Reporter | Zhang Qiaoyu
Recently, Shenzhen Zhongke Feichuang Technology Co., Ltd. (hereinafter referred to as Zhongke Feichuang) submitted an application for listing of Science and Technology Innovation Board to Shanghai Stock Exchange , and Guotai Junan is the sponsor.
Zhongke Feitest is a high-end semiconductor quality control equipment company, engaged in the research, development, production and sales of two major categories of integrated circuit special equipment. The company's quality control equipment mainly includes two categories: testing equipment and measurement equipment.
The actual controller of the company once worked for the leading company, Kelei Semiconductor, and was favored by Huawei Capital. In addition, Interface News reporters noticed that as of the date of disclosure of the prospectus, Zhongke Feice has not made any profit after deducting non-recurring gains and losses. cash flow is tight, and the actual controller has provided related guarantees to the company many times.
The actual controller's resume is bright and . , a subsidiary of Huawei , Hubble Investment and stake in
In December 2014, Suzhou Yilumen, Lingnan Shengye and Institute of Microelectronics of the Chinese Academy of Sciences jointly invested in the establishment of Feitest Co., Ltd. (the predecessor of Zhongke Feitest). Among them, the Institute of Microelectronics, Chinese Academy of Sciences (state-owned shareholder) used four patent agreements for 4.8 million yuan, with a total registered capital of 30 million yuan. In December 2020, Feice Co., Ltd. changed its establishment of a joint-stock company.
As of the date of signing the IPO , Suzhou Yilumen directly held 15.75% of Zhongke Feice, indirectly controlled 7.86% of Zhongke Feice's shares through Xiaonaguang, and controlled 23.61% of Zhongke Feice's shares, and was the controlling shareholder of the company.
CHEN LU (Chen Lu), Ha Chengshu and his wife hold a total of 100% of Suzhou Yilumen; Suzhou Yilumen is also the executive partner of Xiao Naguang, and CHEN LU (Chen Lu), Ha Chengshu and his wife enjoy control over Xiao Naguang through Suzhou Yilumen; in addition, Ha Chengshu directly holds 6.93% of the company's shares. Therefore, CHEN LU (Chen Lu) and Ha Chengshu and his wife controlled a total of 30.54% of the company's shares and were the actual controllers of Zhongke Feitest.
Interface News reporter noticed that the two actual controllers are quite famous. According to the prospectus, CHEN LU (Chen Lu) graduated from the Junior Class of the University of Science and Technology of China and obtained a bachelor's degree in physics; and also obtained a doctorate degree in physics from Brown University in the United States.
From November 2005 to February 2010, CHEN LU (Chen Lu) served as a senior scientist of Kelei Semiconductor and a researcher and doctoral supervisor of the Institute of Microelectronics, Chinese Academy of Sciences. According to VLSI Research statistics, among the top ten semiconductor equipment companies in the world in 2020, Kelei Semiconductor ranked fifth with a market share of 5.9%.
Ha Chengshu graduated from Yale University's major in international and development economics, obtained a master's degree, and then obtained a doctorate degree in vocational law from the University of Washington in the United States. From October 2007 to February 2011, Ha Chengshu served as a senior tax analyst at Deloitte Accounting Firm (USA), and later served as a manager of Jinshajiang Venture Capital (California) Management Co., Ltd. and Finance Director of Tiancheng International Group Holdings Co., Ltd.
It is worth noting that the shareholders behind Zhongke Feicha are full of stars. According to the prospectus, in September 2020, Huawei's affiliated company Shenzhen Hubble Technology Investment Partnership (Limited Partnership) (hereinafter referred to as Hubble Investment) invested and subscribed the company's new registered capital of 3.279 million yuan, and the capital increase price was 15.25 yuan/registered capital. As of the time of issuance, Hubble Investment held a 3.3% stake.
In December 2019 and September 2020, Shenzhen Venture Capital (CS) invested shares at 13.12 yuan/registered capital and 21.03 yuan/registered capital respectively through the two capital increase of Zhongke Feitest. As of the time of issuance, Shenzhen Venture Capital (CS) held a shareholding ratio of 4.08%, the Chinese Academy of Sciences Microelectronics held a shareholding ratio of 4.84%, and state-owned shareholders held a total of 8.92%.
has not made any profit after deducting non-operating items. has stored large-scale shares paid
Zhongke Fei Test products mainly include graphic wafer defect detection equipment series, graphic wafer defect detection equipment series, three-dimensional morphology measurement equipment series and film thickness measurement equipment series and other products. They have been used in domestic integrated circuit manufacturing production lines with 28nm and above processes.
From 2018 to the first half of 2021 (reporting period), Zhongke Aviation Test's main business revenue was RMB 28.9905 million, RMB 55.6531 million, RMB 237 million and RMB 55.9927 million, respectively, and the proportion of detection equipment revenue gradually expanded from 43.59% in 2018 to 65.66% in 2020.
Zhongke Feitest stated that the company's products have been widely used in the domestic mainstream integrated circuit manufacturing production lines such as SMIC , Yangtze River Storage , Shilan Jike, Changdian Technology , Huatian Technology , Tongfu Microelectronic and other mainstream domestic integrated circuit manufacturing production lines. However, at present, the global semiconductor detection and measurement equipment market also presents a monopoly pattern of foreign equipment companies. The main detection and measurement equipment companies around the world include Kelei Semiconductor, Applied Materials, Hitachi , etc.
