\u3000\u3000 Hebei Sinopack Electronic Technology Co.Ltd(003031) (003031)
Event:
On January 28, 2022, the company issued the plan for issuing shares to purchase assets and raising supporting funds and related party transactions.
Key investment points
The underlying asset business mainly involves Gan RF chips and SiC Power chips: the underlying assets purchased this time are the assets and liabilities of Gan communication base station RF chip business, and 100% equity of Bowei company and Guolian Wanzhong. Radio frequency chip business of Gan communication base station of CETC 13 Institute: engaged in the design, production and sales of radio frequency chip of Gan communication base station. Bowei company: its main business is the design, packaging, testing and sales of RF chips and devices for GaN communication base station and microwave point-to-point communication. Guolian Wanzhong: mainly engaged in the design, testing and sales of Gan RF chips and SiC Power chips.
The core technology of the underlying assets is leading in China. After the acquisition, the total net profit in Hebei Sinopack Electronic Technology Co.Ltd(003031) 2020 is 530 million yuan: the RF chip business of 13 Gan communication base stations of CETC: the chip product index has reached the leading level in China, and it is one of the few entities in China to realize mass supply. Bowei company: the product quality of RF chips and devices of Gan communication base station has reached China’s leading and international advanced level. The company is one of the few batch suppliers in China to achieve technological breakthrough and large-scale industrialization of the product. Microwave point-to-point communication RF chips and devices have broken through the core technology of relevant design, and are one of the few units in China that can fully cover the product and form a mass supply. Guolian Wanzhong: an independent core technology system has been formed in the field of RF chip and SiC power chip of Gan communication base station, and Gan chip has been indirectly supplied to international first-line communication equipment manufacturers. Financial data: the revenue of radio frequency chip business of 13 Gan communication base stations of CETC, Bowei company and Guolian Wanzhong in 2020 was 607 / 864 / 104 million yuan respectively, and the net profit was 185 / 240 / 07 million yuan. Assuming the acquisition is successful, the revenue and net profit of Hebei Sinopack Electronic Technology Co.Ltd(003031) 2020 will be about 2.391/530 billion yuan ( Hebei Sinopack Electronic Technology Co.Ltd(003031) obtained by adding the original performance and the performance of the acquisition target assets).
By issuing shares to purchase the underlying assets, it aims to build Hebei Sinopack Electronic Technology Co.Ltd(003031) into a first-class semiconductor enterprise in China: Hebei Sinopack Electronic Technology Co.Ltd(003031) plans to raise supporting funds from no more than 35 specific investors at the issue price of 64.63 yuan / share, with the total amount of supporting funds not exceeding 100% of the transaction price of the issued shares to purchase assets, and the number of issued shares not exceeding 30% of the total share capital of the listed company, To purchase the underlying assets. CETC is committed to building Hebei Sinopack Electronic Technology Co.Ltd(003031) into a first-class high-tech enterprise in the semiconductor field in China with core business capabilities such as Gan communication base station RF chips and devices, SiC Power chips and their applications, electronic ceramics and so on.
Profit forecast and investment rating: the release of this acquisition plan means that CETC has ushered in a new milestone in the reform of state-owned enterprises; Hebei Sinopack Electronic Technology Co.Ltd(003031) also opened the prelude to asset injection, is expected to become China’s leading third-generation semiconductor chip company, and opened a new imagination space. We maintain the revenue forecast of Hebei Sinopack Electronic Technology Co.Ltd(003031) 2021-2023 of RMB 1.196/16.92/2.280 billion, and the net profit attributable to the parent company is RMB 129/164/206 million respectively, maintaining the “buy” rating.
Risk tip: the acquisition progress is not as expected; Technological innovation and operational risks of the underlying assets; The post acquisition integration is less than expected; The promotion of products in the field of consumer electronics was less than expected.
