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1. High-level changes, Zhao Wei replied not to play the capital, the two companies purple daily limit;
Purple Group, changes in high-rise, quickly arouse the reaction in the market yesterday, the Group's purple violet core and violet shares closed daily limit.
In the news, Ziguang Group recently made a series of personnel adjustments.In the evening of November 19, Ziguang announced Zeng Xuezhong's resignation, but it still held the post of director of the company.Before the appointment of a new president of the company's board of directors, ZHAO Wei Group Chairman Acting president duties before the October 24, Ziguang shares Ding Lei, vice president resigned.
In addition, Spreadtrum's former CEO Li Liyou was promoted to co-president of Ziguang Group to assist Zhao Wei-kuo in the field of chip design business development and major investment projects planning and implementation. With overseas Background Li Liyou has over 30 years of working experience in the field of wireless communications. Under his leadership, Spreadtrum has made progress in many fields such as technology, product development and market expansion.
Ziguang Group said the new appointment arrangement will help integrate resources and more effectively support the strategic layout of the core talent of Ziguang Group and effectively promote the full implementation and landing of Ziguang Group's core-to-cloud strategy and promote the development of Ziguang Group's chip design industry strategy Develop and enhance the competitiveness of the chip industry.
Spreadtrum has repeatedly revealed plans to visit the capital market in 2018, Li Lily tour also previously stated "As for how to market, how to do how quickly." Now Zeng Xuezhong to succeed Li Lanyou, Spreadtrum listed how to go worthy of concern.
On the other hand, judging from the news, an interview with Zhao Weiguo, chairman of the Group, was broadcast on the dialogue section of CCTV Finance on the evening of November 19. Zhao Wei-kuo's three acquisitions of Ziguang (ZTE, RDA, Xinhua III) , Three alliances (alliance Intel, Western Digital and Hewlett-Packard) to review, said only two years purple will quickly completed the ecological layout in the field of integrated circuits, saying "dare to push everything up." In April this year, Zhao Weiguo also Have received the "dialogue" column interview.
Zhao Weiguo in this CCTV program responded to 'Purple is playing capital' suspicion: 'What is the capital of the people who bought, and then sold to others. Violet bought a business did not sell, and constantly increase Investment, from a pony into a horse, Maxima.For enterprises, the development is the core, M & A may be a particular stage is a means.So an entrepreneur to combine the ideal of your industry and business reality, in order to Illuminating the future of the business, I am sure, with the aid of capital, with the help of such a tool, but it is spent on the business I love and for which I am devoted.
Other public information, purple shares on November 15 hosted the institutional investor research, the company introduced the 'cloud services' development strategy and business overview.Violet Kwok recently did not accept public research.
Among the listed companies with a higher proportion of violet holdings, Zhong Fa Technology closed up 2.85% yesterday while Shandong Jintai rose 0.69%.
2. SMIC | can buy it?
After the release of the third quarter, SMIC shares in Hong Kong and the United States plummeted more than 10%, has not yet stabilized, this article compiled and edited by the Huasheng College Sven, take you a brief look at the company where the industry conditions and corporate business.
First, the industry situation
Foundry industry belongs to the company belongs to the heavy industry, with strong technical threshold, capital threshold.With the development of technology, research and development of next-generation new technology requires more and more funds, in short, this is A higher threshold, higher and higher concentration of the industry.
Need to pay attention to several elements: process technology (technology); capacity (funds); capacity utilization (market, industry supply and demand pattern);
So company and peer process difference how much?
The company in the first tier technology lags about 4 years 2 generation gap.
(Photo: UMC, TSMC, GF Securities)
The first echelon:
TSMC: The first half of next year, Apple's A11X Binoic will use TSMC 7nm InFO WLP process;
Samsung: Earlier this year, Qualcomm Snapdragon 835 Samsung 10nm process, starting;
Intel: At the end of this year, Intel Core Duo Cannon Lake 10nm process (but Intel own 14nm equivalent of TSMC and Samsung 10nm);
Second echelon:
Grosvenor: announced in October this year, skip 10nm, direct production 7nm, the choice of FEOL, BEOL and other advanced manufacturing processes;
UMC: Currently the main is 28nm, plans to introduce next year to improve its new version: 28nm HPC, 28nm HPC Plus, and 28nm based on improved 22nm ULP. 14nm has been small-scale production, the monthly production capacity of 2k.
