According to the micro-network news, Nexperia (China's 'Anshi Semiconductor') announced the reorganization of the listing battle under the announcement that the largest single shareholder intends to transfer 70% of its shares. Recently, the Hefei Core Screen Industry Investment Fund released plans to The Hefei Guangxin Fund, which holds about 5 billion yuan in fund shares, has been publicly announced. This 5 billion yuan fund share is the share that it owns 70% of Anshi Semiconductor, causing great concern to domestic listed companies.
Ansemi Semiconductors, which jointly invested $2.75 billion (approximately RMB 18.1 billion) in the acquisition of NXP's NXP standard parts business in 2016, is the best asset for Chinese companies to acquire overseas targets. Which Hefei Guangxin Fund as an indirect largest funder, is the largest single shareholder.
However, according to the announcement, the transfer reserve price for the proposed transfer of 70% of the shares of Hefei Guangxin Fund has been increased from RMB 5 billion to RMB 7 billion. Domestic A-share listed companies are still eager to be transferees, among which Trent Technologies, Dongshan Precision, Wing Tai Technology has successively stated its position in the bid; however, Ansi Semiconductor's management is opposed to the re-listing of Chinese A-share listed companies.
Three A-share companies compete for higher dilution of PE
The company's exclusive exposition of micro-net previously released successively the series of articles that “big shareholders plan to transfer equity in NXP's standard business and several A-share companies bid for management but opposed to re-listing” disclosed that A-share listed companies are planning to bid for Hefei Guangxin Fund. In order to allow Axis Semiconductor to list on domestic A-shares, however, after the opinions of stakeholders have been consolidated, Ansemi management believes that A-share listing is not the best channel.
Although the Ansi Semiconductor management has no objection to the Hefei Guangxin Fund's transfer of its shares, from the disclosure of the participating in the bidding, the three A-share companies, Tiida Technology, Dongshan Precision and Wentai Technology, have lower operating levels, lower profits and lower management capabilities. Ansa Semiconductor itself is at a disadvantage because of the concerns of its customers and supply chains such as key raw materials.
More importantly, once the A-shares are listed on the China stock market, the reorganization proceeds will not be very high. Therefore, after the Anshen Semiconductor comprehensive evaluation, the company is advised to choose Hong Kong for listing in the future. Well, regardless of whether or not Anshen Semiconductor in China A shares or Hong Kong stocks listed, first look at the proceeds involved in bidding for reorganization?
The other one is the global smart phone ODM leader Wentai Technology, which successfully stripped its original real estate business at the end of last year. After introducing strategic partners such as Yunnan City Investment and Wu Yuefeng Capital, Wentai Technology entered a fast-track development. However, ODM industry risks Large, low gross profit, Wentai Technology's net profit in 2017 was between 310 million yuan and 340 million yuan, and the current market capitalization was 18.23 billion yuan. According to Orient Securities estimates, Wentai Technology's 2018 earnings per share was 1.23 yuan, corresponding to 29 times of 2018. PE.
Taken together, Tat Technology PE is currently 25 times, Dongshan Precision PE 53 times, Wingtech PE 29 times. However, if the A-share is re-listed, the higher the PE, the greater the overall revenue will be diluted, the semiconductor semiconductor investors The return will also be reduced accordingly, so the higher the PE value, the more unfavorable the company relative to the market value.
Listed companies with lower A-share listed PE value are preferred
According to experts from the professional investors, we know that, in fact, A-shares will be listed and re-listed. The higher the PE value, the more it will damage the interests of the original investor, and the more it will affect the future operations of the company. Mergers and acquisitions of listed companies are inconsistent with other financial investors. It is because investors are mainly assessing the appreciation space of their investment in Anshen Semiconductor, which is inconsistent with the interest claims of listed companies participating in the reorganization. Listed companies are included in the reorganization. The assets of the world support its stock price and market value management, which will bring direct conflicts of interest.
