Unigroup Guoxin Microelectronics Co.Ltd(002049) (002049)
Event: the company received the notice on free transfer of equity of Tsinghua Holdings Co., Ltd. by Tsinghua University forwarded by the indirect controlling shareholder Ziguang group. It is proposed to transfer 100% of the equity of Tsinghua holdings to Sichuan energy investment through free transfer. At the same time, Ziguang group has determined that the consortium composed of Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. as the lead party is the strategic investor for the substantive merger and reorganization of seven enterprises such as Ziguang group.
The group’s equity is transferred to Sichuan energy investment free of charge. Tsinghua University, the investor of Tsinghua Holdings Co., Ltd., signed the agreement on free transfer of state-owned property rights with Sichuan energy investment on December 10, 2021, and plans to transfer 100% of the equity of Tsinghua holdings to Sichuan energy investment through free transfer. For this transfer, it needs to be approved by the Ministry of education, Sichuan energy investment needs to be approved by Sichuan SASAC, and needs to pass the business concentration review of this transfer by the Anti-monopoly Bureau. Sichuan energy investment is an important subject in promoting energy infrastructure construction and accelerating the construction of major energy projects in Sichuan Province. With Sichuan New Energy Power Company Limited(000155) and Sichuan Energy Investment Development Co., Ltd., the total assets of the group exceeded 180 billion yuan. We judge that capital and shares may be increased during the introduction of war investment, focusing on state-owned assets and introducing other small shareholders to ensure the completion of the reorganization and continue to track the development of subsequent events.
The group’s strategic investors were reorganized and landed, and Zhilu Construction & Broadcasting consortium was selected. Ziguang group has determined that the consortium composed of Beijing Zhilu Asset Management Co., Ltd. and Beijing Jianguang Asset Management Co., Ltd. as the lead party is the strategic investor for the substantive merger and reorganization of seven enterprises such as Ziguang group. Zhilu capital is a global professional equity investment institution. The company focuses on semiconductor core technology and other emerging high-end technology investment. Recently, the project has been acquired by four Chinese mainland packaging factories, the largest semiconductor seal manufacturer in the world. Acquire epak, the world’s top four supplier of semiconductor vehicles; AAMI was established with asmpacific, the world’s largest supplier of back-end packaging equipment, to provide lead frames for memory, analog chips, microcontrollers and automotive chips. Participated in the acquisition of NXP standard products division and sold it to Wingtech Technology Co.Ltd(600745) etc. Beijing Jianguang is a private equity fund management company focusing on the investment and M & A of integrated circuit industry and strategic emerging industries. Recent projects include the acquisition of NXP semiconductor for us $1.8 billion (NXP) business and related patents of high-performance RF power amplifier department. M & A NXP standard product business project. Led Qualcomm, Datang Telecom and Zhilu capital to establish a joint venture Lingsheng technology, which focuses on smart phone chipset business. It acquired 80% equity of ficontec in Germany. Ficontec is a global leader in optoelectronic and semiconductor automation packaging and testing One of the leading equipment manufacturers in the domain.
We believe that: ① the implementation of the asset restructuring has little impact on Unigroup Guoxin Microelectronics Co.Ltd(002049) operation. The equity penetration of Jianguang assets is state-owned assets. Zhilu capital is a global professional equity investment institution, focusing on semiconductor core technology and other emerging high-end technologies. With the gradual implementation of reorganization, Unigroup Guoxin Microelectronics Co.Ltd(002049) is expected to play a synergistic effect with the help of resources in semiconductor fields such as Zhilu and Jianguang. ② The strategic investor of the group is state-owned assets, which is more concentrated than Shanghai + Zhejiang SASAC judged by the original market, and the management efficiency is improved. ③ At the same time, Zhilu’s experience in M & A and capital operation in the semiconductor field is helpful for the group’s subsequent capital operation. ④ During the restructuring process, it is obvious that Ziguang group focuses on the core cloud strategy. Beijing Zhilu and Jianguang have a strong role in promoting the chip business group; If there are more leading or experienced cloud manufacturers involved, the cloud business group will also obtain lasting development momentum. We will further track the composition of cloud manufacturers in the consortium.
Investment suggestions: Unigroup Guoxin Microelectronics Co.Ltd(002049) is the leader of special chips. Orders are growing rapidly. At the same time, super SIM business is expanding rapidly, and there are domestic replacement opportunities for vehicle controller chips. We are optimistic about the long-term growth of the company. It is predicted that the net profit attributable to the parent company from 2021 to 2023 will be 1.76 billion yuan / 2.62 billion yuan / 3.62 billion yuan respectively, and the corresponding EPS will be divided into 2.90/4.32/5.97 respectively, maintaining the “buy” rating and the target price of 296 yuan.
