Reporter of the Economic Business: Wang Yandan Editor of the Economic Business: Xiao Ruidong
On the evening of September 27, China Resources Micro (SH688396, stock price of 47.64 yuan, market value of 62.889 billion yuan), a listed company on the Science and Technology Innovation Board, issued an announcement stating that the company held an investor communication meeting in Wuxi on the same day. Many securities companies, funds, asset management, etc. conducted research on the companies, including as many as 9 securities companies.
Wu Guoyi, Financial Director and Secretary of the Board of Directors of China Resources Micro, Shen Mianying, Senior Manager of Investor Relations, and Deng Jiaxing, Securities Affairs Representative, received the reception.
"Daily Economic News" reporter found that on the day of the investigation, China Resources Micro's stock price rose by 3%, and since September, the company's stock price has fallen by more than 8.4%.
Data source: Compiled by reporter Visual China Picture Yang Jing maps
Integrated circuit industry has cyclical
According to the announcement, there were 25 institutions participating in China Resources' fine research on September 27, namely Tianfeng Securities, Tibet Dongcai Fund, Southern Fund, Zhejiang Securities, Everbright Securities, Jing'an Investment, GF Securities, Ruipu Investment, Xienuo Investment, Guangzheng Asset Management, Southwest Proprietary Operation, Guosheng Securities, Shanghai Puyuan Asset Management, Zhongtai Asset Management, Juming Investment, Jingxi Asset, Centennial Life Insurance, Guolian's Life Insurance, China Securities, China Securities, PICC Asset Management, Heyuan Fund, Oriental Hong Asset Management, China Merchants Securities, and Lingze Investment. It can be seen that securities companies and securities asset management are the main forces in the research of China Resources Micro, and funds and private equity funds also participated.
Related information shows that China Resources Micro has integrated operation capabilities in the entire industrial chain such as chip design, wafer manufacturing, packaging and testing in the semiconductor industry, and has always attracted much attention from the market.
semi-annual report shows that in the first half of this year, China Resources Micro achieved operating income of 5.146 billion yuan, an increase of 15.51% year-on-year, and achieved net profit attributable to shareholders of listed companies of 1.354 billion yuan, an increase of 26.82% over the same period last year.
Judging from the information disclosed by China Resources Micro, institutional investors' focus on the company is mainly on capacity planning, regional strategic layout, development of the third-generation semiconductor field, product structure optimization, etc.
For example, in terms of capacity planning, China Resources Micro said that the 12-inch production line at Chongqing production base is being implemented as planned and is expected to be opened by the end of this year. This project will help enhance the company's market competitive advantage and further establish the company's leading position in the domestic power semiconductor field. The first phase of production capacity is planned to be 30,000 pieces per month. The products are mainly MOS, and IGBT is also planned. Terminal applications are mainly aimed at markets with high added value such as industrial control and automobiles. In terms of regional strategy, China Resources Micro revealed that the company's strategic regional layout focuses on "Yangtze River Delta + Chengdu-Chongqing Twin Cities + Greater Bay Area". The Yangtze River Delta has achieved the overall upgrade of Wuxi's manufacturing base through industrial upgrading, leveraging talent advantages to improve existing businesses; Chengdu-Chongqing Twin Cities takes Chongqing as the base to build R&D and design centers, wafer manufacturing bases, packaging and testing bases, and epitaxial centers around power devices, and do a large-power device business; the Greater Bay Area uses the advantages of market and application to establish product and application centers and global innovation centers.
In terms of third-generation semiconductor products, China Resources Micro pointed out that the company has made significant progress in technology and industrialization in the field of third-generation compound semiconductor devices. The second-generation silicon carbide diode 1200V/650V platform has been serialized for more than 30 products, and has achieved mass supply in charging piles, photovoltaic inverters, industrial power supplies, etc.; the first-generation silicon carbide MOSFET products have been serialized for multiple products on multiple platforms of 650V/1200V/1700V, and the overall sales scale of SiC devices increased by more than 4 times year-on-year in the first half of the year. In terms of GaN, the company fully utilizes its own 6-inch and 8-inch advantages to simultaneously promote the construction of Dmode and E-mode platforms and product development, and has met the conditions for increasing volume. At the same time, the company's GaN 600V/900V series products have been released and launched on the market.
In addition, regarding performance fluctuations, China Resources Micro pointed out that the integrated circuit industry is cyclical. In the past few quarters, the industry has changed from an overall shortage to a structural shortage. Power semiconductors are relatively weak in overall cyclicality compared with the semiconductor industry. China's semiconductor industry is improving in the long run, and the market also has many opportunities. The company will improve quality and efficiency internally, continuously adjust its structure, and reduce the impact of cyclical fluctuations.
The company's stock price has fallen significantly recently
According to the observation of a reporter from the "Daily Economic News", semiconductors have always been the focus of securities companies' attention.Since September, Tianfeng, Anxin, Dongwu and others have released in-depth reports on the semiconductor industry; China Thailand, Guoxin, Xiangcai and others have also released regular reports on weekly, biweekly, monthly reports and other regular reports on semiconductors. In addition, in August, at least Anxin, Kaiyuan, Guolian and Oriental released a single research report for China Resources Micro, and all gave "buy" ratings.
In the above research report, analysts also mentioned important investments such as the 12-inch production line of Chongqing production base. As Oriental Securities specifically mentioned in its research report on August 8 that the 12-inch mid-to-high-end power semiconductor wafer production line built by Runxi Microelectronics (Chongqing) Co., Ltd. is progressing smoothly and is expected to be opened before the end of 2022 as scheduled. The total planned investment of this project is 7.55 billion yuan. After reaching production, it will enrich the production capacity by 30,000 pieces per month, and build a 12-inch epitaxial and thin sheet process capacity. After completion, it is expected to further consolidate the company's IDM power leader's advantages. Oriental Securities gave China Resources Micro a target price of 81.34 yuan. However, after the above four brokerages released their research reports, due to market factors, China Resources Micro's stock price fell sharply. For example, when Oriental Securities released its research report, China Resources Micro's stock price was around 55.00 yuan. After the research report was released, China Resources Micro's short-term decline had exceeded 10%.
In addition, judging from its performance since its listing, in July 2021, China Resources' stock price rose to 104.47 yuan per share, with a maximum market value of 137.9 billion yuan; now the company's total market value is only 62.889 billion yuan, which is halfway from its peak.
The "buy" rating of brokers does not necessarily correspond to good short-term performance. On October 27, 2021, due to the lifting of restricted shares, China Resources Micro fell sharply during the session. The day before, West China Securities and Guosheng Securities both released research reports on China Resources Micro and gave them a "buy" rating.
"Daily Economic News" reporter found that the next release date of China Resources Micro will be on February 27, 2023. The 879 million restricted shares held by the initial shareholder China Resources Group (WeChat Electronics) Co., Ltd. will be lifted from circulation.
Daily Economic News
