Today's subscription for Science and Technology Innovation Board is as follows:
(1) Di'aowei (sponsor: CICC Securities ) 688381
is an integrated circuit design company , which focuses on the research, development, design and sales of high-performance analog chips. Since its establishment, the company has always adhered to the coordinated development of the "full product business line" and continuously provided customers with high-efficiency, low-power consumption, and stable quality analog chip products. According to the different functions of the product, the company's products are mainly divided into two series: signal chain analog chip and power management analog chip, which are mainly used in consumer electronics, intelligent LED lighting, communication equipment , industrial control and security, and medical devices. At present, the company has more than 1,200 analog chip product models, of which more than 400 product models generated revenue during the reporting period, and sales in 2021 exceeded 1 billion. Among them, USB2.0/3.1 components, ultra-low power consumption and high-precision operational amplifier components, LED lighting semiconductor components, high-efficiency power management components and many other products are all cutting-edge products in the industry.
Logical analysis :
① Look at the valuation: The number of shares issued by Di'aowei this time is 63.05 million shares, with a total share capital of 252.2 million shares after issuance. The price of this issuance is 41.68 yuan per share, corresponding to the total market value of the target company listed is 10.512 billion yuan, and the diluted price-to-earnings ratio of the issuer after deducting non-operating items in 2021 is 67.1 times. The valuation level of the listed company is as follows:
is higher than the average static price-to-earnings ratio of the issuer in the last month released by CSI Index Co., Ltd. in the industry, which is located in the last month, is lower than the average static price-to-earnings ratio of comparable companies in the same industry.
From January to September 2022, the company expects to achieve operating income of approximately RMB 410 million to RMB 450 million, and increased by approximately 13.62% to 24.71% year-on-year; it is expected to achieve net profit attributable to the parent company owners of approximately RMB 165 million to RMB 175 million, an increase of approximately 46.71% to 55.60% year-on-year; it is expected to achieve net profit attributable to the parent company owners of approximately RMB 150 million to RMB 160 million, an increase of approximately 36.83% to 45.95% year-on-year. The main reason is that the company has continued its fast sales growth trend, further optimized its product structure, and its gross profit margin has grown steadily, and its net profit attributable to its parent company owners has grown rapidly year-on-year. The valuation level has improved significantly.
② Fundamentals :
Company's products mainly include two series of signal chain analog chips and power management analog chips, which are mainly used in consumer electronics, intelligent LED lighting, communication equipment, industrial control and security, and medical devices.
In the field of analog chip design, the company has more than ten years of R&D and design experience, and its core management team comes from Fairchild Semiconductor. After years of deep cultivation, the company has established a relatively complete product research and development system and accumulated rich experience in analog chip design. The company has outstanding technical capabilities in the research and development field of mixed signal and power management chip , and many products have reached the international advanced level. With excellent technical strength, product performance and customer service capabilities, the company has established stable cooperative relationships with senior electronic components distributors in the industry such as WPI Group and Wenye Group. The products have entered the supply chain system of many well-known end customers, such as OPPO, Xiaomi , Shanpu Lighting, Dahua , Hikvision , Tongli, Huaqin and Wingtai.
While focusing on the coordinated development of signal chain analog chips and power management analog chips, the company pays more attention to the development and accumulation of product processes. The company's R&D department has a R&D technical support department. The R&D technical support department can improve product performance and reduce costs at the process, materials and basic physical devices according to the characteristics of different products and customer needs, thereby enhancing the market competitiveness of the products.In the future, the company will continue to adhere to the path of independent research and development, continuously increase R&D investment, improve the company's full product line advantages and technical advantages in the field of analog chips, continuously expand the application fields and customer groups of products, and strive to build a technological innovation platform for a full series of analog chip products, and achieve the strategic goal of "independent, safe and controllable" in the field of analog chips.
③View fundraising:
The amount of funds raised disclosed in the "Prospectus" is RMB 150,000 million. Based on the issuance price of RMB 41.68 per share and the number of new shares issued by 63.05 million shares, it is estimated that the total amount of funds raised by the issuer will be RMB 262,792.4 million. After deducting the issuance fee of approximately RMB 212,322 million (excluding tax), the net amount of funds raised is RMB 241,5602 million, which is higher than the amount of funds raised mentioned above. The specific investment is as follows:
The investment projects raised this time belong to the field of scientific and technological innovation, and the specific arrangements are as follows:
The implementation of this fundraising investment project is based on the company's independent research and development technology, which will help continuously improve and enhance the company's comprehensive business system level of the design, process research and development, R&D, sales and other comprehensive business system. The investment project of this fundraising is mainly the upgrade of the company's existing products or existing products. It has mature production processes and high technical level, and maintains good continuity with the issuer's existing main business and core technologies. After the project is completed, the company's existing production, supply and sales models will not undergo major changes.
In summary, the company's industry is in a good state of prosperity, its valuation is relatively reasonable driven by growth, has a good growth space, and the probability of breaking the issue is relatively low.
Conclusion: The valuation of the target today is relatively high, but the valuation tends to be reasonable under performance-driven performance. Stable investors are advised to wait and see. radical investors can participate in Di'aowei . Xiaoxiaomi participated in the subscription for today. We are here along the way on the road of investment, welcome to continue to pay attention.
