Investment Rating - The report gives an "Accumulate" rating for the company [62]. Core Viewpoints - Chengdu Huami is a core supplier of special integrated circuits, continuously undertaking national key technology projects and focusing on the research and development of digital integrated circuits such as FPGA and CPLD [62]. - The company has a rich product matrix covering both digital and analog integrated circuits, meeting one-stop procurement needs for customers [62]. - The special integrated circuit industry has stable demand and significant domestic substitution potential, with the market expected to exceed 500 billion yuan by 2025 [62]. - The company has established long-term stable cooperation with major state-owned enterprises, ensuring strong order sustainability [62]. - The report forecasts the company to achieve net profits of 316 million, 373 million, and 444 million yuan from 2023 to 2025, with corresponding EPS of 0.50, 0.59, and 0.70 yuan per share [62]. Summary by Sections Market Overview - The Chinese power management chip market is divided into three tiers, with foreign companies holding about 80% of the market share in 2020, indicating significant room for domestic substitution [2][5]. Company Competitive Advantages - The company has over 20 years of experience in the integrated circuit field, with a strong focus on key technologies and a high level of innovation [7]. - The company has a total of 88 domestic invention patents and 4 overseas invention patents as of June 30, 2023, with core technology revenue accounting for over 80% of main business income from 2019 to mid-2023 [7]. Product Structure and Performance - The company has shifted towards high-end products, increasing the sales proportion of higher-priced products, which has led to rising average prices and gross margins [11]. - In 2022, the company achieved a revenue of 3.24 billion yuan from analog integrated circuits, a year-on-year increase of 40.93% [43]. - The average gross margin for new products in 2022 was 76.69%, higher than that of older products [16]. Financial Performance - The company’s total revenue is projected to grow from 84.47 billion yuan in 2022 to 129.62 billion yuan in 2025, with a compound annual growth rate of 18.3% [61]. - The overall gross margin for the company was 76.13% in 2022, with a slight increase expected in the following years [61]. R&D and Future Prospects - The company plans to invest 15 billion yuan in R&D and industrialization projects, focusing on high-performance FPGA and high-speed precision ADC products [42]. - The report emphasizes the importance of R&D investment, with a significant portion of revenue allocated to R&D projects [62].
特种集成电路劲军底蕴深厚，数字模拟多点开花焕发新春