The market value of Maotai in the chip industry has evaporated by 7 billion, only because it is deeply involved in the interest transportation storm?

category:Finance
 The market value of Maotai in the chip industry has evaporated by 7 billion, only because it is deeply involved in the interest transportation storm?


Some analysts said that Zhuosheng micro drop may be related to the concern letter issued by Shenzhen Stock Exchange.

A few days ago, Zhuo Shengwei released the 2020 restricted stock incentive plan (Draft). In the morning of December 2, the Shenzhen Stock Exchange issued a letter of concern asking Zhuo Shengwei to fully demonstrate the scientificity and rationality of the relevant performance evaluation indicators, and whether there is any situation that deliberately reduces the performance evaluation indicators to convey benefits to relevant personnel, and whether it damages the interests of shareholders of listed companies.

Shenzhen stock exchange issues concern letter

On November 29, Zhuo Shengwei disclosed the restricted stock incentive plan (Draft) in 2020. The performance evaluation index at the company level is the growth rate of the average operating revenue in the 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.

Source: company announcement

In the morning of December 2, Shenzhen Stock Exchange issued a letter of concern to Zhuo Shengwei, asking whether the companys revenue in 2020 had already been achieved when the company disclosed the incentive plan on November 30, in combination with the companys revenue recognition policy, the entrusted production of main products, sales and delivery, revenue confirmation cycle, order signing of major customers, expected sales and delivery, revenue confirmation and corresponding time nodes The reason and rationality of basically determining and setting the assessment index of operating income growth rate in 2020 significantly lower than the realized operating income growth rate in the first three quarters of 2020, as well as whether it is objective, fair, clear and transparent, and whether it is conducive to play the role of equity incentive.

Is there any situation of transferring benefits

According to the concern letter of SZSE, according to the calculation of assessment indicators, the company will realize 523 million yuan and 372 million yuan of operating income in the fourth quarter of 2020, and the incentive objects can acquire 100% and 80% shares. Shenzhen stock exchange requires Zhuo Shengwei to explain in detail the rationality of the companys target setting of operating revenue in the fourth quarter of 2020 in combination with the companys production and operation situation, the proportion of operating revenue in the fourth quarter of previous years, the year-on-year growth of operating revenue to be realized in the fourth quarter of 2020, as well as the cyclical development characteristics of the industry, and the proportion of operating revenue of comparable companies in the same industry in the fourth quarter of 2020 Whether it is in line with the actual situation of the company.

According to the announcement, the number of restricted shares to be granted by Zhuo Shengwei in this incentive plan is 90000 shares. Among them, 72000 shares are granted for the first time, accounting for 80.00% of the total equity granted this time; 18000 shares are reserved, and the reserved part accounts for 20.00% of the total equity granted this time. Zhuo Shengwei said that the grant price was determined based on 50% of the average trading price of 540.79 yuan of A-share on the trading day before the announcement of the plan, which was 270.40 yuan per share.

The incentive objects granted by this incentive plan for the first time shall not exceed 45 persons, including the middle-level managers and technical (business) backbone personnel who worked in the company (including branches and subsidiaries, the same below) when the company announced the draft incentive plan.

The Shenzhen Stock Exchange also requires that, in combination with the above reply, further fully demonstrate the scientificity and rationality of the setting of relevant performance appraisal indicators, as well as whether there is a situation that deliberately reduces the performance appraisal indicators to convey benefits to relevant personnel, and whether it damages the interests of shareholders of listed companies.

The stock price ranked second on the gem

Zhuo Sheng micro focuses on the field of RF integrated circuit, mainly providing RF switch, RF low noise amplifier and RF filter to the market, and also provides low-power Bluetooth microcontroller chip. In the research of securities companies, the company is known as the leader of domestic RF chips.

Source: Huibo information

On June 18, 2019, Zhuo Shengwei was listed on the growth enterprise market of Shenzhen stock exchange with an issue price of 35.29 yuan per share. From the perspective of customers, Zhuo Sheng micro RF front-end chip products are applied to Samsung, Huawei, Xiaomi, vivo, oppo and other brand manufacturers. Previously, Samsung was the companys largest customer, contributing 76.23%, 66.14% and 46.07% of the companys total revenue in 2016, 2017 and 2018. In the first half of 2019, Zhuo Shengwei also entered Huaweis supply chain, and the companys performance improved significantly. In 2019, Zhuo Shengwei achieved an operating income of 1.512 billion yuan, up 169.98% year-on-year; the net profit attributable to the shareholders of the parent company was 497 million yuan, with a year-on-year increase of 206.27%. The overall gross profit rate was 52.47%, an increase of 0.73% over the same period of last year. Benefited from import substitution and other factors, Zhuo Shengweis share price soared after listing. According to Dongcai choice data, as of December 3, Zhuosheng micro shares ranked fourth in a shares and second in gem. Editor: Peng Yong Zheng Yasuo source: China Securities Journal Author: Zhang Xingwang editor: Zhong Qiming_ NF5619

On June 18, 2019, Zhuo Shengwei was listed on the growth enterprise market of Shenzhen stock exchange with an issue price of 35.29 yuan per share. From the perspective of customers, Zhuo Sheng micro RF front-end chip products are applied to Samsung, Huawei, Xiaomi, vivo, oppo and other brand manufacturers. Previously, Samsung was the companys largest customer, contributing 76.23%, 66.14% and 46.07% of the companys total revenue in 2016, 2017 and 2018.

Benefited from import substitution and other factors, Zhuo Shengweis share price soared after listing. According to Dongcai choice data, as of December 3, Zhuosheng micro shares ranked fourth in a shares and second in gem.

Editor: Peng Yong, Zheng Yasuo