1. The two parties negotiated two months ago, and Ziguang will acquire the French Linxens for US$2.5 billion;
Set micro-network news (Reporter / Ai Meng), on May 30, the micro-network reported that Ziguang Group intends to purchase 100% of the French company Luolix from the private equity investment company CVC through equity acquisition. Equity. Although the foreign media said that the negotiations may still be delayed or broken, according to the exclusive news of the micro-network, the two parties have basically negotiated the transaction two months ago, otherwise it will not be submitted to the Ministry of Commerce for publicity. At about $2.5 billion, Ziguang is expected to announce the acquisition in the next few weeks. It is reported that CVC acquired Linxens from French private equity firm Astorg Partners in 2015. Prior to this, Linxens acquired the FCI Group under Astorg Partners. Founded after the FCI micro-connection, it has been established for 30 years.
The arrival of Linxens
On its official website, Linxens claims to be a leader in the security and authentication markets, including RFID, biometrics, secure identity, dLoc and other products, and is widely used in finance, Internet of Things, communications, transportation, medical and other fields. .
If other technologies are still familiar, then dLoc is absolutely 'unfamiliar'. It is reported that it is a system for managing and verifying important documents. By using the security of blockchain technology and Near Field Communication (NFC) technology, any document is Digital storage, sharing and real-time verification via mobile devices.
In recent years, Linxens has continued to consolidate its advantages through acquisitions. In May 2015, Linxens completed the acquisition of KnL Group. The company specializes in the manufacture of RFID and antennas, which are commonly used in bank cards, ID cards, pass cards, etc. Last April, RFID and IoT company Smartrac announced that it had sold its security ID & transaction business to Linxens, which took over all employees, assets and contractual obligations of the Smartrac Security ID & Trading business unit.
In addition, Linxens is also very active at the level of cooperation. Last year, Linxens announced that it has partnered with leading biometrics company Fingerprint to launch the new high-performance contactless fingerprint card. The T-Shape sensor module on the Prelam is provided by Fingerprints. In addition, it also works with Finance. KONA I, a leading provider of smart card and payment solutions, has signed a strategic partnership agreement to join forces in new markets to respond to the growing smart card and secure authentication market. This year Linxens also announced the creation of a new dedicated division focusing on Discover and develop promising innovation opportunities in the field of microelectronics.
In line with this, Linxens' revenues are also rising.
Violet ambitions never diminish
Linxens's plate doesn't look too eye-catching, but in the future security and authentication market, the market has great potential. If it can be in the bag, it is definitely a real 'ammunition' for Violet.
Foreign authoritative research firm MarketsandMarkets has predicted that by 2019, the network security market is expected to grow to 155.74 billion US dollars, of which the identity authentication information security market will exceed 30 billion US dollars. From the domestic development status, the identity certification market scale to 2022 In the mobile payment field, NFC is the most ideal technology. ResearchandMarkets recently predicted that the global NFC market will reach 47.43 billion US dollars in 2024.
At present, Ziguang Group's layout in the semiconductor industry is based on Yangtze River storage, Ziguang Zengrui, and Ziguang Guoxin as the main force, involving flash memory, mobile phone chips, wireless chips, security chips, FPGAs, etc., and will continue to deepen its cultivation in the fields of AI and 5G chips. .
From the perspective of business overlap, Ziguang Guoxin’s main products include smart card security chips, memory chips, etc. If Linxens is able to combine its two swords together with NFC and blockchain technology, Ziguang Group’s strength in the area of security chips will be even stronger. The upper floor will also further widen its application boundary. (Proofread/叨叨)
2. What should Ziguang Western Digital rely on in the Chinese market?
Two months ago, Economic Observer reporter Lu Qian showed the Ziguang Group's full-scale industrial chain solution from the core to the cloud at the first Digital China Construction Achievement Summit. This was the first time the company announced it publicly in 2015. 'Core' to 'Cloud' development strategy, but 3 years.
At that time, Ziguang had almost the entire industry chain layout of IT other than the storage system. In Ziguang's industrial development from 'core' to 'cloud', the three focuses were mobile chip, mass-of-things networking, storage and related chips. In terms of mobile chips and the Internet of Things, Ziguang through the 2013 and 2014 acquisitions of Spreadtrum, RDA, and other companies acquired the earlier layout, and storage became the only way in its strategic turn.
It is imperative to start a storage business. In 2016, originally planned to acquire the United States Micron Technology, the Western Digital's Violet, to change its strategy and join hands with Western Digital to establish a joint venture Ziguang Western Digital.
