On the morning of June 20th, Qipai Technology rose by the limit, with the cumulative deviation of the closing price for the past three consecutive trading days exceeding 30%. Qipai Technology announced that as of the end of the first quarter of this year, the company's interest-bearing liabilities balance was 414 million yuan, of which the amount of short-term borrowings was 167 million yuan, and there is certain pressure to pay off the interest-bearing debts.
On June 20th, the Qipai Technology issued an announcement about abnormal fluctuations in stock trading. In the past three consecutive trading days (June 18th to June 20th), the closing price of Qipai Technology has accumulated an increase or decrease deviation value of more than 30%. According to the regulations of the exchange, this situation belongs to abnormal fluctuations in stock trading.
After the opening on June 20th, Qipai Technology reached the daily limit for two consecutive days.
In the announcement, Qipai Technology stated that, according to the company's self-inspection and inquiry to the controlling shareholder and actual controller of the certificate, there is no significant information that should be disclosed and has not been disclosed as of the date of this announcement.
Qipai Technology then listed several important risk reminders in the announcement.
In terms of performance, in 2023, Qipai Technology achieved operating income of 554 million yuan, a year-on-year increase of 2.58%; however, the net loss attributable to the parent was -131 million yuan, a year-on-year increase of 123.64%；In the first quarter of this year, Qipai Technology achieved revenue of 124 million yuan, a year-on-year increase of 28.83%; the net loss attributable to the parent was -21.11 million yuan, a narrower loss than the same period last year.
At the recent earnings conference held by Qipai Technology, the company's chairman and general manager Liang Dazhong answered questions from the Science and Technology Innovation Board Daily reporter, stating that this year's market situation has improved, and the order volume from customers has increased significantly. However, whether the increase in orders can last still needs to be verified by the market.
"This year's orders have continued to improve in April and May. Due to the increase in orders and the improvement of production capacity, the company's production costs have continued to decrease. As for sales prices, the company mainly adjusts the overall unit price by controlling severely loss-making orders in an orderly manner, and focusing on reasonably priced orders. The overall average unit price is gradually recovering." Liang Dazhong said that the company is more optimistic about this year's performance.
Qipai Technology currently faces the risk of debt repayment. As of the end of the first quarter of this year, the company's current ratio was 0.42, the quick ratio was 0.27, the asset-liability ratio was 60.47%, and the net cash flow from operating activities was low. At the same time, the company's interest-bearing debt balance is 414 million yuan, including short-term borrowings of 167 million yuan, long-term borrowings due within one year of 12.16 million yuan, and accounts payable due within one year of 10.69 million yuan. The balance of interest-bearing debts of the company is relatively large.
Qipai Technology stated that although the company has not encountered overdue repayment, if the bank's credit policy is tightened in the future or the company's operating cash flow cannot be improved, it may cause the company's liquidity to be tight, and the repayment of the interest-bearing debt will face certain pressure, which will be unfavorable to the company's operations.
According to the reply announcement of the annual report review inquiry letter that Qipai Technology published to the exchange in May this year, the company has not encountered a situation of overdue and unpaid loans since its establishment, with good credit records and reputation, and has maintained good cooperative relations with various financial institutions for a long time.
As of December 31, 2023, Qipai Technology obtained a bank credit line of 948 million yuan, the used amount was 572 million yuan, and the unused amount was 377 million yuan. Qipai Technology stated that the credit line can be used in a circular manner, and can cover the company's daily operating funds demand and debt repayment.
At the same time, Qipai Technology plans to expand its financing channels in 2024. First, the controlling subsidiary, Qipai Xinjing, will introduce external funds for capital increase to further enhance the company's cash reserves; second, it will introduce new financial institutions or financing lease companies; third, it will promote targeted issuance projects through simplified procedures.
It is reported that in March this year, Qipai Technology and two investors completed cash capital increase to Qipai Xinjing, and its registered capital increased from RMB 50 million to RMB 100 million. Qipai Xinjing is a wafer testing company established by Qipai Technology to meet customer needs and increase customer stickiness. It has been successfully mass-produced and will expand its scale this year. In 2023, Qipai Xinjing achieved operating income of 1.1922 million yuan and a net profit of -3.2938 million yuan.
According to the deliberation items of Qipai Technology's 2023 annual general meeting of shareholders, the company will again request the authorization of the shareholders' meeting to issue shares to specific objects through simplified procedures. Liang Dazhong stated that during the authorization period, the company will promote the implementation of the targeted issuance plan according to the operation situation and external market environment.
It is worth noting that on June 24, 2024, a total of 62.47 million shares of Qipai Technology will be released from the restrictions on transfer and become tradable on the market, accounting for 58.29% of the company's current total share capital. Qipai Technology stated that if the above-restricted shares are unlocked and circulated in the secondary market, it may have an impact on the fluctuation of the company's stock price.
According to the 2023 annual report of Qipai Technology, the shareholders who will be lifted on June 24, 2024 include company chairman Liang Dazhong and his wife Bai Ying, two relatives Liang Xiaoying and Liang Yaofei, as well as the company's director and CFO Li Zewei. Liang Dazhong and his wife Bai Ying hold a total of 57.80% of the company's shares. However, the company is currently in a state of decline. According to the relevant provisions of the "Temporary Measures for the Management of Shareholding Reduction by Shareholders of Listed Companies" of the China Securities Regulatory Commission, the actual controller of Qipai Technology is in a restricted state when reducing their shareholdings.
In fact, since yesterday (June 19th) the launch of the "Eight Policies for the Science and Technology Innovation Board", today (June 20th), multiple Science and Technology Innovation Board stocks including Qipai Technology have hit the daily trading limit. In the Top 30 of A-share gainers, Science and Technology Innovation Board companies occupy half of the country. Many of the limit-up companies are in the semiconductor industry, such as Jinghua Micro, Canray Technology, Maxscend, Huizhi Micro, and DM Semiconductor.
According to the research report released this month by analysts Xu Tao and Wang Ziyuan of CITIC Securities, the bottom of the packaging and testing industry is showing a significant recovery trend. It is expected that the overall size of the semiconductor market will achieve steady growth this year. At the same time, low-end products are beginning to rise in price and are expected to spread to the entire industry. The development trend of advanced packaging is clear, and leading manufacturers are expected to benefit greatly. Combining these two investment lines: first, select stocks with performance potential and undervalued targets; second, focus on industry leaders and long-term core beneficiaries.
The latest market cap of Qipai Technology is 2.671 billion yuan, which is more than half lower than its listing price on the first day of listing in June 2021, and the closing price on the latest trading day has fallen by 68.94% from its historical high.
Qipai Technology is mainly engaged in integrated circuit packaging and testing business, with main products including MEMS, FC, 5G gallium nitride RF device plastic packaging and other products, which are mainly used in areas such as consumer electronics, information communications, smart home, Internet of Things, industrial automation control, automotive electronics and so on. In recent years, the company has made breakthroughs in the field of power device and third-generation semiconductor packaging and testing technology.