Main points of investment:
Company announcement: the total operating income of the company in the first half of the year was 640 million yuan, down 5.26% from the same period last year. The net profit belonging to the shareholders of the listed company was 11 million yuan, and the net profit belonging to the shareholders of the listed company was-29 million yuan in the same period last year. The main reason is that Aiko Semiconductor, which was acquired by the company's transformed semiconductor industry, completed its acquisition in May and reported its net profit in June.
Acquisition of Aike Semiconductor, subsidiary positioning of IC third-party testing, strive to be the industry leader. The company issued shares to acquire 100% equity of Aike Semiconductor, the transaction price is 1.08 billion yuan, the issue price is 10.76 yuan, and the assets have been transferred. The company is the only third-party testing company for A shares, and it is also the largest third-party testing company on the mainland. A good start is half the success, the company will continue to use the platform of its own listed companies, increase investment and quickly occupy the market, the company is the most likely to become a third-party testing leader of the mainland enterprises.
Raise 1 billion yuan, increase the investment in the test section and repay the company's debt. The company issued shares to raise a total of 1.068 billion yuan. 700 million yuan is used for the test capacity expansion project of Aiko Semiconductor, and the increase in production capacity is very helpful for the company to expand the test market. 300 million yuan to supplement the liquidity of listed companies to repay loans will help to reduce the financial costs of the company.
The company will continue to make use of the capital market to deepen its efforts in the field of integrated circuits.
The industrial structure of the parent company continues to be optimized, and the IC test performance of the subsidiary continues to grow at a high level, maintaining profit forecasts and buying ratings. It is estimated that the net profit for 16-18 years will be 1.46 million RMB 2.62 billion yuan, of which 16 years will be combined with the profits of Aike for the next 7 months. In order to make a reasonable valuation, we choose the profits of the company for 18 years. Taking into account the equity amortization after the non-public offering raised funds, the EPS for 17-18 is 0.45 to 0.70, and the corresponding PE is 43 to 27.