Hengshuo Semiconductor (Hefei) Co., Ltd.
Guoyuan Securities
per share issuance price: 65.11 yuan/share Issuance 20.66 million shares accounted for 25% of the issuance price-earnings ratio 40.70 times
Total funds raised are 1.345 billion yuan, net funds raised are 1.209 billion yuan
The actual controller of the company XIANGDONG LU (Chinese American) and Lu Yinan collectively control the company .52% of the shares of . Calculated based on the 20.66 million shares of this issuance, the total share capital after issuance is 82.6372.79 million shares. After the completion of this issuance, the total share ratio of the actual controller to control the company will be further diluted to 29.64%. Shenzhen Venture Capital , Red Clay Silk Road, Hefei Angel Investment Fund holds shares
New shareholders in the past year
Equity structure chart
The company and Wuhan Xinxin have two-way technical authorization, and wafer foundry service mainly purchases from Wuhan Xinxin: Wuhan Xinxin is mainly engaged in 12-inch wafer foundry service, with the provision of NOR Flash wafer foundry service capabilities from 65nm to 45nm. Currently, Wuhan Xinxin has 2 12-inch wafer factories, with each wafer factory producing a production capacity of up to 30,000 pieces +/month. Wuhan Xinxin's technical process and production capacity scale can meet the company's product wafer foundry needs.
At present, the company's wafer foundry services are mainly purchased from Wuhan Xinxin. At the same time, the company and Wuhan Xinxin have two-way technical authorization cooperation in the fields of NOR Flash products and MCU products. In terms of NOR Flash products, the company authorized 19 NOR Flash products to Wuhan Xinxin and sold them under their own brand through a shared intellectual property license. In terms of MCU products, Wuhan Xinxin licensed the MCU products it owned (CX32L003 and F103) technology to the company for 10 years under an exclusive license. Currently, the company's MCU product on sale is CX32L003. This product mainly uses Wuhan Xinxin licensed technology. 21 of its 24 peripherals are from Wuhan Xinxin licensed. The company has improved and upgraded the three peripheral technology modules and layouts and wiring, including HIRC, RTC, ADC, etc.
The company's product line is single, mainly NOR Flash. The market size is relatively small, and there is a gap with the industry's leading layout
During the reporting period, the company's revenue mainly comes from NOR Flash products. The revenue of NOR Flash products accounted for 100.00%, 97.13% and 86.56% respectively, and the company's product line is single. The company's mass-produced and sold NOR Flash are small and medium-sized capacity products with 128Mb or below, and are mainly used in the consumer electronics field .
Since the fourth quarter of 2021, the operating income growth of NOR Flash leading companies such as Huabang and Wanghong has slowed down or even declined, and issuers have also paid attention to the relatively weak demand for customer demand in the terminal market. The gross profit margins of the main business were 13.29%, 24.84% and 40.61% respectively. The company's NOR Flash chip has developed from the current mainstream 65nm process technology to 50nm and 4xnm, and the MCU chip has developed from the current M0+ core to higher performance based on M3 and M4.
company adopts the Fabless business model, and its suppliers include wafer foundries, wafer test plants, chip packaging and testing plants, etc. The total procurement amount from the top five suppliers accounted for 99.37%, 97.05% and 94.55% respectively, accounting for a relatively high proportion. The wafer foundry mainly purchased from Wuhan Xinxin. During the reporting period, the purchase amount from Wuhan Xinxin accounted for 77.03%, 65.72% and 65.68% respectively, and the procurement was relatively concentrated.
main financial data indicators
funding purpose
NOR Flash field: Huabang, Wanghong, Miu Innovation , Cypress , Microtron , Microtron and other
MCU fields: Renesas, NXP, Infineon , Step , Microchip Technology and other
2019 The company developed the AI inference chip (Hengxin No. 1) based on the principle of storage and computing, successfully completed the system demonstration, verifying the feasibility of this technology; CiNOR V2 The chip (Hengxin No. 2) is under development. As of the date of signing this prospectus, the company's integrated storage and computing AI chips are still in the R&D stage and have not achieved mass production and sales. If the relevant R&D work is not as expected, the industrialization of CiNOR storage and computing AI reasoning chips will be difficult to achieve.
At present, the company's NOR Flash chip and MCU chip have been widely recognized by customers. It has established long-term and stable cooperative relationships with customers such as Jie Science Technology, Lexin Technology, Tailing Microelectronics, Xinhai Technology, Zhaoxun Hengda, Aojie Technology, Shanghai Juwei and Saiteng Micro. Many products have entered the end user supply chain systems such as Xiaomi , 360, OPPO, Starnet Ruijie, New World, ZTE , Lenovo, Chery Automobile, Jiangling Automobile and OFILM .
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main revenue composition
main revenue composition
nor flash chip
MCU chip
MCU chip
2020 The market share of in the world's top ten integrated circuit companies reached 56%.
The world's top ten integrated circuit companies
NAND Flash has a large capacity and is mainly used for large-capacity data storage; NOR Flash has a small capacity, but it can directly execute program code (XIP) on the chip, which is usually used to store startup software programs.
memory chip
cost capacity change diagram
2018-2020 NOR Flash Market share of major manufacturers
nor flash Manufacturer
2020MCU market share ranking
2019China MCU market share ranking
nor Comparison of flash technology
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Zhongwei Semiconductor 688380.sh
Puran Co., Ltd. 688766.sh
Top five customers
Top five customers
top five suppliers
top five suppliers
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