Today's subscription of two targets for GEM is as follows:
(1) Guangliwei (sponsor: CICC) 301095
Guangliwei is a leading supplier of integrated circuit EDA software and wafer-level electrical testing equipment. The company focuses on improving chip yield and rapid monitoring technology for electrical testing. It is an important partner of many large integrated circuit manufacturing and design companies at home and abroad. Relying on the three main businesses of software tool authorization, software technology development, testing machines and accessories, the company provides EDA software, circuit IP, WAT testing equipment and full-process solutions combined with chip yield improvement technology, so as to improve chip performance, yield and stability in the entire product cycle from design to mass production of integrated circuits.
Logical analysis :
① Look at the valuation: Guangliwei's public offering of shares is 50 million shares, with a total share capital of 200 million shares after issuance. The price of this issuance is 58 yuan per share, corresponding to the total market value of the target company listed on the target company after deducting non-operation in 2021 is 230.39 times. The price-to-earnings ratio of listed companies whose main business is similar to that of the issuer is as follows:
is higher than CSI Index Co., Ltd. The industry's average static price-to-earnings ratio in the past month was 44.94 times, which is lower than the average static price-to-earnings ratio of comparable companies in the same industry in 2021.
Company expects operating income from January to June 2022 to be approximately RMB 77 million to RMB 79 million, with increasing year-on-year to 69.97% to 74.39%; it is expected to achieve net profit attributable to shareholders of the issuer from RMB 00,000 to RMB 1,000,000, a year-on-year increase of 100.00% to 115.57%; it is expected to achieve net profit attributable to shareholders of the issuer from RMB 0,000 to RMB 1,000,000, a year-on-year increase of 1,000.00% to 115.57%; it is expected to achieve net profit attributable to shareholders of the issuer after deducting non-recurring gains and losses deducting to be -8 million to -7 million, a year-on-year increase of 25.87% to 35.14%.
② Fundamentals :
Company has been deeply engaged in the field of improving the yield rate of integrated circuits for many years. It has used the industry-leading full-process platform and technical methods of automatic design of high-efficiency test chips, high-speed electrical testing and intelligent data analysis to provide Foundry and Fabless manufacturers with a series of products and services from EDA software, test chip design services, electrical testing equipment to data analysis, etc., closely linking the needs of the manufacturing end and design end, ensuring the manufacturability of the chip, and effectively accelerating the speed of product launch on the market on the basis of improving chip performance, yield and stability. The company's advanced solutions have been successfully applied to the 180nm~3nm process technology nodes.
Since its establishment, Guangliwei has always adhered to the development concept of continuous technological innovation to continuously create value for customers. Through its independently developed EDA software, test equipment hardware and yield-rate improvement technology, the company has been recognized by major Asian integrated circuit manufacturing companies such as Huahong Group, Samsung Electronics , Guangdong Xin Semiconductor, Hefei Jinghe, Changxin Storage , as well as some well-known integrated circuit design companies, , and has achieved high-quality domestic substitution, breaking the long-term monopoly of the field of integrated circuit yield-rate improvement.
company headquartered in Hangzhou and has established wholly-owned subsidiaries in Changsha and Shanghai. It has a high-quality product development team and a good scientific research environment. Over the years, it has continued to invest in R&D in EDA software, test chip design, electrical parameter testing, data analysis tools, etc., and has won the 3rd "IC Innovation Award" Technology Innovation Award and was rated as a national key software enterprise. At present, the company has 68 authorized domestic and foreign patents, including invention patents 32. In the future, the company will continue to increase its R&D efforts, consolidate its technical advantages in the field of improving yield, and at the same time, it will horizontally expand the categories of manufacturing EDA and wafer-level electrical testing equipment, actively deploy data analysis in the integrated circuit industry, and be determined to become the world's leading supplier of integrated circuit EDA software and wafer-level electrical testing equipment.
③View fundraising:
The amount of funds raised disclosed in the "Prospectus" is 955.5731 million yuan. Calculated based on the issuance price of RMB 58.00 per share and 50 million shares, if the issuance is successful, the total amount of funds raised by the issuer is expected to be RMB 290,000 million. After deducting the issuance fee of approximately RMB 216.1966 million (excluding value-added tax), the net amount of funds raised is RMB 268,380,34 million, which is higher than the amount of funds raised above. The funds raised in this stock issuance are planned to be used for the following project construction :
integrated circuit yield technology upgrade development project is based on the company's existing technology. It plans to make business layout in advance based on the future industry development trends, explore new process technologies while continuously improving the efficiency of EDA tools and methods, develop diversified and full application processes EDA software, and help the company's hardware equipment business accumulate, further improving the company's software and hardware integrated solutions.
