The big bull stock of photovoltaic equipment Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , which has soared nearly 10 times in three years, has just been lowered by Citic Securities Company Limited(600030) recently, and will soon usher in a peak test of lifting the ban.
At the same time, the performance of the company in 2021 and the first quarter of 2022 increased significantly; The first quarterly report shows that many institutions have increased their holdings in large amounts.
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) from the high point, the decline is less than 30%. Under the game of good and bad, how the stock price will fluctuate has become the focus of the market.
78 billion yuan of restricted shares issued by well-known institutions lifted
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) from November 2018 to August 2021, the cumulative increase was nearly 10 times in less than three years, becoming a “three-year 10 times Bull Stock” with brilliant performance.
However, on the first trading day after the festival, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) ushered in the lifting of the ban of 7.8 billion yuan. The number of restricted shares lifted this time is 199 million shares, accounting for 6.15% of the total share capital of the company, and 23 people hold restricted shares.
These 23 shareholders are well-known and well-known institutions.
Looking back on November 2 last year, the list of fixed additional allocation of Tianjin Zhonghuan Semiconductor Co.Ltd(002129) 9 billion yuan was unveiled, which was sought after by many well-known institutions. It includes not only well-known public offerings such as Huaxia and CAITONG, but also head securities companies such as Citic Securities Company Limited(600030) , Guotai Junan Securities Co.Ltd(601211) and others, venture capital such as everyone asset management, China Life Insurance Company Limited(601628) asset management and Xinhua asset management, as well as heavyweight foreign capital such as Goldman Sachs, UBS, CITIC Lyon and Barclays.
Specifically, Huaxia Fund and CAITONG fund were allocated 520 million yuan and 270 million yuan respectively.
China’s leading securities companies Guotai Junan Securities Co.Ltd(601211) , Galaxy Securities and Citic Securities Company Limited(600030) , were allocated 780 million yuan, 320 million yuan and 260 million yuan respectively.
A number of products managed by a number of insurance companies also won a big victory. The two products under everyone’s asset management were allocated 940 million yuan and 260 million yuan respectively China Life Insurance Company Limited(601628) asset management’s three products were allocated 600 million yuan, 500 million yuan and 270 million yuan respectively; Xinhua life’s two products were allocated 260 million yuan and 190 million yuan respectively.
The fixed increase also attracted the participation of luxury foreign institutions. The customer funds of CITIC Lyon were allocated 400 million yuan, UBS 340 million yuan, Goldman Sachs 270 million yuan, Barclays 270 million yuan and WT assets 260 million yuan.
In addition, several well-known private placements, including Zhichun investment, Zhengyuan investment, Dunhe assets, also appeared in the allocation list; The national industrial fund Beijing Tianjin Hebei Industrial coordinated development investment fund was listed and allocated 500 million yuan; Another super retail investor Huang Xiaoming was allocated 260 million yuan.
What is more noteworthy is that although head public offerings and private placements including Jinglin, yifangda and Nanfang participated in the subscription, they failed to win the election, which shows the popularity of Tianjin Zhonghuan Semiconductor Co.Ltd(002129) fixed increase.
However, compared with the hot fixed increase, the company’s share price gradually fell with the weakness of the market. In the past six months, compared with the fixed increase issue price of 45.27 yuan / share, the shareholders participating in the fixed increase had a floating loss of 13.81%, and the total amount of floating loss reached 1.243 billion yuan.
annual report and first quarter report increased significantly
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) is a leading silicon enterprise in the photovoltaic field. The company’s products are widely used in smart grid transmission, new energy vehicles, high-speed rail, wind power inverter, integrated circuit, consumer electronics, aerospace, photovoltaic power generation and other fields.
The company’s annual report of 2021 and the first quarterly report of 2022 have achieved beautiful results.
According to the annual report of 2021, the company achieved an operating revenue of 41.105 billion yuan, a year-on-year increase of 115.70%; The net profit attributable to shareholders of listed companies was 4.030 billion yuan, a year-on-year increase of 270.03%; The non net profit attributable to the parent company was 3.883 billion yuan, a year-on-year increase of 307.56%; The net cash inflow from operating activities was 4.282 billion yuan, a year-on-year increase of 49.77%.
In the first quarter of 2022, the company achieved an operating revenue of 13.368 billion yuan, a year-on-year increase of 79.13%; The net profit attributable to the parent company was 1.311 billion yuan, a year-on-year increase of 142.08%; The non net profit attributable to the parent company was 1.301 billion yuan, a year-on-year increase of 150.87%.
In the report, the company described the reasons for the significant year-on-year increase in operating performance.
First, in the new energy photovoltaic business segment, first, the capacity of Yinchuan phase VI is gradually increased, and the advanced capacity of 210 products is accelerated; Second, through continuous technological progress and process improvement, the production cost has decreased significantly and the profitability of the company has been effectively guaranteed; Third, take advantage of G12 product differentiation and cost advantages to alleviate the cost pressure of downstream customers and improve their own and customer competitiveness.
