投资价值分析报告：5G建设+国产化推进，国内信号链龙头成长可期

5G建设+国产化推进，国内信号链龙头成长可期 思瑞浦是一家专注于模拟IC产品研发和销售的集成电路设计(Fabless)企业，主要产品为高性能模拟芯片，其中信号链产品实力突出，包括线性产品、转换器产品和接口产品。公司产品应用涵盖通讯、工控、安防、医疗、仪器仪表和家电等多领域。2020年前三季度，公司实现营收4.55亿元，同比增长145%；归母净利润1.63亿元，同比增长285%。 高研发投入，高性能模拟产品打破海外垄断。模拟IC迎来机遇期，国产需求迫切。产品进入主设备商，受益通信5G建设。推出股权激励，强化全员信心。首次覆盖，给予“增持”评级：风险提示： 0%18%35%53%71%09-2009-2010-2010-2010-2011-2011-2011-20思瑞浦沪深300 % 1M 3M 41.13 83.71 45.80 86.83 要点 长信基金 ............................................................................................... 8 ..................................................................................................................... 8 .................................................................................................. 10 ..........................................................................................................11 ........................................................................................................................................ 11 ........................................................................................................ 12 ..................................................................................................... 14 ........................................................................ 15 ................................................................................. 17 .......................................................................................... 17 .............................................................................................. 18 .................................................................... 21 ..................................................................................................... 24 .............................................................................. 26 ..................................................................................................... 26 ........................................................................................... 26 ........................................................................................................................... 28 ....................................................................................................................... 28 ...................................................................................................................................... 29 .................................................................................................................................. 30 .......................................................................................................... 30 ......................................................................................................................................... 30 ......................................................................................................................................... 31 ........................................................................................................................... 31 ....................................................................................................................... 32 .................................................................................................................................. 32 ........................................................................................................................... 32 ................................................................................................................................... 8 ................................................................................................................................ 8 ....................................................................................... 10 ...............................................................................................................................11 .................................................................................... 12 .................................................................. 14 ........................................................................................................... 16 ........................................... 17 ......................................................................................................................................... 18 ................................................................................................. 18 ............................................................... 18 ...................................................................... 19 ........................................................................ 19 ..................................................................................................... 20 .............................