Purismic State Micro (002049) logic:
1, special IC demand is strong, profitability continues to climb Guojin Securities (600109) that the defense demand superimposed on the domestic substitution of the special 1C to provide sustained development momentum. With the consumption of attributes of the equipment procurement increase is a catalyst for special IC demand. The company's special IC technology is a national leader, with more than 200 product categories, a wide range of downstream applications, bus products have also entered the C919 aircraft supply chain, performance Significant Benefit from the national defense procurement enhancement and the impact of the localization of large aircraft. At present, the company's special IC gross profit margin of nearly 80%, net interest rate of more than 50%, and is still in a state of rapid improvement, is expected to pull the company's overall profitability in the future climbing.
2, the Internet of Things brings new opportunities for the development of smart 1C
International Securities believes that the company's smart card IC in the SIM card and the global share of the financial card is expected to be doubled within three years, the high-end products accounted for the enhancement of the proportion of the smart card business will be significantly improved profitability. The company's eSIM and smart terminal 1C rapid development in the Internet of Things market, in which the THD89 series is the AEC-Q100 automotive certification, has become a benchmark product in the field of automotive security 1C.
3, FPGA local substitution is urgent, the company is the industry leader in 2019 China's FPGA market size of 17.6 billion yuan, the market is monopolized by foreign giants. At present, the United States has begun to export to China's FPGAs to conduct a rigorous review, domestic substitution without delay. The company Titan, Logos, Compact three series of FPGA products have been disclosed shipments and began industrialization work to achieve annual sales of more than 100 million yuan, is China's realization of FPGA domestic substitution leader.
4, operation strategy
In summary, the company's future performance is still a large upside, superimposed on the recent semiconductor plate rebound, it is recommended that customers appropriate configuration. The specific program is to build a position of 20% near *******, with a short-term target price of $***, a medium- to long-term target price of $***, and a stop-loss price of $111.
Reference:
"ZiGuang Guomiao (002049) security and special 1C leader performance growth of high certainty" Guojin Securities