Recently, it can be said that the whole line of semiconductors is tight. In the past, wafer production capacity was in short supply, and then there was a burst of demand for packaging and testing. Under the logic of domestic substitution, the development prospects of China’s semiconductor industry are bright. As an old-fashioned manufacturing enterprise, Liba (603519)’s main business has developed steadily. Last year, it introduced new state-owned shareholders and quickly entered the semiconductor industry. The background of state-owned assets will help the company’s development, and entering emerging industries will bring new opportunities to the company. Profit growth.
In recent years, the domestic semiconductor industry has accelerated supplementary courses. Although there is still a big gap with the international advanced level, SMIC, Zhuhai Actions, YMTC, UNISOC, Huiding Technology, Huawei Hisilicon, Lanzhou have also emerged. A large number of excellent semiconductor companies such as Qi Technology and Zhaoyi Innovation. In the first half of this year, 140 semiconductor projects have been launched in cities across the country. As of August, nearly 10,000 domestic companies have switched to semiconductor production.
Under the high attention of the state, there are also many listed companies that have cross-border layout of semiconductors, such as Gree Electric and Shenzhen Konka in the home appliance industry, Wanye Enterprise in the real estate industry, Sanan Optoelectronics, one of the LED leaders, and Wingtech, the mobile ODM leader, have all successively enter the industry. Liba Co., Ltd. (603519) is also in the home appliance industry. It mainly provides composite materials for the appearance of home appliances for home appliance companies. It is one of the main domestic manufacturers of composite materials for home appliances. At the end of last year, it invested in semiconductor companies through participation in equity investment funds. , officially cut into the layout of emerging industries.
It is understood that while strengthening its main business, Liba shares invested in the semiconductor industry with its own funds and under the guidance of a professional investment team. Last year, it invested 91.08 million yuan to participate in the establishment of Jiaxing Junli Investment Partnership, a domestic semiconductor coating equipment leader Shenyang Tuo Jing Technology Co., Ltd. (hereinafter referred to as “Tuojing Technology”) invests and indirectly holds 4.73% of the shares; this year, Jiaxing Junfeng, which the company participated in, invested 60 million yuan in Shanghai Zhanxin Electronic Technology, a silicon carbide high-tech chip start-up company Co., Ltd. (hereinafter referred to as “Zhanxin Electronics”) A round of equity financing, currently accounting for 10%.
A few days ago, Zhanxin Electronics released the first domestic self-developed and designed 6-inch silicon carbide (SiC) MOSFET wafer product in Shanghai, becoming the first company in China to master 6-inch SiC MOSFET and SBD process and SiC MOSFET driver chip. attention by the industry. Tuojing Technology is the only domestic coating equipment company that can enter the world’s first-tier mainstream chip foundries, and the only semiconductor equipment company controlled by the National Integrated Circuit Industry Investment Fund. It is also planning to apply for the Science and Technology Innovation Board.
The reason why Liba can quickly identify and successfully enter the semiconductor field lies in its new second shareholder, Yancheng Dongfang Group. In June last year, Liba introduced a new state-owned shareholder, Yancheng Dongfang, with strong strength, and brought help for it to cut into the new business sector of the semiconductor industry.
According to public information, Yancheng Oriental Group is a state-owned enterprise wholly owned by the Yancheng People’s Government. As early as 2016, it began to pay attention to the implementation of equity investment projects in the semiconductor industry. At present, 3 investment projects of China Micro, Montage Technology, and Haier Bio have been listed on the Science and Technology Innovation Board, 2 projects are being reported to the meeting, and many projects are preparing to apply for listing. At present, one third of the investment in the China Micro Semiconductor project has been withdrawn, and a net income of 570 million yuan has been obtained, with a return of more than 15 times; investment in the “King of Profits on the Science and Technology Innovation Board” Montage Technology Project, the current floating profit is as high as 509% .
Analysts believe that Shanghai Linxin Investment is a professional investment institution leading Liba to invest in Tuojing Technology and Zhanxin Electronics in advance, while the establishment of cooperative relationship between Liba and Linxin Investment originated from Linxin Investment and Yancheng Oriental Group for many years. strategic partnership. In the future, whether it is the main business of composite materials for home appliances or the current investment in the semiconductor industry, Liba may continue to rely on the resources and platforms of state-owned shareholders to gain development assistance.
Guoyuan Securities Research Report believes that Liba’s main business remains stable, and semiconductor investment will open up flexible space for the company. It is estimated that the company’s revenue in 2020-2022 will be 1.25 billion yuan, 1.51 billion yuan, and 1.66 billion yuan, and the net profit attributable to the parent will be 110 million yuan, 140 million yuan, and 170 million yuan, respectively. , the current market value corresponds to the 2020-2022 PE of 30.1, 23.9 and 20.4 times, respectively, and the “overweight” rating is given for the first coverage.