On June 30 last year, the RF chip leader Zhuosheng Micro (300782) had a total market value of 179.3 billion yuan. It was one of the most dazzling listed integrated circuit companies. However, 252 trading days later, as of July 14, the company’s total market value reached 179.3 billion yuan. The market value is only 56.267 billion yuan. The market value of 123 billion yuan was wiped out. What happened to Zhuo Shengwei?
Zhuosheng Micro Weekly K-line chart (as of July 14)
html On the evening of July 12, Zhuosheng Micro released a performance forecast. It is expected to achieve operating income of 2.235 billion yuan in the first half of this year, a decrease of 5.27% from the same period last year. It is expected to achieve vesting The net profit of shareholders of listed companies was 713 to 764 million yuan, a decrease of 29.72% to 24.69% compared with the same period last year.
In the first quarter of this year, Zhuoshengwei achieved operating income of 1.330 billion yuan, a year-on-year increase of 12.43%; net profit attributable to shareholders of listed companies was 459 million yuan, a year-on-year decrease of 6.70%.
Obviously, Zhuoshengwei only saw a decline in net profit in the first quarter, but in the second quarter, both revenue and net profit declined. "The performance forecast is lower than our and market expectations, mainly due to weak industry demand." said a researcher at a well-known brokerage.
Another researcher believes that this reflects the weakness of the consumer electronics market in the second quarter. The future market uncertainty is still high, and the target price of Zhuosheng Micro has been lowered.
Regarding the main reasons for the decline in performance, Zhuosheng Micro said there are four aspects. First, due to the sluggish market demand in the mobile phone industry due to various factors such as repeated changes in the epidemic and slowdown in macroeconomic growth, the company's operating performance has declined. Second, the company actively promotes the construction of Xinzhuo Semiconductor Industrialization Project and continuously increases R&D investment and talent reserves, which results in an increase in the company's R&D and operating expenses. Third, changes in product sales structure and market competition have led to a decrease in overall gross profit margin. Fourth, inventory impairment and losses increased.
Zhuosheng Micro launched its IPO on June 18, 2019, with an issue price of 35.29 yuan and a price-to-earnings ratio of 23 times. The company focuses on research, development and sales in the field of radio frequency integrated circuits. The company's radio frequency front-end discrete devices and radio frequency module products are mainly used in smart phones. Mobile smart terminal products such as mobile phones have customers covering major Android phone manufacturers around the world. They can also be used in fields that require wireless connections, such as smart wearables, communication base stations, automotive electronics, unmanned aircraft, Bluetooth headsets, VR equipment and Netcom networking equipment.
After the IPO listing, Zhuoshengwei embarked on the enviable "Davis Double Click" journey. As of the close of trading on June 30, 2021, Zhuoshengwei, which has been on the market for about two years, has seen its stock price increase approximately 49 times from the issue price. .
At that time, Zhuo Shengwei was facing the "Davis Double Click", and the stock price was like a rocket. Data shows that in the three years after listing, from 2019 to 2021, the company's revenue growth rates were as high as 169.98%, 84.62%, and 65.95%; the growth rates of net profit attributable to the parent were 206.27%, 115.78%, and 99.00% respectively. As shown in the following table:
But in the first half of this year, Zhuo Shengwei obviously encountered a growth bottleneck.
Global mobile phone shipments have declined year-on-year for three consecutive quarters since the third quarter of last year. At this time, the 2022 shipment guidance of various brands of terminals has been revised downwards from the beginning of the year.
It is reported in the industry that driver IC design factories have slashed their foundry production volume by as much as 20%-30%; followed by consumer electronics such as mobile phone IC design companies, such as MediaTek and Qualcomm Cut the order.
In 2018, Zhuoshengwei also experienced negative growth, mainly due to the strict control over the introduction of new products by suppliers in 2018 Samsung (Zhuoshengwei became a Samsung supplier in 2012), which resulted in a decrease in both the sales quantity and amount of Samsung's sales. decline. At the same time, competition for chips of the same type has driven down the average unit price, leading to a decline in revenue.
After 4 years, Zhuoshengwei once again experienced negative growth. Can it return to high growth?
Author: Yue Changlin
