On January 31, 2018, Hunan Guoke Microelectronics Co., Ltd. (hereinafter referred to as 'Guokewei', 300672.SZ) listed its first annual results notice for the first six months after its listing. It is estimated that the Company will achieve a net Profit from 48 million yuan to 60 million yuan, compared with 2016 net profit of 51.1089 million yuan, the change range of -6.08% to 17.40%, roughly the same.
NSK said in the report period, due to the worldwide shortage of solid-state hard drive flash memory particles, resulting in the company's accompanying solid state memory controller chip product sales were lower than expected. Previously, NSK Micro-share prices soaring, but in the On the day the above results notice was released, Guosen Micro-share Co. rose a rare limit, which is outside the expectation that its disclosed performance is not as expected.
In addition, according to the data disclosed by Guo Wei Micro-newspaper, the seasonal fluctuation of its main business is obvious, and its performance growth still needs to rely on the traditional radio and television chip business.In the aspect of investment, Guoke Micro uses the capital of 15.5% of the company's total assets to purchase the capital preservation Financial products, the value of more than the company's full-year research and development expenses in 2017. In this regard, the people of the Branch Microsco Securities to the "China Business" said that the principal is a business investment company's normal investment, other companies will be this way.
High share price low revenue?
With the emergence of concepts such as Internet of Things, 5G and artificial intelligence, the related chips and the semiconductor industry have been receiving unprecedented attention.While the National Science and Technology Micro, although one of the leading domestic chip industry, but the current main business is still the traditional radio TV chip-based, and nowadays artificial intelligence tuyere does not exactly match.
Earlier, on July 12, 2017, NSK Micro successfully landed on the GEM after preparing for two IPOs.Open data showed that after the IPO, NSK Micro-stock surged all the way, after experiencing a 112-day skyrocketing increase of 548%.
However, this stock seems to be inconsistent with the revenue of the National Micro-micro.Cisco access to the third quarter of 2017 published by the National Microelectronics found that in the first three quarters of 2017, the total revenue of the National Micro-micro 180 million yuan, Representing a decrease of 15.08% as compared with the same period of last year. Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses still incur a loss of RMB48,748,000 as compared with the same period of 2016 with an increase of 32.11%.
Although NSK slightly predicted a net profit of RMB48 million to RMB60 million in 2017, in the performance forecast, NSK Micro also said that it expects the Company's non-recurring gains and losses to affect its net profit in the reporting period at approximately RMB55 million In view of this situation, the personage of above-mentioned Branch of China Microelectronics Branch responded to the reporter of "China Business": "I do not know what the financial accounting means, and the contents mentioned in the announcement shall prevail."
This reporter has learned that the current micro-core NSK business, including radio and television chips, smart video surveillance chips, solid-state memory chip business and chip design in mid-year report shows that the core revenue of China Microelectronics Division: radio and television series of chip products Revenue decreased 57.68% YoY. Revenue from intelligent video surveillance chipsets decreased by 66.04% YoY, revenue from solid state memory chip products increased 5067.55% YoY and IC design revenue decreased 47.97% YoY. Revenue volatility of the four main businesses More obvious.
For the income of the main business, the person in charge of the above-mentioned Branch Micro Securities told reporters: 'According to past performance trends, the fourth quarter results will be better than the first three quarters, seasonal fluctuations and the industry situation will have an impact on performance. However, when reporters asked why ST Micro's seasonal fluctuations in operating performance were so great, the source said: 'I still do not quite understand this specific product, and the securities representatives are more aware of the situation. "However, the reporter repeatedly contacted National Science Micro, have failed to get a positive reply from the securities affairs representatives.
Reporter combing NSK 2017 three quarterly reports found that as of September 2017, NSK Micro has a total assets of 968 million yuan, while other current assets this one, an increase of 892.26% compared with 2016. In this regard, the National Micro micro interpretation Said: This is due to the company in the third quarter of 2017 to purchase 150 million yuan of guaranteed capital products, accounting for 15.5% of total assets.And corresponding to that, in the 2017 performance notice China Microely said: In order to continue to increase research and development Investment in research and development costs in 2017 increased over the previous year is expected to reach 115 million to 120 million yuan.As a technology-based enterprises, but the National Micro-micro-purchase financial products expenditure is clearly more than the company's R & D investment.
