On January 18, 2022, Core Sea Technology (688595) announced: Invesco Great Wall Fund, Harvest Fund, Southern Fund, Zhongrong Fund, Shanghai Investment Morgan Fund, Oriental Alpha Fund, Zhongtai Securities, Debon Securities, Evergrande Life Insurance, Lingji Capital, Shenzhen Gaoyi Fund, Qianyuan Fund, Yuancheng Fund, Qianhai Life, Huafu Fund, Nord Fund, Xitai Investment, Dacheng International, Great Wall Wealth Asset Management, Cinda Australia Bank Fund, Boshi Fund, Wells Fargo Fund, Changxin Fund, Dongxing Fund, CITIC Construction Investment Securities, Huatai Securities, Dongguan Securities Proprietary, Hony Investment, MiJiahe Fund, CEIBS Ruibai Investment, Wangzheng Assets, Longyuan Investment, Fugue Investment, Dingtian Investment, Hengyue Fund, Morgan Stanley, United Assets, Park Easy Investment, Zhonggeng Fund, Penghua Fund, PUB AXA Fund, Qianhai Open Source Fund, Beixin Ruifeng Fund, Tianfeng Securities, Southwest Securities, Great Wall Securities, Zhaowan Assets, Deya Investment, Ruige Assets, Elegant Zhongfu Fund, Ride-time Assets, Yutian Capital, Taiyang Assets, Haifutong Fund , Red Clay Innovation, China Merchants Fund, Wanjia Fund, BOC Fund, Zheshang Fund, ICBC Credit Suisse Fund, ICBC Wealth Management, CMB Wealth Management, Haitong Securities, BOC Asset Management, Jinzhihao Fund, Fangyuan Fund, Minya Fund, Mutual Fund, Founder Fubon, Xingquan Fund, Tianzhi Fund, Hengyue Electronics, Huitong Fund, Yuance Investment investigated our company on December 27, 2021.
The main contents of this survey are:
Q: The current downstream applications of 32-bit MCUs are looking forward to the future growth of 32-bit MCUs
A: The 32-bit general-purpose MCU will start batch shipments in the first half of 2021, and will be mainly used in communications and computers (such as PCs, optical modules, etc.), mobile phones, industrial controls (motor control, industrial instruments, power equipment, sensors, etc.), lithium battery management, high-end consumption, automotive central control, medical and health and other application fields.
Q: Looking forward to the company's development in the field of industrial measurement next year
A: Based on the technical advantages of high precision and other technologies, the company's simulation products continue to expand applications in industrial measurement, environmental measurement, equipment parameter measurement, pressure touch, smart home perception (such as infrared PIR, etc.), analog AFE, high-end consumption and other fields, and seize the strong demand for domestic substitution.
Q: Health measurement related business developments
A: With the continuous improvement of people's demand for health management, the company's health measurement chip continues to expand in measurable indicators, can measure many body parameters including human body composition, heart row, HRV (heart rate variability), temperature, balance, etc., and take the lead in launching high-precision ADC + MCU+ algorithms and cloud one-stop smart health measurement solutions, and the application fields are also constantly enriching, such as human composition analyzers, watch bracelets, oximeters and other home health monitoring equipment.
Q: Please introduce the cooperation model with Huawei Hongmeng Ecosystem
A: Hongmeng system is an operating system built for the Internet of Things ecosystem, access to this system requires intelligent perception, intelligent control, intelligent connection and other technologies and product support, we can provide high-precision ADC, high-reliability MCU, algorithm and other one-stop solutions for the equipment accessing this system.
Q: What are the advantages of the company's pressure touch chips compared with competitors?
A: The company's pressure touch chip is a pressure touch SoC chip with resistive micro-pressure strain technology, which is composed of a high-performance analog front end and a high-performance master, which has the characteristics of low power consumption, high integration, small size and low cost.
Q: The company's current application and research and development progress of BMS?
A: The application of BMS has been carried out on the client side as planned, and BMS will become the core device of high-end mobile phone high-power battery phones. In the future, the company will continue to rely on high-precision ADC technology to launch 2-4, 5-16 and other power battery BMS chips in a timely manner.
Q: What are the current applications and future R&D plans of vehicle-grade MCUs?
A: The company has passed the AEC-Q100 MCU products can be applied to intelligent cockpits and other auto parts, at present, the company's automotive MCU M series and R series products are being developed and talent layout according to the plan, specific application and sales planning, etc., in the convertible bond declaration documents have more detailed instructions, you can check. At the same time, in order to improve the quality system construction capability of automotive electronics function safety issues, the company established a strategic cooperative relationship with Rheinland in 2021.
Q: How do you see the production capacity in 2022?
A: The shortage of high-end product capacity may be difficult to alleviate in the short term, the company has cooperated with suppliers for many years, is a strategic partnership, many end customers are the head of well-known customers, the future growth and development space is very large, supplier partners have been very recognized by the company, the company's production capacity support is also very large, we are confident to complete next year's business goals.
Q: What are your vision for the future of the semiconductor industry?
A: Driven by domestic substitution, the rapid development of the Internet of Things and other factors, it is expected that the demand for domestic chips and the prosperity of the industry in the next 5-10 years are expected to continue to maintain a very good state, providing a very good window for domestic chip design enterprises, but the risks are definitely coexisting with opportunities, such as whether they can meet the requirements of head customers in terms of product quality, stability, reliability, etc., whether the construction of talent teams and internal management levels can meet the needs, etc., are all tests for rapidly developing semiconductor companies.
The main business of Core Sea Technology: R&D, design and sales of chip products
According to the 2021 third quarter report of Core Sea Technology, the company's main revenue was 463 million yuan, up 82.39% year-on-year; the net profit attributable to the mother was 82.9243 million yuan, up 36.63% year-on-year; the deduction of non-net profit was 94.2496 million yuan, up 80.07% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 188 million yuan, up 99.5% year-on-year; the single-quarter net profit attributable to the mother was 35.5754 million yuan, up 129.21% year-on-year. In the single quarter, the non-net profit was 47.5169 million yuan, up 297.47% year-on-year; the debt ratio was 12.22%, the investment income was 818,600 yuan, the financial expense was -5.8892 million yuan, and the gross profit margin was 52.01%.
In the past 90 days, a total of 5 institutions have given ratings and 5 buy ratings; the target average price of institutions in the past 90 days has been 129.56; the net inflow of financing in the past 3 months has increased by 71.9164 million; and the net outflow of margin is 16.7767 million, and the balance of margin has decreased. The Securities Star Valuation Analysis Tool shows that The Good Company rating of Core Sea Technology (688595) is 3.5 stars, the good price rating is 1 star, and the valuation comprehensive rating is 2 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
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