"The more you fell, the more you buy"!The Nuoan Fund "raised" Zhuo Shengwei Cai Songsong's rebellion and warehouse in the core Zhuo semiconductor?

21st Century Business Herald reporter Zhang Sainan intern Li Chunyong Shanghai reported

On the morning of September 14th, Zhuosheng WeChat announced that Nuo An Fund Management Co., Ltd. Nuoan Growth Mixed Securities Investment Fund (hereinafter referred to as "Nuoan Growth") increased its holdings of the company. The fund holding ratio reached 5.0065%.

This means that Noon's growing shares have exceeded the license line.

In actual operation, because it cannot be sold back within 6 months after the card is raised. For liquidity considerations, a single fund rarely gives a listed company, and there are only a few cases in history. Nuoan's growth was managed by Cai Songsong, a star fund manager, which also made the increase in holdings attracted market attention.

Judging from the trend of the stock price, Zhuo Shengwei was sought after by investors with the halo of the "5G RF chip leader". At its peak, the stock price once exceeded 330 yuan. However, in the past year, the stock price has continued to decline, and the current price is less than one -third of the peak period.

Promoted by Cai Songsong's "lifting card" news, on the afternoon of the 14th, Zhuo Shengwei ushered in a wave of rising, rising by more than 5%. As of the closing, it was reported at 100.65 yuan, an increase of 5.84%.

Lift the card

The announcement shows that Noon grew up 519,500 shares to increase its holdings through centralized bidding transactions on September 8, 2022. Before the change of equity, Noon held 26.226 million shares of the company, accounting for 4.9092%of the company's total share capital. After the change of equity, Noon grows up to 26.722 million shares of the company, accounting for 5.0065%of the company's total share capital.

Zhuo Shengwei said that the changes in shareholders' rights and interests will not cause the company's control to change, nor will it have a significant impact on the company's governance structure and continuous operation. In the next 12 months, Noon's growth will not rule out the possibility of increasing holdings or reducing holdings of equity shares in the listed company according to its actual situation.

It is worth mentioning that after the increase in holdings, Noon's growth has exceeded 5%of the license line, which means that the fund's subsequent operations need to be disclosed in accordance with the law and should comply with the relevant regulations of short -term transactions. This is rare in public funds.

On September 14th, the 21st Century Business Herald asked Zhuo Shengwei how Zhuo Shengwei looked at the warehouse by Noon. Relevant sources said, "Nuoan should be asked, after all, this is their own behavior."

Nuo An's growth stated in the announcement that the purpose of increasing its holdings of Zhuosheng WeChat was to invest in equity, obtain value -added income of stocks, and create benefits for the company's fund holders.

Public information shows that Noon's growth was established in 2009. According to its introduction, it is mainly invested in enterprises with good growth, while taking into account the sustainability of corporate growth capabilities. As of the end of the first half of this year, the fund size was 26.636 billion yuan, and the fund manager was Cai Songsong, with a reign of 100.97%.

As we all know, Cai Songsong's "prefer" semiconductor, Norian's top ten heavy warehouse stocks are all semiconductor leaders, namely Well, Zhuo Shengwei, North China Chuang, Zhaoyi Innovation, China Micro Corporation, Sanbang Co., Ltd., San'an, San'an Optoelectronics, Beijing Junzheng, Shanghai Silicon Industry, SMIC. Among them, Zhuo Shengwei is its second largest heavy position, accounting for 9.8%.

The 21st Century Economic Herald reporter noticed that since this year, Cai Songsong has continued to increase the position of Zhuo Shengwei. He had previously increased its positions 5 times.

In addition to the growth of Noon, Cai Songsong's management funds also have Noon optimized configuration, Noon Innovation Drive C, Noon and Xin, Nuoan actively returned A, Nuoan actively returned to C, Noon Innovation Drive A.

Among them, Noon and Xin also heavy warehouse semiconductors, Changchuan Technology, Wei Shitong, Northern Huachuang, Shanghai Silicon Industry, Shengbang Co., Ltd., Sinyuan Co., Ltd., Sino -Micro Corporation, Natsui, Well Co., Ltd. Top 10 heavy stocks. However, the fund was small in size to 3.579 billion yuan, with a reward of 90.17%.

"Investment in the trend is painful"

Earlier, the semiconductor industry has maintained more than two years of prosperity, making Cai Songsong a hot star fund manager, but as the market changes, semiconductors have encountered a "cold moment" this year. Not only did Zhuo Shengwei fall all the way, the net value of Noon's growth mixed has fallen from a high of 2.6260 yuan on July 30, 2021 to 1.4440 yuan on September 13, 2022, with a cumulative decline of 43.01%.

However, from the perspective of Nuo An's "lifting cards", Cai Songsong obviously did not fear "cold".

