Author: Xinghan
The IPO company that is concerned about in this issue of "New Industry Stocks" is Xinyuan Microelectronics (Shanghai) Co., Ltd., the application place of listing is the Shanghai Stock Exchange Science and Technology Innovation Board, the sponsor is China Merchants Securities, and the joint lead underwriter is Haitong Securities. Xinyuan Shares plans to issue no less than 48.32 million shares this time, accounting for no less than 10% of the share capital after issuance. The largest shareholder VeriSilicon Limited holds a shareholding ratio of 17.91%, and its equity is relatively scattered, and there is no controlling shareholder or actual controller.
Domestic semiconductor IP authorization leader
Xinyuan Co., Ltd. is an enterprise that relies on independent semiconductor IP to provide customers with platform-based, all-round, one-stop chip customization services and semiconductor IP authorization services. The application areas of its main business include consumer electronics, automotive electronics, computers and peripherals, industry, data processing, Internet of Things, etc., and its main customers include IDM, chip design companies, as well as system manufacturers, large Internet companies, etc. core original shares has begun design and research and development of 5nm FinFET chips and design pre-research of the new generation of FD-SOI process node chips. According to IPnest statistics, Xinyuan Co., Ltd. is the number one semiconductor IP authorized service provider in mainland China in 2019 and ranked seventh in the world.
integrated circuit industry chain consists of upstream EDA tools, IP, design services, materials and equipment, midstream integrated circuit design, wafer manufacturing, packaging and testing, and downstream system manufacturers. The integrated circuit design link is to finally form a design layout based on chip specification requirements, through system design, logic design, circuit design and physical design. The upstream EDA tool suppliers and semiconductor IP suppliers in this link provide automation software tools required for chip design and core functional modules required for building SoCs. The sub-industry of 全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全�
large-scale chip design services and semiconductor IP providers are basically concentrated overseas. 全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全全� By region, the world's more well-known design service companies include core shares in mainland China, Creative Electronics, Zhiyuan, Shixin in Taiwan, eSilicon, Synage in the United States, and Toppan in Japan. In the field of semiconductor IP, core shares ranks first in the country in terms of sales revenue. But at the same time, Xinyuan Co., Ltd. still has a certain technological and ecological gap with the world's top IP suppliers in the application fields of high-end computers and smartphones, and its global market share is relatively small. In some industry applications where CPU IP is needed, there are certain competitive disadvantages compared to IP providers with CPU IP.
still loses net profit attributable to shareholders. The gross profit margin of chip customization business is relatively low. In terms of operating, 全官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网新官网� Although the revenue of semiconductor IP licensing business accounts for a relatively low proportion, its turnover has grown rapidly, with an annual compound growth rate of 25.06% during the reporting period.
Chart: Financial Industry Listed Company Research Institute Data source: Xinyuan Shares Prospectus
As shown in the above figure, the operating income of Xinyuan Shares declined in 2018, a year-on-year decrease of 2.08%. The main reason is the decline in chip mass production business revenue. The chip mass production business was affected by the end customer business and sales. In 2017, the product shipment of some customers was basically completed, while its new products were still in the chip design stage in 2018 and did not enter the mass production and shipment stage. Therefore, the revenue of the chip mass production business that year was relatively low. In terms of net profit, Xinyuan Co., Ltd. continued to suffer losses during the reporting period, and the loss range narrowed. The prospectus shows that the losses are mainly due to continuous R&D investment and the scale effect not yet fully demonstrated.
Xinyuan Co., Ltd. 's one-stop chip customization business and semiconductor IP authorization business do not have companies in the same industry with the same or similar businesses in the A-share market. Among them, comparable companies in semiconductor IP licensing business include ARM and CEVA, and comparable companies in chip customization business include Zhiyuan, Creative Electronics, and Shixin.Overall, the gross profit margin of the IP authorization business of core shares is basically the same as that of comparable companies, while the gross profit margin of the chip customization business is significantly lower than the average of comparable companies. The main reason is that the chip customization business of core shares is not mature, and the scale advantages such as reusability have not been fully reflected.
technicians have abundant reserves and raised 790 million yuan to invest in the research and development of five smart fields. At the end of each period of the reporting period, the number of R&D personnel of core original shares was 542, 623, and 789, accounting for 82.12%, 83.74% and 84.29% of the total number of employees, respectively. In addition, more than 65% of the total number of employees at the end of the latest period have a master's degree or above, and the technical R&D personnel are relatively rich. In addition, during the reporting period, the R&D investment of core shares has increased year by year, and the fluctuation in the proportion of R&D is mainly affected by revenue changes. The specific situation is as follows:
Chart: Research Institute of Financial Industry Listed Companies Data source: core shares Prospectus
core shares This public offering is planned to raise a total of 790 million yuan, mainly investing in the construction of 5 projects, namely the IP application solution of smart wearable devices and the development and industrialization project of system-level chip customization platform, the development and industrialization project of smart automobile IP application solution and system-level chip customization platform, the development and industrialization project of smart home and smart city IP application solution and chip customization platform, the development and industrialization project of smart cloud platform system-level chip customization platform, and the R&D center upgrade project, the allocation of investment funds is relatively even.
This fundraising project focuses on the field of technological innovation. 全官网新方注新方注新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新新� But in contrast, Xinyuan Shares has not yet achieved profitability, and the amount of investment raised this time is relatively large. If the project returns are less than expected, there may be a potential risk of intensifying losses.
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