Sino Wealth(SZ:300327) Guan Cha Zhe Wang·2025-08-13 05:57Core Viewpoint - Recent market rumors suggest that Zhongying Electronics may consider merging with Shanghai Microelectronics as a shell resource, but the company has stated it is unaware of the information source and will only consider IC design companies [1][4]. Company Overview - Zhongying Electronics Co., Ltd. was established in July 1994 and listed on the Shenzhen Growth Enterprise Market in 2012. The company specializes in chip design and sales, providing corresponding system solutions and technical support services. Its main products include MCU (Microcontroller Unit), BMIC (Battery Management IC), and AMOLED (Display Driver IC) [2]. Financial Performance - In 2024, the total operating revenue of Zhongying Electronics reached 1.343 billion yuan, representing a 3.32% increase compared to 2023. The integrated circuit product design and sales continued to be the main revenue source, accounting for 99.88% of total revenue with a 3.42% year-on-year growth. However, other business revenues saw a significant decline, decreasing by 41.95% year-on-year [3][4]. - In terms of product categories, revenue from industrial control products grew by 7.87%, while revenue from consumer electronics decreased by 12.75%. Regionally, domestic market revenue increased by 4.81%, while overseas market revenue slightly declined by 0.26%. In sales models, revenue from distribution increased by 4.62%, while direct sales revenue dropped significantly by 56.28% [4]. Quarterly Performance - For Q1 2025, Zhongying Electronics reported an operating revenue of 319 million yuan, a slight year-on-year increase of 0.05%. However, net profit attributable to shareholders decreased by 50.1% to 15.56 million yuan, and net profit after deducting non-recurring gains and losses fell by 47.8% to 15.33 million yuan. Operating cash flow net amount was 37.54 million yuan, showing a year-on-year growth of 29.6% [6]. Market Context - As of the report date, Zhongying Electronics has a market capitalization of 9 billion yuan. Shanghai Microelectronics Equipment (Group) Co., Ltd. focuses on the development, design, manufacturing, sales, and technical services of semiconductor equipment. The company had initially planned to go public independently but withdrew its IPO application in October 2024 due to policy restrictions. Currently, it appears to be divesting some business segments and established Shanghai Chip Micro Equipment in February 2025, aiming for an independent IPO [7].