Ring Asahi Electronics: Fund Three quarters of the total preemption 41% circulation shares

interest rate

Recently, the company moved constantly, first released a new mobile phone, and soon followed the release of the new Tablet and notebook computers. As a member of the Apple industry chain, Huan Xu Electronics (601231.SH) recent stock price performance and Apple New market acceptance is closely related to-Apple's new product seems to be tepid, ring Asahi Electronic share price is also a bit flattening.

It is worth mentioning that wind data show that the largest "tyrants"-fund companies in the three quarter of this year held an increase in the ring Asahi electronic stocks, overweight ratio in the report significantly higher than 16%. In that case, the establishment of institutional funds can let ring Asahi electronic shares again high innovation?

Institutions bullish on annual results

As a stock listed early last year, the ring Asahi Electronic body also has the light of the newborn calf, although the company's performance growth appears to be not strong, but the first Taiwan-funded enterprises in the A-share listing, or by virtue of the rich background by a part of investors long-term bullish.

The share structure of company prospectus shows that the company's operating income is about 30% of the operating income of Sun-Moon group in the first half of 2013. As a subordinate company of the Sun Moon Light Group, Ring Asahi Electronics not only to a large extent to avoid the competition, but also with the parent company in the technology to achieve sharing.

This July, the day moonlight Operation Long has openly affirmed the future development of SIP technology (this technology is mainly to the different components in the multi-functional base plate, to achieve functional integration purposes, can be used in the recent discussion of more wearable equipment and other fields). Ring Asahi Electronics currently has mastered the SMT (surface assembly Technology) manufacturing-related SIP technology applications.

From this level, the ring Asahi Electronics is also considered the concept of wearable equipment unit. The company's wireless communications products are widely used in mobile internet platforms, if the future of a wearable equipment boom, the company's earnings can also be foreseen. But at least at present, wearable equipment has not really sprung up, to understand the ring-Xu Electronics in the communication equipment of the status quo, may still have to start from the apple industry chain.

Ring Asahi Electronics is currently mainly engaged in communications products, computers, storage products, consumer electronics products, industrial products and automotive electronic products such as scientific and technological products production and sales. According to the report this year, the company's communications products, computer products and industrial products operating income reached 1.894 billion yuan, 1.359 billion yuan and 1.111 billion yuan, is the main source of the company's performance, including communications products, the largest revenue. The company's largest customer for Hon Hai Precision Industrial Co., Ltd. (China called the Foxconn Science and Technology Group).

In terms of communications products, the ring-Asahi Electronics mainly to two companies supply, one is Apple, the other is Intel. Ring Asahi Electronics is Apple's wireless communication module suppliers, in the Apple released this year's mobile phones, tablets and notebook computers, wireless communication module is also one of the essential components. Last year's report showed that, coupled with the company's gains in other smartphone makers, the company's wireless modules accounted for more than 10% of the global smartphone market.

Many "fruit powder" may have noticed that Apple this year's marketing strategy is "cheap", including low-cost version of the iphone and notebook products such as price reduction, which is reflected in the industrial chain is the decline in gross margin, ring Asahi Electronics has not been spared.

According to the ring Asahi Electronic Quarterly, the company's first three quarter gross profit margin of 11.18%, the year-on-year decline of 1.62%, especially in the third quarter gross profit margin fell 3.46%, the main reason is that Apple's new WiFi module manufacturing process than the previous products have a larger upgrade, And due to the upgrade to bring the initial product yield decline.

China Securities analyst Liu Xiang said in a three-quarterly review this week that with the improvement of the process maturity, the company's products gross margin is expected to rebound to normal levels in four quarters.

As of 24th, 8 institutions issued a 2013-year report on the performance of the ring Asahi, the average forecast net profit of 734 million yuan, the average forecast diluted earnings per share of 0.7259 yuan, according to this forecast, 2013 Huan Asahi Electronic net profit will appear year-on-year growth, an increase of 13.46%.

Fund significantly overweight

In addition to the above mentioned Apple and Intel, the main customers of the ring Asahi Electronics, such as Friends Tatsu Optoelectronics, Chi Mei Electronics, Lenovo and Motorola. Large client resources make the ring Asahi Electronics both enjoy the aura of Apple concept shares, but also in the Apple product acceptance than expected to maintain the stability of the performance.

Bank of China International investment adviser Xuntian to the first financial daily newspaper "financial quotient" said: "Huan Asahi Electronic Future performance There may be upward, but the current problem is close to Apple, once Apple is undervalued by the market, the company may encounter the wrong kill." At present, the risk is not obvious, so the company can also be optimistic. ”

In fact, investors may also observe the diversified performance development model of the ring-Asahi Electronics, with the exception of communications products and computer product modules that are closely related to Apple, and nearly half of the company's performance comes from other sectors.

At present, the ring Asahi Electronics has begun to dabble in the field of Third-party logistics. October 11 Company Bulletin shows that the ring Asahi Electronics in Shanghai Pudong New Area Zhangjiang High-tech Park set up a wholly-owned subsidiary of the electronic, business scope including electronic products, communications products and spare parts sales, Third-party logistics services (except transport), engaged in goods and technology import and export business, the above related business technical advice, Technical Services.

"Ring Asahi Electronics can be used as a blue-chip to study." "Xuntian believes that due to a number of areas such as wearable equipment and electronic control systems for automobiles, the future of the ring-Asahi Electronics will continue to be promising, with a long-term focus on the risks associated with the market acceptance of Apple products."

Wind data show that in the three quarter of this year a total of 14 fund products purchased ring Asahi Electronic stocks, including Yifangda, Silver Schroeder, Hui Fu and other well-known fund company's products impressively in the eye. As of September 30, the fund accumulated a total of 43.56 million shares of the ring Asahi, accounting for the proportion of the company's shares 40.79%, up 16.24% from the previous period.

Because the three quarterly fund company only disclosed the top ten warehouse stocks, some market participants believe that the current fund held by the ring Asahi Electronic stocks may be more than 43.56 million shares, three-quarter fund increase in the ring-Xu electronic strength may reflect more than the data.

In addition, since September, the market financing of the ring Asahi electronic attention has also been increasing, the ring-Asahi in the IPO since the margin trading records in the September 27 to date of one months. As of October 25, Huan Asahi Electronic financing balance reached 42.23 million yuan.

The question investors are facing is whether or not to intervene in the timing of the ring-Asahi electronics?

From the ring-Asahi Electronic two-level market price matching situation, the three-quarter fund in the ring Asahi electronic average cost may be less than 20 yuan, and four quarters since the electronic minimum price of 19.80 yuan, the highest price of 23.18 yuan, within the range of turbulence adjustment, the stock price has fallen 6.09%.

Although the recent market is constantly adjusting, but the ring Asahi electronic share prices can not fall below the previous adjustment platform, the future performance is still guaranteed. But unless there is a new information stimulus, it is also difficult to break the price of 25 yuan. "Xuntian that, combined with the four quarter of the entire market to look at the fund, at present does not recommend the intervention ring Asahi Electronics, investors can stay at a lower price." Photographer/Wu

Risk Tip: The consumer electronics industry has a low prosperity; Apple product sales are lower than expected.