Sino Wealth(SZ:300327) Chang Jiang Shang Bao·2025-06-09 23:36Group 1 - The core point of the news is that Zhongying Electronics (300327.SZ), a leading company in the domestic MCU market, is facing a potential change in control as its major shareholder, Weilang International Group, is planning to change the company's control rights [1] - Weilang International currently holds 18.49% of Zhongying Electronics' shares, while the actual controller, Fu Qiming, indirectly holds 14.42% [1] - Zhongying Electronics specializes in the design and sales of integrated circuit products, adopting a fabless business model, and was listed on the A-share market in June 2012 [1] Group 2 - Since its listing, Zhongying Electronics has actively expanded its product offerings, which include industrial MCUs, battery management chips, AMOLED display driver chips, and automotive MCUs [2] - The revenue from industrial MCUs has accounted for nearly 60% of the company's total revenue, while battery management chips contribute around 30% [3] - From 2013 to 2021, Zhongying Electronics experienced continuous growth in both revenue and net profit attributable to shareholders, but since 2022, revenue has stagnated, and net profit has declined for three consecutive years [3] Group 3 - In the first quarter of this year, Zhongying Electronics reported revenue of 319 million yuan, a slight increase of 0.05% year-on-year, while net profit attributable to shareholders was 15.56 million yuan, a decrease of 50.08% year-on-year [3] - Despite the decline in performance, the company's financial condition remains strong, with a debt-to-asset ratio of 19.94% and cash and financial assets totaling 438 million yuan as of the end of the first quarter [3] - The company has distributed a total of 1.107 billion yuan in cash dividends since its listing, with an average dividend payout ratio of 56.19% [4] Group 4 - However, the company's R&D investment has been decreasing in recent years, with 323 million yuan in 2022 and projected investments of 318 million yuan and 300 million yuan for 2023 and 2024, respectively [4] - The R&D investment is still significant, accounting for 22.34% of revenue in 2024 [4] - Fund holdings in Zhongying Electronics have been continuously reduced, with a total of 3.9636 million shares held by funds as of the end of the first quarter, down from 12.7545 million shares by the end of June 2024 [4]