Third Echelon:
The company is basically the third echelon, 28nm mass production, but has not yet mastered advanced technology, 14nm research and development.
According to data from research institutes, 28nm will still be the main force in the next few years. By 2018, the proportion of processes below 14nm is still expected to be over 50%. The global foundry market will have a size of about 55 billion U.S. dollars in 2016, Process market space is estimated 27.5 billion US dollars, if SMIC can win 10% market share, revenue almost doubled.
ICInsight statistics in 2016 the world's top ten chip foundries
Second, the company's business
1) Q3 revenue distribution process: As of the third quarter, 28nm revenue revenue accounted for less than 10%.
2) capacity utilization: capacity utilization continued to decline.
According to the company's statement, by 2017, the company has achieved some growth by relying on high capacity. From this year onwards, its capacity utilization rate has declined. Coupled with Liang Mengsong, it is estimated that the Company's performance is expected to be relatively small in the past two years. Personnel integration and advanced manufacturing process breakthrough.
In 2016, China's IC output value reached 433.5 billion yuan, an increase of up to 20%, IC design industry continues to maintain rapid growth with sales of 164.43 billion yuan, an increase of 24.1%; wafer manufacturing with annual sales of 112.69 billion yuan , An increase of 25.1%; packaging and testing industry sales of 156.43 billion yuan, an increase of 13%. Space is large enough to see the company 28nm process development progress.
Third, the relevant financial
The company's revenue in 2016 was 2.9 billion U.S. dollars. Revenue growth was high in the same field, but its base was not too large. (With BOE revenue of more than 10 billion U.S. dollars as the heavy asset model), compared with the global leader of TSMC Revenue worse than 10 times, profitability is far behind. TSMC revenue of 31.5 billion US dollars in 2016, an increase of 12.3%; gross margin of 50%; three slightly higher than 10%, the net profit margin as high as 35%.
Compared with TSMC, we can see that compared with TSMC, the difference is not only in the scale, but also in the product price and cost control. In terms of structure, the two companies mainly invest in research and development, accounting for the smallest proportion of sales and finance expenses. Accounting for about 7% of revenue, which is about 2.2 billion US dollars, SMIC R & D investment accounted for about 10.5%, about 300 million US dollars.
In 2016, the company's total assets were $ 10 billion (equivalent to the current market capitalization), of which non-current assets of $ 6.4 billion (of which PPE accounted for $ 5.68 billion), cash and equivalents of liquid assets of $ 2.1 billion and others mainly inventories and Collect money.
The company belongs to heavy capital investment in the industry, annual depreciation and amortization costs are very high, the capital invested is also very large, but the cash quality is not bad.
Fourth, a summary
The company's second-quarter earnings performance is not very optimistic, when the outlook for Q3 there is no sign of reversal, Hong Kong stocks this wave is based entirely on rising emotions. According to the company's statement, short-term perspective In the 28nm process of compaction, long-term depends on the 14nm or 14nm process progress, if only the company's current performance and operating conditions, is really not a good time to enter.If you have confidence in the company, I believe the above long-term vision Can be achieved on schedule, you can choose to take advantage of the recent stability to enter
3. Shennan Circuit approved by the IPO: about 1.7 billion raised funds;
Set micro-mesh news, the SFC last Friday night news, Shennan Circuit Co., Ltd. received IPO approval, Guotai Junan and CATIC Securities joint sponsors.
According to public information, Shennan Circuit is a company that specializes in the field of electronic interconnection and possesses three businesses of printed circuit boards, package substrates and electronic assembly lines. For the years of 2014-2016 and January-June 2017, Shennan Circuit achieved operating income of 36.38 Billion, 3.519 billion yuan, 4.599 billion yuan and 2.729 billion yuan, with a net profit of 185 million yuan, 158 million yuan, 275 million yuan and 253 million yuan over the same period.
On October 24, the audit results of the 10th meeting of the 17th session issuance examination committee in 2017 were announced and Shennan Circuit was first approved.
