AHP score – after considering the liquidity premium factor, Weijie Chuangxin has a score of 2.00, which is 30.9% of the total score. After considering the liquidity premium factor, we calculate that the AHP score of Weijie Chuangxin is 2.00, which is located at 30.9% of the total score of the AHP model of the science and innovation system, and at the upper downstream level; After excluding the liquidity premium factor, we calculate that the AHP score of Weijie Chuangxin is 2.37, which is 37.1% of the total score of the AHP model of the science and innovation system, and is at the lower level of the middle reaches.
Assuming a 70% finalist rate and under the neutral expectation, the placing proportion of class A, B and C placing objects under Weijie Chuang core network is 0.0424%, 0.0370% and 0.0231% respectively.
China’s 4GPa module leader has earlier provided 5g RF front-end chip solutions. Among China’s RF front-end integrated circuit design enterprises, the richness of the company’s product line is more prominent, and has opened a deep cooperation mode with many well-known downstream manufacturers. At present, the company has developed and designed a number of high-performance and reliable PA modules, RF switches, receiver modules and RF front-end products that meet Wi Fi 6 covering 2g-5g communication technology. At present, the company has the design and mass production capacity of a variety of medium integration PA modules, and has realized the mass shipment of high integration l-pamif and other modules.
In terms of RF power amplifier (PA) products, the company is one of 65 IC Design Enterprises with market growth, product representativeness and technology scarcity, and the shipment volume of 4G RF power amplifier ranks first in China. The company has the ability to provide 5g RF front-end solutions. It launched 5g PA modules in 2019 and mass produced and sold them in 2020. At present, the company’s 5g RF front-end products have been applied to medium and high-end products of well-known end customers. In the first half of 20182021, the cumulative shipment exceeded 100 million, covering mainstream mobile phone brand manufacturers such as Xiaomi, oppo and vivo, as well as Huaqin communication, Longqi technology Wingtech Technology Co.Ltd(600745) and other well-known mobile terminal equipment ODM manufacturers in the industry.
Independently develop and design PA module products, and establish long-term and stable cooperation with upstream suppliers of the industrial chain. Among the PA modules designed and sold by the company, only the LTCC filters in SMD and high integration modules belong to the supporting devices directly purchased from abroad. The integrated chip bare chips and substrates are independently designed by the company and manufactured by entrusted suppliers. The company has established cooperative relations with leading edge suppliers in the upstream of the industrial chain, such as wafer suppliers such as Wenmao, TSMC and grofangde, substrate suppliers such as Zhuhai Yueya, SMD raw material suppliers such as Murata, and well-known packaging manufacturers such as Jcet Group Co.Ltd(600584) , Yongsi electronics, reducing the impact of capacity fluctuations on the delivery timeliness of the company.
The growth rate of revenue is significantly ahead, and the gross profit margin is lower than that of comparable companies. Weijie Chuangxin’s performance volume is less than the comparable average, but the revenue growth rate is significantly ahead of the comparable. The comprehensive gross profit margin from 2018 to the first half of 2021 is lower than that of the comparable company. From 2018 to 2019, the company’s R & D expenditure accounted for 21.45% and 15.79%, leading comparable companies. After that, the company’s revenue scale grew rapidly, and the proportion of R & D expenditure gradually declined and was located in the middle of comparable companies.
Risk tips: high customer concentration, iterative product upgrading, few alternative choices of high-quality suppliers, tight supply chain capacity, inventory falling price caused by unsalable products, reduction of government subsidies and policy changes, negative net profit caused by share based payment, etc.
