Events:
On October 15, the company issued the "preliminary Plan for issuing shares to specific targets", which intends to issue no more than 146 million shares to Sunbird Holdings, the controlling shareholder, at the issue price of 4.66 yuan per share, with a total amount of no more than 680 million yuan; the plan was approved by the shareholders' meeting on December 5.
Comments:
1. The controlling shareholders fully subscribe for 680 million yuan of the company to show confidence. On October 15, the company disclosed the "pre-plan to issue shares to specific targets" to raise no more than 680 million of shares from the controlling shareholder Sunbird Holdings to be used for microelectronics research institute construction projects and supplementary liquidity. It is expected that after the completion of this offering, the company's controller Li Yuexian's direct and indirect shareholding in the company will increase from 19.73% to 29.88%.
The company completed the first grant of restricted shares on September 19, and the controlling shareholders plan to substantially increase their holdings in the way of fixed increase, demonstrating the confidence of the company's actual controllers and employees in the future development.
2. Gradually establish a deep cooperative relationship with major customers, and the TR component business is ready to start.
Yaguang Technology subsidiary Yaguang Electronics, which is mainly based on military products, was established and put into production in 1965. It is the main designated manufacturer of military microwave circuits in China, and its downstream customers are scientific research institutes and related factories of military industrial groups. more than 200 customers have been supplied for more than three years, including military radar, missile seeker, electronic countermeasure, communication and navigation, remote sensing and telemetry, etc. The company continues to innovate the cooperation mode, carry out strategic pre-research, project cooperation bidding, product line contract manufacturing and other ways with core customers, and gradually establish a deep cooperative relationship with major customers to ensure the stability and continuity of the company's core products in technological development. have the ability to obtain long-term orders. At the same time, the company focuses on promoting the technical renovation plan of production expansion, with a total investment of more than 200 million yuan in 2021, an increase of about 1000 sets of equipment and instruments, the completion of the Chengdu High-tech West Zone expansion project, and the formal start of production of new TR components production line. After capacity climbing, it is expected to reach 1.5 times the production capacity of TR components of this department, and TR components have broad prospects for development.
Risk hint
1, the company's boat business recession led to losses; 2, the military electronics industry competition led to a decline in gross profit margin; 3, TR components business expansion is not as expected.