1. Conveys the mainland manufacturers' desire to set a position in China and US to control the global wafers of Taiwan's silicon wafer fabs;
Gathering micro-network news, the market sent out well-known mainland manufacturers to release their speeches.
Taiwan's global wafer product line is complete, from three-inch to twelve-inch semiconductor silicon wafers are available. At the same time, Universal's GlobiTech in Texas, the world's largest professional eight-inch Lei chip supplier, monthly production capacity of more than five Hundreds of thousands of pieces, including popular car ICs, sensor ICs and power ICs, all require the use of eight-inch Lei chips.
Sino-American crystal currently holds a 50.8% stake in Global Wafer. Therefore, if it wins the company, it will be able to grasp the global wafer;
Sino-American crystal just completed the re-election of directors last year. The current shareholding of the directors is about 11.26 percent, of which the largest shareholder is another solar plant.
Global Wafer acquired GlobiTech, a US semiconductor company, in 2008. In 2012, it merged and acquired the original semiconductor wafer wafer division of Covalent Materials. Later, it became a major Japanese production base of Global Crystal. After the case was finalized, the purchase price declined by nearly 20% after consultation.
Global Wafer acquired the Danish semiconductor company Topsil's semiconductor business group in 2016. It completed a snack at the end of the year. After acquiring SunEdison Semiconductor, it became the third largest semiconductor silicon wafer fab in the world, second only to Japan's Shinho and Shenggao. Last year The early semiconductor semiconductor wafer market ushered in a super-boom cycle, with tight supply and demand. The price has been rising all the way, and the trend remains bullish. Through the aforementioned mergers and acquisitions, Universal has significantly increased its 12-inch silicon wafer production capacity, just in time for this wave of price increase. Tide, and 12-inch silicon wafer is one of the biggest gains.
Universal crystals are located in Taiwan, China, Japan, Europe and the United States. In particular, the company has partnered with Japanese semiconductor equipment manufacturer Ferrotec to build Shanghai's 8-inch silicon wafer plant. The initial monthly production capacity is about 100,000 wafers. It started small last year. The amount contributed to its performance. At the same time, the two parties have also negotiated to build another 8-inch factory in Hangzhou. The initial planning will begin at the end of 2019.
2. Shennan Circuit: The company is a core Huawei supplier;
In the micro-network message, Shennan Circuit stated on the Investor Interactive Platform on March 16 that the company is a core supplier of Huawei and mainly provides various products including PCB for wireless communication base stations.
On March 12, Shennan Circuit released its 2017 full-year financial report. The financial report showed that the company's 2017 revenue was 5.687 billion yuan, a year-on-year increase of 23.67%; net profit was 448 million yuan, a year-on-year increase of 63.44%. The company intends to extend to all shareholders 10 shares distributed dividend of RMB 5.10 (tax included).
During the reporting period, the company’s printed circuit board business realized sales revenue of 3.894 billion yuan, a year-on-year increase of 17.22%, accounting for 71.44% of the main business revenue; packaging baseboard business realized a sales revenue of 754 million yuan, a year-on-year increase of 60.38%, accounting for the main business. 13.84% of revenue, business growth was driven by growth in demand for MEMS-MIC (ie, silicon microphones) in acoustic MEMS components; sales revenue of electronic assembly business was 729 million yuan, a year-on-year increase of 28.45%, accounting for revenue from main operations. 13.38% of the business growth was mainly driven by growth in orders from GE Healthcare and major customers in Israel.
Shennan Circuit first publicly issued shares in 2017 and listed on the Shenzhen Stock Exchange, officially landed in the capital market. In 2017, Shennan Circuit won the top 100 Chinese electronic information companies, the top 500 manufacturing enterprises in Guangdong Province, according to the 2017 Prismark report. , Shennan Circuit ranks 21st among global PCB companies, and is the only Chinese-funded enterprise among the top 30 manufacturers.
