On February 14, Ninestar Corporation(002180) (002180. SZ) announced that Pang Jianghua, the shareholder and director of the company, plans to reduce his total holdings of no more than 5 million shares (no more than 0.35% of the total share capital of the company) through centralized bidding or block trading due to his personal capital needs, accounting for 6.94% of his total holdings. At present, Pang Jianghua holds 72 million shares of the company, accounting for 5.11% of the total share capital of the company, and promises not to reduce his holdings during the year.
From the perspective of reduction intensity, the reduction proportion is small, the reduction behavior is mild, and has little impact on the company. From the perspective of the purpose of the reduction, the reduction funds are mainly used for personal capital needs, which has nothing to do with the fundamentals of the company. According to the announcement, Pang Jianghua is not the controlling shareholder or actual controller of the company. Therefore, the share reduction plan will not lead to the change of the company’s control and will not have an impact on the company’s sustainable operation.
Pangjiang, the former shareholder of Huawei’s backdoor listing, has been with the company for more than 8 years. According to the previous reduction announcement, Pang Jianghua reduced his shares in the company in 2014, 2015 and 2019. The reason for the reduction is mostly for personal capital needs, which has nothing to do with the fundamentals of the company and has a limited impact on market sentiment
Pang Jianghua’s share reduction in the past
From the perspective of the company’s business fundamentals, Ninestar Corporation(002180) growth logic is fulfilled and is expected to open a new chapter of growth. According to the Research Report of Anxin securities, Ninestar Corporation(002180) printing business is expected to continue to grow, benefiting from comprehensive factors such as the high prospect of China’s Xinchuang market and overseas demand, the improvement of China’s household application penetration, the improvement of product level, localization substitution and the advantages of independent brands.
From the perspective of printing business segment, on the one hand, bentu electronics is in the stage of rapid growth and has achieved consolidation in the fourth quarter of 2021, which will greatly improve the profitability of listed companies. In 2021, bentu’s operating revenue was about 3.9 billion yuan, a year-on-year increase of more than 70%, and its net profit was about 680 million yuan, a year-on-year increase of more than 130%. With the dual brand synergy of printer brand “Bento + Lexmark”, Ninestar Corporation(002180) will further improve the printer market share worldwide. On the other hand, Lexmark’s profitability has improved significantly, and will continue to give full play to its advantages in global layout, strengthen operation management, and sign long-term orders with enterprise level strategic partners. The company expects Lexmark’s printer sales to increase by more than 10% year-on-year in 2021, and the growth is expected in the future.
From the perspective of chip business segment, aipaike actively expanded the non printer chip business, not only launched new chip products in the printing industry, but also actively expanded new energy, industrial control, automobile and other industries, and reached stable cooperation with well-known manufacturers (KONE elevator, Huichuan, Changhong, Midea, SAIC Wuling, Xiaopeng, great wall, etc.) to achieve mass supply. The company expects that the revenue of aipaike in 2021 will exceed 1.4 billion yuan and realize a profit of 680 million yuan, with a year-on-year increase of more than 30%. In terms of MCU products, polar semiconductor launched more than 10 32-bit MCU new products in 2021. It is expected that several 32-bit MCU chip products will be subject to vehicle regulation aec-q100 certification in the first half of 2022. At the same time, it will promote ISO 26262 vehicle functional safety system certification and new product research and development, and the chip business is expected to go to a higher level.
