\u3000\u30003 Guangdong Tapai Group Co.Ltd(002233) 00223)
Will Semiconductor Co.Ltd.Shanghai(603501) subsidiary plans to increase its shareholding of Ingenic Semiconductor Co.Ltd(300223) with RMB 4 billion, and the chip leaders are united
Will Semiconductor Co.Ltd.Shanghai(603501) announced that its subsidiary Shaoxing Weihao plans to increase its holdings of Ingenic Semiconductor Co.Ltd(300223) shares by means of centralized bidding or block trading for no more than RMB 4 billion. After the increase, it will hold a total of no more than 10.38% of the total share capital of Ingenic Semiconductor Co.Ltd(300223) and Will Semiconductor Co.Ltd.Shanghai(603501) will not seek Ingenic Semiconductor Co.Ltd(300223) control within the validity period of the shareholders' meeting (12 months) Will Semiconductor Co.Ltd.Shanghai(603501) is the leader of image sensor, and continues to expand the product lines of display and Simulation in the field of vehicle mounted Ingenic Semiconductor Co.Ltd(300223) is widely distributed in the fields of computing, storage, simulation and interconnection chips, and the leading position of on-board storage is stable. This shareholding is expected to enable the two sides to achieve strong alliance and produce good synergy. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.205/17.77/2.309 billion yuan respectively, the corresponding EPS will be 2.50/3.69/4.79 yuan / share respectively, and the PE corresponding to the current stock price will be 34.0/23.0/17.7 times respectively, maintaining the "buy" rating.
Continue to be optimistic about Ingenic Semiconductor Co.Ltd(300223) , Will Semiconductor Co.Ltd.Shanghai(603501) company and the management continue to overweight the company's shares
Will Semiconductor Co.Ltd.Shanghai(603501) continued to increase Ingenic Semiconductor Co.Ltd(300223) equity. In November 2021, Shaoxing Weihao, a wholly-owned subsidiary of Will Semiconductor Co.Ltd.Shanghai(603501) participated in the fixed increase of Ingenic Semiconductor Co.Ltd(300223) with RMB 550 million, and was allocated Ingenic Semiconductor Co.Ltd(300223) about 5.3 million shares at the issue price of RMB 103.77/share. From March 24, 2022 to May 19, 2022, Shaoxing Weihao increased its holdings of Ingenic Semiconductor Co.Ltd(300223) about 186 million shares through centralized bidding in the secondary market with its own funds of about 1.518 billion yuan, with an average purchase price of about 81.61 yuan. As of May 20, 2022, Will Semiconductor Co.Ltd.Shanghai(603501) has held 4.96% of the total share capital of Ingenic Semiconductor Co.Ltd(300223) in total. In addition, as of March 31, 2022, Mr. LV Dalong, chairman of Howell technology, held 0.67% of the total share capital of Ingenic Semiconductor Co.Ltd(300223) and the related parties controlled by Mr. LV Dalong held 3.29% of the total share capital of Ingenic Semiconductor Co.Ltd(300223) in total.
The advantages of product lines and channels complement each other, and the two sides are expected to achieve good coordination
In December 2020, the company and Will Semiconductor Co.Ltd.Shanghai(603501) jointly established Shanghai Xinkai, relying on the experience of ISSI in the field of flash, to develop nor flash products for the consumer market. At the same time, Ingenic Semiconductor Co.Ltd(300223) has rich product lines in the field of vehicle chips, and can reach major global mainstream vehicle manufacturers and Tier1 suppliers. Will Semiconductor Co.Ltd.Shanghai(603501) is the global CIS leader, and its products are all over the consumer and industrial markets. In addition, in the field of analog products, Ingenic Semiconductor Co.Ltd(300223) already has chip product lines such as LED driver, DC / DC and g.vn, which are fully distributed in the fields of automobile, industry and medical treatment, while Will Semiconductor Co.Ltd.Shanghai(603501) 's touch and display driver chips are widely distributed in the consumer electronics market. The cooperation between the two sides is expected to achieve strong alliance, complementary resources and good coordination in products, channels and supply chains.
Risk tip: the downstream demand is less than expected, the chip production capacity is tight, and the product price fluctuates
