Author |Deepwater Finance & Economics **
Why have U.S. stocks been bullish for a long time, while A-shares have "topped the world"? "Heavy financing, light investment" is the main culprit.
Listed companies are the cornerstone of the capital market, and improving the quality of companies is the only way to enhance the vitality and resilience of the capital market. On February 1, the Shenzhen Stock Exchange launched the special action of "Double Improvement of Quality and Return".
On the evening of February 4, Yangjie Technology (300373) issued an announcement on the progress of the repurchase and the action plan of "double improvement of quality and return", responding to the call of the regulator with practical actions, and dividends and repurchase are the top priorities.
According to the announcement of Yangjie Technology, the company's articles of association have clarified the profit distribution policy, and the annual cash dividend shall not be less than 20% of the distributable profit realized in the current year. Statistics show that since the company was listed 10 years ago, the number of cash dividends has been 10 times, and the cumulative dividends are about 7900 million yuan.
Shenshui Finance and Economics observed that Yangjie Technology attaches great importance to the use of buybacks and other methods to stabilize the market and improve confidence. In recent years, the company has launched two share repurchases, and there is still a phase in the implementation, and the repurchase amount has far exceeded the lower limit, but there is still a large distance from the upper limit.
Specifically, on January 23, 2019, Yangjie Technology planned to repurchase 50 million yuan of shares of 100 million yuan for the first time, and the implementation was completed on August 30 of the same year, with a total of 3.64 million shares, accounting for 0% of the total share capital771%, with a total transaction amount of 54.92 million yuan; On August 1, 2023, the company once again launched a repurchase of 50 million yuan and 100 million yuan, and as of January 31 this year, a total of 201 yuan has been repurchased380,000 shares, accounting for 03709%, with a total transaction amount of 71.65 million yuan.
The premise of dividends is the company's profitability, and if there is no profit, then dividends are empty words.
Yangjie Technology said in the announcement that in the future, it will coordinate the dynamic balance of performance growth and shareholder returns, implement and create a "long-term, stable and sustainable" shareholder value return mechanism, and let shareholders truly feel the company's development results while taking into account the company's long-term development.
From a silicon wafer to a chip, and then to the R&D and production of semiconductor devices, 2024 is the 10th anniversary of Yangjie Technology's landing on the GEM.
Technological innovation is the source of maintaining a competitive advantage. The company gradually increases R&D investment every year, and from 2020 to 2022, R&D investment is 13.1 billion yuan, 24.2 billion and 29.3 billion yuan, the annual R&D investment accounts for more than 5% of revenue, and some new product areas even account for 10%-20%.
Yangjie Technology has been shortlisted in the top three of the "Top 10 Semiconductor Power Device Enterprises in China" for several consecutive years, and has ranked among the top 20 in the list of many Chinese semiconductor companies at home and abroad.
In terms of market share, Yangjie Technology's power diode market share ranks first in China and second in the world; The market share of rectifier bridges and photovoltaic bypass diodes ranks first in the world.
In the past three years, some new products, such as IGBT, silicon carbide and other third-generation semiconductors, have entered Huawei, Sunshine, BYD, CATL and other well-known domestic enterprises.
In 2023, Yangjie Technology will officially enter the "center stage" of the global capital market. The company successfully issued Global Depositary Receipts (GDRs) and was listed on the Swiss Stock Exchange, raising 2US$100 million, about 60% for the construction of packaging facilities in Southeast Asian countries, about 10% for the establishment of overseas R&D centers and global sales and after-sales service network, from a well-known domestic semiconductor company to a global well-known company.
Let the world trust China's power semiconductors. Yangjie Technology said in the announcement that in the future, the company will always adhere to innovation-driven, deeply cultivate semiconductors, focus on new fields such as new energy vehicles and photovoltaic energy storage, implement the "5050" strategy, and grasp global development opportunities.
(Exclusively released by Shenshui Finance and Economics, a global market capitalization research institution, **Please indicate the source for citation).