Micro Semiconductor in Kechuang Board Hit a Price Earnings Ratio of 170 Times
Among the nine enterprises, the issue prices are 29.01 yuan / share, 62.6 yuan / share, 39.19 yuan / share, 26.62 yuan / share, 17.5 yuan / share, 5.85 yuan / share, 25.22 yuan / share, 38.09 yuan / share and 33 yuan / share respectively, among which Lexin technology has the highest issue price; In addition, the issuance P / E ratio of most companies is concentrated between 45 and 60 times. Among them, the issuance P / E ratio of Zhongwei semiconductor is the highest, up to 170.75 times, which refreshes the highest issuance P / E ratio (79 times) of science and innovation board set by RuiChuang micro nano, attracting the attention of the industry.
In this regard, in the online roadshow of the initial public offering of shares and listing on the science and innovation board, China micro semiconductor said that after the IPO, the issuance price of 29.01 yuan / share corresponds to the P / E ratio of 170.75 times and 148.79 times before and after deducting non recurring profits and losses in 2018, respectively, and the corresponding market sales ratio is 9.47 times, The valuation is basically similar to the average valuation level of current A-share comparable listed companies.
Specifically, the comparable listed companies of Zhongwei semiconductor in a shares are North Huachuang, Changchuan technology and Zhichun technology, of which the P / E ratio of North Huachuang is 407.19 times, the P / E ratio of Changchuan technology is 189.49 times, and the P / E ratio of Zhichun technology is 181.2 times, all higher than that of Zhongwei.
Haitong Securities, the underwriter of China micro semiconductor, said that North Huachuang is a listed A-share semiconductor equipment manufacturing company. The P / E ratio of China micro's IPO pricing is lower than that of North Huachuang, and the market sales ratio is basically the same as that of North Huachuang. On the whole, the pricing of the company's IPO is reasonable.
However, some institutional investors and researchers said that the R & D strength of micro semiconductor is indeed strong, and the market expectation is very high, but it is not without risks. For the future development of its chip business, it is necessary to track whether the expansion of downstream semiconductor wafer manufacturers meets the expectation, market competition and other risks.
At present, the global semiconductor equipment market is mainly dominated by foreign manufacturers, and the industry presents a highly monopolistic competition pattern. According to the statistics of VLSI research, the global sales of semiconductor equipment systems and services in 2018 was US $81.1 billion, of which the top five semiconductor equipment manufacturers, due to their early start, occupied 65% of the global semiconductor equipment market by virtue of their advantages in capital, technology, customer resources and brand. ASMA has formed an oligopoly in lithography equipment. Applied materials, Tokyo electronics and Fanlin semiconductor are the top three in providing process equipment such as plasma etching and film deposition. Ketian semiconductor is the leading enterprise in testing equipment.
Among them, the etching equipment and MOCVD equipment industry show a highly monopolistic competition pattern, while Zhongwei company has made a breakthrough in etching equipment and MOCVD equipment, and has carried out chip processing and manufacturing of 65 nm to 7 nm process in the chip production line of first-class customers at home and abroad. The MOCVD equipment supported by the project is also put into mass production in the chip production line of LED customers. Zhongwei company is one of the few semiconductor equipment enterprises in China that can directly compete with the world's top equipment companies and continuously expand its market share. It is recognized as a rising star in the international semiconductor equipment industry.
This also means that the highest issuance P / E ratio of science and innovation board set by China micro semiconductor is related to its own R & D strength and the scarcity of equipment targets. This kind of high-end equipment manufacturing enterprises are scarce in the current A-share listed companies, and the unique scarcity corresponds to a certain valuation premium.
Zhongwei semiconductor said that the products currently developed by the company are mainly plasma etching equipment, film deposition equipment and other key equipment produced in the front of integrated circuits, and pan semiconductor equipment products applied in the fields of rear advanced packaging, MEMS, mini led, micro led and so on have been gradually developed. In the future, the company will expand its product and market coverage through mergers and acquisitions and other extended growth ways at an appropriate time, and continue to explore the innovative application of core technologies in the national economy and the people's livelihood. The company attaches great importance to R & D investment and independent core technologies, with the team spirit of win-win cooperation and the incentive system of full ownership, It has attracted experienced semiconductor equipment experts from all over the world, formed a mature R & D and engineering technology team, and laid a foundation for future profit growth.