As a result, it will inevitably lead to conflicts of interest and make reorganization difficult. More seriously, the Hefei Guangsui Fund publicly transfers 70% of the shares held by it, attracting more shareholders and non-shareholders, even if it is bought. The shares sold by the Hefei Guangxin Fund do not mean that they can buy and restructure. Because the entire process of competition is complex, it may even ruin the current development of Ansemi Semiconductor.
Therefore, if A shares are re-listed, such listed companies with high PE value and high market value may not be wise for Anshen Semiconductor. A listed company with a small A-share PE value may be re-listed to bring more benefits to investors. Good income.
The overall return is high, Hong Kong stock market is the best choice
However, fortunately, if Ansemi Semiconductor’s gains in Hong Kong listing are not the same as the A-share re-listings, the overall valuation of the Hong Kong stock market gradually rises. Currently, valuations for integrated circuit and electronic information companies are 25-30 times. Ansemi Semiconductors is a global leader in the industry, PE may reach 30 times, and there is no dilution problem.
On the Hong Kong stock market, Ansa Semiconductor can also be listed in an IPO or restructured or backdoor. Professional investment sources stated that the Ansi Semiconductor Hong Kong stock IPO will be about 20-30% lower than the A-share IPO valuation, and the overall yield will be similar; but if it is not an IPO, Instead, the overall investment income will be diluted to a certain extent by restructuring or backdoor listing. This depends on the market value of the other company and the current PE value.
In addition, from a comparative point of view, from a deterministic and time perspective, the re-listing of Hong Kong stock will take about six months to complete the listing; while the A-share re-listing still has various uncertainties for approval, and it will also increase the number of overseas The requirements for approval, in the current complex international environment, not only will the approval time be longer, it may also fail to pass the approval and lead to reorganization failure, and may even take more than a year of restructuring to advance again. Overall, Hefei The core fund's public transfer of its holding 70% shares in Anshi Semiconductor has attracted competition from several shareholders and non-shareholders. If the A-shares are listed on the reorganization, investors, management and stakeholders may find it difficult to reach a consensus. The return on investment and overall return on the Hong Kong stock market are even more dominant, and the success rate is higher. What is not a better choice? After all, OmniVision Beijing Haowei is a lesson.
2. Weil's 2017 revenue of 2.046 billion.
In the evening of April 9, China Securities News reported that Weier shares (40.30 +5.11%, diagnosis shares) disclosed the 2017 annual report. During the reporting period, the company's total operating income was 2.406 billion yuan, an increase of 11.35% compared to 2016; The net profit attributable to the shareholders of the listed company was 137 million yuan, a slight decrease of 3.20% from the same period of 2016. The annual report shows that in order to further establish and improve the long-term incentive mechanism of the company, the company implemented the equity incentive plan at the end of 2017 if the restricted stock was excluded. Affected by the amortization of equity incentives, the net profit attributable to shareholders of listed companies was 159 million yuan, an increase of 12.36% year-on-year.
Design and distribution business grows
The Semiconductor Industry Association of America (SIA) released its industry report in February this year. According to the statistics of the World Semiconductor Trade Statistics Association (WSTS), the global semiconductor industry output value reached US$408.691 billion in 2017, a record high, which is a year-on-year increase of 20.6%, and exceeded US$400 billion for the first time. Guan, a record high for 7 years. Benefited from the growth of semiconductor products demand in the downstream industry and the shortage of production capacity in the semiconductor product market, the company's distribution business continued to generate power. During the reporting period, the electronic components agency and sales business achieved revenue for the entire year. 1.675 billion yuan, an increase of 16.24% from 2016, a record high.
In terms of design business, in 2017, Weier Semiconductor's semiconductor design and sales achieved an annual revenue of 721 million yuan, an increase of 1.43% year-on-year. The annual report also pointed out that the company's annual production and sales of design business products have increased, but the impact of exchange rates, revenue The growth rate was low. After deducting the exchange rate influencing factors, the design business revenue increased by approximately 10% year-on-year.
