What happened to the stock price of Wei Capona after breaking the hair price?

The radio frequency industry was once a hot spot for the first -level market investment. The Caponic Capital (SH688153, a stock price of 35.25 yuan, and a market value of 14.404 billion yuan) was used as the leader of the terminal PA (power amplifier, referred to as the amplifier), and was highly hoped by investors. Then, after the listing of the listing, Wei Caponic Cotton was almost cut closer than the issuance price.

On April 12, 2022, Wei Caponic Capital landed on the science and technology board, with a issuance price of 66.60 yuan/share. After the listing, Wei Capona has not yet implemented a dividend delivery. As of the close of September 29, the stock price closed at 35.25 yuan/share, a decrease of more than 47%from the issuance price, and the market value was 14.404 billion yuan.

Wei Capona is a domestic PA leader, but its PA module core device filter needs to be used. In addition, in the first half of 2022, or affected by the decline in sales of downstream mobile phones, the company's inventory accumulated pressure and inventory turnover rate dropped from 2.33 in the same period last year to 0.73.

IC Photo

PA faucet with a decline in revenue

Radio frequency separation devices are ranked according to the value volume, and they are filters, amplifiers, switches, and low noise amplifiers (LNA) in turn. According to Minsheng Securities data, the proportion of radio frequency front -end device filters, PA, radio frequency switches, and LNA markets in 2020 accounted for 54%, 34%, 7%, and 2%, respectively.

Among the domestic radio frequency manufacturers, Zhuo Shengwei (SZ300782, stock price of 96.65 yuan, market value of 51.586 billion yuan) took the RF switch as a breakthrough, gradually expanding LNA and accepting module business, which once grew ten times that of A shares. The Caponic Cotton is the leader in the field of PA. According to Southwest Securities data, in 2021, the Caponic Capital 4G radio frequency PA module cumulatively shipped more than 1.2 billion yuan, ranking first in domestic manufacturers, and 5G RF PA modules also shipped more than 100 million.

From the perspective of value, the value of PA is higher, but from the market trend, the stock price of Wei Caponic Setrics does not perform well.

According to Yole Development data, the market size of PA modules, separate filters, FEM modules, connecting SOC chips, antenna tunnels, separation switches, separated LNA (low noise amplifier) ​​market size was US $ 5.376 billion, US $ 3.683 billion, and 25.77 $ 100 million, $ 1720 million, $ 569 million, $ 446 million and US $ 398 million.

Yole Development predicts that by 2025, the market size of PA modules, separate filters, and FEM modules will reach US $ 8.931 billion, US $ 4.230 billion, and $ 4.572 billion, respectively.

From the perspective of market size and future growth space, the main PA module has a broad prospect for the foundation. However, compared with Zhuo Shengwei, the main FEM module, a separate switch, and a separate LNA, the Caponic Capricorn is relatively inferior.

In the first half of 2022, Weijiechuang's revenue was 1.312 billion yuan, a year -on -year decrease of 22.93%; Zhuo Shengwei's revenue during the same period was 2.235 billion yuan, a year -on -year decrease of 5.27%. Zhuo Sheng micro -gross profit margin was 52.55%, and Wei Jie Chuangxin's gross profit margin was 30.49%.

Regarding the gross profit margin gap between the two companies, the staff of the Student Office of the Caponic Skeleton responded to the reporter of the Daily Economic News: "Comparing with other companies, this can be paid attention to the product. As far as I know, it is still still. There is no main business is a listed company in PA. "

At the same time, the reporter referred to the prospectus of the chip design of the chip design in the IPO process. Its prospectus showed that in 2019, 2020, and 2021, Huizhi Micro -hairy interest rates were 6.06%, 6.69%, and 16.19%, respectively.

Regarding the decline in revenue, Wei Caponic said that it was mainly due to the weak global market in this issue, and the decline in terminal demand. According to Cinno Research data, the sales volume of smart machines in the Chinese market in the first half of 2022 was about 134 million units, a year -on -year decrease of 16.9%. Compared with the Caponic Capital and Zhuosheng Micro revenue, although the sales volume of the terminal market was not stormy, Zhuo Sheng's micro -revenue fell only by 5.27%, and Wei Caixing fell more than 20%.

Analyzing the two segmented tracks of the two can be seen that the main PA module of Weijie Chuangxin, that is, radio frequency launch link; Zhuo Shengwei is mainly a separate switch, a separate LNA and FEM module. host.

According to Wei Caponic Covenia's 2022 Mermament, RF front -end RF PA module (take high integration PAMID module as an example) mainly includes radio frequency power amplifiers, dual equipment (composed of two band -pass filters), radio frequency switch ; The receiver mainly includes low noise amplifiers, filters, and radio frequency switches. The former is a signal transmission link and the latter is the signal receiving link.

From the perspective of revenue structure, the revenue proportion of the Caponic Capital PA module accounts for 89.91%, and the receiving end module accounts for 8.85%. The revenue of Zhuosheng micro -radio frequency separation devices accounted for about 70 %, and the revenue of radio frequency modules accounted for about 30 %.

Key devices need to be used

The core product of the Capiture Cotton is PA (power amplifier), but the filter with the highest value and the most technical difficulty in radio frequency devices cannot produce itself. The high -integrated PA module of Weijiechuang core requires the filter, which also requires that the Caponic Cotton -related equipment must be used for filter.

It is understood that according to different integration, the PA module can be divided into low integration, medium integration, and high integration products. Among them, low integration includes PA and control chips; medium integration includes PA, control chip and radio frequency switch; high integration products include PA, control chip, radio frequency switch, filter, and LNA. After the development of communications technology and many years of R & D investment and product iteration, the integration of the Caponic Capital PA module has been continuously improved. The PA module product of medium integration is mainly MMMB PA and TXM. In addition, it has achieved high Integrated production of mass production on products such as L-PAMIF. Except for the LTCC filter in the SMD and high integration modules, it is a supporting device that is directly purchased. The remaining integrated chip nude films and substrates are entrusted to the supplier manufacture after the independent design of the Capita Clear Clear.

So, will the Capiture Cotton design and produce filters independently in the future? In this regard, the above -mentioned staff did not answer related issues.

It is worth noting that Zhuo Shengwei has opened a self -constructing radio frequency filter product. The 2022 interim report shows that the company's self -built production line products have included SAW filters, high -performance filters, dual -instruments, and four -equipment. The company's SAW filter has been produced in small quantities during the reporting period and will enter a large mass production stage in the third quarter; the high -performance filter has entered a small batch production stage during the reporting period and is about to enter the mass production stage. At this point, the construction of the processing research and development platform of the filter will be completed in the third quarter, and will continue to optimize the evolution in the future. Dual and four -in -equipment wafers have been carried out, and the preliminary verification results have reached the design indicator.

Daily Economic News

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