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Jingfeng Mingyuan of Science and Technology Board Inquiry Report (688368)

Jingfeng Mingyuan of Science and Technology Board Inquiry Report (688368)
Jingfeng Mingyuan is one of the leading analog and mixed information integrated circuit design companies in China.Since its establishment, it has been focusing on the R & D and upgrade of integrated circuit industry technology and continued to maintain product technology innovation.The company started with the development and sales of LED lighting driver chips.Since 2015, the company has begun to develop R & D and sales of motor drive chips.The company’s products include LED lighting driver chips and motor driver chips.The LED lighting driver chip includes a general LED lighting driver chip and a smart LED lighting driver chip. Policies frequently highlight the area of integrated circuits, and the second phase of the large fund will increase investment in design.On the policy side, the budget state has gradually issued policies to encourage the development of integrated circuits. The intention is to proceed from the actual situation and introduce supporting measures to encourage domestic integrated circuits to complete independent and controllable upgrades.On the capital side, large funds have made great efforts to solve the shortage of funds. The size of the first phase of the large fund is 1387.200 million US dollars, the scale of social funds leveraged in 514.5 billion US dollars, a total of about 654.1 billion US dollars in fund-raising industries.The second phase of the large fund will appropriately increase investment in the integrated circuit design industry and conduct investment planning around national strategies and emerging industries such as smart cars, smart grids, artificial intelligence, the Internet of Things, 5G and other fields.According to the forecast of the foresight industry, the total scale of the large-scale fund raising plan for the second phase is 150-200 billion yuan.According to the 1: 3 leverage ratio, the scale of social funds leveraged will reach 450 billion-600 billion. The company has become one of the world’s leading LED lighting driver chip design companies. Leading technological innovation 武汉夜网论坛 in segmented industries for many times.The company is the first in the industry to implement leading-edge single-chip technology and VCC-free capacitor technology to meet the cost optimization needs of downstream LED lighting manufacturers.Absolutely, through the increasingly significant trend of intelligence, the company has earlier obtained the relevant intelligent LED lighting drive patent technology reserves, which has certain industry prospects.At the same time, in terms of intelligent power management technology, the company successfully developed a super long suspension of power management technology. Company valuation and inquiry recommendations.We predict that the company’s operating income for 2019-2021 will be 9 respectively.0.6 billion, 10.6.4 billion, 12.43 trillion; it is predicted that the company’s net profit 淡水桑拿网 attributable to the parent company in 2019-2021 will be 0.9.9 billion, 1.1.6 billion yuan, 1.3.8 billion.Considering that the science and technology board has a higher investment gate biology than A shares and a higher proportion of institutional investors, the initial market forecast may be higher, but in the long run, market expectations should be rational.At the same time, through the LED driver chip industry gradually matures, the industry competition it faces is gradually intensifying.Taking the above factors into consideration, we prudently adopted the relative and absolute estimation methods as the reasonable estimation basis for the company, that is, the company’s reasonable estimation center is 56.60 yuan / share, the corresponding PE is 35.37 times, corresponding to a market value of 35.10,000 yuan (after IPO dilution), the recommended inquiry range is[49.21, 63.97]yuan / share. Risk reminders: The LED lighting driver chip industry is less than expected; downstream demand is less than expected; the risk of technology upgrades.