On April 2nd, the list of the sixth batch of enterprises accepted by the Shanghai Stock Exchange disclosed by the Shanghai Stock Exchange, including Juchen Semiconductor Co., Ltd. (hereinafter referred to as Juchen Semiconductor) and Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. (hereinafter referred to as Jing Fengming) Source) Two semiconductor companies. On April 3, in the list of the seventh batch of enterprises that have been listed on the Shanghai Stock Exchange, Lexin Information Technology (Shanghai) Co., Ltd. (hereinafter referred to as Lexin Technology) is another enterprise involved in the chip business. The "Daily Economic News" reporter found that up to now, of the 44 companies that have been accepted by Shaoguan Science and Technology, 9 companies are in the chip industry.
All of the above three companies are IC design companies that conduct business through the Fabless model, which is mainly engaged in the design and sales of chips. The production of wafer fabrication, packaging, and testing is completed by wafer manufacturers and package testers. The three companies also selected the “market value + net profit†listing standard, that is, “the estimated market value is not less than RMB 1 billion. The net profit in the last two years is positive and the accumulated net profit is not less than RMB 50 millionâ€.
The reporter also noted that Juchen Semiconductor and Lexin Technology were originally planned to be listed on the Main Board of the Shanghai Stock Exchange, while Jingfeng Mingyuan planned to be listed on the Main Board last year, but the initial issue was not approved.
Juchen Semiconductor transferred from the motherboard to the board
As early as November 23, 2018, Juchen Semiconductor submitted a counseling filing application to the Shanghai Securities Regulatory Bureau. The company originally planned to be on the A-share main board IPO. On March 13, CICC released the progress report on the initial public offering of Juchen Semiconductor on the official website of the Shanghai Securities Regulatory Bureau. Juchen Semiconductor decided to change the board to be listed on the Shanghai Stock Exchange from the main board of the Shanghai Stock Exchange.
Juchen Semiconductor's main business is the R&D, design and sales of integrated circuit products, and provides application solutions and technical support services. At present, the company has three main product lines of EEPROM, smart card chip and voice coil motor driver chip. The products are used in smart phones, LCD panels, Bluetooth modules, communications, computers and peripherals, medical instruments, white goods, automotive electronics, industrial control and many other fields. .
According to CCID Consulting's statistics, in 2018, Juchen Semiconductor ranked the third largest EEPROM product supplier in the world, accounting for 8.17% of the global market share, and its market share ranked first among domestic EEPROM companies. Among them, the company is the world's number one supplier of smartphone camera EEPROM products, accounting for 42.72% of the global market share.
According to the prospectus (declaration), from 2016 to 2018, the company's operating income was 307 million yuan, 344 million yuan and 432 million yuan respectively, and the net profit attributable to owners of the parent company was 34.672 million yuan and 57.43 million yuan respectively. Yuan and 1.03 billion yuan. Among them, EEPROM is the main source of income of Juchen Semiconductor and its proportion has increased year by year. In 2018, it accounted for 89.20% of the company's total revenue, reaching 386 million yuan.
The largest shareholder of Juchen Semiconductor is Jiangxi Heguang Investment Management Co., Ltd., which holds 28.36% of the company's shares. The controlling shareholder of Jiangxi Heguang Investment Management Co., Ltd. is Tianzhu Investment Group, which owns the listed company Tianzhu Environment (300332, SZ). Chen Zuotao is the actual controller of Tianzhu Investment Group. In addition, Chen Zuotao indirectly controls 6.17% and 6.17% of Juchen Semiconductor through Wuhan Yihe and Beijing, and controls 40.70% of the company's shares in total, which is the actual controller of Juchen Semiconductor.
According to the prospectus (the draft), Juchen Semiconductor plans to raise about 727 million yuan for EEPROM-based non-volatile storage technology development and industrialization projects, mixed-signal chip product technology upgrades and industries. Projects, as well as R&D center construction projects.
Jingfeng Mingyuan was listed on the main board last year.
Jingfeng Mingyuan mainly deals in the R&D and sales of power management driver chips, including LED lighting driver chips, motor driver chips and other power management driver chips.
According to its prospectus (declaration), from 2016 to 2018, Jingfeng Mingyuan’s operating income was 567 million yuan, 694 million yuan, and 767 million yuan respectively, and the net profit was 29.99.53 million yuan, 76.115 million yuan, and 83.131 million yuan respectively. yuan. Among them, the general LED lighting driver chip operating income is the main source of the company's revenue, accounting for 83.23%, 78.96% and 75.57% in 2016-2018.
Jingfeng Mingyuan intends to publicly issue no more than 15.4 million shares, raising funds of 710 million yuan, of which 169 million yuan will be used for general LED lighting driver chip development and industrialization projects, and 241 million yuan for smart LED lighting chip development and industry. The project, 300 million yuan for product development and process upgrade funds.
The actual controllers of Jingfeng Mingyuan are Hu Liqiang and Liu Jiechi. Hu Liqiang directly holds 35.85% of the company's shares, and indirectly holds 0.40% of the company's shares through Shanghai Jingzherui (including Ningbo Huronghang) and Suzhou Aoyin. Liu Jiezhen indirectly holds 13.58% of the company's shares through Shanghai Jingzherui. The two held a total of 49.82% of the company's shares, directly and indirectly controlling the company's 64.69% of the voting rights. After the issuance, Hu Liqiang and Liu Jiechi will still control 51.74% of the voting rights.
