盛美上海近9个月零回购，调整回购价格上限再现“尴尬”一幕

Core Viewpoint - Semiconductor equipment provider Shengmei Shanghai announced an adjustment of its share repurchase price ceiling from 90 CNY/share to 99.02 CNY/share, but this new ceiling became temporarily ineffective on the announcement day as the stock closed at 101.85 CNY, highlighting a recurring issue for the company in keeping pace with market conditions [1][2]. Group 1: Share Repurchase Price Adjustment - The adjustment of the repurchase price ceiling was made due to the company's stock price consistently exceeding the previously set limit of 90 CNY/share, reflecting confidence in the company's future and value recognition [2]. - On April 11, the company's stock price rose by 2.86%, closing at 101.85 CNY, indicating that the newly announced repurchase price ceiling was already ineffective [2]. - The adjustment of the repurchase price ceiling of 99.02 CNY/share was only relevant for three trading days from April 7 to April 9, during which the stock price was below this new limit [2][3]. Group 2: Comparison with Other Companies - Other companies, such as Jincheng Machinery and Yinviting, have also adjusted their repurchase price ceilings, but their adjustments were significantly higher than that of Shengmei Shanghai, which was only 10.02% [3]. - For instance, Yuchip Technology, also in the semiconductor sector, raised its repurchase price ceiling from 30 CNY/share to 53 CNY/share, a substantial increase of 76.67% [3]. Group 3: Repurchase Plan Implementation Issues - Shengmei Shanghai has not initiated any repurchases since the announcement of its plan nearly nine months ago, primarily due to its stock price consistently exceeding the set repurchase price ceiling [4][5]. - The initial repurchase plan was announced on August 6, 2024, with a proposed repurchase amount of 50 million to 100 million CNY, but the stock price on that day was already above the proposed ceiling [4]. - Following a decline in stock price, the company missed opportunities to repurchase shares when prices fell below the ceiling, and the stock price has since risen again, limiting the chances for repurchase [5]. Group 4: Financial Position and Market Perception - Shengmei Shanghai has a strong financial position, with cash reserves of 2.635 billion CNY and a debt-to-asset ratio of 36.80%, indicating a solid ability to execute share repurchases [6]. - Despite consistent profit growth since its listing in 2021, the company has been criticized for its slow repurchase pace and cautious pricing strategy, leading to questions about its market outlook and intentions [6].