The author | the Ruiyan team
The valuation of the company is the price-to-earnings ratio (pe) [1], the price-to-sales ratio (ps) [2] and the price-to-book ratio (pb) [3] corresponding to the company's key indicators at a certain point in time, such as profit, sales revenue and net assets. These ratios naturally form an "investment space" over a long period of time, and correspondingly have a certain "value center".
At present (October 22, 2021), the valuation of the price-to-earnings ratio of Zhongke Chuangda is 93.87 times, the price-to-sales ratio is 16.01, and the price-to-book ratio is 11.12, and the price-to-earnings ratio and the price-to-book ratio are currently below the historical valuation center, the gap is small, and the price-to-sales ratio is above the historical valuation center.
Compared with the industry-comparable companies Desay SV [4] and Huayang Group [5], Zhongke Chuangda is higher than the other two companies.
Historical review and valuation hub: price-to-earnings ratio, price-to-sales ratio and price-to-book ratio, compared with Desay SV and Huayang Group
(1) Price-to-Earnings Ratio (PE):
The P/E ratio of the valuation center of Zhongke Chuangda in the past five years is 115.8 times, the highest P/E ratio is 300.31 times, which occurred on June 7, 2016; the lowest P/E ratio is 59.56 times, which appeared on June 17, 2019.
Compared with Desay SV and Huayang Group, the P/E ratio of the historical valuation center of Zhongke Chuangda in the past five years is 115.8 times, compared with 113.71 times of Huayang Group and 70.8 times of Desay SV in the same period.
The overall level of The P/E ratio of Zhongke Chuangda is higher than that of Desay SV and Huayang Group.
(2) Price-to-sales ratio (ps):
The central price-to-sales ratio of Zhongke Chuangda's valuation in the past five years is 14.18. The highest P/L ratio was 52.2 on June 7, 2016, and the lowest P/L ratio was 6.54 on December 28, 2018.
Compared with Desay SV and Huayang Group, the price-to-sales ratio of the central valuation of Zhongke Chuangda in the past five years was 14.18, compared with 4.71 in Desay SV and 2.47 for Huayang Group in the same period.
The overall level of sales ratio of Zhongke Chuangda is higher than that of Desay SV and Huayang Group.
(3) Price-to-Book Ratio (PB):
The core price-to-book ratio of Zhongke Chuangda in the past five years was 12.4, and the highest price-to-book ratio was 33.62, which appeared on June 7, 2016; the lowest price-to-book ratio was 6.31, which appeared on October 18, 2018.
Compared with Desay SV and Huayang Group, the central price-to-book ratio of The core valuation of Zhongke Chuangda in the past five years was 12.4, compared with 6.46 in Desay SV and 2.42 for Huayang Group in the same period.
The overall level of the PN ratio of Zhongke Chuangda is higher than that of Desay SV and Huayang Group.
Shareholding structure and increase in holdings: Zhao Hongfei reduced his holdings from 35.32% to 28.92% nine times, with 582 institutions holding it
(1) Shareholding structure
The total share capital of the company is 425 million shares. There are 320 million shares outstanding, a total of 105 million restricted shares, and the restricted tradable shares are mainly restricted shares of the original shareholders of the listing, and the institutional placement shares of the private placement in 2020.
From 2016 to 2020, the total number of shareholders of Zhongke Chuangda was 38,600, 53,300, 43,500, 38,400 and 35,000 respectively. After 2017, the number of shareholders of Zhongke Chuangda has continued to decline, and now it has begun to recover.
In the first half of 2021, the total number of shareholders of Zhongke Chuangda was 41,900, and the shareholding ratio of the top ten shareholders was 57.19%.
(2) Shareholders' shareholding:
1. Shares of the actual controller:
By the middle of 2021, Chairman and General Manager Zhao Hongfei held 30.37% of the shares, and after two reductions in August 2021, the shareholding ratio dropped to 28.92%.
2. Institutional investor shares:
There are a total of 582 institutional shareholders in Zhongke Chuangda, with a total of 172 million shares, with a shareholding ratio of 53.8%. There are 2 companies that hold not less than 10 million shares, and 9 companies that account for no less than 1% of the outstanding share capital. Hong Kong Securities Clearing Company Limited holds 16.82%; "Yue Chao Company" holds 5.49% of the shares.
From December 2015 to 2020, the number of institutional shareholdings was 291, 69, 76, 100, 230 and 483, respectively.
The company is very popular with Northbound Capital, with Hong Kong Securities Clearing Company Limited holding 10.64% of the shares at the end of 2020, 15.95% of the shares held in 2021q1 and 16.82% of the shares held by q2.
(3) Shareholder increase or decrease holdings:
1. The actual controller increases or decreases holdings:
In the first quarter of 2016, zhao Hongfei, the actual controller, held 36.3225 million shares, with a shareholding ratio of 35.32%. In the past five years, Zhao Hongfei has increased his holdings once and 9 times, and his shareholding ratio has decreased from 35.32% to 28.92%.
In the second quarter of 2016, Zhao Hongfei increased his holdings to 106 million shares of 35.22%.