Among them, Kelei Semiconductor is the dominant one. According to statistics from VSLI Research, its total market share in detection and measurement equipment is 50.8%. In addition, the total market share of the top five companies in the world exceeds 82.4%, all from the United States and Japan, with a high concentration of market.
semiconductor quality control equipment is one of the main investment expenses of wafer factories, and the cost-effectiveness of the equipment is an important consideration when purchasing. The improvement in inspection speed and throughput of quality control equipment will effectively reduce the average wafer inspection cost of integrated circuit manufacturers, thereby achieving cost reduction and efficiency improvement. Therefore, detection and measurement equipment with higher detection speed and throughput can help downstream customers better control corporate costs and improve yield.
During the reporting period, Zhongke Feitest's major customers include Huatian Kunshan, Changdian Advanced, SMIC, Shilan Jike and other companies. The total sales amount of the top five customers accounted for 97.43%, 72.72%, 51.21% and 77.92% of the total sales in the current period, respectively, and customers were highly concentrated.
Even with the contrast of well-known customers, Zhongke Feifei Test's net profit attributable to shareholders after deducting non-operating items during the reporting period was -58.0433 million yuan, -72.387 million yuan, -1.3258 million yuan and -32.8027 million yuan, respectively, and has not yet made a profit.
Interface News reporter noticed that during the reporting period, Zhongke Feice Co., Ltd.'s payment expenses were RMB 20.1249 million, RMB 49.5401 million, RMB 2.6627 million and RMB 1.2727 million, respectively, and a total of RMB 73.6004 million in shares were paid. Especially in 2018 and 2019, the share payment expenses under the company's management expenses reached RMB 19.2786 million and RMB 48.4758 million, respectively.
This also directly leads to the serious deviation from the industry average in Zhongke Feichao's management expense ratio. Comparable companies in the same industry, the average management expense rates of , China Micro Company, (688012.SH), Xinyuan Micro (688037.SH), Shengmei Shanghai (688082.SH), Huahai Qingke and Huafeng Measurement and Control (688200.SH) were 18.40%, 21.93%, 9.75% and 7.96% respectively during the reporting period. During the same period, Zhongke Aviation Test's management expense ratio reached high values of 111.92%, 120.85%, 10.68% and 25.41% respectively. Especially from 2018 to 2019, Zhongke Aviation Test's management expense ratio seriously deviated from the industry. After
excluding the share payment, the management expense ratio of Zhongke Air Testing during the reporting period was still as high as 47.34%, 34.26%, 10.68% and 25.41%. Regarding the high management expense ratio, Zhongke Feitest stated that the company's business scale was small at the beginning of the reporting period, but its management expenses were relatively fixed. In addition, the increase in the management expense ratio in the first half of 2021 was due to the small revenue scale in the current period.
In addition, R&D expenditure is also the main part of Zhongke Air Test cost item. As of the first half of 2021, Zhongke Aviation Test had a total of 150 R&D personnel, accounting for 38.86% of the total number of employees.
During the reporting period, Zhongke Feichuang's R&D expenses were RMB 35.0556 million, RMB 55.988 million, RMB 46.1716 million and RMB 33.6919 million, respectively, accounting for 117.44%, 100.01%, 19.43% and 59.53% of the current revenue, respectively. It is worth noting that in 2018, the R&D of Zhongke Air Test exceeded the total operating income.
working capital is tight, and actual controller provides loans many times guarantee
During the reporting period, the net operating cash flow of Zhongke Feice was -58.0294 million yuan, -28.4882 million yuan, -86.1278 million yuan and -40.3474 million yuan, respectively, and the working capital is tight. It is also worth noting that Zhongke Feicha does not provide guarantees as an affiliated party, but there are related guarantees as the guarantor during the reporting period.
On March 19, 2018 and May 23, 2019, CHEN LU (Chen Lu) and Ha Chengshu signed the "Small and Medium Enterprises Business Guarantee Contract" and the "Small and Medium Enterprises Business Maximum Business Guarantee Contract" with the Shenzhen Buji Branch of Bank of China, respectively, providing joint and several liability guarantees for the "Liquidity Loan Contract" and the "Small and Medium Enterprises Business Credit Route Agreement" signed by Zhongke Feice and the Shenzhen Buji Branch of Bank of China.
Two guarantees involve loan contract loan principal of 3 million yuan and credit limit of 10 million yuan. The scope of guarantee guarantee is the principal of the main debt and other related interest and expenses, etc. The guarantee period is two years from the date of expiration of the repayment period of the main debt.
On June 22, 2021, the two signed an Irrevocable Guarantee Letter with China Merchants Bank Shenzhen Branch , which bears the joint and several guarantee liability of for the "Loan Contract" signed by Zhongke Feice and Bank . The loan principal of the loan contract is 5 million yuan, and the guarantee scope is the entire debt of the company under the "Loan Contract". The guarantee period is an additional three years from the date of the effective date of the guarantee letter to the date of maturity of the loan or other debt or the date of advance payment. The company received the loan in July 2021.
Before this, on January 14, 2019, Zhongke Feice and Ha Chengshu signed the "Yun Kuai Loan Borrowing Contract" with the Shenzhen Branch of China Construction Bank, and Ha Chengshu bears joint and several liability for the joint debts of Zhongke Feice as the co-borrower.
In February of that year, shareholder Qianhai Bolin signed an agreement with the bank to bear joint and several liability guarantee for the loan contract, and the loan amount signed by the loan contract was RMB 10 million. The scope of the guarantee is RMB 10 million in principal and other related interest and expenses. The guarantee period is from the date of the contract's effectiveness to two years after the expiration of the debt performance period.
