In 2022, it has become the norm for new stocks to break the issuance. Among the 95 new stocks listed within the year, 25 fell below the issue price on the first day, and accounted for 26% of .
Science and Technology Innovation Board new stock Puyuan Jingdian -U (688337.SH) which landed on Friday last Friday, fell 34.66% on the first day of its listing. So far, Puyuan Jingdian has dropped by more than 37%. Previously, the author had issued new shares in "A shares | 9 new shares will be subscribed next week. This company that was rarely entered by Hillhouse and China Merchants Bank! In the article 》, it explains its views on it, believing that the company's valuation has a certain overvalued value, and the stock price may face the risk of breaking the issue price on the day of listing.
Immediately afterwards, Guanlong Energy Saving (301151.SZ) , which was listed yesterday, broke the issue price at at the opening and finally closed at 28.31 yuan per share, a drop of 8.14%. A loss of about 1,255 yuan was lost.
Today, the "breaking wave" of new stocks is becoming increasingly fierce. The three new stocks listed: , GEM, , Rede Intelligence (301135.SZ), Weijiechuangxin (688153.SH), and Haichuang Pharmaceutical (688302.SH) opened. After the closing, except for Rede Intelligent, Haichuang Pharmaceutical fell nearly 30%, and Weijiechuang Xin fell 36.04%, setting the highest decline in new stocks listed this year. It is also a new record since the opening of the Science and Technology Innovation Board. The winners lost more than 12,000 in one lottery. The author also reminded the relevant risks in "A-share new stock issuance | 1.8 billion yuan a year but suffered a deep loss. The "Godmother of the Copycat Machine" ushered in its first IPO". undoubtedly has high pricing and high valuation and average texture, which laid the foreshadowing for new stocks to break the issue price .
. What is amazing is that the speed of issuance of new shares remains unabated. A total of 6 new shares have started subscription today, setting the highest number of subscriptions in a single day in the past. Among the six new stocks, semiconductor company Naxin Micro (688052.SH) is particularly eye-catching. The company's issue price is 230 yuan per share, making it the most expensive new stock this year, with a corresponding price-to-earnings ratio of 107.48 times.
After all, can Naxin Micro break the curse of breaking the issue of new stocks after listing?
1
Huawei and Huichuan Technology invested in
Nanxinwei was established in 2013 and was jointly funded by Wang Shengyang and Shengyun. In 2016, the company was listed on , the national small and medium-sized enterprise share transfer system, and terminated its listing on September 19, 2018.
After a series of capital increase and equity transfer activities, the company has successively introduced multiple external institutions, including Internet of Things Phase II Fund, Shenzhen Venture Capital , Huichuan Technology, Xiaomi Yangtze River, Huawei, Juyuan Juxin, Yuanhe Puhua and others. On the eve of
IPO, Wang Shengyang, Shengyun and Wang Yifeng signed the "Consensual Action Person Agreement", controlling the voting rights of 46.35% of the company's shares through direct or indirect holdings, and being the company's controlling shareholder and actual controller. In addition to the employee shareholding platform and controlling shareholders, other shareholders holding more than 5% of the company's shares include Guorun Ruiqi, Huiyue Growth, Suzhou Huaye and Changsha Huaye.
Although there are many celebrities and shareholders behind it, this is not uncommon in the semiconductor industry. What is important is whether it has real technical strength behind it.
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market share needs to be improved
Nanxin Micro is an integrated circuit design company that focuses on the research and development and sales of high-performance and high-reliability analog integrated circuit . The products cover analog and mixed signal chips in the technical field. Currently, it can provide more than 800 product models, with shipments of more than 670 million in 2020.
In recent years, benefiting from the trend of domestic chip production and rapid growth in downstream demand, the revenue scale of Naxin Micro has increased significantly, from 40.2233 million yuan in 2018 to 862 million yuan in 2021, with an average annual compound growth rate of 177.77%; the corresponding overall trend of net profit attributable to shareholders is improving, from 2.3085 million yuan to 221 million yuan, with an average annual compound growth rate of 357.19%. Among them, the share payment fee was confirmed in 2019, resulting in a certain loss that year.
is similar to most IC design companies. When new products are first launched, the price is generally relatively high, and the corresponding gross profit margin is also high. With the increase in large-scale shipments, and in order to further seize market share, the unit price of its products will gradually decrease, and the gross profit margin will also decrease.
From 2018 to the first half of 2021, the gross profit margin of Nanxin Micro's main business first rose and then fell , which was 56.69%, 58.31%, 54.30%, and 54.20%, respectively. Its comprehensive gross profit margin also fluctuated accordingly, and the gap with the gross profit margin of the main business was small.