Zhao Weiguo, chairman of Ziguang Group, once said, 'Ziguang wants to become China's Pacific Fleet in the field of information Internet technology. Ziguang Western Digital is an important part of Ziguang Group's chain from 'core' to 'cloud', which will promote the storage of big data. Innovation in various industries in China, promoting the construction of large data industry chains such as mass data collection, storage, analysis, application, and security protection, and improving the ecosystem of big data industry.
Today, it has been regarded as the weakest storage market in China's IT industry. Can the Ziguang Western Digital be able to make up the gap in the past two years?
Halo
Said that the purple light western data comes with a halo, from the background of the birth of the enterprise, it is indeed extraordinary.
The Sino-foreign joint venture company was established in 2016. The shareholding of Ziguang, a subsidiary of Ziguang Group, is 51%, and the shareholding ratio of Western Digital is 49%.
Among them, the major shareholder Ziguang Group has successively launched a wave of mergers and acquisitions several years ago, and has successively acquired Spreadtrum, RADICO, and integrated it into Ziguang Zhanrui (later introduced Intel into a 20% stake), becoming the largest chip in China. Enterprise; Established Ziguang Internet with Century Internet Group to deploy cloud computing; 2.5 billion US dollars to buy 51% equity of Huasan from Hewlett-Packard, thus becoming China's largest cloud infrastructure supplier... After a series of capital operations, the rapid development The huge amount of Ziguang Group, the market side.
As another protagonist of the joint venture, Western Digital has a prominent position in the global storage market. Western Digital is the world's leading provider of data storage solutions, ranking first in the global hard disk market. In recent years, it has acquired Global Storage (HGST). And SanDisk, Western Digital has the support of storage systems and flash technology, coupled with the global storage industry has been highly concentrated, from the basic hard drive, flash manufacturers to system solution providers to transform and extend.
For the 'newcomer' purple western data, the biggest advantage is Zhao Weiguo's phrase 'capital mergers and acquisitions, technology industry-based', which is the two paths of Ziguang's rapid development of 'independent innovation + international cooperation'.
Ziguang Gang, CEO of Ziguang Western Digital, has a deep understanding of this: 'We are a Chinese company, but we are looking at the world. Although it is a Chinese company, the technology we use is the world's leading technology.' No doubt, The purpose of Western Digital's purpose is to bring the world's leading technology to China and then localize it in the Chinese market.
The Internet has brought about the advent of the era of massive data, and the rapid development of all walks of life has produced massive amounts of data. While these data have brought tremendous economic value to enterprises, they have also spawned a series of data storage problems. How to make 'data burden' become 'Data treasures', this is a problem that storage vendors need to solve. It is also the case that Ziguang Western Digital's 'incoming' needs to face.
Why should I become a challenger?
Although there are inherent advantages, if Western Digital wants to gain a foothold in the storage market, it will obviously need to come up with some 'true stuff'. Moreover, from the understanding of the data itself, it has been a long time ago. Originally used as a record, communication data , Now that we have been mentioned the height of productivity. Let the data increase production efficiency, improve the quality of life, create more wealth, and the background of the development of the storage market has undergone changes.
At the beginning of the establishment of Ziguang Western Digital, Zang Gang had just put forward two 'polarization' of data in public: One is 'quick data' that needs real-time processing through extreme performance, that is, the speed with which data is required to process Faster; The other is 'big data' that requires deep mining through mass storage, that is, more and more data, and the amount of data is getting larger and larger. It is also believed that the traditional data storage architecture can no longer meet the needs of various industries and is urgently needed. Innovative data storage technology and solutions.
'Traditional computing-centric general-purpose storage architecture systems can solve some of the problems, but they are relatively narrow.' Hu Xiaolei, Vice President of Ziguang Western Digital Products and Solutions explained further, 'If we meet customers' future applications, we need to The new generation of storage architecture, this structure is created with purpose. ' This means that in the entire storage architecture, from the beginning to the delivery to the customer, the end-to-end solution needs to be solved from the perspective of vertical innovation.
In other words, the western China Purple Data needs to have a supply chain from the beginning, including storage and storage, optimization of storage platforms, design of storage systems, and the application of the entire storage system in combination with the industry, so that a complete set of ecosystems suitable for industrial applications can be constructed. ability.
Under such a vision, six months after its founding, Ziguang Western Digital has provided a complete set of solutions, including flash memory systems, distributed cloud storage systems, mass storage systems, software-defined storage platforms, and other four major products. , It also creates an open innovation platform in the field of storage product innovation, joint solutions, and industrial application integration.
