Editor's note: A person raised a horse, equestrian some time is good, some time are bad, the person that raise a horse does not know how to should do, at that time somebody suggests to say, when be inferior to taking the advantage of Ma Hao, sell. To the enterprise, it also is a horse, the person that raise a horse wants to sell the horse with best price.
Now division achieve board in be being advanced quickly, a lot of enterprises cry in succession piece appear on the market catchword, are they after all does the horse sell in high price? Be still shareholder dedication a horse that covers a thousand li a day?
In area of measure App value, young associate asks, is first division achieved board appear on the market company quality how? Can you repeat the tragedy that cuts leek?
Rise today, heart forest company starts family of focusing of article of plan equalize series board appear on the market company, today, focusing and naval vessel chip.
9 divisions that are in first accepting are achieved board in the enterprise, compare with naval vessel chip distinctive. Collect money besides collect gold is most, it is exclusive still the enterprise of a deficit. According to if press every net assets before issueing,1.39 yuan are calculated, already was as high as 4.5 with PB of naval vessel chip. Corresponding, harbor appear on the market international of the core in the company is only up to the PB March 26 0.9.
Compare Yu Zhongxin international, with naval vessel chip can by overmeasure? Old shareholder said, see value of a company not worth investment, the data in money newspaper can tell investor the answer.
Awkward gross profit is led
(data sources at manual of raise capital by floating shares)
Manual of raise capital by floating shares shows, came 2016 2018, realize business income respectively with naval vessel chip 1.877 billion, 3.36 billion, 3.694 billion, aggregate 8.931 billion. Nevertheless, profit of this company net profit 3 years of consecutive loss, add up to exceeds 5 billion yuan. If be in A, early be immersed in the condition that removes city, lucky ground is, division achieve board do not seek profit this is onefold index.
From the product classification looks, 8 inches are main income source with circle of 12 inches of brilliant. Came 2016 2018, the business income that circle of 8 inches of brilliant produces year all compound increase rate is 12.55% . Round the corresponding period of 12 inches of brilliant is added fast faster, year all compound increase rate is 403.81% .
(data sources at manual of raise capital by floating shares)
Although mix,nearly 3 years battalion controls the round business of 12 inches of brilliant of naval vessel chip growth is apparent, but produce can the trend that utilization rate presents to drop continuously. 2015 come to was mixed 2018 naval vessel chip the yield of circle of 12 inches of brilliant can utilization rate is respectively 93.45% , 78.59% , 56.44% . In the meantime, with naval vessel chip the gross profit of circle of 12 inches of brilliant is led all under - 125% , did not appear pick up posture.
As initial stage of enterprise of science and technology deficient money still can understand, and what investor cares is it the ability that makes money inside the industry.
(institute of negotiable securities of data sources Yu Tianfeng)
Came 2016 2018, it is respectively with the integrated wool interest rate of naval vessel chip 19.31% , - 20.24% and - 37.36% , interest rate of this company integrated wool glides continuously, it is even negative. And course of study of person of the same trade can compare company wool interest rate to all be worth it is respectively 24.49% , 24.17% , 27.84% , interest rate of this company integrated wool is remarkable under the person of the same trade.
Nature of company occurrence loss can be oppugned by investor, where be fortunately with the money of naval vessel chip?
The depreciation fixed number of year of equipment of compositive cable industry is general shorter, bring about chip production company to be put generally in deficit situation in initial stage of put into production. 2016 year come 2018 year, with operating costs of naval vessel chip year all compound increase rate is achieved 82.27% , main reason is Xiamen couplet core built go into operation in November 2016. Was 2018 with was being mixed 2017 exemple, xiamen couplet core plan the fixed assets depreciation that enters cost and amount of intangible assets amortize are one billion seven hundred and eighty-four million nine hundred and eighty-nine thousand yuan respectively, two billion six hundred and ninety-eight million nine hundred and eighty-two thousand four hundred yuan.
Although investment is huge endowment to Xiamen couplet core, but when does it begin gain existence uncertainty. Xiamen couplet core is produced at present can 17 thousand / month, first phase plans to produce can 25 thousand, predict first phase project was amounted to 2020 produce, plan 2 billion yuan to still require capital sex pay with naval vessel chip; 2 period the program is produced can 25 thousand, predicting construction period come from 2020 2023, defray of plan capital sex 13.5 billion yuan. Future still needs 3 years with naval vessel chip " burn money " 13.5 billion yuan.
From the point of cash flow meter, fund of this company money was 3.553 billion yuan 2018, the cash flow net specified number that management activity produces is 3.2 billion. Everybody knows to be what and collect of naval vessel chip now endowment forehead is highest, because it needs capital support really.
Of course, in developing a process local government also gave many support. 2016 to 2018 these 3 years, with naval vessel chip aggregate accept grant-in-aid forehead to be as high as 5.213 billion. If not plan the government is accessorial, so 3 years of its deficit will amount to one billion four hundred and ten million and sixty-five thousand four hundred and eight yuan of above.
Brutal the Red Sea competes
(institute of negotiable securities of data sources Yu Tianfeng)
Had hinted in front, according to if press every net assets before issueing,1.39 yuan are calculated, be worth with appraise of naval vessel chip international of the core in prep above, reasonable?
See the market have first rate. According to data of statistic of Chinese semiconductor association, chinese semiconductor made 10 big companies sell a list of names posted up 2017 in, ranking first is SamSung company, sale is 27.44 billion yuan, the market is had rate for 18.95% , ranking second is medium core international, sale is 21.05 billion yuan, the market is had rate for 14.54% . With naval vessel chip (Suzhou) company list the 8th, sale is 3.36 billion yuan only, the market is had rate it is only 2.32% .
See bilateral research and development throw contrast again. With in core international harbor money newspaper is exemple, defray of its research and development amounted to 2.208 billion yuan 2016, amounted to 2.791 billion yuan 2017, amounted to 1.788 billion yuan first half of the year 2018. The corresponding period and defray of research and development of naval vessel chip are 188 million yuan respectively, 290 million yuan, 386 million yuan, investment of research and development is far under in core international.
Semiconductor industry competition is intense, only the market is had rate is high and the safe barrier that research and development throws greater company ability to build his, there still is inadequacy in this respect with naval vessel chip.
Who is enjoy appear on the market regale?
(institute of negotiable securities of data sources Yu Tianfeng)
Combine by oak with partner of naval vessel chip (hold a scale to be 98.14% ) seek advice with Fu Lakai (1.86% ) composition. Because oak is below banner of couplet China electron 100% holding company jointly, so couplet China electron just is with naval vessel chip controls a partner truly.
Those who deserve attention is, because equity of couplet China electron is relatively dispersive, become the target that be bought easily. Once generation of couplet China electron is fluctuant, may be opposite and direction of development of business of naval vessel chip and management produce bigger effect.
Chip is " China is made 2025 " medium key one annulus is paid close attention to extensively by the people, and serve as with naval vessel chip division achieve board first accepting the enterprise that appear on the market is bear more the expectation of the market. Division achieving is the basis that Chinese economy flies again, but cannot make the game with orgiastic capital absolutely. Regard science and technology as the enterprise, raise oneself strength ability to go further ceaselessly only.
Do poineering work after all board first enterprise, some already far under release price, I wish this one act won't be in division achieve board perform, the shareholder won't become that person buying sheet of crazy idea. Face consecutive loss with naval vessel chip, perhaps investor can say, ugly daughter-in-law must sees husband's father and mother, the show that watchs you in the future.
