值得关注的是，作为新相微背后的重要股东，北京电子控股有限责任公司（“北京电控”）与新相微等在“芯屏”产业生态上密切关联。凭借此次收购，北京电控也进一步补全了自身“芯屏”产业生态拼图，让包括新相微、燕东微（688172.SH）和京东方(000725.SZ)等众多上市公司在内的北京电控体系产业协同效应进一步激发，加速自身产业生态内循环。1. The display chip Industry is experiencing a resurgence this year. Recently, Xinxiangwei announced its acquisition of Aiexisheng, which is expected to signal a turning point for the industry. 2. Both companies focus on the display chip field, and the integration effects after the company's reorganization are evident. 3. Peking Electronic Control is an important shareholder of Xinxiangwei, and in its "chip-screen" ecological system, collaborative effects with related parties such as Yandongwei and JD.com will be stimulated, becoming an important driving force for the recovery of the industry.
According to Caixin News on March 17 (Reporter Fang Yanbo), the display chip industry is poised for a cyclical turnaround this year, and the recent integration of leading enterprises is expected to signal a turning point for the industry.
Recently, A-share display chip industry leader Xinxiangwei (688593.SH) plans to acquire 100% equity of Shenzhen Aiexisheng Technology Co., Ltd. ("Aiexisheng"). After the transaction is completed, Xinxiangwei will gain control over Aiexisheng, which has high business synergy. Xinxiangwei will further expand its product line and application scenarios, becoming a leading enterprise in the display chip industry, aided by Aiexisheng's display touch all-in-one driver chips, touch driver chips, bridging chips, and smart modules.
It is worth noting that, as an important shareholder behind Xinxiangwei, Peking Electronic Control Co., Ltd. ("Peking Electronic Control") has close ties with Xinxiangwei and others in the "chip-screen" industrial ecology. With this acquisition, Peking Electronic Control has further completed its own "chip-screen" industry ecological puzzle, stimulating further collaborative effects within the Peking Electronic Control system involving many listed companies, including Xinxiangwei, Yandongwei (688172.SH), and BOE (000725.SZ), accelerating the internal circulation of its own industrial ecology.
In 2024, the overall semiconductor market is showing signs of recovery; however, the positive sentiment in the display chip segment is relatively lagging. As of the third quarter of last year, Xinxiangwei's sales gross margin was 15.07%, which is a considerable gap compared to the 67.71% of the entire year of 2021.
Regarding expectations for this year, industry insiders generally anticipate that the turning point for the display chip industry is approaching. Recently, Xinxiangwei stated during its investor research that after two years of intense competition, some market participants have exited, and the industry's pricing, inventory, and other aspects are gradually returning to a healthy state. Since the beginning of this year, market demand has remained warm, and new application scenarios are continuously emerging in the display chip field, bringing incremental demand for products and improving the competitive landscape of the industry. The profitability of existing products is expected to recover to some extent.
At this crucial point of industry recovery, Xinxiangwei's reorganization has also been viewed by many industry insiders as a key signal marking the start of a new round of prosperity cycles.
"Aiexisheng and Xinxiangwei already have a high degree of business synergy. Aiexisheng is expected to achieve revenue of 1.267 billion yuan in 2024, and the combined income scale after the merger will reach new heights," an analyst stated. "More critically, the restructured Xinxiangwei and Aiexisheng, with the support of their important shareholder Peking Electronic Control in the chip-screen industry ecosystem, are expected to become an important driving force for the industry's recovery."
The latest shareholder list of Xinxiangwei shows that Peking Electronic Control and its holding subsidiary Yandongwei together hold 11.94% of Xinxiangwei's shares, making them the second and fourth largest Shareholders of the company, respectively. In December last year, Dong Yongsheng, then Vice General Manager of Peking Electronic Control, officially joined the Board of Directors of Xinxiangwei as Vice Chairman.
Currently, Peking Electronic Control's industry ecosystem is centered around 'chips and displays', with 16 secondary enterprises under its umbrella, including Yandongwei, NAURA Technology Group (002371.SZ), and BOE, projected to achieve over 230 billion yuan in revenue for the entire year of 2024.
"In Peking Electronic Control's 'chips and displays' ecosystem, Xinxiangwei provides the order foundation for Yandongwei's future 12-inch line upstream of the Industry Chain; for the downstream of the Industry Chain, Xinxiangwei collaborates closely with BOE to ensure the safety of Xinxiangwei's DDIC supply chain. After integrating with Aisheng, Xinxiangwei will expand its product line in the 'chips and displays' field, and the industry synergy with BOE and the Peking Electronic Control system is also expected to be further stimulated," the aforementioned source added.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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