Annual R&D investment of RMB 101 million
Relevant parties in the country have clearly stated that it is necessary to speed up the building of strong manufacturing countries, promote the development of integrated circuits, fifth-generation mobile communications and other industries, and create 'China-made 2025' demonstration areas. Some industry analysts stated that the country’s efforts to support the domestic semiconductor industry are under the backdrop of The future will inevitably form an import substitution trend for national brands. Under the changing circumstances, Vail shares will continue to invest more in research and development to enhance the company’s core technological advantages in design business. In 2017, the company’s R&D investment was 101 million yuan, a year-on-year increase. 23.61%. In the past three years from 2015 to 2017, the company’s semiconductor design business R&D investment accounted for 8.20%, 9.58% and 14.04% of the sales revenue of the semiconductor design business, respectively. The upward trend is obvious. The company further increased TVS, MOSFETs throughout the year. The R&D and upgrade of power supply ICs and other products have made major breakthroughs in power management chips, live chips, radio frequency chips, sensor chips, broadband carrier chips and many other fields. According to a research report released in December 2017 by Jibang Consulting, Wei Shares ranked eighth in China's IC design companies. (Li Rui)
4. Guoke Micro expects a loss of 33 million to 38 million in the first quarter;
According to the micro-network news, Guoke Microelectronics recently released its performance forecast. The company expects the net profit attributable to shareholders of listed companies from January to March of 2018 will be -38.00 million to -33.0 million, a year-on-year change of -41.14% to -22.57%.
Guoke Micro stated that the company made the above predictions based on the following reasons: 1. Administrative expenses increased compared with the same period of last year, mainly because R&D investment increased significantly compared with last year; 2. Financial expenses increased compared with the same period of last year due to the depreciation of the US dollar and the decrease in the exchange rate of US dollar to RMB. , Generate exchange loss.
5. Lansi Technology's first-quarter results fell by 50% to 60%, Zhou Qunfei lost 4.9 billion;
According to the micro-network news, Lansi Technology announced the first-quarter performance forecast for 2018 in the morning on April 10. The net profit attributable to shareholders of the listed company during the pre-announcement period was 88,231.9 thousand yuan to 110,889,900 yuan, which was a 60% decrease from the same period of last year to 50. %, The profit for the same period of the previous year was RMB 225,570,800.
According to the company, there are two main reasons for the change in performance. First, in the first quarter of 2018, the demand for consumer electronics products was generally weak. Downstream terminal brand customers have adopted a strategy to accelerate destocking. According to the China Institute of Information and Communications under the Ministry of Industry and Information Technology According to the released data, China's smart phone shipments fell 27% from January to March in 2018. In order to adapt to market changes and new demands, major domestic brands such as Huawei, OPPO, VIVO and Xiaomi were released and mass produced in March. A variety of high-end new models, including a variety of front and rear cover with double glass, 3D curved glass design, put a lot of demand for the company's products.
However, due to the late production of new products and the overall initial stage of yield rise during the reporting period, the company's contribution to the performance during the reporting period was limited. The production and sales volume of new and old products of the company did not reach expectations. With the continuous increase in the yield rate of new products and the gradual transition of the consumer electronics industry to the peak season, it will help the company's operating performance in the first half year to improve significantly.
In addition, during the reporting period, the exchange rate of the Renminbi against the U.S. dollar increased significantly. Exchange gains and losses eroded some of the company’s profits; due to the rapid expansion of the company’s scale and the increase in the number of first-line production employees, the related fixed assets depreciation, staff salaries, and other cost expenses. Significant growth; During the reporting period, the company insisted on high R&D investment in new products, new technologies, and new processes, and conducted technical transformation and on-site management mode adjustments for the old production lines. ready.
Second, during the reporting period, the impact of non-recurring gains and losses on current net profit was approximately RMB 84,614,400.
On April 10th, Lansi Technology stepped out of the daily limit and closed at 21.01 yuan, a decrease of 9.98%. Within the past five trading days, the stock price has dropped by approximately 19.2%. According to Zhou Qunfei's 81.4% indirect shareholding ratio, its personal net worth Lost 4.96 billion yuan in one day.
