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%.
According to the previous announcement released by Zhuo Shengwei, the revenue of Zhuo Shengwei from the first quarter to the third quarter of 2020 is 451 million yuan, 547 million yuan and 975 million yuan respectively. According to the assessment index, as long as the company achieves 523 million yuan and 372 million yuan in the fourth quarter, the incentive objects can obtain 100% and 80% shares.
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.
According to the public information, Zhuo Sheng micro belongs to the integrated circuit design industry. Its main business is the research, development and sales of RF front-end chips. It mainly provides the market with RF switch, RF low-noise amplifier, RF filter and other RF front-end discrete devices and various module application solutions. At the same time, it also provides low-power Bluetooth microcontroller chips. Zhuo Shengwei supplies to companies such as Qualcomm, Samsung, Huawei, Xiaomi and Lenovo.
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
It is worth noting that as a big chip stock, Zhuo Shengwei is frequently reduced by shareholders. At the end of last month, the company announced on November 26 that Tianjin Xundu, the companys shareholder, reduced 1.4943 million shares of the companys shares through centralized bidding from July 22, 2020 to November 25, 2020, and the shareholding ratio was reduced by 0.8302%.
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.
According to the statistics of the Financial Association, in June 2020, Zhuo Shengwei ushered in the lifting of 38.817 million shares, accounting for 38.82% of the total share capital of the company. After that, some shareholders of the company successively put forward the reduction plan. According to the announcement, Zhuosheng micro shareholders disclosed the reduction in June, July and September, October and November, respectively. According to the upper limit of reduction, the total amount of reduction will account for more than 15.00% of the total equity of Zhuo Shengwei.
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