1. Fenghua Hi-Tech expects net profit in the first half of the year to increase by 263% to 294%;
According to the micro-network news, Fenghua Hi-Tech recently released a performance forecast. The company expects the net profit attributable to shareholders of listed companies from 1-6 to 2040 to 440 million to 440 million, a year-on-year change of 262.61% to 293.95%, and the average net profit growth rate of the semiconductor and component industries. For -4.79%.
For reasons of a substantial increase in net profit, Fenghua Hi-Tech said that during the reporting period, the company's main product market demand, product price increase and product structure adjustment positive impact, resulting in the company's performance in the first half of 2018 increased more than expected.
2. Fudan Wei Shilei: Internet of Things and artificial intelligence will give birth to many new forms of chips;
Shi Lei believes that Moore's Law has been developed to this day and has been terminated. The chip width has been reduced to nanometers, and the chip can no longer be reduced. This means that the chances of latecomers will be more. The so-called Moore's Law refers to When the price is constant, the number of components that can be accommodated on the integrated circuit will double every 18-24 months, and the performance will be doubled.
'The emergence of quantum computers means the emergence of infinite computing power. In the IC industry, we are focusing on two areas that will give a huge impetus to integrated circuits. The first is the Internet of Things, the Internet of Everything, will provide The emergence of many new morphological chips; the second will promote the development of the chip is artificial intelligence, artificial intelligence hardware acceleration, artificial intelligence framework structure changes will also appear some new chip companies, what will appear in the new chip companies What? Intelligent or semi-customized architecture. '
Shi Lei believes that in the future, artificial intelligence as a programmable FPGA chip may exceed the chip made by human beings, which is estimated to be realized in two or three years.
Relative to the high valuation of chips in the Chinese market, foreign companies have not been highly valued by chip companies. Shi Lei believes that the main reasons for this phenomenon are two:
The first is the fierce competition of chip products, and the product replacement cycle is short. When a successful chip quickly takes over the market, but often a new challenge chip will appear soon, that is, the boxing effect. According to the business school's point of view, valuation There is continuity. Once the continuity is destroyed, the valuation of the chip is problematic.
The second problem is that the uncertainty of the chip is too great. The success of the chip is actually accidental. It is not the success of the indicator, but the industry interaction, the greater the risk of valuation. The black hole of investment is reasonable.
So, how to explain the rising valuation of China's chip industry in these years or the good performance of the capital market?
Shi Lei believes that it is very likely that the integrated circuit and the whole machine are matched. The inertia or stickiness of Chinese integrated circuits is much larger than that of international integrated circuits. 'China has a large number of licenses and certifications, so that even if there is New products come out, old products are also difficult to exit. What are the benefits? For capital, you can take a breather.
3. Acquisition of AESC discount Dagang shares controlling shareholder terminated the transfer of 12.5% shares
On the evening of July 6, Dagang shares (002077) issued a notice stating that it would terminate the foreign investment project with the partner to establish a joint venture with 1.53 billion yuan. The termination of this investment also triggered a chain reaction. On the evening of July 8, Dagang shares The announcement stated that the controlling shareholder of the company terminated the proposed transfer of 12.5% of the company's shares.
Termination of overseas mergers and acquisitions
Looking back on this incident, we should start from October 2017. On October 20, 2017, Dagang announced that it plans to jointly invest A$SC with China Petroleum Strait (00852. HK) to establish AESC China. Dagang shares are funded in cash. 1.33 billion yuan, accounting for 51% of the registered capital.
Among AESC China's other funders, Strait Petrochemical intends to invest 870 million yuan in cash, accounting for 29%; GREEN invested 296 million yuan in technology-licensed company GSR, accounting for 9.87%; Wu Shenjun intends to invest in GSR equity 3.04 billion yuan, accounting for 10.13%.
Among them, GSR is the company established by the Jinshajiang Capital Team in Cayman. On June 30 this year, the company obtained the exclusive license to expand Nissan Power Battery in China.
