The company sent a letter to the Shenzhen Stock Exchange (SZSE) on Dec. to ask whether there was any incentive index related to the performance appraisal of the companys leading companies in February 2020.
Concern letter of Shenzhen Stock Exchange
According to the public information, Zhuo Shengwei disclosed the incentive plan on November 30 this year, in which the performance evaluation index at the company level is the growth rate of the average operating revenue in subsequent years compared with that in 2019. The performance evaluation index of the first vesting period of the first grant part is that the growth rate of the companys operating income in 2020 is not less than 65% and 55%, then the incentive objects will obtain shares by 100% and 80% respectively.
According to the third quarter report of 2020 released by the company in October, the company has realized 1.972 billion yuan of operating revenue in the first three quarters of 2020, with a year-on-year growth of 100.27%.
In this regard, some market analysis believes that the company has the possibility of deliberately reducing the assessment indicators to convey benefits to relevant personnel.
As of December 3, the share price of Zhuo Shengwei was 508.08 yuan / share, and the grant price of restricted shares in the incentive plan was 270.4 yuan / share. In this case, setting too low performance evaluation index would damage the interests of shareholders of listed companies.
RF chip leader rose more than 150% in the year, and soared more than 20 times after listing
Before todays crash, in fact, Zhuo Shengweis share price has performed very well this year. On November 9, this year, Zhuo Shengweis share price rose by 18.2%, closing at 579.6 yuan, a record high. This price is 151.56% higher than the low of 204.27 yuan / share on January 3 this year. At present, Zhuo Shengweis share price is 508.08 yuan, ranking fourth in a shares after Guizhou Maotai, Shitou technology and aimike.
Zhuosheng micro daily trend chart
Looking at the long cycle, Zhuo Shengweis stock price has increased more dramatically since its listing in June 2019. In terms of the price of the right restoration, the current stock price has increased by more than 20 times compared with the original issue price, thus the market value of the company has increased by more than 90 billion yuan.
In addition, the companys shareholder ipvcapitalih limited reduced 6.3161 million shares of the company through centralized bidding and block trading from July 7, 2020 to October 22, 2020, and the shareholding proportion was reduced by 3.5089%. After the reduction, ipvcapitalih Limited is no longer a shareholder holding more than 5% of the companys shares. In addition, Nantong Jinxin also reduced 1.7999 million shares of the company through centralized bidding, accounting for 1.0000% of the companys existing total share capital.
And not long before receiving the inquiry letter, Zhuo Shengweis news face just ushered in good news. On the evening of November 29, Zhuo Shengwei announced that the company plans to sign a strategic cooperation agreement with the Management Committee of Liyuan Economic Development Zone in Wuxi to invest in the construction of Xinzhuo semiconductor industrialization project in hudaidong District, Binhu District, Wuxi City (subject to the final record). The total investment amount of the project is expected to be 800 million yuan. Affected by the news, Zhuo Shengweis share price rose on November 30, up or down by 4.72%.
Due to the high difficulty of RF circuit, the global RF front-end chip market is mainly monopolized by American and Japanese manufacturers. As one of the few leading RF chips with core competitiveness in China, Zhuo Sheng micro is still favored by many research institutions due to its broad domestic substitution space. Many securities research institutes point out that it is urgent to speed up the domestic replacement of RF front-end chips, and Zhuo Shengwei has broad prospects for development.
The RF front-end market will reach 17 billion US dollars in 2019. 5g has opened the ceiling of the industry, and the value of single cell phone RF has increased significantly. Compared with 4G RF front-end, the value of 5g mobile phone is increased by 40%. With the large volume of 5g mobile phones, it is expected that the scale of RF front-end will continue to grow at a high speed in the future, reaching US $31.3 billion in 2023 and CAGR of 17% in 2019-2023. Liu Xiang pointed out on November 6 that Zhuo Shengwei is expected to achieve eps5.22/6.89/9.00 yuan from 2020 to 2022, and the current share price corresponds to pe90 / 68 / 52 times.
Source of this article: Yang Bin, editor in charge of CFA_ NF4368