Recently, in addition to the introduction of new product solutions at the Storage Innovation Forum sponsored by the Ziguang Western Digital at the end of May, the Western Digital also cooperated with Baoli Telecom, Pudong Jintong, Blue Star, Fuwold, Andhramp. Companies such as China, from the three aspects of storage systems, storage platforms and core storage technologies, establish a win-win ecosystem. As of now, the Western Digital has provided global leadership for the financial, media, film and television, medical, education, government and many other industries. The storage of innovative solutions.
In this regard, CCID Consulting also listed it early as a challenger to the Chinese storage system market. CCID Consulting’s “2016-2017 China Storage System Market Research Annual Report” stated that although it was a newcomer, it was born With its inherent advantages such as technology, brand, and channels, in less than a year after its establishment, Ziguang Western Digital released a full-media flash memory system, a dynamic mass data storage system, a distributed cloud storage system, and a software-defined storage platform. The full range of products, its development potential can not be overlooked.
The report of CCID Consulting believes that under the trend of localization of storage, the Western Digital will quickly occupy its own place.
More radical next steps
As CCID consultants expected, the development of Ziguang Western Digital is also rapid.
In the two research reports released by IDC this year, Ziguang Western Digital has ranked second in China's target storage market share for two consecutive quarters; another international research firm Gartner released a report on the competitive landscape of China's storage market in 2017. Data and Huawei, Inspur, Xinhua San, Lenovo, and Shuguang have become the six most influential domestic storage companies in the global storage market.
'It's hard to imagine this is a start-up company's achievements in the past two years. 'In the eyes of Ji Gang, there are many factors that can achieve the current market position: 'There is a strong support of the violet market, Western Digital has a good The product, of course, is also very important how we can quickly localize the world’s leading advanced technology abroad.
How to adapt the products to the Chinese market, 缪 缪 缪 心 研发 研发 研发 ' ' R&D strength is a cornerstone of our innovation.
In March 2017, when Ziguang Western Digital made its first product announcement, it announced that it would set up a global 1,800 square meter innovation and R&D center. One year later, the company’s global R&D and innovation center in Nanjing has been completed and put into use.
According to Yan Gang's introduction, this place known as the global innovation and R&D center is not only the product development center for the Western Digital's data, it also owns the company’s full line of equipment, R&D centers with partners, and innovative solutions for various industries. The test center of the program.
“The R&D team is still expanding rapidly. 'Despite not being able to disclose the specific team size, Biao Gang has revealed the next steps: 'It is very important to us in the next 24 months, our top priority. It is to expand market share and seize market power, so our company's strategy is very clear and we can quickly see that it will be deployed at a faster pace.'
The reason why the expansion was emphasized at this time was just a set of figures: The annual growth rate of the Chinese storage market is one-digit, that is to say less than 10% growth; while the annual growth rate of big data is more than 50%; Fast data last year grew at more than 100%.
'The industries we have selected are all rapidly growing industries, and both industries are rapidly adopting new technologies. 'The long-awaited rider of the express train has rarely shown a sense of urgency to the market.
In terms of the environment, from the massive data storage to the fast data, all new technologies are currently breaking out. From a global point of view, the old storage giants EMC, IBM and others saw relevant technology optimization after seeing flash memory trends. In China, Huawei has also recently released a new generation of smart flash storage technology, which is fully flash-based, fully clouded, and fully intelligent. This time it is undoubtedly a challenge for manufacturers in the storage industry to survive.
'You will soon see that we will use a more radical approach, whether it is the introduction of talent, expansion of channels, or market behavior.' Yan Gang, will be the latest product to provide customers with the fastest speed.
3. Precision measurement electronics: Speed up the layout of semiconductor testing and inspection areas;
Event: The company issued a semi-annual report, 2018H1 company realized a net profit of 110 million to 125 million, a year-on-year increase of 109.72% -138.32%, of which non-recurring profit and loss affected about 8 million.
The business scale of panel testing equipment continued to expand, and the performance growth exceeded expectations: 2018H1 achieved a net profit of 110 million to 125 million, a year-on-year increase of 109.72%-138.32%, of which non-recurring profit and loss affected about 8 million, and the performance growth exceeded expectations. The company has vertical integration capabilities in the flat panel display field of “light, machine, electricity, computing, and software” as well as a good customer base for the market, seizing the opportunities for downstream panel investment growth and expanding the business scale.