In this regard, the State Branch Micro Securities Department, told reporters: 'This is normal, capital preservation of this is an investment business, other companies will do so to protect capital.'
Seasonal seasonal fluctuations in revenue
Recalling the history of the development of NSK Micro is not difficult to find that the development of NSK Microelectronics and radio and television chip business are inseparable. In June 2008, the "satellite 9" satellite was successfully launched. From remote rural areas, cable digital TV is not accessible Regions can also watch satellite digital television live shows.
NSK micro-founder Ping saw the 'star 9' brought a huge market for radio and television chips.Three months later, NSK Micro was established in Changsha, specializing in the design and production of radio and television series chips. Transcoding the TV signal from the direct broadcast satellite into a picture is presented on the television.
With the rapid growth of radio and television businesses, the performance of Guochao Micro also achieved rapid growth, with revenue from sales of radio and television chip series up 87% YoY in 2015. However, the sales revenue of Guochao Micro Broadcasting and TV series chip business in 2016 Down 37.8% from a year earlier.
In this regard, the National Micro believes that the decline in sales was mainly due to the State Administration of Press, Publication, Administration of Radio, Film and Television plans to launch the fourth generation direct broadcast satellite set-top box in the first half of 2017. The fourth generation direct broadcast satellite set-top box Hurudong via either hardware or Software on the market mainstream with the third generation direct broadcast satellite STB there is a big difference.
Affected by the policy expectation, direct broadcast satellite set-top box manufacturers have reduced the production of the third generation direct broadcast satellite set-top boxes from Huhhot and thus reduced the purchase of live satellite standard-definition chips, resulting in intensified competition in the market of standard-definition chips. Therefore, Radio and television chip sales caused some impact.
Thus, the radio and television chip business is more affected by the policy.Regarding the SARFT often adjust the parameters, the enterprise must also be adjusted accordingly.In addition, the incremental market in this area is not obvious, mainly in the stock market.
Three Quarterly Bulletin 2017 shows that in the main business of China Microelectronics Microelectronics Co., Ltd., the proportion of revenue from radio and television business in total revenue dropped to 40.5%. Although this figure is the lowest figure in recent years, the number of radio and television chips Business still occupy half of NSC micro-level.
According to SINOPEC Micro-announcement, among the major customers, the purchases of China Electronics Equipment International Co., Ltd., Shenzhen CTI International Information Technology Co., Ltd. and China Electronics Shenzhen Co., Micro-sales amount of more than 40% .Three companies to purchase the main product is the national science and technology micro-radio and television chips.
National Micro at the beginning of the IPO prospectus mentioned that the company's intelligent video surveillance chip and its overall solution will be the company's future profit growth point.However, in the 2017 semi-annual report, intelligent video surveillance chip series on the more A year-on-year decrease of 66.04%, accounting for 18.4% of total revenue. In addition, the other mainstay of IC Microelectronics's IoT chip business accounted for only 4% of the total revenue of China National Micro.
In this regard, the national micro-micro-interpretation is still affected by seasonal fluctuations.It said that the intelligent video surveillance chip series is mainly used in network cameras, in general, affected by the weather and the Spring Festival, the first and third quarters for the off-season.Therefore, intelligent Video surveillance products in the fourth quarter, the highest revenue.However, when reporters asked what happened when the situation is the case, the Ministry of State Securities Micro Securities Department refused to understand the situation on the grounds of refusing a reporter's interview.
The person told reporters: 'We are prompted by the company may pose a risk, as the business situation, investors have their own judgments.'
However, Huatai Securities Co., Ltd. joint venture in the country on the spot in 2017 micro-site inspection report pointed out that the National Micro-IC design companies, focused on the development of chip products.Iterative IC industry faster, in mass production At the same time, we need to develop the next generation of products to ensure the product's leading.During the research and development, we need to invest a lot of manpower and capital, there is a certain risk, it is recommended that the company carefully judged in order to obtain better performance.