Prior to this, in August 2017, Jinshajiang Capital and Nissan signed a final sale and purchase agreement. Jinshajiang Capital plans to acquire AESC, a battery subsidiary of Nissan, and Nissan's battery manufacturing operations in the United States and the United Kingdom, as well as Nissan's battery development and engineering business in Japan.
The data shows that AESC has more than 500 patents and 250 Nissan authorized patents. Jinshajiang Capital plans to further increase R&D investment, expand production capacity in the US, UK and Japan, and build new plants in China and Europe.
The purpose of AESC China is that after the completion of the acquisition of AESC, AESC China will invest 2 billion yuan, and Jinshajiang Capital and its referral third parties will invest more than 4 billion yuan to jointly establish a power battery industry fund of more than 6 billion yuan. .
The Battery Industry Fund and Jinshajiang Capital and its referral third parties will further jointly invest in the establishment of AESC Zhenjiang Project Company with a registered capital of 2.4 billion yuan. The project company will use AESC battery technology to invest in the construction of an annual output of 20GWH ternary lithium battery. And research and development base projects.
Specifically, the total investment of the project is as high as 12.5 billion yuan, of which the first phase of investment is 3.5 billion yuan, which is used to build a 4.5GWH ternary lithium battery production line, AESC China headquarters building and R&D base. It is expected to be June 2019. The second phase and the third phase of the investment are expected to be 3 billion yuan and 6 billion yuan respectively.
Dagang shares said that the company is committed to diversified development strategy, intends to invest in AESC China, and participate in the annual investment of 20GWH ternary lithium battery and R&D base project, which will create the dual main business of "integrated circuit + power battery". Continuous development provides new impetus.
However, this diversified transformation of investment projects has recently been terminated. Dagang shares announced that due to legal, foreign management, state-owned assets approval and other factors, domestic investment filing, licensing and other procedures have been delayed. Agreeing with the relevant parties on specific matters such as the time of investment, the terms of the transaction, and the follow-up development plan, the formal agreement on foreign investment has not yet been signed, and AESC China has not yet been established.
Dagang shares were recently informed that after Jinshajiang Capital informed it that it did not have sufficient funds to conduct the transaction, Nissan Motor Co., Ltd. officially announced the cancellation of the sale of the battery business unit AESC to Jinshajiang Capital.
The company believes that the participation in the establishment of AESC China is based on the acquisition of assets such as AESC by Jinshajiang Capital, using Nissan AESC battery technology to invest in lithium battery production bases, serving China's fast-growing electric vehicle battery market. In the acquisition transaction, the company believes that the joint venture to establish AESC China has been unable to achieve the purpose of this cooperation, so it is proposed to terminate this foreign investment.
Major shareholder abandoned transfer of shares
The termination of the overseas investment project, why did the controlling shareholder of Dagang Holdings give up the transfer of the company's equity? This also starts from the capital contribution plan at the time. 1.33 billion yuan, not a small amount for the Dagang shares at that time, as of 2017 At the end of the month, the company's book currency funds were only 544 million yuan.
In order to alleviate the financial pressure on Dagang's foreign investment, the controlling shareholder of the company, Ruirui Holding, proposed to transfer the 12.5% equity of Dagang shares held by way of public collection of the transferee. The funds or self-owned funds of the transfer of equity will be Dagang. The shares provide financial support.
However, in view of the current announcement by Nissan to cancel the sale of AESC, Dagang has terminated the joint venture to establish AESC China, and Ruirui Holdings has also decided to terminate the agreement to transfer part of the company's shares. At present, Ruirui Holdings holds 284 million shares of the company, accounting for the company. 48.97% of the total share capital, are unrestricted shares outstanding, of which 142.
The reporter of e company noticed that from the performance of the secondary market, in October 2017, the stock price of Dagang shares mostly remained above 13 yuan/share, even rising to 16 yuan/share in mid-November. 4. It is not too difficult to obtain nearly 1 billion yuan in transfer payments through equity transfer.
However, to date, the share price of Dagang has fallen below 6 yuan/share. The same amount of equity transfer, Ruirui Holdings may only receive transfer payments of no more than 500 million yuan, and the invisible will also bring more to Ruirui Holdings. Big financial pressure. Sina Technology