The investment in domestic panels continues to increase, and the company has benefited significantly as a leader in equipment: the company's customers cover major domestic panels, module manufacturers such as BOE, Huaxing Optoelectronics, Konka, Foxconn, AUO, Ruiyi Optoelectronics, etc., and products have covered the detection system of the Module process. , And has achieved the scale of sales of Cell manufacturing products, Array process products have also been completed and partially realized sales. Currently the LCD high generation new production line investment is still continuing, OLED and other new technology applications are also accelerating, the company as an industry A small number of companies that can provide three major process inspection systems will benefit significantly.
Accelerate the layout of semiconductor testing and inspection areas and open up the company's growth potential: In January 2018, a subsidiary company established through a joint venture with South Korea’s IT&T Corporation was engaged in the research and development of semiconductor test equipment. Currently, related technologies and business teams are in the process of establishing and expanding, and technical product certification is already in progress. Simultaneous promotion. In June 2018, the company established a wholly-owned subsidiary in Shanghai, Shanghai Precision Microelectronics Equipment Co., Ltd., mainly engaged in semiconductor testing, R&D of process equipment, production and sales, of which the production of integrated circuit process control testing equipment is The company has accelerated its layout in the field of semiconductor testing and inspection. Combined with its strong technical integration capabilities and mature market experience in the display panel field, the company is expected to rapidly break through this area and open up the company's growth space.
Earnings Forecast and Investment Proposal: We expect the company's net profit for 2018-2020 to be 267 million, 445 million and 676 million, respectively, corresponding to PE 44 times, 26 times and 17 times, maintaining a 'buy' rating.
Risk warning: investment in the display panel industry slows down, semiconductor industry progress is less than expected Pacific Securities
4. Sanfu shares extended the high-end layout of the silicon-potassium industry chain;
Source: Securities Market Red Week contributing author: Wu Yuanyuan
Thanks to China's economy adhering to the supply-side structural reform as the main line, the economy and society maintained a stable and healthy development, the entire chemical industry showed a trend of 'stronger strong and strong', and the chemical industry enterprises' operating efficiency and market performance were more prominent. Domestic leading high-end silicon material sub-leaders, Sanfu shares (26.870, 0.40, 1.51%) around the 'two silicon and two potassium', and gradually expand the circular economy industrial chain.
Circular economy brings performance improvement
Through the design and transformation process, Sanfu has formed a circular economy model with trichlorosilane, high-purity silicon tetrachloride, potassium hydroxide and potassium sulfate as the core of 'two silicon and two potassium'. Promote the industrial chain polymerization with fine chemical products as the main line. The by-product of the trichlorosilane production system, hydrogen, is used as the energy source for the production of potassium hydroxide, and the hydrogen chloride, a by-product of the potassium hydroxide production system, is used as the raw material for the production of trichlorosilane. Hydrochloric acid, a by-product of the potassium sulphate production system, can be resolved into hydrogen chloride for use as a raw material for the production of trichlorosilane. The by-product of the trichlorosilane production system, ordinary silicon tetrachloride, is used as a raw material for the production of high-purity silicon tetrachloride. Waste heat recovery by-product steam supply production system recycling. At present, Sanfu shares investment project 100,000 tons / year potassium sulfate and 30,000 tons / year of high-purity silicon tetrachloride project (Phase I) has been successfully put into operation, potassium sulfate And high-purity silicon tetrachloride products can not only form synergies with the company's existing chemical systems, but also form new profit points. High-purity silicon tetrachloride can increase the added value of the company's products and improve the company. Silicon product structure.
Triflu shares extend the upstream and downstream products of the silicon industrial chain, and design and transform the technological process, so that the various production systems can coordinate and support each other, and the raw materials and energy can be efficiently used within the company, ultimately reducing the consumption of raw materials throughout the entire production process. Minimize energy consumption, minimize pollutant emissions, and effectively reduce product production costs. Sanfu's revenue increased by 35% year-on-year in the previous year. Net profit increased by 117% year-on-year. In the first quarter of 2018, the company achieved operating revenue of 281,469,200 yuan, a year-on-year increase. 6.93%; Realized a net profit of 43.3094 million yuan, a year-on-year increase of 21.29%.
