The net profit of the interim report increased by 15%, but the stock price fell 15% this year. What happened to this company?

Abstract In the first half of this year, the net profit of Jiejie Microelectronics increased by nearly 15%, but this year's share price has dropped by about 15%. For the company's future development, the organization mainly focuses on its fundraising projects, product future planning and the most concerned tax reform. Let’s see if the company is like...

In the first half of this year, the net profit of Jiejie Microelectronics increased by nearly 15%, but this year's share price has dropped by about 15%. For the company's future development, the organization mainly focuses on its fundraising projects, product future planning and the most concerned tax reform. Let's see how the company answers.

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Chip stocks are one of the relatively well-performing sectors in A-shares this year, but one chip stock that was listed last year has a general trend this year. In the context of a 15% increase in net profit in the first half of the year, the stock is currently losing annual. About 15%, in stark contrast to many strong chip stocks. However, in the past month, there have been two organizations coming to investigate, this company is Jiejie Microelectronics.

After receiving a batch of institutional research on August 15, Jiejie Microelectronics ushered in more than 10 organizations on September 5th. For this company that has been listed for more than a year, many institutions have focused directly on their fundraising projects, future plans for products, and the tax reforms that are currently the most concerned. Pay attention to the WeChat public number of Dao Da, and search for “Doda” or “daoda1997” on WeChat to present you with hot spots in the market.

According to Jiejie Microelectronics, the cumulative investment of the company's power semiconductor production line construction project is 179 million yuan, and the investment progress is 95.84%. At present, the major engineering offices are in the acceptance period. The main engineering quantities are equipment installation adjustment and verification. It is planned to complete trial production within the year and be completed. In the third year after commissioning, the designed production capacity was reached; while the cumulative investment of the semiconductor protective device production line construction project was 139 million yuan, and the investment progress was 87.80%. The main project and equipment balance and project liquidity part of the final paragraph. The project will be completed at the end of 2017 and will be put into operation in 2018. It is expected to achieve the expected benefits by 2020. Finally, the total investment of the Engineering Technology Research Center project is 45 million yuan. By the end of the semi-annual report of 2018, it has invested 28.76 million yuan to complete the investment progress. At 63.93%, the project is still under construction.

The company also introduced to the organization its power semiconductor device chip production line master plan: four-inch line corresponding thyristor, power semiconductor overvoltage protection device (TVS, TSS, programmable overvoltage protection integrated circuit, etc.), diode (high blocking voltage Diodes, low-dropout diodes, rectifier bridges, etc.; six-inch lines for high-end Schottky wafers and high-voltage MOSFETs; eight-inch lines for IGBTs, trench MOSFETs, and super-junction MOSFETs.

On the other hand, if the new tax reform plan is implemented, the impact on the company is still relatively small, because the enterprise regulates the insurance earlier, combined with the current payment base for the employees to participate in the insurance is relatively high, almost 60% of the actual wages. More than %, according to the current situation estimation and future staffing and other factors analysis, it is expected that the impact on enterprises will not exceed 10 million yuan, accounting for about 2.5% of the cost.

According to the analysis of Everbright Securities, Jiejie Microelectronics is a leading enterprise in the domestic thyristor industry. Its technology has reached the advanced level in foreign countries and has a price advantage. It will be able to seize the opportunities in the wave of localization. However, the company also has a domestic substitution process that is less than expected, the risk of insufficient technical reserves and the risk of exchange rate fluctuations.

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