In 2019, Zhao Hongfei reduced his holdings a total of 5 times. On June 14, 2019, the 3.643 million shares were reduced to 34.34%, on August 15, the reduction of 1 million shares fell to 34.09%, on August 26, the reduction of 2.36 million shares fell to 33.75%, on September 6, 2.13 million shares was reduced by 33.63%, and in the third quarter of 2019, the reduction of 720,000 shares fell to 33.63%.
In 2020, Zhao Hongfei reduced his holdings twice, reducing his holdings of 2.8 million shares to 32.96% on March 12 and 32% on May 8 by 3.8653 million shares;
In 2021, Zhao Hongfei reduced his holdings twice, reducing his holdings by 5.6044 million shares, or 29.05%, on August 11, and by 557,400 shares on August 12, with a shareholding ratio of 28.92%.
2. Increase or decrease in holdings of important shareholders:
In the first quarter of 2016, Yuechao Company held 8.4075 million shares, holding 8.41%; Ocean Zhongke SPC Co., Ltd. held 4.8111 million shares, holding 4.81%; Chen Xiaohua [6] 3.8064 million shares, holding 3.81%; Qualcomm 3.172 million shares, holding 3.17%; "Guoke Ruiqi" 2.8548 million shares, holding 2.85%; "Spreadtrum Communications" 2.2313 million shares, holding 2.23%.
From 2016 to October 2021, Yuechao Company passed 8 times, Dayang Zhongke passed 10 times, Chen Xiaohua passed 7 times, Qualcomm passed 2 times, Guoke Ruiqi passed 4 times, and Spreadtrum Communications passed 3 times to reduce its holdings, leaving only Chen Xiaohua holding 2.17% of the top 10 shareholders and 0.9% of the shares held by Dayang Zhongke.
The institution made a forecast for the performance of Zhongke Chuangda from 2021 to 2023
Since October 2021, a total of 5 mainstream research institutions [7] have made forecasts for the profitability of Zhongke Chuangda in the next three years.
The estimated average estimated total operating income of Zhongke Chuangda from 2021 to 2023 is 3.759 billion yuan, 5.179 billion yuan and 7.140 billion yuan.
The highest operating income expectation in 2023 is Guosheng Securities analyst Liu Gaochang and analyst Yang Ye at 8.978 billion yuan, and the lowest is Kaiyuan Securities analyst Chen Baojian at 6.288 billion yuan.
The estimated average net profit attributable to the mother of Zhongke Chuangda from 2021 to 2023 is 636 million yuan, 882 million yuan and 1.195 billion yuan.
The highest expected net profit attributable to the mother in 2021 is 1.28 billion yuan for Pu Junyi, an analyst at Orient Securities, and the lowest is Chen Baojian, an analyst at Kaiyuan Securities, at 1.092 billion yuan.
For the price-earnings ratio of Zhongke Chuangda from 2021 to 2023, the average of the five institutions is expected to be 80.58 times, 58.16 times and 43.01 times in the next three years.
Notes and references
[1] Price-to-earnings ratio (pe): Equal to stock price/earnings per share, or total market capitalization/net profit. It is the most commonly used indicator to compare whether stocks at different prices are overvalued or undervalued, and the higher the price-to-earnings ratio, the more optimistic the market is about the profit prospects of the company, and it is more suitable for the stable period of the enterprise
[2] Price-to-sales ratio (ps): equal to the stock price / revenue per share, or the total market value / sales revenue, more suitable for growth enterprises that have not formed a stable profit, which can form a good supplement with the price-to-earnings ratio valuation method
[3] Price-to-book ratio (pb): equal to the stock price/net assets per share, or the total market capitalization/net assets, which can be understood as how much premium is paid relative to the net assets per share
[4] Desay SV, a company listed on the main board of the Shenzhen Stock Exchange, code: 002920.sz
[5] Huayang Group, listed on the main board of the Shenzhen Stock Exchange, code: 002906.sz
[6] Chen Xiaohua: Chen Xiaohua, 47 years old, graduated from Tsinghua University with a bachelor's degree in applied electronic technology. Since October 2009, he has served as a director of Zhongke Chuangda Software Co., Ltd., and is currently the chairman and general manager of Beijing Kaiplin Optoelectronic Technology Co., Ltd., Beijing Kaiplin Laser Technology Co., Ltd., and a director of Xinrong Semiconductor Co., Ltd. Together with Zhao Hongfei and Wu Anhua, he founded Qiyuan Hechuang, which later became a limited natural person investment shareholding platform for Chuangda
[7] The information comes from 5 research institutions predicting:
Soochow Securities analyst Hou Bin research report "Zhongke Chuangda Q3 performance forecast comments: the industry continues to prosper, boosting the steady growth of performance"
Capital Securities analysts Zhai Wei and Li Xingjin research report "High growth trend is expected to continue"
Guosheng Securities analysts Liu Gaochang and Yang Ye research report "Annual equity incentive target support, long-term benefit from the wave of intelligence"
New Century Securities Analyst Chen Baojian Research Report "Rapid Growth of Performance, Sustained Benefit from High Prosperity in the Industry"
Orient Securities analyst Pu Junyi research report ""Technology + Ecology" platform development, three major tracks of rapid growth"
Produced by Ruilan Financial News
The article is for reference only The market is risky And investment should be cautious
Source: Blue Chip Corporate Review (id: bluechip808)