Shennan Circuit integrates electronic circuit technology and solutions and possesses three businesses of printed circuit boards, package substrates and electronic assembly lines. It has formed a 3-In-One business layout that is based on the Internet and continuously While strengthening its leading position in the printed circuit board business, the Group will also vigorously develop its packaging substrate business with 'same technology as its root' and the electronic assembly business of 'same-source customer' with the comprehensive manufacturing capabilities of 'sample → small and medium batch to large volume' Through the design of the program, manufacturing, electronic assembly, micro-assembly and testing of the entire value chain services.
Prospectus disclosure, Shennan Circuit IPO plans to raise funds 1,700,000,000 yuan, the number of shares outstanding does not exceed 7,000 shares, of which high-density semiconductor IC carrier product manufacturing project to raise funds to use 90,000 million; the number of common high-speed high-density Multi-layer printed circuit board (a) investment projects to raise funds to use 50000000 yuan; additional working capital 300000000 yuan, and Guotai Junan Securities, Air China Securities as the initial public offering of shares and listing of the sponsor.
As for the shareholding structure, as of the signing date of this prospectus, AVIC International Holdings holds 92.99% of the shares of Shennan Circuit, which is the controlling shareholder of the issuer. At present, the Company has authorized 223 patents, including 203 invention patents and 1 PCT international patent During the reporting period, Shennan Circuit invested Rmb2,148.71 million, Rmb198.607 million, Rmb23.6330 million and Rmb141.1106 million respectively, accounting for 5.91%, 5.64%, 5.02% and 5.17% of the sales revenue respectively.
According to incomplete statistics, we have listed more than 20 IC design companies and 70 A-share listed companies in the semiconductor and component industry over the past year, including Top Technologies, Siu Yi Innovation, Fu Han Micro, San State shares Micro, Weir shares and many other integrated circuit companies landing in China's A-share market this year, the semiconductor industry continues to grow, the IPO route more active companies are currently queuing IPO semiconductor and mobile phone chain enterprises Nearly 20, China IC concept stocks are continuing to accelerate the development period.
4. Oerlikon curve cross-border mergers and acquisitions reported that the construction of a broad capital encountered resistance;
Oreder announced on November 18 "Notice on termination of major asset restructuring matters", announced the proposed acquisition of 100% stake in Hefei Ruicheng failed.
After each trainee reporter Chen Yan Yin Yinchan by reporter Yan Zhimi internship editing
Planned for more than 5 months, the acquisition of Hefei Rui Cheng Rui Cheng Industrial Investment Co., Ltd. (hereinafter referred to as Hefei Ruicheng) matters eventually failed.Or Reid announced on November 18 "on the termination of major asset restructuring bill" Agreed the company to terminate this major asset restructuring.
According to previous announcement, the company originally intended to purchase assets of 100% stake in Hefei Ruicheng, Hefei Ruicheng registered capital of 6.654 billion yuan, the main operating assets of the Netherlands-based company Ampleon. "Daily News" reporter found that Ampleon's predecessor Is the world's top ten semiconductor company NXP Semiconductors RF power division until June 2015 by NXP Semiconductors for 1.8 billion US dollars sold to Beijing Jian Kwong Asset Management Co., Ltd. (hereinafter referred to as Jian-wide assets).
It is worth mentioning that this is the second Oerlikon recently failed capital operation in mid-September this year, the company just announced it lasted more than a year set to halt.
Plan to terminate after 5 months
Since June 10, "Announcement on Suspension of Major Assets Reorganization" was released, and the reorganization of Oreide has been planned for more than five months.
Because the company has not yet disclosed the plan, so the details of the transaction price and the financial status of the reorganization of objects yet to be announced.
However, "Daily Economic News" press review found that Ampleon is the former NXP Semiconductors RF Division, established after the spin-off, is now the world's leading supplier of RF power chips.
In March 2015, NXP Semiconductors acquired another semiconductor giant Freescale for $ 11.8 billion, making it one of the top 10 semiconductor companies in the world in June 2015. NXP Semiconductors agreed with Jianghu Asset in June 2015 to agree with 1.8 billion U.S. dollars Sell NXP RF Power Division to it.
