Chengchang Technology(SZ:001270) Xin Lang Cai Jing·2026-01-21 02:37Core Viewpoint - *ST Chengchang's stock hit the daily limit down, reflecting significant concerns regarding its operational stability and market confidence due to various risks including potential delisting and project delays [2] Group 1: Company Fundamentals - The company is under delisting risk as a *ST (Special Treatment) entity, raising doubts about its ongoing operational capability [2] - The new generation chip project has been delayed twice until 2026, indicating high R&D challenges and negatively impacting market confidence in the company's future [2] - The operating cash flow for the first three quarters was -106 million yuan, with accounts receivable increasing by 53.45%, highlighting cash flow pressures [2] Group 2: Market Environment and Valuation - The company operates in the phased array T/R chip sector, which has a first-mover advantage in the low-orbit satellite field, but faces a complex and volatile market environment [2] - The company's price-to-earnings ratio is 278 times (industry average 54 times) and price-to-book ratio is 17 times (industry average 5.5 times), indicating significant valuation pressure [2] - Recent performance in related concept sectors has been poor, with multiple stocks experiencing declines, which could further negatively impact *ST Chengchang's stock price [2] Group 3: Short-term Trends and Investor Behavior - The stock reached a historical high on January 16, 2026, before hitting the daily limit down, suggesting that the previous price surge may have led to profit-taking by investors [2] - The lack of fundamental support for the recent price increase may have triggered sell-offs from technical investors [2]