Original(SH:603991) Zheng Quan Zhi Xing·2025-06-20 14:25Core Viewpoint - The asset evaluation of Shenzhen Zhizheng High Polymer Materials Co., Ltd. indicates a significant increase in valuation compared to 2020, with a market-based valuation of 3.526 billion yuan, reflecting an 18.88% appreciation in value [1][2][10]. Evaluation Methodology - The market approach was selected for valuation, yielding a result of 35.26 billion yuan, while the asset-based approach provided a valuation of 30.85 billion yuan, resulting in a 4.03% appreciation [1][2][6]. - The evaluation process involved selecting comparable companies from a pool of 79, ultimately narrowing it down to three based on business structure and operational models [1][2][3]. - The exclusion of Korean HDS from the comparable companies was due to differences in production distribution and major customer structures [1][2][3]. Market Environment and Company Performance - The global semiconductor market has seen significant growth, with sales reaching 526.8 billion USD in 2023, projected to exceed 620 billion USD in 2024 [10][11]. - AAMI, as a leading supplier in the wire frame industry, has expanded its market presence, ranking fourth globally in 2024, benefiting from domestic substitution and the dual circulation strategy [8][10]. - The company's revenue structure is heavily reliant on high-end applications in automotive, computing, and communication sectors, which are expected to drive future growth [8][10]. Financial Performance - AAMI's main business revenue has shown substantial growth from 194.5 million yuan in 2020 to 255.7 million yuan in 2021, with a net profit increase from 14.8 million yuan to 25.7 million yuan in the same period [12]. - The company has achieved cumulative net profits of approximately 6.29 billion yuan from 2021 to September 2024, indicating a strong operational performance [12][10]. Comparable Company Analysis - The final selection of comparable companies included Changhua Technology, Shunde Industrial, and Kangqiang Electronics, based on their revenue structure and market share [17][18]. - The analysis of customer structure revealed that AAMI's revenue from the Chinese mainland is significant, positioning it favorably against its peers [17][18]. - The product structure analysis confirmed that AAMI's dual production capabilities in stamping and etching align with industry trends towards high precision and miniaturization [17][18].