For the reasons for the failure of this restructuring, November 20, "Daily News" reporter called the Office of the Deputy Secretary for Oreid, the other said the relevant issues can contact the company PR, and the reporter contacted the PR, the other said the relevant information to the public Prevail.
According to Oreder's announcement on November 18, although Oreder has tried its utmost to promote this restructuring, it has also conducted many rounds of negotiations with the relevant counterparties on the trading scheme and core terms of trade, and has reached many consensuses and reached consensus Failed to sign the relevant trading agreement with the counterparty within the prescribed time limit and disclosed the restructuring plan.Or Reid then decided to terminate the planning of this major asset restructuring matters.
In addition, the company promised to disclose the investor briefings within two months after the announcement, no longer plans to major asset restructuring matters, and on November 21, 2017 to terminate the major asset restructuring of the investor briefing .
In an interview with the Daily Economic News, an independent financial writer Pi Haizhou said in an interview that according to the relevant regulations, the resumption of the reorganization may take some time after the termination of the reorganization, but the merger of the company is not a small one. In addition, the supervision over the current overseas mergers and acquisitions is relatively tight, Have increased the number of mergers and acquisitions approved.
'National team' asset platform encountered resistance
The major reorganization of Orret's acquisition of a cross-border curve of the merger of the company through the acquisition of Hefei Ruicheng 100% stake in the acquisition of Ampleon in the Netherlands for why the transaction curve approach, the company previously in the investor interaction platform It has been replied that it is a commonly used trading structure in cross-border M & A.
"Daily Economic News" reporter noticed that, in this acquisition, the role of Jianghuang assets is also quite interesting.
Hefei Ruicheng's annual report for 2016 disclosed by the State Enterprise Credit Information System revealed that Hefei Zhizhi Investment Partnership (Limited Partnership) contributed RMB3.846 billion, the largest shareholder of Hefei Ruicheng.
According to official website information, CCB Asset Management is an asset management company that specializes in M & A of strategic emerging industries such as integrated circuits, cloud computing and network communications, and its shareholders are China Construction Bank Investment Co., Ltd. and its private equity fund management companies. Eye eye search data show that China Construction Bank Investment Co., Ltd. in September 2004 by the State Council approved the establishment of a registered capital of 20.7 billion yuan.
It is worth mentioning that, as early as 2015, the establishment of wide assets will Ampleon 1.8 billion US dollars in the bag, why Jian-wide assets in turn Ampleon company to Hefei Ruicheng name, it is not yet known.
According to the "China Securities Network" 2016 report, the parties have plans to NXP Semiconductors RF Division Ampleon injection of A-shares of a listed company, then, insiders analysis, the assets into Hefei listed companies The possibility of larger, while the reorganization of Orré failed, which means that its assets and other assets also Jian Tim also variable.
In addition, in the past two years, CCTF has taken the stride in the global semiconductor industry.In addition to its acquisition of NXP's RF Power Division and the establishment of Ampleon Corporation with a consideration of $ 1.8 billion, in June 2016, NXP spin-off its standard product business to standalone operation Department of the sale, the construction of wide assets and intellectual capital of the consortium of successful bidder, the price of 2.75 billion US dollars. Daily Economic News
5. 赛 Teng electronic IPO on the meeting today, Apple's revenue accounted for more than 90% of revenue;
Set micro-grid news, November 21, Suzhou 赛 Teng Precision Electronics Co., Ltd. (hereinafter referred to as '赛 Teng Electronics') will be formally, will be successful if the board will visit the board.Proposia shows, 赛 Teng electronic IPO public offering is not More than 40 million shares, accounting for at least 25% of the total issued share capital, intends to raise funds of 793 million yuan for business expansion, the sponsor for Huatai Securities.
SIT Electronics is mainly engaged in R & D, design, production, sales and technical service of automated production equipment. Its main products include automated assembly equipment, automated testing equipment and fixture products for smartphones, tablets and notebooks, wearable devices and other products Of the assembly and testing of its largest customer for Apple, Apple's direct and indirect orders revenue once accounted for more than 90% of its revenue ratio.