Secondly, in the semiconductor materials business segment, first, the company’s capacity scale continued to increase, the shipment of 8-12 inch silicon wafers accelerated, and the production and sales scale increased by more than 115% year-on-year, and more than 24% month on month compared with the fourth quarter of 2021. The second is the dual path development of characteristic technology + advanced manufacturing process to promote technology research and development and customer certification. At present, the full range of 90nm-28nm logic products have passed the certification and gradually entered the stage of mass production. Third, the semiconductor market increased rapidly, and long-term strategic cooperation agreements were signed with a number of chip manufacturers outside China to realize the rapid increase of shipments.
Finally, in terms of the transformation of modern manufacturing industry, with the application of industry 4.0 and flexible manufacturing intelligent factory production mode in the operation process and operation scenario of the company’s various industrial sectors, the per capita labor productivity has been greatly improved, the product quality and consistency have been continuously improved, and the consumption of raw materials and auxiliary materials has been effectively improved, which has effectively promoted the improvement of the production and marketing scale and product quality of the company’s products.
institutions have raised their profit forecasts
Citic Securities Company Limited(600030) lower target price
For the company’s performance, a number of securities companies have given positive reports Founder Securities Co.Ltd(601901) believes that the performance of Tianjin Zhonghuan Semiconductor Co.Ltd(002129) exceeded expectations. In 2022, the company’s two main industries of semiconductor and photovoltaic will usher in new opportunities for rapid development, and its operating performance and efficiency will continue to improve.
Everbright Securities Company Limited(601788) said that G12 silicon wafer, a technological innovation product launched by the company, is ahead of the industry and helps the company improve the profitability of photovoltaic silicon wafer; At the same time, after further breakthroughs have been made in the scientific and technological attribute track of semiconductor silicon wafer, the company’s performance and valuation are expected to continue to improve under the favorable conditions such as policy dividend and prosperity improvement of the semiconductor industry.
It is noteworthy that Citic Securities Company Limited(600030) the leading securities firm recently raised the profit forecast of Tianjin Zhonghuan Semiconductor Co.Ltd(002129) but lowered the target price of the company.
Citic Securities Company Limited(600030) released a report on April 27, which said that based on the latest financial report of the company, the net profit forecast of the company in 2022 / 23 was adjusted upward to 6.33/7.73 billion yuan (the original forecast value was 5.91/7.43 billion yuan), and the net profit forecast of 2024 was 9.45 billion yuan, and the current price corresponding to PE was 18 times, 14 times and 12 times respectively.
Using the segment valuation method combining PE and PS, based on the average valuation level of comparable companies, Citic Securities Company Limited(600030) gives the company a target market value of 160 billion yuan in 2022, corresponding to a target price of 50 yuan, down 23% from the previous highest target price, maintaining the “buy” rating.
a substantial increase in holdings by institutions and major shareholders in the first quarter
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) is one of the classic cases of successful mixed reform of state-owned enterprises. The company has been deeply engaged in the semiconductor industry for about 60 years and the photovoltaic industry for 40 years. After the mixed reform, it not only dispels the vicissitudes of the past, but also radiates vitality. In the first quarter of this year, the company obtained a substantial increase in the holdings of institutions and major shareholders.
According to wind data, according to the market value of increased holdings, the fund increased its positions in 19 stocks in the first quarter, with an increase of more than 1 billion yuan, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) ranking second, reaching 2.6 billion yuan, with an increase of more than 54 million shares.
According to the data, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) has become a heavy position stock for many fund managers, especially Qi He, the fund manager of e fund. Several funds managed by Qihe, such as e-fund environmental protection theme, e-fund high-end manufacturing and e-fund intelligent manufacturing advantage a, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) are the largest heavyweight stocks. For example, the first quarterly report of e fund’s high-end manufacturing hybrid fund shows that it holds Tianjin Zhonghuan Semiconductor Co.Ltd(002129) up to 114517 million shares, with a market value of 489 million yuan, accounting for 9.26% of the fund’s net value, which is the largest heavy position stock of e fund’s high-end manufacturing hybrid fund.
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) is not only greatly increased by public funds, but also increased by the largest shareholder of the company. The company announced on April 13 this year that Tcl Technology Group Corporation(000100) group (Tianjin) Co., Ltd., the largest shareholder of the company, based on the long-term development prospects of new energy and semiconductor industry and full of confidence in the sustainable growth of the company, increased its holdings of 350267 million shares from January 11 to April 12, 2022, accounting for 1.08% of the total share capital of the company. If calculated according to the interval average price of 44 yuan / share, the major shareholders will spend more than 1.5 billion yuan.