3. Shennan shares: Acquired 51% equity of Mingcheng Technology to deploy information system integration market;
On March 16th, 2018, Shennan Jinke Co., Ltd. (stock abbreviated as: Shennan Stock, stock code: 002417) declared to the company that in order to comply with the company's strategic transformation and development needs, the company and Guangzhou Mingcheng Computer Technology Co., Ltd. (hereinafter referred to as : Ming Cheng Technology) Shareholders Zhu Yuebiao, Ji Kunmin, Xu Jingjing signed an agreement on the Ming Cheng Technology Equity Transfer Agreement and Performance Commitment Compensation.
This time, Shennan Stocks intends to transfer RMB 12.75 million to shareholders of Ming Cheng Technology. Zhu Yuebiao, Qi Kunmin, and Xu Jingjing will jointly hold a 51% stake in Mingcheng Technology. After the transaction is completed, Shennan Shares will be the controlling shareholder of Mingcheng Technology. The transaction does not constitute a related party transaction and does not constitute a major asset reorganization.
According to the information of the Daily Securities Network, Ming Cheng Technology was established in December 2007 with a registered capital of 22 million, mainly engaged in software development, information system integration services, computer room maintenance services, information technology consulting services, integrated circuit design, digital animation Production, game software design, computer network system engineering services and other services.
At the same time, Mingcheng Technology is committed to the development of big data, cloud computing, providing customers with big data, cloud computing consulting services, solutions and product sales. After years of accumulation, Mingcheng Technology has been in the financial, power, telecommunications and other industries Formed a high-quality customer resources.
In addition, Mingcheng Computer has a deep understanding of the customer's industry background and business model, and has rich service experience. It has formed a strong competitiveness for follow-up customer maintenance and development.
According to the results of Ming Cheng Technology in 2016 and the first three quarters of 2017, the company’s total assets were RMB 71,578,700 and RMB 8,281,900 respectively; total liabilities were RMB 16,437,000 and RMB 48,565,600; net assets were RMB 55,141,700 and 3,425.43 respectively. Ten thousand yuan; operating income was 151,183,400 yuan and 10,861,510 yuan; net profit was 1,534,800 yuan and 7,112,600 yuan respectively.
Prior to the completion of the equity transfer, the shareholding of Mingcheng Technology was 76% owned by Zhu Yuebiao, 19% owned by Qian Kunmin, and 5% by Xu Jingjing. After the equity transfer was completed, the shareholding of Mingcheng Technology was Zhu Yuebiao holds 37.24% of shares, Qian Kunmin holds 9.31%, Xu Jingjing holds 2.45%, and Shennan holds 51%.
It is worth mentioning that the 2017 annual earnings report released by Shennan Co., Ltd. earlier showed that the company’s total assets were 391,237,000 yuan, and its total operating income was 1,048,550,400 yuan. Of which, the owner’s equity attributable to the shareholders of the listed company was 3491.7725 million yuan, a year-on-year increase. 2.26%; Operating profit was -59.5564 million yuan, an increase of 45.02% year-on-year; Total profit was 6,827,300 yuan, an increase of 106.69% year-on-year.
For performance growth, Shennan shares explained that the increase in net profit attributable to listed companies in 2017 was mainly due to the company’s major asset sales. In addition, the company actively expanded its new business model and actively prepared to build a quality business team with new business scale. Has been gradually highlighted.
According to industry analysts, based on the fact that Mingcheng Technology has already accumulated a certain degree of integration within the information system integration industry, the Shennan Group’s acquisition of its equity will help to further improve the company’s strategic layout in emerging industries and expand the company’s business scope. , To enhance the company's profitability and promote the company's business transformation strategy. Today's opening, the deep stock price of Shennan shares opened higher, the highest increase exceeded 4%. Affected by the overall market fell, the recent stock price of Shennan shares continuous correction , The market outlook will continue to show shocks and decline.
4. Ruisang 81 million yuan acquisition of electronic components distributor NMT;
Ruishang Group announced that the directly wholly-owned subsidiary Conylan acquired the entire equity interest in NM Technology from an independent third party at a consideration of 81 million yuan, including 12 million yuan in cash; issued 9 million yuan in promissory notes; 16.43 million shares were issued at 3.4 yuan per share, etc. 3 ways to pay.