Prospectus shows that from 2014 to the end of the first three quarters of this year, the sales revenue of Cytech was 381 million, 489 million, 403 million and 469 million respectively. Net profit attributable to shareholders of the parent company was 133 million Yuan, 127 million yuan, 48 million yuan, 83 million yuan.
In the same period, from 2014 to the end of September this year, the ratio of direct order revenue derived from Apple Inc. to its operating revenue was 83.03%, 79%, 43.54% and 72.92% respectively from 2014 to the end of September this year. In addition, Apple Inc. has gathered around the world Many manufacturers for its services, the formation of a strong system of the Apple industry chain, in recent years, part of the main customers of Cytech Electronics with Apple industry chain manufacturers, resulting in the final sale of equipment and fixtures are mainly used in Apple's end products produce.
During the reporting period, the revenue generated by Cytech Electronics for the production of end-use branded products by Apple Computer amounted to RMB346 million, RMB453 million, RMB365 million and RMB444 million respectively, accounting for 90.92%, 92.57% and 90.57% of the current operating revenue respectively. , 94.75% .See, 赛 Teng electronic direct and indirect operating income over 90% driven by Apple.
In the prospectus, SITC also disclosed the risk of its reliance on large customers for revenue. Last year, the decline in sales of Cytec Electronics was due to a decrease in the purchase of Cytech products by Apple Computer 793 million yuan of funds for business expansion, raise funds will be invested in the consumer electronics industry automation equipment construction projects, new research and development center projects and automotive, photovoltaic, medical industry automation equipment construction projects to reduce risk.
SIT Electronics said that in the future, while continuing to cultivate the consumer electronics manufacturing industry, the Company will comprehensively expand the automation application market in automobile and parts manufacturing, medical device manufacturing and photovoltaic product manufacturing to diversify the market. Of course, these are based on today To meet the premise of the smooth, the current Proton Electronics continue to increase investment in automation equipment design and development to effectively improve customer productivity and further improve product quality.
6.IC concept stocks rose rebound Analysts: Sector or welcome the valuation switch market
As of press time, purple core up 8.63%, St. state shares rose 6.47%, King Jia Wei, Czech Republic, micro-micro, National Micro, North China invasive, long electric technology Individual stocks also followed up.
Three quarterly disclosure revealed that there are a total of 18 chip stocks in the top ten list of outstanding shareholders appear Social Security Fund, insurance, brokerage, QFII and other four bodies figure, of which long electric technology, Silan Wei, Neusoft carrier, satisfied Sida, crystal side technology, through the rich Microelectronics and other six stocks are the institutions in the third quarter of this year, new or holdings of varieties.
In fact, the performance of the chip industry, listed companies performance is very bright, a total of 37 companies reported three quarterly net profit to achieve year-on-year growth, accounting for more than Qi Cheng. Which will be a science and technology, Shanghai Belling, Poly Can, Changjiang Technology, Optoelectronics, Optics, Han's Laser, Siu Yi Innovation, Tai Chi Industry, Silan Microelectronics, Helenzhe, Crystal Technology, NSK Micro 13 companies reported three quarterly net profit doubled year on year.
For the future development trend of the chip industry and the performance of the sector outlook, analysts said the semiconductor industry association SIA pointed out that the global semiconductor sales in the third quarter of this year exceeded 100 billion US dollars for the first time reached 107.9 billion US dollars, due to substantial growth in memory revenue coupled with supply Tight, this year's sales of the semiconductor industry is expected to exceed 400 billion US dollars for the first time, is expected to break new highs.As the most important component of the semiconductor chip, at the national strategic level, it will be the "13th Five-Year Plan" and in the coming years, The most important thing to vigorously develop and tackle the project.China's chip demand accounted for 50% of the world (some applications of the chip, accounting for more than 70% -80%) above, while the domestic brand chip only 8% self-available.In policy, technology, Capital and other three factors of resonance, China firmly firmly optimistic about the 'core' strong industrial rise, the independent development of domestic chips, design and packaging and testing will have long-term opportunities in the field, the market outlook or switch to the valuation of the chip sector, it is noteworthy. Daily Economic News