Event: the major shareholder of the company signed an equity transfer agreement with Jinshuihaite, transferring 8.4% of the equity, with an amount of 1.227 billion yuan. On December 14, 2020, the company's controlling shareholder Li Biao and his concerted actor LI ZAICHUN signed a "share transfer Agreement" with Qingdao Jinshuihai Investment Co., Ltd., intending to transfer a total of 63456100 shares of the company to Jinshuihai by way of agreement transfer. Accounts for 8.4% of the total share capital of the company. The total amount of the share transfer is 1.227 billion yuan.
Main points of investment
Major shareholders agreed to transfer 8.4% equity to Jinshuihaite, with a negotiated price of 19.33 yuan per share, with a premium of more than 25% 1) in this equity change, major shareholders transferred 8.4% of the company's shares to Qingdao Jinshuihai. After the completion of the transfer, Li Biao holds 12.9 percent of the shares in the company, LI ZAICHUN holds 1.8 percent of the shares in the company, and Li Biao remains the company's controlling shareholder and actual controller.
At the same time, the transfer agreement price is 19.33 yuan per share. If calculated according to the stock price of the day, the premium is 25.68%.
2) according to Tianyan investigation, Qingdao Jinshui Haite holds 75% of the shares for Qingdao Jinshui Financial Holdings Co., Ltd., and Sichuan Dexiang Technology Group Co., Ltd. holds 25%. Among them, Sichuan Dexiang Technology Group Co., Ltd. is 100% controlled by Li Biao (chairman of Haite Hi-tech).
Haite: a leading international third-generation semiconductor manufacturer, completing the research and development of gallium arsenide, gallium nitride, silicon carbide and other products 1) the company is mainly engaged in aviation high-end equipment R & D, manufacturing and maintenance, second-generation / third-generation compound semiconductors As a leading international manufacturer of high-performance integrated circuits, the company has solved the bottleneck of the manufacturing link in China's compound semiconductor industry chain and realized the independent controllability and domestic substitution of the core high-end chips. The company's third-generation semiconductor products (gallium arsenide, gallium nitride, etc.) are used in 5G mobile communications, AI artificial intelligence, radar, automotive electronics, power electronics, optical fiber communications, 3D sensing, new energy, national defense and other fields.
2) subsidiary Haiwei Huaxin takes the lead in providing six-inch gallium arsenide (GaAs) IC pure wafer foundry (Foundry) services in China; it has international leading and domestic first-class technology in the field of third-generation semiconductors (gallium nitride GaN); and the global gallium nitride chip patent technology belongs to the first-class echelon, with more than 249 patents, more than half of which are invention patents. Comparable to the company San'an Optoelectronics, Taiwan's stable Mao.
3) at the end of March 2020, Haiwei Huaxing released "5G Macro Base Station Gallium Nitride Power Die Manufacturing Technology" to the world in Chengdu. At present, Haiwei Huaxing has successfully put into production the advanced 6-inch and compatible 4-inch silicon carbide-based gallium nitride production line, mastered the core manufacturing technology of 5G base station RF chip, and successfully passed the verification. The order volume of Haiwei Huaxin exceeded 100 million in 2019. The company accounted for more than 50% of the company's product business in 2019. The company predicts that the microelectronics business in 2020 will double that in 2019.
Profit forecast
The company deducted 19.54 million yuan in non-net profit from January to September, an increase of 77% over the same period last year, including a 331% increase in the third quarter. Science and clothing products accounted for a relatively large proportion of revenue in the fourth quarter, and it is estimated that the company's annual deduction of non-net profit is expected to exceed 40 million yuan. Considering the profit and loss of the fair value of Guiyang Bank stock held by the company, the net profit in 2020 is expected to achieve a small profit. It is estimated that the net profit from 2020 to 2022 will be 0RMB 1.5 / 280 million, and PE will be twice as much as that of 2746-79-42. In the context of international trade frictions, the third-generation semiconductor wafer manufacturing is a "sticking neck" link, considering the independent controllable strategic value of the third-generation semiconductor chip and the scarcity of gallium nitride chip manufacturing to maintain the "buy" rating.
Risk hint: the industrialization process of the third generation semiconductor products is lower than expected; the delivery of science and technology products is lower than expected.