integrated circuit high-performance wafer-level test equipment upgrade research and development and industrialization project based on the company's product and technology accumulation in the field of WAT electrical testing equipment, further expanding the production capacity of WAT electrical testing equipment, and at the same time vertically expanding the electrical testing market and developing a high-integration and highly automated RF and MEMS testing software and hardware system architecture. The construction of this project will effectively enhance the company's software and hardware collaboration and independent production capacity of the company's integrated circuit high-performance electrical testing equipment, and the company's test equipment performance and industrialization level will be significantly improved.
integrated circuit EDA industrialization base project is a support capacity building based on the needs of the company's business development. Through the implementation of this project, on the one hand, the company will deepen the data analysis technology of the integrated circuit industry, identify and limit the sources of key indicators such as manufacturing process efficiency, stability, product yield, performance, and reliability, and conveniently connect intelligent design and manufacturing through the big data platform to achieve optimization of the control process; on the other hand, after the completion of this project, it will greatly alleviate the company's increasingly tense office, experiment and other venue needs, improve the company's overall management level and management efficiency, and further support the company's core technology research and development and main business development.
In summary, the company's industry is in a relatively high prosperity. Although the growth space is good, the valuation is too high. When market sentiment deteriorates, there is a certain probability of breaking the issue.
(2) Kuaike Electronics (sponsor: Haitong Securities ) 301278
Company focuses on the electrical protection and connection of solar photovoltaic modules and photovoltaic power stations in the new energy industry, and is mainly engaged in the research, development, production and sales of photovoltaic junction boxes and photovoltaic connector system products.
Logical analysis :
① Look at the valuation: Kuaike Electronics' public offering number of shares is 16 million shares, with a total share capital of 64 million shares after issuance. The price of this issuance is 34.84 yuan per share, corresponding to the total market value of the target company listed is 2.23 billion, and the diluted price-to-earnings ratio of the issuer's net profit attributable to the parent company shareholders after deducting non-operating items in 2021 is 36.07 times. The comparison with the static price-to-earnings ratio and rolling price-to-earnings ratio of comparable companies is as follows:
is lower than the average static price-to-earnings ratio of the industry released by CSI Index Co., Ltd. in the past month; it is lower than the arithmetic average static price-to-earnings ratio of comparable companies selected in the prospectus after deducting non-operating items in the past 20 days.
20221-June performance is as follows:
valuation level has significantly improved.
② Fundamentals:
Company has the large-scale production capacity of photovoltaic junction boxes and connector series products, and has a complete range of product categories, which can meet customers' diverse needs in terms of cost, component performance, applicable scenarios, etc. The company has established stable cooperative relationships with well-known domestic and foreign downstream companies such as Tenhe Solar , Jingao Solar , Ates , Oriental Risheng , AUO Optoelectronics, Tongwei Co., Ltd. , Sunde Electric Power , Zhonglai Co., Ltd. , HANSOL, Youcheng Precision and other well-known domestic and foreign downstream companies. The main customers are well-known photovoltaic module manufacturers in the PV industry, and are in a leading position in the industry.
According to the data released by China Photovoltaic Industry Association , the new installed capacity of the global photovoltaic market in 2021 is 170GW. To be conservative, according to the power of the single board of the module 450W, each component needs to be equipped with a set of junction box and connectors. It can be calculated that the global demand for photovoltaic junction box and photovoltaic connectors in 2021 is 377.7778 million sets/million pairs. The market share of the company and comparable companies' main products in 2021 is as follows:
In the future, with the continuous increase in photovoltaic installation volume, the localization rate of the photovoltaic industry will further increase, the company's brand awareness will continue to increase, and the continuous expansion of products in downstream application fields, the company's market share will steadily increase.
③Look at the fundraising investment:
is calculated based on the issuance price of 34.84 yuan per share and 16 million shares, and the total amount of funds raised is expected to be 557.44 million yuan. After deducting the estimated issuance expenses of approximately 62.3374 million yuan (excluding value-added tax), the estimated net amount of funds raised is approximately 495.1026 million yuan. It plans to invest in:
after the completion of the project will greatly improve the company's production capacity, production efficiency and R&D level.
In summary, the company's industry is in a relatively high prosperity, with a slight advantage in valuation, good growth space, and a low probability of breaking the issue.
Conclusion: Today, stable investors can participate in Kuaike electronic , Guangliwei recommends waiting and watching. We are here along the way on the road of investment, welcome to continue to pay attention.