NMTechnology is principally engaged in the sale and distribution of electronic components, especially integrated circuits and related products, through its subsidiaries in the PRC. The acquisition contemplated under the Share Purchase Agreement will allow the Group to cooperate with the NM Group to diversify its customer base and achieve group business. The vertical integration and expansion of the Group's automatic meter reading business revenue sources. This move is conducive to the long-term growth of the Group as a whole and sustainable development, in the long run can increase shareholder value.
5. Jingsheng Electromechanical: Central Semiconductor clearly expands production expectations
Central Technology Breakthrough Speed Dispels Market Concerns and Equipment Investment Peak is Coming
Zhonghuan is a leading company in the domestic semiconductor materials industry and a leader in the domestic single crystal silicon wafer industry. According to the latest announcement, the 8-inch monocrystalline wafer of Zhonghuan Co., Ltd. has been successfully mass-produced, and 12-inch sample trial production has also been completed. At the same time, the company 6 The -8-inch zone melting and polishing film has also gained international recognition to enter the rapid increase stage. This announcement we can see that the Central Technology Co., Ltd.'s technology matures faster than expected, which in turn dispels the market's doubts about the technical level of Central. We judge Central 200 The investment of billions of funds and the accumulation of photovoltaic wafer technology are the guarantee for the successful breakthrough of semiconductor wafers. At the same time, the announcement of Zhonghuan’s shares clearly stated that by 2022, Czar Semiconductor’s 8-inch output expansion will reach 750,000 units/month, and the 12-inch expansion will increase to 600,000 tablets/month. After the agreement is reached, it is expected to become the largest supplier of silicon wafers in China. Wuxi’s 20 billion investment is expected to be completed by 2020, and the first batch of equipment is expected to begin to adjust in the 4th quarter of 2018. Therefore, we judge that 2019-2021 will It is the peak period of equipment investment.
Central Semiconductor Project Explicitly Expands Production Expectations and Helps Companies Open Valuation Ceilings
In 2017, Zhonghuan Co., Ltd. cooperated with Jingsheng Electromechanics to launch a large-scale wafer production and manufacturing project for ICs. This will accelerate the import substitution of semiconductor wafers. After the completion of the investment, it is expected that Zhonghuan will achieve 8 inches of polished wafer production capacity by 2022. Million / month, 12-inch polishing film production capacity of 600,000 / month production scale.
We assume that the 8-inch wafers each have a capacity of 7000-8000 wafers per month per unit, and each device costs 6 million yuan. Each 12-inch wafer corresponds to a capacity of 5,000 wafers per month, and each device costs 20 million yuan. At present, the total investment for the Czochralski furnace will be about 600 million (8 inches) + 2.4 billion (12 inches) equal to 3 billion yuan. The investment will be completed in 2018-2021, and the average annual furnace demand will be 750 million yuan.
In addition, taking into account the market demand for polished wafers and the equivalent of single crystal furnaces, Jingsheng and the United States revasum cooperation has mastered the relevant technologies, products are also released at this year's semicon show. It is expected to form a mass sales in 2019. At the same time, Crystal Sheng actively layout rounding machine , Cutting machine, grinding machine, consumables and other services, it is expected that the current amount of products can account for 50% of the total investment in equipment.
From a national point of view, the scale of production expansion that has been announced in the country is about 60 billion yuan, of which equipment accounts for 85%. We expect the company's orders to reach 1.2 billion yuan in 2019, and 1,500 yuan in 2020. Assumed for 7 years In the investment cycle, Jingsheng has an annual potential market space of approximately RMB 3-3.5 billion, and the valuation ceiling is opened.
Earnings Forecast: The company is a leading silicon growth equipment manufacturer in China. Considering that the semiconductor industry and the photovoltaic industry continue to improve, the project of important customers Zhonghuan shares exceeds expectations and still actively expands production. The huge competitive advantage will ensure the long-term development of the company. We adjust the company's 2018-2019 net profit forecast from 754 million yuan and 958 million yuan to 806 million yuan and 1.183 billion yuan, corresponding to the EPS adjustment of 0.82 yuan and 1.20 yuan, PE of 25 times and 17 times, maintaining the 'buy' rating. .
Risk Warning: Semi-conductor wafers fell more than expected, PV industry demand was lower than expected, and Central's expansion speed was less than expected. Tianfeng Securities