On December 12, Yuanjie Technology (SH: 688498) launched the subscription, with an issue price of 100.66 yuan per share, and will be listed on Shanghai Stock Exchange Science and Technology Innovation Board. For this listing, Yuanjie Technology issued 15 million shares, with an estimated total fundraising of approximately RMB 1.51 billion, and the net fundraising after deducting issuance expenses is approximately RMB 1.379 billion.
According to the prospectus, Yuanjie Technology focuses on the optical chip industry, and its main business is the research, development, design, production and sales of optical chip . The main products include 2.5G, 10G, 25G and higher rate laser chip series products, etc., and are currently mainly used in optical fiber access, 4G/5G mobile communication networks and data centers.
According to Tianyan Check information, Yuanjie Technology's former name is Shaanxi Yuanjie Semiconductor Technology Co., Ltd., was established in 2013 and is located in Xianyang City, Shaanxi Province. At present, the company's registered capital is 45 million yuan, and the legal representative of is ZHANG XINGANG, and its shareholders include Guyu Capital, Gazelle Fund , Hubble Investment, Guotou Ventures and Jinshi Investment , etc.
prospectus shows that Yuanjie Technology's revenue in 2019, 2020 and 2021 was RMB 81.3123 million, RMB 233 million and RMB 232 million, respectively, with a compound growth rate of 68.95%; net profits were RMB 13.207 million, RMB 78.8449 million and RMB 95.2878 million, respectively, and net profits after deducting non-operating items were RMB 9.0164 million, RMB 102 million and RMB 87.2008 million, respectively.
In the first half of 2022, Yuanjie Technology's revenue was 123 million yuan, an increase of 40.32% over the same period in 2021; net profit was 49.0494 million yuan, and increased by 51.01% year-on-year; net profit after deducting non-operating items was 43.4756 million yuan, an increase of 52.40% year-on-year, mainly due to the growth in sales revenue of related products.
During the reporting period (2019 to the first half of 2022), Yuanjie Technology's main business gross profit margins were 44.93%, 68.15%, 65.16% and 63.80% respectively. According to reports, the company's products are currently mainly used in fiber optic access, 4G/5G mobile communication networks and data centers, and are characterized by continuous iteration and upgrading of products.
During the reporting period, Yuanjie Technology's R&D investment amounts were RMB 11.6192 million, RMB 15.7047 million, RMB 18.4939 million and RMB 11.2831 million, respectively, accounting for 14.29%, 6.73% 7.97% and 9.19% of operating income, respectively, which is lower than the average level of comparable companies in the same industry.
In this regard, Yuanjie Technology explained in its prospectus that on the one hand, the company's revenue has grown a lot in the past two years, and the compound growth rate of operating income during the reporting period was 68.95%, making the growth rate of R&D investment lower than the revenue growth rate; on the other hand, it has a large difference between the R&D expense composition, business scope, product structure, etc. from comparable companies in the same industry.
Yuanjie Technology stated in its prospectus that the company focuses on the optical chip industry, and its main business is the research and development, design, production and sales of optical chips. International leading companies including Sumitomo Electric, Mitsubishi Electric , MACOM, Lumentum, etc. have a wide range of business, and the company's comprehensive strength is far behind it.
According to the prospectus, Yuanjie Technology's revenue from January to September 2022 (first three quarters) was 193 million yuan, an increase of 25.76% from 154 million yuan in the same period of 2021; net profit was 73.9239 million yuan, an increase of 22.98% from 60.1094 million yuan in the same period of 2021; net profit after deducting non-operating items was 66.3205 million yuan, an increase of 20.91% from 54.8511 million yuan in the same period of 2021.
In the third quarter of 2022 (July-September), Yuanjie Technology achieved operating income of 70.6414 million yuan, a year-on-year increase of 6.53%; net profit attributable to parent company shareholders was 24.8746 million yuan, a year-on-year decrease of 9.97%; net profit attributable to parent company shareholders after deducting non-recurring gains and losses was 22.8449 million yuan, a year-on-year decrease of 13.22%.
In addition, Yuanjie Technology expects that the company can achieve operating income of 280 million yuan to 330 million yuan in 2022, a year-on-year increase of 20.63% to 42.18%; it is expected that net profit attributable to shareholders will be RMB 100 million to RMB 120 million, and will change by 4.95% to 25.93% compared with ; its net profit after deducting non-operating items will be RMB 90 million to RMB 110 million, a year-on-year change of 3.21% to 26.15%.
Before this listing, Yuanjie Technology's controlling shareholder and actual controller was ZHANG XINGANG, the company's chairman and general manager, who directly held 16.77% of the company's equity. At the same time, ZHANG XINGANG is the general partner of Xinxin Juyuan, an employee holding shares in platform, and indirectly controls 2.00% of the company's equity through Xinxin Juyuan.
Among them, Zhang Xinying is the sister of ZHANG XINGANG and serves as the company's director, directly holding 4.67% of the equity of Yuanjie Technology; Qin Weixing is the director of Yuanjie Technology, directly holding 7.11% of the equity of the company; Qin Yansheng is the brother of Qin Weixing and directly holding 7.31% of the equity of the company.
According to the prospectus, Zhang Xinying, Qin Weixing and Qin Yansheng have signed a "Consensual Action Agreement" with ZHANG XINGANG, stipulating that "Party B (Zhang Xinying), Party C (Qin Weixing) and Party D (Qin Yansheng) confirm that they are consistent with Party A in decision-making and actions on all major matters of the target company. Therefore, ZHANG XINGANG controls a total of 37.86% of the company's equity.
In addition, Guyu Capital holds 6.7079% of the shares through Ningbo Chuangzeyun, Hanjing Xicheng holds 6.6292% of the shares, Gazelle Jinshi holds 5.3867% of the shares, Huawei Investment holds 4.3600% of the shares through Hubble Investment, Pioneer Optoelectronics holds 3.7575% of the shares, Guotou Venture Capital holds 3.5012% of the shares, Qingdao Jinshi holds 3.4133% of the shares, Ruiheng Chuangying holds 3.0847% of the shares, and Guotou Fund holds 2.92% of the shares.
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