Value Discovery Zhen River Technology: Special RF chip demand continues to measure

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Zhenliu Technology (688270) was established in 2015. It focuses on the R & D, production and sales of integrated circuit chips and micro -systems, and supplies core chips to special equipment manufacturers. The company's main products include RF front -end chips, radio frequency transceiver chips and high -precision ADC (modulus converter)/DAC (digital modular converter), power management chip, micro system, and module. The downstream application field covers wireless communication terminals And communication radar terminal. The company's products are mainly targeted at special industries. In recent years, they have benefited from the acceleration of national defense informatization and the continuous growth of military expenditure. Private enterprises have participated in the development and production links of special industry components and modules. The downstream demand is expected to continue to volume.

Radar phase control array technology iteration, ADC/DAC chip and micro -system and module products are expected to be able to measure rapidly. At present, the domestic control array radar is active, and the digital phase control array radar is gradually replacing the simulation phase control array radar. On the one hand, the digital phase -control array radar will greatly improve the requirements of the radar radio frequency system on the number and performance of the number of high -performance ADC/DAC; on the other hand, the current trend of miniaturization and integration of special equipment has improved the requirements for terminal equipment radio frequency performance.

The company's international advanced level in the field of terminal radio frequency front -end chips, radio frequency transceiver chips and high -speed and high -precision ADC/DACs, and power management chips products are used in the international advanced level. Some products have been applied to equipment batch production. On May 9, 2022, the company stated on the investor interactive platform that the company's radio frequency transceiver chip and high -speed and high -precision ADC/DAC chip have been shaped and mass -produced. The company's radio frequency transceiver chip and high -speed and high -precision ADC/DAC chip technical indicators have a leading and high value -added in China. The products have a certain scarcity, which can realize domestic replacement. It has broad applications in the fields of digital phase -controlling array radar, low -orbit satellite Internet and other fields Future, future volume is expected.

The company's research and development capabilities are leading, and the future research and development plan will blossom more and gradually advance. Zhenliu Technology attaches great importance to research and development. The employee education is mainly doctoral and master's degree. In 2021, the research and development cost rate exceeded 20%. In the first quarter of 2022, the research and development cost rate was further increased to 37%. The company has a variety of core technologies of "RF+ADC+Power Management+Module/Movement". In 2021, 30 PA, 35 LNA and 4 radio frequency switches; independently developed high -speed and high -precision ADC/DAC chips Standard coastal leading manufacturers; power management chips enter the aerospace field, and micro -system and module products are also at a leading level. With the acceleration of domesticization of radio frequency semiconductors in the special industry, the company is expected to continue to break through the downstream customer supply chain with strong R & D capabilities to achieve rapid revenue growth.

The fundraising project is targeted and further improves the product line. The company's IPO actually raised funds of 1.536 billion yuan for RF micro -system research and development and industrialization projects, programmable radio frequency signal processing chip research and development and industrialization projects, solid -state electronic switching research and development and industrialization projects, headquarters bases and cutting -edge technology research and development projects, and supplementary supplements Louple funds. The construction period of the fundraising project is all 3 years, and the internal yields of multiple projects exceed 20%, and the four major product business lines are covered. "The increase in the income scale in the middle and late stages has a positive impact.

Minsheng Securities stated that it is optimistic about Zhen River Technology's leading position in the field of special industries to simulate the radio frequency chip field. It is expected that the company's net profit to return home from 2022-2024 will be 138 million yuan, 195 million yuan, and 251 million yuan, respectively. Yuan, 2.29 yuan. Considering the current domestic specialized industry simulation radio frequency chip field, the scarcity of high -quality targets in the field of radio frequency chips, and the continuous improvement of industry demand, the company is expected to benefit as the leading manufacturer of the industry. For the first time, give "recommendation" rating.

According to AVIC Securities, the company's business office is in the national defense information track, the underlying logic of the rapid growth of related equipment demand is determined, the domestic alternative demand brought by the independent controlled control, and the increase in the proportion of the value of high -performance components. The growth rate of market space will increase rapidly. It is expected that the company's operating income from 2022-2024 is 255 million yuan, 328 million yuan and 414 million yuan, respectively, and the net profit attributable to the mother is 132 million yuan, 167 million yuan and 206 million yuan, respectively. 1.89 yuan, "Buy" rating. Reporter Liu Xiwei

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