Expanding the field of high-end electronic specialty gases
Benefiting from the rapid growth of the semiconductor industry, Sanfu Group plans to invest 287 million yuan in the construction of 500 tons/year electronic grade dichlorodihydrogen disilane using its own industry advantage in trichlorosilane and experience in the high-purity silicon tetrachloride industry. With 1,000 tons/year electronic grade trichlorosilane project, these two products can be integrated with the company's existing system. The raw materials for the two electronic grade products are Sanfu's trichlorosilane products, and raw materials can be directly passed through the pipeline. Transportation to the project production workshop reduces transportation costs while ensuring the quality of raw materials and the timeliness of supply. The silicon tetrachloride produced as a by-product of the project reaction is sent back to the trichlorosilane plant through pipelines to achieve the recycling of the main materials. Electronic grade silicon dihydrogen dihalide and electronic grade trichlorosilane are important electronic special gas raw materials indispensable to the semiconductor industry. The country currently mainly relies on imports. According to data released by the Global Semiconductor Trade Statistics Organization (WSTS), 2017 Global semiconductor sales revenue reached US$408.691 billion, an increase of 20.6% from 2016. After the project went into production, Sanfu's new project is expected to benefit from the semiconductor industry. Rapid growth.
Focusing on the core of the circular economy system, Sanfu Co., Ltd. actively plans technological innovation, intensifies research and development, and continuously explores the extension of the industrial chain from upstream to downstream. High-purity silicon tetrachloride project, potassium sulfate project, electronic grade dichloroethylene currently under construction The gradual development and implementation of the hydrogen silicon and electronic grade trichlorosilane project has made the company's overall industrial structure more optimized, technological advantages, cost advantages have been further developed, and core competitiveness has been continuously enhanced.
Industry chain scale advantage to resist market risks
With the continuous increase of high-end products of Sanfu Co., the profitability has been continuously improved. Guojin Securities pointed out in its research report that the company's high-purity silicon tetrachloride was gradually recognized by the market in 2017, and achieved sales of 1651.14 tons in the first quarter of 2018. The price of products has also increased slightly. High-purity silicon tetrachloride products are one of the main raw materials for optical fiber preforms. Demand is increasing year by year. At present, the company and Changfei fiber optic cable, Zhongtian Technology, Fiberhome Communications and many other domestic The first-class optical fiber preform manufacturers have established a relatively stable cooperative relationship. The sales of high-purity silicon tetrachloride will increase significantly in 2018. With the completion of the second phase of the company, the profitability of the product is expected to be further enhanced. Support the growth of performance in the next two years.
5. Jiangbei New District Research and Development Park held the 'Zhihui Research and Creation' talent recruitment meeting
On the afternoon of June 30th, the “Zhihui Research and Development” large-scale social talents recruitment fair jointly organized by Nanjing Jiangbei New District Industrial Technology Research and Creation Park and Zhilian Recruitment was successfully held in the park. It is reported that the event is 'Zhihui Research and Development. 'The first large-scale talent meeting since the establishment of the platform. 'Zhihui Research and Creation' is an efficient and high-quality docking platform for the talents and enterprises jointly established by Jiangbei New District Industrial Technology Research and Creation Park and Zhilian Recruitment. The spirit aims to promote the high-quality employment of high-level talents by stimulating the vitality of enterprises in the park, and further promote the construction of a first-class science and technology industrial park.
More than 500 jobs were provided on site, including advanced technical jobs such as computers, electronics, and communications, as well as functional positions in marketing, finance, and administration, covering more than 40 brand companies in the park. To attract talents, companies have With generous salaries, most start-ups in R&D have more than 10,000 yuan in starting salaries. In addition, in terms of living environment optimization, promotion platforms, various types of subsidies, and training, the company also provides employees with more benefits. space.
The Jiangbei New District Industrial Technology Research and Innovation Park is part of the state-level Nanjing Jiangbei New District and is located in the core Binjiang area of the Jiangbei New District. In recent years, the park has vigorously developed three leading industries, including integrated circuits, smart manufacturing and big data, and has attracted Spreadtrum Communications. Fifty-five, fifty-eight institutions, Creative Electronics GUC, Wucheng Co., UBS Technology and other thousands of well-known high-tech enterprises settled in the park.
The establishment of the “Jihui Yanchuang” platform integrates the real-world needs of the Jiangbei New District Industrial Technology Research and Innovation Park and the talent pool of the Zhaopin recruiting talents to accurately match the two to form a dynamic talent pool that meets the needs of the park to meet The company's actual employment needs. During this offline job fair, Zhaopin’s project team selected more than 14,000 candidate candidates’ resumes and conducted initial interviews based on the company’s job status, ensuring that the interviewees fully understand the company and the position. The situation has achieved good results.
It is reported that Jiangbei New District Industrial Technology Research and Innovation Park has also built a number of youth talented apartments, transportation, and convenience of living. Through a series of initiatives to attract talents and talents, it provides strong support for the enterprises in the park and also provides the development of the Jiangbei New District. Talent intelligence support and solid security. (Cai Hanqing) Xinhuanet