It is worth noting that Jingfeng Mingyuan applied for listing on the main board of the Shanghai Stock Exchange last year but was denied. At that time, the CSRC's audit committee mainly focused on the fact that Jingfeng Mingyuan's gross profit margin was lower than that of listed companies in the same industry, distribution revenues accounted for a relatively high proportion of the main business, and the ending inventory balance increased gradually.
From the data of the prospectus (declaration draft), the proportion of the company's distribution revenue to the main business income has declined in 2018, but the ending inventory balance and accounts receivable are still rising.
According to the latest data, Jingfeng Mingyuan adopts the sales model of “distribution-oriented and direct sales supplementâ€. From 2016 to 2018, the company's distribution revenue was 452 million yuan, 551 million yuan and 560 million yuan, accounting for the main business. The proportion of income was 79.72%, 79.36% and 73.09% respectively. From the end of 2016 to the end of 2018, the balance of accounts receivable of the company was 82.425 million yuan, 110.8716 million yuan and 13314.46 million yuan, accounting for 14.52%, 15.97% and 17.37% respectively. In terms of inventory balance, from the end of 2016 to the end of 2018, the book value of the company's inventories was 3,869,800 yuan, 8,696,600 yuan and 8,803,330 yuan respectively.
Lexin Technology's comprehensive gross profit margin is slightly higher than that of its peers
On March 20, China Merchants Securities disclosed the progress report on the counseling work of Lexin Technology's initial public offering and listing on the company. Lexin Technology intends to change the application for listing exchange according to the company's development needs and the company's own positioning and operation. The sector is the board of the Shanghai Stock Exchange.
Lexin Technology is mainly engaged in R&D, design and sales of IoT WiFi MCU communication chips and their modules. The main products of Wi-Fi MCU are smart home, intelligent lighting, smart payment terminals, smart wearable devices, sensing devices and industrial control. The core communication chip in the field of Internet of Things, customers include Xiaomi, graffiti intelligence, Cobos, Daikin, Ant Financial.
According to the prospectus (declaration), in 2016-2018, Lexin Technology's operating income was 123 million yuan, 272 million yuan and 475 million yuan respectively, with an average annual compound growth rate of 96.55%, net profit of 449,300 yuan and 29.37 million yuan. Yuan, 93.8286 million yuan. Chips and modules are the core technology products of the company. In 2016-2018, the proportion of core technology products in the company's operating income was 99.77%, 99.71% and 99.52% respectively.
In 2016-2018, the company's comprehensive gross profit margin was 51.45%, 50.81% and 50.66%, respectively, slightly higher than the average gross profit margin of listed companies in the same industry. Different from Jingfeng Mingyuan, Lexin Technology adopts the direct sales-oriented and distribution-assisted sales model. In 2016-2018, the company's direct sales accounted for 57.55%, 67.37% and 79.45% of the operating revenue, respectively. It is also relatively high.
Lexin Technology’s accounts receivable and inventory size are also on the rise. From the end of 2016 to the end of 2018, the net book value of the company's accounts receivable was 16.901 million yuan, 43.633 million yuan and 46.026 million yuan respectively. From the end of 2016 to the end of 2016, the net book value of the company's inventory was 21,694,600 yuan, 51,695,400 yuan and 111 million yuan, accounting for 13.91%, 21.00% and 29.41% of the total assets, respectively.
Lexin Technology intends to publicly issue no more than 20 million shares, raising funds of 1.011 billion yuan for standard protocol wireless interconnect chip technology upgrade project, AI processing chip research and development and industrialization project, R&D center construction project and development and technology reserve fund .
Kechuang board chip color is strong
In addition to the above-mentioned three companies, the chip companies that have applied for the listing of the company's board of directors are Jingchen Semiconductor, Ruichuang Weiner, Hejian Chip, Anji, Zhongwei, and Qiqi Technology. Among the 44 companies that have been accepted, chip companies have occupied 9 seats.
The “Guidelines for the Listing of Shanghai Stock Exchange's Science and Technology Enterprises†pointed out that sponsors should focus on the next generation of information technology, high-end equipment, new materials, new energy, energy and environmental protection, biomedical and biotech. In the other fields of positioning, such as science and technology innovation enterprises in seven fields, chip companies are in the field of new generation information technology.
Economist Song Qinghui believes that high-tech hard technology enterprises are the primary target of the science and technology board, mainly represented by artificial intelligence, aerospace, biotechnology, optoelectronic chips, information technology, new materials, new energy, intelligent manufacturing, etc. High-tech technology. It is not difficult to find that the chip enterprise and the science and technology board have a good fit.
The industry believes that the chip industry is a highly technology-intensive, capital-intensive industry that requires long-term support from capital markets and policies. For example, from 2016 to 2018, China Micro's R&D expenses totaled 1.037 billion yuan, accounting for 32% of operating income.
Shen Wenlan, vice president of business of Juchen Semiconductor, also said that the science and technology board is a "timely rain."
For chip companies, listing will help to alleviate financial pressure to a certain extent, but will still face many business risks. Taking Juchen Semiconductor, Jingfeng Mingyuan and Lexin Technology as examples, since all three companies adopt the Fabless business model, there are also high concentration of suppliers and risk of outsourcing processing.
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