first quarter of this year, the shipping volume of global smartphones decreased by 8.9 percentage points year -on -year, which is also the third consecutive quarter of the smartphone market.

The decline in the shipping volume of smartphone customers undoubtedly caused a sales impact on the more single Zhuo Shengwei of the product application field. According to Nomura Oriental International Research Report, due to global inflation pressure and weak consumer electronics terminal demand, semiconductors have entered an order adjustment period. AVIC Securities believes that the weak consumer electronics demand will continue. In the second half of 2022, the industry will continue to adjust the inventory, as soon as the inflection point in the first quarter of 2023.

High inventory and gross profit margin decreased

In addition to weak terminal demand, Zhuo Shengwei also faces high inventory and reduced gross profit margin.

Data show that as of the end of 2021, the company's book book value was 1.476 billion yuan, an increase of 133.45%year -on -year. Among them, the book value of raw materials, inventory goods, and commissioned processing materials was 385 million yuan, 698 million yuan, and 376 million yuan, a year -on -year increase of 61.20%, 230.78%, and 132.38%. Obviously, inventory goods account for a relatively high proportion.

In 2020 and 2021, the loss of the decline in the price drop and the cost of the contract performance of Zhuosheng was 40.4055 million yuan and 63.7753 million yuan, a significant increase in losses. And as of the end of March 2022, the company's inventory book was worth 1.570 billion yuan, an increase of 100 million yuan from the end of the previous year. In the first quarter, the company's asset impairment loss was 44.2879 million yuan, an increase of nearly 40 million yuan from the same period of the previous year. Considering the continuous inventory pressure, the company may continue to be mentioned in the future.

In addition, under the trend of modular development of RF, the sales of Zhuosheng micro -radio frequency module has increased significantly. In 2021, RF module contributed to 1.201 billion yuan, and its revenue accounted for 25.91%. The last year was 278 million yuan and 9.93%; 72.34%of the revenue came from RF separated devices of 3.352 billion yuan, with 88.19%and 2.462 billion last year. Yuan.

In 2021, the gross profit margin of RF module was 64.45%, a decrease of nearly 3 percentage points from the previous year; the gross profit margin of the separated devices was 55.52%, an increase of 4.56 percentage points from the previous year. The company's comprehensive gross profit margin was 57.72%, which has reached a new high since its listing.

In the first quarter of 2022, Zhuo Shengwei comprehensive gross profit margin was 52.43%, a decrease of 5.29 percentage points from the end of the previous year. Regarding the decline in gross profit margin, the company previously explained in the performance trailer that the market expansion of the supply chain price and the market expansion of the receiving end module products applied to SUB-3GHz, and the product sales structure changes.

The RF module is a module of two or more functions of radio frequency switch, low noise amplifier, filter, dual device, power amplifier, etc., to improve integration and performance and miniaturize the volume. Zhuo Shengwei's radio frequency module products include DIFEM, LDIFEM, LFEM, LNA Bank, and L-PAMIF, the main collection and receiving module for the 5G NR frequency band in 2021. In terms of technical difficulty, the main set module is greater than the diversity receiving end module.

According to the research report of CICC, in the second quarter, the low-gross SUB-3GHz receiving module DIFEM revenue increased year-on-year or lowered the company's average gross profit margin. At the same time, the filter began to put into production or increase the depreciation costs year-on-year.

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