According to the analysis, the introduction of new technology and new process R&D, new product yield rates, technical transformation of old production lines, and on-site management mode adjustments, new production capacity, and manpower reserve are important internal factors affecting Lansi’s first-quarter earnings. These early investments will quickly release performance in the coming period. Looking forward to the company's business development throughout the year, there are still several bright spots worth looking forward to.
Huawei, OPPO, Vivo, Xiaomi and other major domestic brands released in March and produced a number of mid-to-high-end models. Many of them used front and back cover glass, 3D curved glass design, The products put forward a lot of demand. As the main supplier of these models, Lansi Technology invested a lot of R&D funds in the first quarter, insisting on high R&D investment in new products, new technologies, new processes, etc., to the old production lines. Technical transformation and site management mode adjustment.
It is reported that Lansi Technology is currently constructing 70 million pieces/year of projects in Dongguan Songshan Lake Park. The project has already achieved small-scale mass production of some production lines. The company is stepping up its investment and construction, and strives to reach the planned production capacity as soon as possible. In the second half of the year, the arrival of the peak season in the second half of the year will ease the pressure on the supply of the Hunan park
From the perspective of high-end models released this year, the use of glass material in the back cover has basically reached a consensus. This year, domestic first-line brands have begun testing water 3D glass back covers and ceramic back cover products on explosive models. For example, recently released vivoX21 / OPPO R15 in the double glass body also uses a 3D glass back cover and ceramic back cover design.
Lansi Technology stated that it is expected that more than 50% of mid- to high-end models this year will adopt a dual-glass solution and may also be equipped with a wireless charging function. Among them, models using 3D rear cover glass will also have a lot of models, and more abundant color combinations will also be available. Bring greater appearance differences and novelty, stimulating consumer demand for replacement.
Market experts said that from the perspective of the overall market development, the weakening of the end product market has little impact on Lansi. On the contrary, the established double-glazed glass trend will help the blues in the medium to long term, especially the share of high-end smart phones. The trend of more and more concentration will benefit Lans's market share and business volume. Lanss’s performance in the first quarter of this year seems to have been known. The 2016 spring market is exactly the same as this year, but with the market of the 3D glass cover market in the second quarter. Gradually opened up, new product yields continued to increase and the consumer electronics industry gradually moved into the peak season. Lance Technology's performance then reversed its takeoff.
6. National Technology expects net profit in the first quarter of this year to drop by 7% to 35% year-on-year;
According to the micro-network news, National Technology announced the performance forecast. The company expects the net profit attributable to shareholders of listed companies from January to March of 2018 to be between 140 million and 200 million, a year-on-year change of -35.13% to -7.33%, the average net profit of semiconductor and components industry The growth rate was 29.27%.
National Technology stated that the company made the above prediction based on the following reasons: From March 2018, Shenzhen Snow Industrial Development Co., Ltd. formally incorporated the consolidation scope of the company's financial statements; During the reporting period, the company's management expenses increased year-on-year, and investment income decreased year-on-year.
7. Quan Zhi Technology expects to lose 10 million to 15 million in the first quarter;
According to the micro-network news, Quanzhi Technology recently released performance forecast. The company expects the net profit attributable to shareholders of listed companies from January to March of 2018 will be -150 to 100 million, a year-on-year change of -102.80% to -35.20%, semiconductor and components industry The average net profit growth rate was 29.27%.
Quan Zhi Technology stated that the company made the above predictions based on the following reasons: 1. The demand for the smart hardware market continued to grow in the first quarter, and some traditional markets picked up. Meanwhile, the company increased its operating revenue by providing customers with optimized overall product solutions according to market changes. The company's revenue increased by approximately 60% year-on-year. 2. The net profit attributable to the shareholders of the listed company decreased compared with the same period of the previous year, and the loss was approximately RMB 10 million to RMB 15 million. The main reason was that the RMB appreciated sharply and the exchange loss was approximately RMB 30 million. In January-March, the company estimated that non-recurring gains and losses will affect the net profit attributable to shareholders of listed companies by approximately 23 million yuan.