Specifically, before 2019, signal perception chips contributed the absolute majority of Naxin Micro's revenue, accounting for more than 90%, mainly because various signal conditioning ASIC chips maintain rapid growth in corresponding downstream application fields, and , especially in consumer electronics fields such as TWS headphones.
Starting in 2019, coincided with the promotion of 5G technology, the company's isolation and interface chips can be widely used in the power modules of communication base stations and their supporting facilities. Before that, the isolation and interface chip field was mainly dominated by European and American manufacturers such as ADI, TI, Silicon Labs, and other European and American manufacturers. No domestic supplier can provide products with the same performance and meet the needs of domestic first-line manufacturers and achieve mass supply. Thanks to this, the product of has the largest growth rate in the information and communications industry. The revenue share jumped to 35.14%. In the first half of 2021, it surpassed the revenue scale of signal perception chips and became the largest business, accounting for 48.51%. It is obvious that its gross profit margin also reached its highest in 2019, at 67.81%.
In 2020, Naxin Micro successfully developed and launched a sampling chip product that can be used in the field of new energy vehicles, and was shipped in batches after the third quarter of 2020. has entered the new energy vehicle supply system of domestic mainstream terminal manufacturers such as BYD , Wuling Auto , Great Wall Motor , FAW Group , CATL , CATL and other domestic mainstream terminal manufacturers. Its shipments increased from 205,600 units in 2020 to 20.3564 million units in the first half of 2021, and its revenue share increased to 22.73%.
It has to be said that every step of Naxinwei is relatively in line with the pace of the development of the times, from the consumer electronics field, to the information and communications, industrial control, automotive electronics and other fields, it continues to launch new products to achieve revenue growth. But despite this, Naxinwei still faces considerable challenges. At present, except for some signal sensing chips, the market share of other products of is still relatively low. In 2020, Naxinwei's pressure sensor and acceleration sensor signal conditioning ASIC chips in China were 32.19% and 23.06% respectively, while the market share of digital isolation chip products is only 5.12%, and the overall size is not enough to compare with international giants.
3
Cash flow under pressure
Speaking of the chip field, the topic that cannot be avoided is the current "chip shortage trend".
Nanoxin Micro adopts the Fabless model in the IC design industry, and the wafer purchased from the outside accounted for a high proportion, mainly through foundry of wafer manufacturers such as Dongbu HiTek, SMIC , and TSMC. The purchase amount of the top five suppliers has always remained above 80%, which also means that the wafer procurement of company is limited by the wafer manufacturers' production capacity and production schedule.
As we all know, since the second half of 2020, the global wafer foundry industry has shown a tight supply and demand imbalance, resulting in continued rise in wafer prices, from 3,402.10 yuan/piece in 2018 to 3,976.52 yuan/piece in the first half of 2021. From the current perspective, the wafer supply and demand structure of has not yet improved in the short term, and its price is likely to continue to rise , which will squeeze the company's profit margin to a certain extent.
is affected. In order to alleviate the pressure of upstream OEM production capacity, the company will increase the product inventory scale. This will not only increase the inventory of , but also put the company's cash flow under certain pressure.
It can be seen that the book value of Naxinwei's inventory increased from 7.971 million yuan in 2018 to 129 million yuan in the first half of 2021, and its proportion of current assets in the current period increased from 25.66% to 33.55%. At the same time, the net cash flow generated by its operating activities fluctuated greatly, and even turned negative to -40.5616 million yuan in 2020, which was a big gap with the current net profit scale.
So overall, if the upstream wafer production capacity cannot be alleviated, in order to ensure the downstream supply capacity, the company hoards a large amount of inventory, and its cash flow pressure will not decrease. If downstream demand changes at this time, the company's products will face unsalable sales. In the future, not only will the profit level be reduced, but the inventory reserve amount will also increase, which will have an adverse impact on its operating performance.
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Summary
In terms of fundamentals, Naxinwei has performed similarly to the recently listed IC design companies. With the high prosperity of the industry, it has achieved significant performance growth. At the same time, due to the "chip shortage wave", its raw material costs may face the risk of rising, and the impact on its profit level cannot be ignored.
From the perspective of the secondary market, new stock issuance is no longer a scarce resource under the registration system . In addition, the market effect is poor, premium discounts or direct breaks are normal. Unless new stocks have excellent quality, high prosperity in the track, and prefer funds, it is difficult to perform well. Given the recent poor performance of chip listed companies and the company's pricing and valuation are at a high level, it is highly likely that it will not escape the fate of breaking the issue.