It pointed out in the fund semi -annual report that after the New Year's Day, due to the expected expectations of the Federal Reserve's interest rate hike, market risk preferences have dropped sharply, and the stage of crazy killing valuations occur, especially high -level track stocks. Growth tracks have fallen first, and consumption, medicine and other tracks continue to be sluggish. The changes in the external environment have also gradually focused on the relevant sectors of steady growth. The growth sector with long -term industrial trends is completely avoided, resulting in a unilateral decline in the first quarter of the growth track.

Due to the impact of the epidemic in the second quarter, the largest downstream application consumer electronics in the chip industry faced greater pressure. The decline in June has narrowed, but it still has not returned to the normal level of the same period last year. Although some categories have structural opportunities under the downstream of electric vehicles and new energy, compared with the weak cups of the entire industry.

In the case of the relatively friendly macro environment, the real independent market of the chip sector requires the substantial inflection point of consumer electronics, and this time is getting close, but it still needs to be observed.

In addition, the prosperity of the chip and equipment material sector continues to be high, and the interim report is expected to double the growth year -on -year, while the sector continues to go down under the influence of emotion, and the fundamental and stock prices have obviously departed. In the long run, Cai Songsong still has confidence in the semiconductor industry. It said, "The industry's prosperity brought by scientific and technological innovation will not change easily."

He emphasized that the biggest opportunity of my country's semiconductor industry in the future is replaced by the domestic market, and this year is the first year of market replacement. "At this time, we should not be affected by the decline in the current market, and we should not see the development of the industry. Our investment concept follows industrial investment, accompanied by the growth of excellent companies in the industry, but it is inevitable that some stages of markets will meet To make the ultimate response to some disturbances, we need to maintain an objective judgment on rational analysis at this time. "

"Investment is anti -human. Investment in the trend is painful, and important investment opportunities often appear when there are major differences in the market. Maintaining a rational analysis and objective judgment of the industry and accompanied by Chinese science and technology growth." Cai Songsong said.

This investment concept may also explain why his radical "license" Zhuo Shengwei.

Bettish core Zhuo Semiconductor?

Back to Zhuo Shengwei itself, where is this company sacred? Can attract star fund managers "do not follow the routine".

Public information shows that Zhuo Shengwei's main business is the research, development and sales of radio frequency front -end chips. It mainly provides the market with radio frequency front -end chip products such as radio frequency switches, radio frequency low noise amplifiers, and provides IP authorization. Intelligent Terminal.

In other words, its main business model is to sell the two types of products of radio frequency switch and radio frequency low noise amplifier to terminal consumer electronics manufacturers. According to its disclosure, its terminal customers include Samsung, Xiaomi, Huawei, vivo, OPPO, Lenovo, Meizu, TCL, etc.

Zhuo Shengwei was the hottest "big bull stock" on the market. It was listed on the GEM of the Shenzhen Stock Exchange on June 18, 2019. The opening price on the first day was 42.35 yuan/share. Benefiting from the concept of domestic replacement, Zhuo Shengwei rose all the way after listing. In June 2021, the stock price reached a high point of more than 300 yuan (pre -recovery). After 2022, the stock price began to fall deeply, and once fell below the 100 yuan mark.

The stock price is the footage of the performance. In the first half of this year, Zhuo Shengwei's first decline in revenue and net profit in the past three years has now declined, achieving revenue of 2.235 billion yuan, a year -on -year decrease of 5.27%; %; Non -net profit of 757 million yuan, a year -on -year decrease of 23.87%.

In the interview, Zhuo Shengwei said, "Our downstream applications are mainly intelligent mobile terminals, which are mobile phone shipments. Related data show that these quarters have declined more. At the same time, the company actively promotes Xinzhuo semiconductor industrialization projects , E -depreciation of some fixed assets. "

Regarding the outlook in the second half of the year, Zhuo Shengwei related people told reporters, "All we can do is to continue to operate and insist on increasing innovative investment.

The aforementioned Xinzhuo semiconductor industrialization project, or one of the basis for the market to be optimistic about Zhuo Shengwei's future development.

It is reported that the project is a 6-inch filter wafer production line. The project has entered a small batch production stage at the end of the second quarter of 2022. It is expected to officially enter the mass production stage in the third quarter. By the end of 2022, the wafer production capacity can reach 1- In 13,000 pieces/month, the size of the wafer -level packaging capacity is synchronized.

The market estimates that in the second half of the year, the filter in the company's DIFEM, L-DIFEM and GPS modules (integrated radio frequency filters and low noise amplifiers) will gradually use self-made filters, and it will actively promote the separation filtering to the market. Product product.

In a recent investor Q & A, Zhuo Sheng microly said that according to the statistics of Yole Development, by 2025, the market size of more than $ 25 billion in the market size of RF will still be low. "The company is currently focusing on the industrialization project of Xinzhuo Semiconductor. Through the layout and investment of radio frequency filters and radio frequency power amplifiers and corresponding high -end module products, it will create capabilities for manufacturing. Enter the foundation for the high -value market. "

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